20A — October 2025 — New Jersey — M id A tlantic Real Estate Journal
www.marej.com
N ew J ersey Honoring innovation & leadership in affordable housing Urbahn Architects honored with 2025 Mark the Moment Award
CBRE arranges sale of multi- family properties in Northern NJ
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ERSEY CITY, NJ — The Family Promise of Hud- son County (FPHC) rec- ognized Urbahn Architects with a 2025 Mark the Moment Award during its third annual Mark the Moment: The Prom - ise Awards event. The organi- zation acknowledged Urbahn’s role in sustainable community development and its contribu- tions to New Jersey’s growth through numerous civic and educational projects. FPHC operates under the umbrella of Family Promise National. It is a 501(c)(3) nonprofit organization sup- porting families with chil- dren who are experiencing or at risk of homelessness. FPHC provides rental assis- tance, shelter diversion and short-term shelter to help families stabilize and secure permanent housing. Since our Hudson County founding in 2018, we have assisted over 133 families—316 children and 167 adults. The Promise Awards celebrate compassion, leadership and the power of community by recognizing business and political leaders. “We recognized Urbahn for its role in sustainable community development and contributions to New Jersey’s growth through numerous TRENTON, NJ — The New Jersey Housing and Mortgage Finance Agency (NJHMFA) approved the cre- ation of the State Tax Credit Subsidy (STCS) Program at its October 2 board meeting. The STCS Program will incentivize hundreds of millions in private investment through competitive auctions to create billions of dollars’ worth of workforce and affordable housing production. On October 27, 2025, NJHM- FA will open the first STCS Program Auction authorized by this program. The auction portal will accept bids for 30 days and will be accessible on the NJHMFA website. Bidders awarded state tax credits can apply them to the Corporate Business Tax or Insurance Premium Tax at any point during the seven years following the credits be- ing purchased at the auction. All qualifying NJ businesses are encouraged to participate in this exciting tax savings opportunity, which affords NJ
attracted renewed interest. • New York: Manhattan leasing rebounded in the class A office segment, while outer- borough industrial and retail properties saw steady investor demand. • Capital Markets: Sales activity remains concentrated among private buyers and owner-users, with cap rates lev- eling as interest-rate volatility stabilizes. • Outlook for 2026: Moder- ate growth expected across all sectors, driven by steady job creation, limited new construc- tion, and increasing demand for adaptive reuse projects. If rate cuts proceed as projected, capi- tal markets should strengthen further, supporting improved pricing and transaction activity into next year. Notable Transactions in Q3 2025: • Southern NJ: EQT Ex- eter acquired a 512,000 s/f logistics facility in Florence Twp. for $96 million ($187/ SF)—one of the region’s larg- est industrial transactions this year, reinforcing investor conviction in South Jersey’s industrial corridor. • Philadelphia Office: TF Cornerstone completed a $120 million acquisition of the 1.4-million s/f Wana- maker Building in Center City NORTHERN, NJ — CBRE announced the sale of two residential properties in Hudson County: 440 60th St., a mixed-use, two-story property located in West New York for $2.925 million and 38-40 Kelly Pkwy., a 20-unit, four-story residential build- ing located in Bayonne for $3.65 million. The CBRE team of Fahri Ozturk, Richard Gatto, Tracy Trank and Zach McHale led the marketing campaigns for both properties and represented the sellers in the negotiations. CBRE also procured the buyers. In Newark, CBRE com - pleted a REO (Real Estate Owned) sale of a two-proper- ty, gut-renovated apartment portfolio. A local investor acquired the properties lo- 440 60th St., West New York
40 Kelly Parkway, Bayonne
through foreclosure auction, with plans to convert six floors into 600 loft-style apartments. • Northern NJ Indus - trial: CoreWeave purchased a 281,000 s/f data center in Kenilworth for $322 million, signaling growing institu- tional demand for specialized digital infrastructure. • Northern NJ Office: First Mile Capital acquired 340 Mount Kemble Ave. in Mor- ristown for $118.5 million, re- flecting continued strength in premier suburban submarkets. • NY Retail: A $99 million sale of a retail condominium at 2 Times Square underscored investor appetite for trophy re- tail assets in Manhattan’s core. • Philadelphia Industri- al: EQT Real Estate acquired a 610,200 s/f distribution facil - ity in Mansfield for $141.7 mil - lion ($232/SF), highlighting sustained activity in logistics despite elevated vacancies. WCRE’s Q3 2025 Market Report provides an in-depth look at current conditions, trends, and investment activ- ity shaping the regional CRE landscape. The report helps clients and investors navigate a market in transition, iden - tify emerging opportunities, and prepare strategic plans for the year ahead. The full Q3 2025 market report is available upon request. MAREJ cated at 66-68 Garside St. (aka 41-43 Victoria Avenue) and 536-540 Central Ave. from Napier Park Global Capital The CBRE team of Gatto, Ozturk, and McHale spear - headed the marketing cam - paign for the two-building portfolio and represented Napier Park Global Capital in the negotiations. CBRE also procured the buyer. The properties are within 1.5 miles of each other and steps from Newark’s down - town. 66-68 Garside features 20 gut renovated apartments with 3,000± s/f of commercial space on the ground floor while 536-540 Central Ave. is being repositioned into 23 loft-style luxury apartments with 4,000± s/f of commercial space spread across two floors. MAREJ
Shown from left: Urbahn Senior Marketing Coordinator and FPHC Board of Trustees Member Brad DeBose, Assoc. AIA, NOMA; BCB Bank VP Christian Duncan; Affordable Housing Development Consultant Kenneth O’Neill; Guest; Jersey City Councilwoman Denise Ridley; Urbahn Associate Principal Ijeoma D. Iheancho, AIA, LEED AP, NOMA; Homeland Emmanuel Okoye Realty Re- altor Emmanuel Okoye; Urbahn Designer Megha Bansal, LEED GA; Architect Sana Khadepaun, AIA, NOMA; Associate Principal Enrico Kurniawan, AIA, NOMA; and Principal Rafael Stein, AIA.
Photo by: Liliana Torres, Urbahn. civic and educational projects. Most recently, Urbahn provid- ed pro-bono design services for FPHC’s proposed headquar- ters and transitional hous- ing building at 3-5 Storms Avenue in Jersey City, which will house several residential units for families supported by our organization,” said FPHC Board of Trustees president Sr. Georgette Gavioli, SSJ . “Urbahn Architects believes deeply in the power of equitable, taxpayers the opportunity to realize direct, dollar for dollar tax reductions while support- ing critical investment in the Garden State. Over the next five to six years, NJHMFA will sell up to $500 million in state tax credits during competitive auctions, with an annual limit of $100 million in state tax credits sold and at a minimum value of 80% of the tax credit amount. The innovative whole- sale tax credit structure will yield in at least $400 million in housing production invest- ment. All investments received from the auction, minus ad- ministrative and operational costs, will be deposited into the STCS Program Fund for housing production. Half of the money in the STCS Program Fund will be reserved for the creation of workforce housing through the Workforce Housing Fund set- aside, and the remaining half will be utilized to continue the landmark Affordable Housing
affordable communities. I have witnessed how access to stable housing can change lives of individuals and entire families. A safe home is more than just a roof, it is the foun- dation for dignity, opportunity and hope,” said Urbahn Archi - tects senior marketing coordi - nator Brad DeBose, Assoc., AIA, NOMA , who serves as a FPHC Board of Trustees member and leads the FPHC Building Committee. MAREJ Production Fund to help mu- nicipalities meet their housing goals. Both programs require that these gap subsidies are paired with federal 4% Low- Income Housing Tax Credits, also administered by NJHMFA. The subsidies from the STCS Program will create new afford- able homes and middle-income housing – for families earning between 80% and 120% of the area median income – resulting in billions of dollars’ worth in total development. The STCS Program does not require new spending by the State of New Jersey, instead deriving its funding from the sale of unused state tax credits previously allocated to the “Brownfields Redevelopment Incentives Pro- gram Act,” the “New Jersey Aspire Program Act,” and the “Emerge Program Act.” NJHMFA will accept rolling applications this fall for eli- gible workforce and affordable housing projects, pending tax credit availability and Board approval. MAREJ
continued from page 16A WCRE 3rd Quarter 2025 Report
NJHMFA competitive auction initiative fuels private investment in affordable and workforce housing
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