Tri-state deal roundup: Affordable housing, multifamily sale, hospital conversion

Developers get grants and an industrial site gets new tenant

By: Holden Walter-Warner

Buckingham Gardens, Henry Street Apartments and 76 – 80 Hunt Avenue (Kislak Realty)

New York Gov. Kathy Hochul makes her tri-state deal roundup debut this week by handing out more than $100 million for affordable housing developments.

One of them is Baldwin Commons in Hempstead. Park Grove Development scored $3.1 million for the 33-unit project near the hamlet’s Long Island Rail Road station. The development has already been supported by a $10 million award from a statewide initiative.

Newsday reported the 32,000-square-foot development at 785 Merrick Road still needs approval from the Hempstead Town Board.

The state also showered cash on a 33-unit project in Westchester County, giving $3 million for a two-building project at 41-51 Maple in Croton-on-Hudson.

The village owns the property. Regan Development will build mostly two- and three-bedroom units.

The rest of our weekly sampling of the latest deals in New Jersey, Long Island and the northern suburbs is below.

Harborview Properties picked up a 94-unit multifamily portfolio in Rockland County for $19.2 million. The three-building portfolio includes Buckingham Gardens in Nanuet and Henry Street Apartments in Pearl River, plus another 12-unit property in Pearl River.

The sellers were a joint venture of Hunt Properties, Henry Properties and Middletown Properties, which are completing a tax-avoiding 1031 exchange. They have owned the portfolio for three decades. The sale was arranged by Kislak Company’s Gregory Koenig.

In New Jersey, Summit Assets secured a $54.5 million loan to construct a facility for the Newark School of Architecture and Interior Design at 155 Jefferson Street. The financing was arranged by Progress Capital, which did not disclose the lender.

Former St. James Hospital at 155 Jefferson Street (Google Maps)

The 179,000-square-foot educational facility is replacing the abandoned St. James Hospital, which has been vacant for 15 years. The specialized high school will have courses in architecture, computer design, construction technology and more traditional trade programs.

In Fairfield, New Jersey, STRO signed Showman Fabricators to a 78,000-square-foot lease at 15 Law Drive. The industrial lease for the custom fabricating company was arranged by a Cushman & Wakefield team.