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New York

TerraCRG Brokers $5.1M Sale of Development Site in Brooklyn

NEW YORK CITY — TerraCRG has arranged the sale of a development site located at 52-56 Ainslie St. in Brooklyn’s Williamsburg neighborhood. An undisclosed buyer acquired the 4,950-square-foot site for $5.1 million. The site offers mixed zoning, allowing for a development project ranging in size from 13,365 square feet to 17,820 square feet depending on use. Ofer Cohen, Dan Marks, Matt Trotter, Peter Matheos and David Algarin of TerraCRG brokered the transaction. The name of the seller was..

January 10, 2018

Ariel Property Advisors Arranges $17.9M Sale of Multifamily Portfolio in Brooklyn

NEW YORK CITY — Ariel Property Advisors has negotiated the sale of a two-building multifamily portfolio located at 291 and 292 Lincoln Place in the Prospect Heights neighborhood in Brooklyn. An undisclosed buyer acquired the 49-unit package for $17.9 million, or $365,000 per unit. Totaling 41,000 square feet, the two four-story walk-up buildings offer a mix of 36 one-bedroom, 11 two-bedroom and two three-bedroom apartments. Additionally, between both properties there are 12,400 square feet of..

January 9, 2018

Cushman & Wakefield Negotiates $13.5M Sale of Retail Building in Queens

NEW YORK CITY — Cushman & Wakefield has brokered the sale of a retail property located at 42-31 Bell Blvd. in the Bayside neighborhood of Queens. Midwood Investment & Development sold the property to Hersel Solutions for $13.5 million. At the time of sale, the 10,092-square-foot property was fully occupied by three tenants. Bank of America anchors the property and occupies 5,376 square feet with a lease through March 2024. The remaining units are occupied by a dog daycare and a restaurant..

January 9, 2018

G.S. Wilcox & Co. Secures $25.2M Loan for Retail Development Site in Yorktown, New York

YORKTOWN, N.Y. — G.S. Wilcox & Co. has secured $25.2 million in financing for the site development of a future Lowe’s Home Improvement Warehouse, which has a 20-year ground lease, in Yorktown. David Fryer of G.S. Wilcox & Co. arranged the loan that features a two-year construction period and a 20-year term thereafter. The loan includes an extended amortization period beyond the initial lease term without the use of residual value insurance. The site has three additional pad sites that were..

January 8, 2018

Ariel Property Advisors Facilitates $14.1M Sale of Multifamily Property in Queens

NEW YORK CITY — Ariel Property Advisors has arranged the sale of a multifamily building located at 143-48 41st Ave. in the Flushing neighborhood of Queens. An undisclosed buyer acquired the six-story property for $14.1 million. The 56,000-square-foot building features 53 apartment units. Victor Sozio, Shimon Shkury, Michael Tortorici and Jesse Greshin of Ariel Property Advisors represented the undisclosed seller and secured the buyer in the deal.

January 8, 2018

Madison Realty Capital Provides $53.5M in Financing for Mixed-Use Development in Manhattan

NEW YORK CITY — Madison Realty Capital (MRC) has provided a $53.5 million acquisition and construction financing package collateralized by a partially constructed mixed-use development at 208 Delancey Street on the Lower East Side of Manhattan. The borrower, New Empire Real Estate Development, plans to construct an approved 85,000-square-foot, 69-unit residential condominium building and a 10,201-square-foot community facility on the site. MRC funded an initial $15 million at closing to the..

January 5, 2018

Ready Capital Structured Finance Closes $6M Loan for Mixed-Use Building in SoHo

NEW YORK CITY — Ready Capital Structured Finance has closed a non-recourse $6 million loan for the acquisition, renovation and stabilization of a mixed-use building in SoHo. The undisclosed sponsor plans to renovate the 7,500-square-foot property, including restoration of the retail portion to white box finish, full interior renovations on each floor, upgrading the building’s systems and re-tenanting the property at market rental rates. The loan features a 24-month term with one extension..

January 5, 2018

HFF Secures $91.6M Capitalization of Multifamily Property in Fleetwood, New York

FLEETWOOD, N.Y. — HFF has secured $91.6 million in joint venture equity and first mortgage financing for the development of 42 Broad Street West, a multifamily property located in Fleetwood. The developer is a partnership between Alexander Development Group and The Bluestone Organization. HFF arranged $32.6 million in joint venture equity from institutional investors advised by J.P. Morgan Asset Management. Additionally, the HFF team, including David Giancola and Geoff Goldstein, placed a $59..

January 4, 2018

Eastern Consolidated Arranges $121.3M Construction Loan for 526-Room Hotel in Manhattan

NEW YORK CITY — Eastern Consolidated has arranged a debt and equity package totaling $121.3 million to finance the construction of a 45-story hotel at 140 W. 28th St. in the Chelsea section of Manhattan. The borrower is McSam Hotel Group, led by Sam Chang. The financing package includes a $97.5 million first mortgage with Bank of the Ozarks and a $23.8 million mezzanine construction loan from Square Mile Capital Management. Adam Hakim and James Murad of Eastern Consolidated secured the..

January 4, 2018

Ariel Property Advisors Secures Financing, Arranges $9M Sale of Multifamily Asset in Central Harlem

NEW YORK CITY — Ariel Property Advisors has secured financing and facilitated the sale of Grand Crossing Apartments, a two-building multifamily asset located at 208 and 212 W. 133rd St. in Central Harlem. An undisclosed buyer acquired the properties for $9 million. Ariel Property Advisors assisted the buyer’s acquisition of the asset by obtaining a $5.1 million non-recourse, fixed-rate acquisition loan. Victor Sozio, Shimon Shkury, Michael Tortorici and Matthew Gillis of Ariel Property..

January 4, 2018