News:
Brokerage
Posted: July 16, 2019
Metropolis Property Group reps buyer of 4.25 acres
Mountain Lakes, NJ Metropolis Property Group brokered the closing of the property located at 1 Bloomfield Aven. James Ashley Johnston of Metropolis co-represented the buyer, Sunrise Senior Living, in the sale of the 4.25 acre property in Mountain Lakes Corporate Center.
Sunrise Development, Inc., the development subsidiary of Sunrise Senior Living purchased the property for $5 million. Metropolis was the buyer’s representative on the transaction including sourcing and qualifying the property for senior housing development.
Metropolis’ principal James Ashley Johnston has experience in the senior housing industry having previously worked for Sunrise Senior Living where several of Sunrise’s current principals were his colleagues. “This was an ideal opportunity for a national senior housing developer that historically has a strong presence in the Morris County, NJ market. They understand Mountain Lakes which is an underserved, high barrier to entry community for assisted living development” said Johnston.
Tags:
Brokerage
MORE FROM Brokerage
Devli Real Estate acquires 67,000 s/f flex industrial property on Rte. 17 in Upper Saddle River
Upper Saddle River, NJ Devli Real Estate acquired 118 Rte. 17 North, a 67,000 s/f flex industrial/retail asset situated on 6.3 acres with highway frontage. The property is positioned along
Columns and Thought Leadership
AI comes to public relations, but be cautious, experts say - by Harry Zlokower
Last month Bisnow scheduled the New York AI & Technology cocktail event on commercial real estate, moderated by Tal Kerret, president, Silverstein Properties, and including tech officers from Rudin Management, Silverstein Properties, structural engineering company Thornton Tomasetti and the founder of Overlay Capital Build,
Strategic pause - by Shallini Mehra and Chirag Doshi
Many investors are in a period of strategic pause as New York City’s mayoral race approaches. A major inflection point came with the Democratic primary victory of Zohran Mamdani, a staunch tenant advocate, with a progressive housing platform which supports rent freezes for rent
A fresh start - by Shallini Mehra and Amit Doshi
For the past several years, the New York City multifamily housing market has been defined by disruption. The combined impact of the HSTPA rent laws and a sharply higher interest rate environment has fundamentally reduced
Tri-state capital migrates nationally amid regulation pressure - by Reese Weaver
New York tri-state multifamily investors are increasingly reallocating capital to less-regulated markets across the U.S. as rent control and legislative risk erode returns at home. With over 60% of New York City’s rental housing stock classified as rent-stabilized, the traditional value-add model — buying under-performing buildings,
