REBusinessOnline

Two Multifamily Properties Known as The Style Open in East Harlem, NYC

NEW YORK CITY — The Style, a pair of condominiums designed by Gene Kaufman Architect (GKA) and originally slated for delivery last summer, are now open at 51 E. 131st St. and 48 East 132nd St. in the East Harlem neighborhood of Manhattan. The Fane Organization was the developer for both properties. Located on a single parcel of land, the structures surround a 1,900-square-foot courtyard with trees, benches and tables. The 8,300-square-foot property at 51 E. 131st St. spans six stories and 12 …

CBRE Negotiates $4.2M Sale of Industrial Property in Providence

PROVIDENCE, R.I. — CBRE has negotiated the $4.2 million sale of 300 Niantic Ave., a 67,200-square-foot, single-story industrial building in Providence. ECP Niantic sold the property to Legacy Real Estate Ventures in a joint venture with ProPartners in Parking. CBRE’s Alden Anderson and Tom Barry represented the seller and procured the buyer in the transaction. Legacy Real Estate Ventures owns a portfolio of office, medical and industrial buildings in Massachusetts, Rhode Island and …

Quality Eats Opens New Location in NYC

NEW YORK CITY — SCG Retail, a division of The Shopping Center Group, has arranged the lease of a new location for Quality Eats at 3 E. 28th St. in Manhattan. Quality Eats is a steakhouse concept owned by Quality Branded Restaurants. The 5,000-square-foot location is expected to open late this year. Allan Stillman and Michael Stillman founded Quality Branded Restaurants, formerly known as Fourth Wall Restaurant Group, in 2007. The first location for Quality Eats opened more than a year ago in …

Jumbo Capital, Guggenheim Purchase 50 Congress Street in Boston for $79M 

BOSTON — A joint venture arranged between Jumbo Capital Management and Guggenheim Real Estate has purchased 50 Congress St. in downtown Boston for $79 million. The office property spans 179,872 square feet and occupies an entire city block. HFF arranged the sale of the property on behalf of the seller, an affiliate of KBS Capital Advisors, and procured the buyer. Originally designed by architect Andrews, Jaques & Rantoul as the headquarters for State Mutual Life Insurance, the building …

Empire Resorts Secures $35M in Construction Financing for Resort in Sullivan County, New York

THOMPSON, N.Y. — Montreign Operating Co., an indirect subsidiary of Empire Resorts, has closed a $35 million increase to its Term B loans, which are part of a senior secured first lien term loan facility. Montreign and its subsidiaries will use the proceeds of the loans to fund development of the Resorts World Catskills casino, as well as an entertainment village and golf course being developed at the site of the destination resort in Thompson. Following the closing of the additional $35 …

CBRE Arranges Sale of 238,000 SF Office Building in Philadelphia

PHILADELPHIA — CBRE has arranged for the sale of a 238,000-square-foot office building at One Crown Way in Philadelphia. CBRE’s Michael Kane represented the buyer, One Crown Properties LLC, during the negotiations, while CBRE’s Carl Gersbach represented the seller, Crown Cork & Seal USA. Crown Cork plans to lease back the building for the short term while seeking a site for a new headquarters property. Ballinger designed the property, which was built in 1996, and Nason and Cullen was …

A&G Realty Partners Launches Non-Retail Properties Division

MELVILLE, N.Y. — A&G Realty Partners has launched a division focused on maximizing the value of real estate assets and leases in non-retail sectors. The formal launch of the non-retail properties division follows several years in which A&G worked to broaden its reach to sectors including office, industrial, higher education and

MassHousing Provides $9.3M Financing for Multifamily Complex in Greater Boston

GARDNER, MASS. — MassHousing has provided $9.3 million in financing to an affiliate of the non-profit Retirement Housing Foundation (RHF) for the preservation and renovation of 134 affordable housing units at Binnall House in Gardner. Binnall House is home to senior citizens and residents with disabilities who will see the affordability of their units extended for at least 15 years. The Binnall House refinancing is one of the first nationally in which a Housing Finance Agency (HFA) has …

IPA Arranges $72.9M Sale of Multifamily Portfolio in Brooklyn

NEW YORK CITY — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has arranged the $72.9 million sale of a multifamily portfolio in New York City. The portfolio includes 17 buildings containing 194 residential units and five commercial spaces in central and northern Brooklyn. IPA’s Peter Von Der Ahe, Joe Koicim, Shaun Riney, Daniel Greenblatt and Thomas Shihadeh represented the seller, a private investor, and procured the buyer, a real estate fund. Located in …

Houlihan-Parnes Secures $29.3M Financing for Multifamily Properties in NYC

NEW YORK CITY — Zeev Douek of Q10 New York Realty Advisors, an affiliate of Houlihan-Parnes Realtors, has secured $29.3 million in financing for two apartment buildings in the Queens borough of New York City. The buildings include a total of 240 units with a unit mix of studios and one- and two-bedroom units. Both loans were placed with a New York-based bank. The five-year, fixed-rate loans provided for a cash-out refinancing of $6

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