M&T Realty Capital Corporation provided $38.71 million in financing for 29-17 40th Ave., a 103-unit affordable property in a Long Island City Qualified Opportunity Zone. Loan originators Matt Newton and Todd Trehubenko of the M&T RCC office in Boston arranged the Freddie Mac Targeted Affordable Housing loan on behalf of The Davis Companies, SB Development and Hazelton Capital Group.

“By working closely with the sponsors and Freddie Mac’s Targeted Affordable Housing group in this challenging interest rate environment, we were able to execute on a timeline that fit the needs of the sponsors’ business plan for this Opportunity Zone project,” said Newton. “The dedication from all parties was crucial in getting this deal across the finish line.”

Twelve of the units at 29-17 40th Ave. will be restricted to tenants earning 130% of the Area Median Income and 19 will be restricted to those earning 80%.

Anthony Lawrence-Belfair, a furniture company specializing in the manufacturing, distribution, repair and restoration of furniture and home goods, signed a long-term lease for 25,214 square feet of warehouse space and 19,312 square feet of land at Simone Development Companies’ 1200 Zerega Ave. in the Bronx. The new space will serve as a showroom and studio, supporting the company’s relocation from Long Island City.

Simone Development was represented by in-house leasing and legal teams alongside Mat Diana of DY Realty, while Anthony Lawrence-Belfair was represented by Helen Paul of Cushman & Wakefield and Joseph Caputo of Exit Realty Premier.

“With its strategic location, ample outdoor storage options, and flexible space configurations, 1200 Zerega Ave. is an ideal fit for companies like Anthony Lawrence-Belfair,” said Josh Gopan, VP of leasing for Simone Development.

The lease secured the final warehouse and ground-floor space offered at 1200 Zerega Ave. The property has a remaining 12,891 square feet of office space available on the second floor.

Inspirna, Inc., a clinical stage biopharmaceutical company developing cancer therapeutics, is relocating its offices from Manhattan to the outer boroughs. The firm has inked a 7,302-square-foot office sublease at the Alexandria Center for Life Science, located at 30-02 48th Ave. in Long Island City, NY. Inspirna will relocate and expand its offices and lab space from the NY Blood Center Building at 310 E. 67th St. on Manhattan’s Upper East Side to space previously occupied by an affiliate of Opentrons.

CBRE’s Joseph DeRosa and John Isaacs represented Inspirna in the sublease negotiations.

“Inspirna was looking for a better location and to expand to a dedicated life science ecosystem,” said DeRosa. “After a thorough market analysis, we were able to secure a significantly below market sublease for our client in a first-class life science property.” 

Isaacs added, “The Alexandria Center for Life Science is ideally located to serve its employee base, and also provides specific scientific amenities that are critical to Inspirna’s business operations, which only a few buildings in New York City currently offer.”