Opportunity Zones

Dynamic Star, a real estate development and investment firm, is in search of an equity partner to capitalize on the Opportunity Zone benefits at its development site in the Bronx called Fordham Landing, a $3.5 billion mixed-use community.

Cresset Partners and Diversified Real Estate Capital has closed its first Opportunity Zone fund at $465 million and launched its second fund with a $750 million target.

Turnbridge Equities, a national real estate development and management firm, has unveiled plans for a 1.2-million-square-foot last-mile distribution center in the South Bronx located at 980 East 149th St.

As investors look to fully capitalize on the tax incentives afforded to projects in Opportunity Zones, layering on top other subsidies offered through programs like the New Markets Tax Credit Program has become popular.

Halpern Real Estate Ventures, a real estate investment platform focused on value creation in urban centers, has closed a $50 million commingled Opportunity Zone fund in partnership with General Partner Capital.

NES Financial recently collaborated with Howard W. Buffett, who is Warren Buffett's grandson, to develop what it says is the first standardization technology for predicting ESG impact in Opportunity Zones.

Local Queens developer Gary Tsan has acquired a 200,000-square-foot development site situated in a qualified Opportunity Zone in the Downtown Flushing submarket for $58 million, or approximately $290 per buildable square foot. The one-acre development is located at 133-25 37th Ave., and is said to be one of the last large land parcels available in the submarket.

The agency estimates the tax credit awards will generate approximately $230 million in private equity that will create about 1,200 affordable rental apartments in the Garden State.