As State President, Phillips will oversee the council’s activities within New York State and act as a liaison between the regional vice president, the council’s leadership team, and its staff.
“Home sales momentum is building,” said NAR Chief Economist Lawrence Yun.
Inventory for all property types declined in almost all areas, except for Rockland’s condo and co-op markets, the latter with an 84.6% gain. The Bronx led the region for new listings, with a 31.9% increase.
NEW YORK—Commercial brokerage firm JLL announced on Sept. 17 that its Capital Markets group arranged $381 million in construction financing for the development of Bronx Logistics Center, a Class A, two-story last-mile distribution facility totaling 1.3 million square feet in the Bronx.
JLL worked on behalf of the developer, a partnership between Turnbridge Equities and affiliates of Dune Real Estate Partners LP, to secure the loan from accounts managed by KKR. JLL previously arranged the recapitalization and joint venture between Turnbridge Equities and affiliates of Dune Real Estate Partners in 2020.
Situated on 14.2 acres in the Hunts Point submarket of the Bronx, the Bronx Logistics Center is positioned for a last mile logistics facility, given its close proximity to the region’s major transit arteries, I-95, I-87 and I-278, affording access to more than 17 million consumers within a 30-minute drive. The location allows the future tenancy to serve the growing need for faster delivery times to consumers, as same-day delivery is expected to account for more than 25% of e-commerce transactions by 2025.
The JLL Capital Markets team that arranged the construction financing was led by Senior Managing Director Christopher Peck, Managing Director Peter Rotchford and Associate Madison Warwick. Senior Managing Director Andrew Scandalios and Senior Director Tyler Peck arranged the predevelopment financing and equity partnership.
Lowe’s and Sam’s Club are situated within the larger Hudson Valley Plaza, a 673,000-square-foot regional power center, anchored by complementary retailers such as Walmart and PetSmart, among others.
The council successfully negotiated commitments from the Adams administration to invest $498.5 million for improvements to the surrounding neighborhoods.
All of the affordable apartments in El Hogar will be available to senior households earning up to 40% of the Area Median Income.
The new loan program builds on the Borough President and BXEDC’s commitment to support the growing small business sector in the Bronx and follows a $10-million loan program announced last fall.
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