Commercial Real Estate. Observed.
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Goodman Group acquired Anheuser-Busch's former beer-brewing facility in Newark, N.J., for $360 million, with plans to redevelop the 86-acre, 1.7 million-square-foot site for industrial and logistics uses. The property, which closed in December 2025 after nearly 75 years of operation, sits adjacent to Newark Liberty International Airport and less than one mile from Port Newark.
Tiger HL Realty, an affiliate of Brooklyn-based Lion HVAC Supplies, purchased a 33,000-square-foot industrial building and trucking terminal on 3.05 acres in Nanuet, N.Y., for $8 million. Bank of America provided $6.4 million in financing for the property at 31 Murray Hill Drive, which previously housed a UPS facility.
Architecture and engineering firm HDR signed a long-term lease for 74,500 square feet across three floors at 7 Penn Plaza, a Class B office tower in Manhattan owned by The Feil Organization. HDR is relocating from 500 Seventh Avenue, a property owned by The Moinian Group.
Real Capital Solutions, in partnership with Madison, N.J.-based Lamar Cos., acquired 30 Montgomery, a 368,049-square-foot Class A office tower in Jersey City, N.J., marking the buyer's entry into the market. The 16-story building along the Hudson River waterfront is 61 percent leased and recently received more than $30 million in capital improvements.
Alchemy Properties, along with partners Daishin America and Takamatsu Construction Group USA, acquired a vacant five-story garage at 60 N. Moore St. in Tribeca for $57 million from 56 N Moore LLC. The buyer plans to convert the 1914-vintage, 8,850-square-foot site into a boutique luxury condominium with city-approved plans to add two floors for more than 63,000 square feet of buildable space.
A private investor acquired a 7,104-square-foot retail property at 32 Durban Avenue in Hopatcong, N.J., occupied by Dunkin' and the United States Postal Service, for $2.5 million. Dunkin' has more than two years remaining on a 10-year lease signed in 2018, while the post office began a new five-year lease in 2025.
Extell Development acquired the full blockfront at 405-417 Park Avenue between East 54th and East 55th streets in Midtown Manhattan for $500 million from Swedish investor Corem Property Group and German asset manager DWS. The assemblage can support up to 700,000 square feet of office space with additional air rights, which Extell purchased from Central Synagogue for $20 million.
A Queens-based kitchen and bathroom cabinetry distributor purchased a 32,500 square foot industrial building on 1.6 acres in Hauppauge from Krinsky Say Venture LLC for $6.8 million. The formerly vacant property at 1745 Express Drive North features 16-foot ceilings, two loading docks, and a drive-in door.