NEW YORK CITY — Greystone has provided a $40 million bridge loan for the acquisition of Kittay House, a 295-unit affordable seniors housing property in The Bronx. Kittay House offers dozens of onsite social, recreational and educational programs, as well as meals, housekeeping and easy access to healthcare and supportive services. Eric Rosenstock and Jeff Englund of Greystone originated the nonrecourse, interest-only financing on behalf of the owner, a joint venture between Metropolitan Realty Group and Citadel Care Centers. The loan also carried a 24-month term with two six-month extension options.
YORKTOWN HEIGHTS, N.Y. — Marcus & Millichap has brokered the $15.7 million sale of York Farm Estates, a 77-unit multifamily property located about 45 miles north of New York City. Built in 1996, the property offers townhouse-style units in one-, two- and three-bedroom floor plans. The average unit size is 847 square feet, and the property has value-add potential. Matthew Gault, Seth Glasser, Michael Turkiewicz and Michael Fusco of Marcus & Millichap represented the seller, HVT Realty, in the transaction. The team also procured the buyer, Westchester Management LLC.
NEW YORK CITY — The Conference Board Inc. has signed a 30,171-square-foot office lease in Midtown Manhattan. The global think tank and nonprofit organization is relocating to the entire ninth floor of 875 Third Avenue, a 29-story building, via a 20-year lease. Erik Schmall and Scott Weiss of Savills represented the tenant in the lease negotiations. Paul Glickman, Diana Biascotti, Kristen Morgan and Harris Potter of JLL, along with internal agents Craig Panzirer and Alex Radmin, represented the landlord, Global Holdings.
NEW YORK CITY — A joint venture between two locally based development and investment firms, Domain Cos. and Silverstein Properties, has received a $205 million bridge loan for 420 Carroll Street, a 360-unit apartment complex located in the Gowanus area of Brooklyn. The property consists of two buildings that rise 16 and 21 stories and house 35 studios, 150 one-bedroom units, 64 two-bedroom residences and 20 three-bedroom apartments, 25 percent of which are reserved as affordable housing. Amenities include a resident clubroom and library, media and game room, demonstration kitchen with private dining space, a fitness center with a yoga studio, waterfront park, outdoor grilling and dining areas and a rooftop terrace. The property also features 12,000 square feet of ground-floor retail space, as well as 14,700 square feet of second-floor commercial space. Christopher Peck, Peter Rotchford and Nicco Lupo of JLL arranged the loan through global investment management firm AllianceBernstein.
NEW YORK CITY — A partnership between Gilbane Development, Blue Sea Development and Artspace Projects Inc. will develop the Brownsville Arts Center & Apartments, a $254 million affordable housing project that will be located on a city-owned tract at 366 Rockaway Ave. near downtown Brooklyn. The property will offer 283 units in studio, one-, two- and three-bedroom units that will be reserved for renters earning between 30 and 70 percent of the area median income. The Brownsville Arts Center & Apartments will also feature a 28,000-square-foot cultural arts center with a 3,440-square-foot, multi-purpose performance, rehearsal and studio space for community arts groups. Various city housing agencies and authorities have committed nearly $100 million in subsidized financing for the project, construction of which is set to begin before the end of the summer and to be complete in 2027.
NEW YORK CITY — Affinius Capital has funded a $340 million loan for the refinancing of 313 Bond, a 603-unit apartment community that is under construction in the Gowanus area of Brooklyn. The borrower, locally based developer Sky Equity Group, will use the proceeds to retire existing debt, complete construction of the two-building development and lease the property to stabilization. Upon completion, 313 Bond will feature 149 studios, 313 one-bedroom units and 141 two-bedroom apartments, as well as 51,600 square feet of retail space. Amenities will include fitness centers, three rooftop terraces, a library, game lounge, coworking spaces and package lockers. Henry Bodek of Galaxy Capital arranged the loan.
NEW YORK CITY — Telecommunications giant Verizon (NYSE: VZ) has selected the PENN 2 office tower in Midtown Manhattan for its new corporate headquarters. The company will staff approximately 1,000 employees at its new office. Verizon signed a 19-year lease with the landlord, Vornado Realty Trust (NYSE: VNO), to occupy approximately 200,000 square feet of space on floors eight through 10. The timeline for Verizon’s occupancy at PENN 2 was not released. Josh Kuriloff, Peyton Horn, Heather Thomas and Kyle Ernest of Cushman & Wakefield represented Verizon in the lease negotiations. Glen Weiss, Josh Glick, Jared Silverman and Anthony Cugini represented Vornado on an internal basis. Located directly above the Penn Station public transit hub, PENN 2 offers direct access to 15 subway lines, the Long Island Railroad, New Jersey Transit, PATH, Amtrak and the upcoming Metro-North Railroad, which is scheduled to debut in 2027. Other tenants at PENN 2 include Major League Soccer, MSG Entertainment Corp. (operator of nearby Madison Square Garden) and Universal Music Group, which recently signed an 88,000-square-foot lease at the tower. As part of the lease agreement, Verizon employees at PENN 2 will have exclusive access to more than 25,000 square feet of outdoor space at …
NEW YORK CITY — JLL has arranged $123 million in construction financing for a 158-unit multifamily project that will be located at 450 Union St. in the Gowanus area of Brooklyn. The financing consists of a $90 million loan from Bank Hapoalim and IDB Bank and a $33 million equity investment from Global Holdings Management Group. Known as Anagram Gowanus, the 20-story building will house 118 market-rate apartments and 40 affordable housing units in studio, one-, two- and three-bedroom floor plans. Amenities will include a fitness center, children’s playroom, coworking space and an indoor-outdoor rooftop lounge, as well as 22,000 square feet of retail and commercial space. Peter Rotchford, Nicco Lupo, Winfield Clifford and Jonathan Faxon of JLL arranged the financing on behalf of the developer, a joint venture between two local real estate companies, MacArthur Holdings and Tankhouse. Completion is slated for mid-2027.
NEW YORK CITY — WeWork will open a 60,000-square-foot coworking space at 250 Broadway in Lower Manhattan. The space will encompass five of the 648,000-square-foot building’s 31 floors. Peter Riguardi, Clark Finney, Alexander Riguardi and Dana Goldman of JLL represented WeWork in the lease negotiations in conjunction with two of the company’s real estate leaders, Peter Greenspan and Whitney Anderson. Brad Gerla, Michael Rizzo and Alex Benisatto of CBRE, along with internal agent Anne Holker, represented the landlord, Am Trust RE. The opening is slated for December.
NEW YORK CITY — JLL has brokered the $243.5 million sale of Riverbank, a 44-story apartment tower located at 560 W. 43rd St. in Midtown Manhattan. Barings sold the freshly renovated property to an undisclosed institutional investment firm, with JLL representing both parties in the transaction. JLL also arranged $128.3 million in acquisition financing for the deal. The direct lender and specific loan terms were not disclosed. Originally developed in the late 1980s as a condominium project, Riverbank currently houses 418 rental units comprising 43 studios, 270 one-bedroom units, 62 two-bedroom apartments and 43 three-bedroom residences. The high-rise also features nearly 18,000 square feet of retail space that is fully leased to a nail salon, liquor store and coffee shop. Most of Riverbank’s units have private balconies with city and Hudson River views, and residents have access to a 5,000-square-foot lounge called the Harbor Club that offers poker and billiards tables, a media room and coworking space. Additional amenities include an Olympic-size pool, fitness center, outdoor terrace and grilling stations. Jeffrey Julien, Rob Hinckley, Andrew Scandalios, Steven Rutman and Devon Warren led the JLL Capital Markets team that handled the sale of Riverbank. Kelly Gaines, Geoff Goldstein and Michael Shmuely …
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