REBusinessOnline

New York

Taconic and Silverstein to Develop Life Science Research Hub in Manhattan

NEW YORK CITY — Taconic Investment Partners and Silverstein Properties plan to develop the Hudson Research Center at 619 West 54th Street. Development plans include the creation of more than 150,000 square feet of life science wet lab research space. The 330,000-square-foot property at 619 West 54th Street is the home of the New York Stem Cell Foundation’s recently developed 40,000-square-foot research institute and headquarters. The 10-story building features the infrastructure necessary..

August 22, 2017

KeyBank Provides $12.7M in LIHTC Funding to Preserve Affordable Housing in Albany, NY

ALBANY, N.Y. — KeyBank Community Development Lending & Investment has partnered with Riverside Capital to provide a $12.7 million Low Income Housing Tax Credit (LIHTC) equity investment to help Michaels Development Company rehabilitate Skyline Gardens Apartments, an affordable housing development in Albany, NY. The project will be financed with a combination of LIHTC equity and tax-exempt bonds provided by the New York State Housing Finance Agency (NYS HFA), a soft loan through the NYS HFA, a..

August 22, 2017

Cushman & Wakefield Arranges $400 Million Financing for 1.1 MSF Office Building In NYC

NEW YORK CITY — Cushman & Wakefield served as the exclusive advisor to Trinity Wall Street in arranging $400 million of acquisition financing secured by 375 Hudson Street in Manhattan. The senior mortgage financing was provided by affiliates of Goldman Sachs Mortgage Company. The 19-story Class A office and retail property was constructed in 1987; it contains nearly 1.1 million square feet of rentable area including 17 floors of office space, prime ground-floor retail space, a gym and rooftop..

August 21, 2017

University Student Living Opens Community Near the Rochester Institute of Technology

HENRIETTA, N.Y. — University Student Living LLC has opened The Lodge, a student housing community located near the Rochester Institute of Technology in Henrietta, New York. The community offers 37 individual cottage homes and 37 townhouses along the Genesee River. The property features sidewalks; on-street parking; over 2.5 miles of walking trails; a 6,500-square-foot clubhouse; pool deck; study lounges; a business center; social areas with billiards, ping pong and media screens; outdoor..

August 18, 2017

Meridian Design Build Completes 248,370 SF Distribution Center in Montgomery, New York

MONTGOMERY, N.Y. — Meridian Design Build has completed the construction of a package sortation and distribution center located at 201 Neelytown Road in Montgomery for developer SunCap Property Group. Situated on 44.1 acres, the 248,370-square-foot facility was built for a leading provider of global shipping and information services. The facility features 63 loading docks, seven drive-in doors, 184 interior van loading positions, 451 auto parking stalls and 190 exterior trailer stalls...

August 17, 2017

Kamber Management Co. to Acquire Parking Garage Portfolio in Manhattan for $50M

NEW YORK CITY — Kamber Management Co. has entered into a contract to acquire the Riverside Garage portfolio of parking facilities on Manhattan’s Upper West Side for an $50 million. The 916-parking stall portfolio consists of three parking garages located at the base of five residential towers located at 80, 100-120 and 220-240 Riverside Blvd. The properties are fully leased to Icon Parking Systems, a garage operator in New York City. David Schechtman of Meridian Capital Group represented..

August 17, 2017

Durst Organization Secures $1B Financing Package for Manhattan Office Portfolio

NEW YORK CITY — The Durst Organization, a New York-based owner and operator of Manhattan office and residential assets, has closed a financing package totaling $1 billion from multiple lenders for several of its office assets. The financing included a $600 million loan for five office buildings and a $400 million credit line. The five assets involved in the debt include 655 Third Ave., 675 Third Ave., 825 Third Ave., 114 West 47th St. and 205 E. 42nd St. Citi Private Bank was the lead..

August 17, 2017

Marcus & Millichap Arranges $5.3M Sale of Retail Property in Syracuse, New York

SYRACUSE, N.Y. — Marcus & Millichap has arranged the sale of a retail property located in Syracuse. A limited liability company sold the property to a private investor for $5.3 million. Rite Aid occupies the 12,738-square-foot property on a net-lease basis. Laurie Ann Drinkwater and Seth Richard of Marcus & Millichap represented the seller and buyer in the deal.

August 16, 2017

Associated Bank Funds $15.3M Loan for Building Conversion to Self-Storage Facility in New York

HEWLETT, N.Y. — Chicago-based Associated Bank has closed a $15.3 million construction loan for 1150 Broadway Holdings LLC/LSC Development. The borrower plans to convert an existing warehouse/office building, located at 1150 Broadway in Hewlett, into a 111,900-square-foot multi-story self-storage facility. Slated to open in late 2018 or early 2019, the new facility will feature approximately 2,116 climate-controlled storage units. Edward (Ted) Notz of Associated Bank’s commercial real..

August 14, 2017

United Group Opens 268-Bed Community Near Hudson Valley Community College in Troy, New York

TROY, N.Y. — United Group of Companies Inc. has opened College Suites at Hudson Valley, a 268-bed student housing community located near Hudson Valley Community College in Troy, New York. The $24 million property offers two- and four-bedroom, fully furnished units. Shared amenities include a fitness center and bike storage, laundry facility, and computer studio, as well as study and lounge areas. 

August 11, 2017