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New York

HFF Brokers Sale, Financing for 54-Unit Apartment Building in Manhattan

NEW YORK CITY — HFF has arranged the $57 million sale of an apartment building located at 200 E. 11th St. in Manhattan’s East Village. Benchmark Real Estate Group sold the 54-unit property to Shorenstein Co. The 12-story, 53,000-square-foot building features a mix of one-, two- and three-bedroom layouts, a rooftop deck and an amenity building with a gym, lobby and yoga studio. Jeff Julien, Rob Hinckley and Steven Rutman of HFF represented the seller and procured the buyer. Additionally,..

June 23, 2017

Meridian Capital Arranges $60M in Refinancing for Multifamily Property in Manhattan

NEW YORK CITY — Meridian Capital Group has arranged $60 million in refinancing for The York, a multifamily property located at 435 E. 79th St. on the Upper East Side of Manhattan. BLDG Management is the borrower. The 10-year loan, provided by a life insurance company, features a fixed-rate and full-term interest-only payments. Carol Shelby of Meridian secured the financing for the borrower. The 13-story property features 233 apartments, ground-floor retail space, a fitness center, 24-hour..

June 22, 2017

Homewood Suites by Hilton Opens 113-Suite Hotel in Saratoga Springs, New York

SARATOGA SPRING, N.Y. — Homewood Suites by Hilton has opened Homewood Suites by Hilton Saratoga Springs, located at 3368 S. Broadway in Saratoga Springs. Developed by Turf Pioneer Broadway, a joint venture between Turf Hotels Inc. and Pioneer Cos., the hotel features 113 suites in studio, one- and two-bedroom layouts with fully equipped kitchens and separate living and sleeping areas. On-site amenities include complimentary hot breakfast, WiFi, an indoor pool and hot tub, 480 square feet of..

June 22, 2017

KeyBank Provides $21.5M in Refinancing for Multifamily Property in Upstate New York

COHOES, N.Y. — KeyBank Real Estate Capital has provided a $21.5 million first mortgage loan for the refinancing of the first phase of The Residences at Lexington Hills in Cohoes. Built in 2016, the multifamily property features 138 units. Chris Black of KeyBank’s National Multifamily Accounts Group arranged the Freddie Mac loan with an eight-year term, three-year interest-only period and 30-year amortization schedule. The undisclosed borrower will use the loan to refinance existing debt.

June 22, 2017

Lesso Group Acquires Two Properties Totaling 723,326 SF on Long Island for $92M

WESTBURY, N.Y. — Lesso Group has acquired The Mall at the Source and an adjacent retail building, located at 1504 Old Country Road in Westbury, for $92 million. Totaling 723,326 square feet, the transaction is the largest Long Island transaction to date. Lesso plans to convert the properties into a showroom and retail center for its household goods. The transaction includes the 512,528-square-foot enclosed mall and a 210,798-square-foot retail building, formerly occupied by Fortunoff...

June 21, 2017

Monticello Provides $34.1M Acquisition Loan for 256-Bed Skilled Nursing Facility in New York

NEW YORK CITY — Monticello Asset Management LLC has provided $34.1 million in financing to Elener Associates LLC and W Management Group, which will use the funds to acquire a 256-bed skilled nursing facility in New York. The four-story building was constructed in 1961 and features 120 resident rooms. It totals 35,525 square feet on 0.82 acres. The name of the facility was not disclosed. The borrowers plan to make improvements to the physical building as well as the operations. Renovations,..

June 21, 2017

Pebblebrook Hotel Trust Sells Dumont NYC for $118M

NEW YORK — Pebblebrook Hotel Trust (NYSE: PEB) has sold the 252-room Dumont NYC in New York for $118 million. The transaction marks Pebblebrook’s exit from the New York market. The upper upscale hotel is located at 150 E. 34th St. at Lexington Avenue in Manhattan. It was built in 1986. The buyer was LeFrak Organization, which plans to convert the hotel into apartments, according to The Real Deal. Dumont NYC was previously part of a six-hotel portfolio Pebblebrook held with joint..

June 21, 2017

Fairstead Affordable Acquires 403 Multifamily Units in Brooklyn

NEW YORK CITY — Fairstead Affordable, an affiliate of Fairstead Capital, has purchased four separate Section 8 properties in the Sunset Park neighborhood of Brooklyn through a public-private partnership with New York Housing Partnership. The portfolio comprises 42 buildings with a total of 403 units. As part of the transaction, Fairstead entered into new regulatory agreements with New York City Department of Housing Preservation and Development to ensure all 403 units will remain affordable..

June 20, 2017

Walmart Agrees to Acquire Apparel Retailer Bonobos for $310M

BENTONVILLE, ARK., AND NEW YORK CITY — Walmart (NYSE: WMT) has agreed to acquire online apparel retailer Bonobos Inc. for approximately $310 million in cash. Walmart, the giant discount department store chain, expects to complete the transaction by September. The announcement comes on the heels of Walmart’s acquisition of online women’s apparel retailer ModCloth in March. Founded in 2007 by Andy Dunn and Brian Spaly, New York-based Bonobos designs and sells its own brands of..

June 19, 2017

Madison Realty Capital Funds $23.3M Acquisition Loan for Mixed-Use Development Site in SoHo

NEW YORK CITY — Madison Realty Capital has provided a $23.3 million first mortgage acquisition loan collateralized by a mixed-use development site located at 182-188 Spring St. in SoHo. The undisclosed borrower acquired 182-186 Spring Street through a bankruptcy auction and simultaneously closed on the adjacent townhouse located at 188 Spring St., including its air rights. The total consideration for the acquisitions is $31.6 million. The new owner plans to build a 37,278-square-foot..

June 16, 2017