Multifamily Development, Bronx, NY
Asset Realty & Construction Group has closed on a $14.5M construction loan to construct a 12 story, 65 unit multifamily apartment building in the Bedford Park area of the Bronx. Construction for the project had started in mid-2020, despite the Covid-19 pandemic, and is well underway. At the present time, the building foundation is nearing completion and construction of the 12 story concrete superstructure is slated to commence in the coming weeks. The project has an estimated completion date of August 2022. Financing for the project was arranged by Progress Capital, and the lender is Investors Bank.
Self-Storage Development, North Bergen, NJ
This location is a development site presently in the pre-construction and entitlement phase. It is the future site of a 135,000 square foot Class A, climate controlled self-storage facility. Asset Realty and Construction Group, Inc., and its affiliates, will be entering into a strategic partnership with an established self-storage operator to develop and manage this facility. The property is within a Qualified Opportunity Zone (QOZ) and will provide use future opportunities for outside equity participation.
Event and Warehousing Space, Bronx, NY
A development site currently in the pre-construction phase, 3536 Peartree Avenue in the Bronx is the future site of a first-class event hall and a storage warehouse. The event hall will provide a useful benefit to the community, while the storage warehouse will meet an important need for the neighborhood.
In an all cash transaction, Asset Realty & Construction Group has purchased the property at 632-636 South Broadway in Yonkers. Although plans for the development have yet to be finalized, Asset intends to construct a 15 story, 200 unit multifamily building with approximately 250 parking spaces. The dwelling units will consist of a mix of studio, one bedroom, two bedroom, and three bedroom rental apartments and the building will feature an affordable housing component. Asset hopes to bring an asset to the community that will be the lowest cost provider of quality housing in the area.
Ribbon Factory Lofts, Paterson, NJ
Asset Realty and Construction Group, and its affiliate, Renard Management, have entered into a joint venture agreement with Procida Funding & Advisors to construct a 120 unit mixed use residential building at 468 Totowa Avenue, Paterson, NJ, on the site of a former silk manufacturing building. Paterson has a rich history which includes a once burgeoning silk manufacturing industry, powered by the Great Falls, which, to this day remain perhaps the most striking feature of the area. Currently, Paterson is undergoing something of a renaissance, with investment in housing, parks, infrastructure, entertainment, and more. There is a $98M renovation of the Hinchcliff Stadium just to the south of the proposed development, and a renovation of the State Park directly adjacent to the site.
The building itself is a multi-story, timber framed manufacturing building, which will be renovated to create 80 enchanting loft style rental apartments. An additional 40 units will be built in a ground up construction to match the architecture of the historic building. In addition, ground floor retail spaces will be created with the potential for food and drink establishments, fitness, and other lifestyle uses that will serve as a complement to the new residential community that will be created.
The project is currently in the early stages of pre-construction and entitlement, with construction start targeted for the 4th Quarter of 2021.
Marketfair, North Carolina
Marketfair, North Carolina is a shopping/retail center located in Fayetteville, North Carolina, in close proximity to Fort Bragg, one of the largest military installations in the World. Marketfair is anchored by four major tenants, AMC Theaters, Planet Fitness, Gander Outdoors, and Lidl, an international supermarket chain, and features a mix of daily needs uses, restaurants, and health and personal care. Asset Realty acquired the Marketfair property from a developer who converted it from an indoor mall to an outdoor retail shopping center, investing $20M in capital improvements in the process. Marketfair is part of a long-term hold and value growth strategy within the Asset Realty portfolio.
Self Storage Facility Conversion
Originally constructed in 1991, this building existed as a commercial/industrial warehouse within the Tomassetti family portfolio. In 2015, Dino Tomassetti Jr. acquired control of the property and implemented a plan to convert the warehouse into a self-storage facility. Using his construction resources and experiences in the field of excavation and concrete, Tomassetti excavated a cellar to create additional square footage within the footprint of the existing building, added a new structural steel floor, upgraded the existing roof with new membrane and solar panels, and added new finishes and a storefront to convert the building to an 84,000 SF, 900 unit self-storage facility. The building was then integrated into the Storage Fox portfolio, carrying the Storage Fox brand and business operation.
Mixed Retail and Office – Brooklyn, NY
Anchored by Sheepshead Bay Marketplace, a staple of the local neighborhood in the heart of Brooklyn, 2558 East 18th St. is a retail/commercial office building which demonstrates the benefit of long-term real estate ownership. The property was incorporated into the portfolio over 30 years ago, and through alterations, constant improvements, solid credit tenancies, and steady appreciation of rents, the building has become an integral part of the Asset Realty portfolio. Other tenancies include or have included Verizon, the NYS Dept. of Labor, and Medical Office.
“The Beaches” Apartments, Rockaway Beach, NY
These two properties, 192 Beach 102nd St. and 2-15 Beach 101st St., were developed by, and are owned and operated by Asset Realty. Completed in 2013, these buildings offer a total of 54 attractive and spacious residential units within the up and coming beach community of the Rockaways. Rockaway Beach has undergone a renaissance in the wake of Superstorm Sandy, with public investment in infrastructure, the revitalization of the boardwalk, and the introduction and re-introduction of the Rockaway Ferry Service, allowing easy access to this once-hidden beach paradise.
The Residences at the Gemini, Rockaway Beach, NY
The Gemini is a mixed use residential, retail, and community facility building in the heart of Rockaway Beach, developed, owned, and operated by Asset Realty, was literally risen from the ashes of Superstorm Sandy. With 54 residential units, 4 commercial units, and public parking, the building was constructed to meet both a specific need for affordable housing in NYC, and a more general need for housing, retail, and community facility within the burgeoning neighborhood. With excellent access to public transportation and built along a major retail corridor within the community, the attractive building also offers public parking for summertime beachgoers alike.
Amazon Fulfillment Center, Mount Olive, NJ
This newly renovated warehouse building of approximately 130,000 square feet is subject to a long term triple net lease with Amazon, Inc. Located minutes from Interstate 80 and US Route 46, The building will serve as a “last mile” fulfillment center for Amazon.
Self Storage Facility at 1 Terminal Road Completed and Open For Business
The construction of the Life Storage self storage facility at 1 Terminal Road, Lyndhurst, NJ has been completed, and the location opened its doors to the public on June 9th, 2021. The Class A, Climate Controlled Self Storage Facility consists of 942 self storage units of various sizes ranging from 5×5 to 14×30, an easily accessible covered loading dock, on-site parking, ample lighting, 24 hour access, and a retail store selling moving supplies and other accessories. The facility is conveniently located near the intersection of Route 3 and Route 17, just west of the Meadowlands Sports Complex and with easy access to the NJ Turnpike and other major highways. The location will serve the communities of Lyndhurst, Rutherford, East Rutherford, and surrounding areas, seeking to become the lowest cost provider of self storage in the area for many years to come.