NEW YORK CITY — Marcus & Millichap has brokered the $7.1 million sale of a 12,320-square-foot office and retail building located at 36-41 Bell Blvd. in the Bayside area of Queens. The two-story building comprises 12 spaces, with retail space on the ground floor and office space on the second floor. Anthony Cerrone and Michael Tuccillo of Marcus & Millichap represented the seller and procured the buyer, both of which were private investors that requested anonymity, in the transaction.
NEW YORK CITY — Yaupon Capital Management has signed a 6,917-square-foot office lease at 340 Madison Avenue in Manhattan. The investment management firm is taking space on the third floor of the 750,000-square-foot building. Ben Friedland and Hugh McDonald of CBRE represented the tenant in the lease negotiations. Paul Glickman, Matt Astrachan, Cynthia Wasserberger, Dan Turkewitz and Harrison Potter of JLL, along with internal agents William Elder and Andrew Ackerman, represented the landlord, RXR.
WEBSTER, N.Y. — The Coca-Cola Co. (NYSE: KO) has broken ground on a $650 million production facility for its dairy brand Fairlife in the Central New York community of Webster, located just west of Rochester. About 250 people are expected to work at the 745,000-square-foot facility, which will source from local milk co-operatives to produce its line of dairy-based beverages before distributing them to retailers across the region. Completion is slated for the fourth quarter of 2025. Empire State Development provided $21 million in assistance for the project through the performance-based Excelsior Jobs Tax Credit Program in exchange for job creation commitments. The Atlanta-based soft drink giant acquired Fairlife in 2020.
COLONIE, N.Y. — New York City-based Olshan Properties has welcomed three new tenants to Northway Mall, a 480,000-square-foot shopping and dining destination located just outside of Albany in Colonie. The new tenants are Mattress Firm (4,745 square feet), Mission BBQ (4,329 square feet) and Club Pilates (1,846 square feet). Each company’s space is located within a standalone building that previously housed a Petco and which Olshan repositioned to support multiple tenants.
NEW YORK CITY AND STAMFORD, CONN. — MCR and Building and Land Technology (BLT) have secured a $632 million loan for the refinancing of a portfolio of 53 hotels across the United States. The financing features a three-year, fixed-rate term, and was securitized in a single-asset, single-borrower CMBS transaction. This type of financing structure is reserved for large properties or portfolios. MCR and BLT acquired the 53 hotels between 2013 and 2015. The portfolio totals 5,958 guest rooms across 14 states. According to MCR, the portfolio is valued at approximately $960 million. MCR also stated that the properties are concentrated in high-growth markets such as Texas, Arizona, Virginia and North Carolina. The portfolio is comprised of eight Marriott and Hilton extended stay and select-service brands, including Residence Inn by Marriott, Courtyard by Marriott, TownePlace Suites by Marriott, Hilton Garden Inn and Hampton Inn by Hilton. The hotels are managed by MCR’s in-house operations team. MCR and BLT have collectively made more than $118 million in capital improvements since acquiring the properties, including upgrades to the guest rooms and public spaces, as well as property maintenance. MCR is a hotel manager headquartered in New York City. The company’s $5 billion portfolio …
NEW YORK CITY — Marcus & Millichap has brokered the $12.6 million sale of four apartment buildings totaling 113 units in Harlem. The buildings house units in two-, three-, four- and five-bedroom floor plans and collectively include eight retail spaces. Seth Glasser, Michael Fusco and Benny Katz of Marcus & Millichap represented the seller and procured the buyer, both of which were private investors that requested anonymity, in the transaction.
NEW YORK CITY — Everest Group (NYSE: EG), a provider of property and specialty insurance products, has signed a 66,444-square-foot office lease at 1155 Avenue of the Americas in Midtown Manhattan. The lease term is 15 years, and the deal brings the 42-story building to 93 percent occupancy. Eric Deutsch and Jared Freede of CBRE represented the tenant in the lease negotiations. Tom Bow, Rocco Romeo and Nora Caliban internally represented the landlord, The Durst Organization, which recently completed a $130 million renovation of the property.
Ashkenazy Acquisition Corp. Welcomes New Tenants to Shopping Center in New York’s Westchester County
WESTCHESTER, N.Y. — New York City-based owner-operator Ashkenazy Acquisition Corp. has welcomed new tenants to Vernon Hills Village in Westchester County, located north of New York City. New tenants at Vernon Hills Village include Nike, Sephora, Lululemon, Pottery Barn, Ever/Body, Sweetgreen, Serafina and Starbucks. The center is now fully leased.
NEW YORK CITY — Interactive Brokers Group has signed a 22,916-square-foot office lease expansion at 1133 Avenue of the Americas in Midtown Manhattan. The provider of automated brokerage services for securities trading is taking an additional 5,976 square feet on the 36th floor of the 45-story, 1.1 million-square-foot building. Tim Dempsey, Roger Griswold and Chris Hogan of CBRE represented the tenant in the lease negotiations. Tom Bow, Rocco Romeo and Nora Caliban represented the landlord, The Durst Organization, on an internal basis.
NEW YORK CITY — Newmark has arranged an 11,232-square-foot office lease at 461 Fifth Avenue in Midtown Manhattan. Designed by Skidmore, Owings & Merrill and completed in 1988, the building rises 28 stories and totals roughly 200,000 square feet. The lease term is 10 years, and the space spans the entire sixth floor. Brian Waterman, Scott Klau, David Waterman and Kevin Sullivan of Newmark represented the landlord, SL Green, in the lease negotiations. Ron LoRusso, Harley Dalton and Samantha Perlman of Cushman & Wakefield represented the tenant, investment management firm Lingotto US.