New York

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Lendlease Breaks Ground on 200,000 SF Outpatient Healthcare Facility in Manhattan

by Taylor Williams October 25, 2022

NEW YORK CITY — Global investment and development firm Lendlease has broken ground on Northwell Medical Pavilion, a 200,000-square-foot outpatient healthcare facility that will be located on Manhattan’s Upper East Side. Northwell Health will operate the facility, which will be situated on Third Avenue between East 76th and 77th streets. In addition to oncology treatment, the center will provide cardiac care, neuroscience programming, imaging and lab testing, as well as holistic wellness services, acute and chronic disease management and social work services. Ennead Architects designed the project, which is slated for a late 2025 completion.

October 25, 2022

Acquisitions Multifamily New York Northeast

CBRE Brokers $31M Sale of Multifamily Property in Poughkeepsie, New York

by Taylor Williams October 25, 2022

POUGHKEEPSIE, N.Y. — CBRE has brokered the $31 million sale of Grand Pointe Park, a 156-unit multifamily property located about 80 miles north of Manhattan in Poughkeepsie. Built in 1997, Grand Pointe Park offers one-, two- and three-bedroom units and amenities such as a pool, fitness center, lounge, dog park and a playground. Jeff Dunne, Richard Gatto, Fahri Ozturk, Eric Apfel, Stuart MacKenzie and Zach McHale of CBRE represented the seller, Avanath Capital Management, and procured the buyer, New Jersey-based investment firm Lexington Property Group, in the transaction. The new ownership plans to execute a value-add program.

October 25, 2022

Acquisitions Multifamily New York Northeast

Cushman & Wakefield Arranges $27.2M Acquisition Loan for Long Island Multifamily Property

by Taylor Williams October 24, 2022

LYNBROOK, N.Y. — Cushman & Wakefield has arranged a $27.2 million acquisition loan for Cornerstone Yorkshire, an 80-unit multifamily property located in the Long Island community of Lynbrook. The newly built complex houses a fitness center, clubroom and outdoor grilling and dining areas. John Alascio, Chuck Kohaut and T.J. Sullivan of Cushman & Wakefield arranged the loan on behalf of the borrower, The Birch Group.

October 24, 2022

Lee & Associates New York Northeast Restaurant Retail

Katz & Associates Negotiates Two Retail, Restaurant Leases in Queens

by Taylor Williams October 24, 2022

NEW YORK CITY — Katz & Associates has negotiated two retail leases in Queens. Japanese grocery store Teso Life signed a 6,000-square-foot lease in the Bayside neighborhood, and Filipino fast casual restaurant Jollibee committed to 3,614 square feet at 91-23 Queens Blvd. Daniel DePasquale of Katz & Associates represented the landlords, Paulipark Associates LLC and Midwood, respectively, in both deals. Both concepts will open in 2023.

October 24, 2022

Leasing Activity New York Northeast Office

Financial Software Firm Signs 12,344 SF Office Lease at 260 Madison Avenue in Manhattan

by Taylor Williams October 19, 2022

NEW YORK CITY — 1-800Accountant, which provides virtual accounting software for small businesses, has signed a 12,344-square-foot office lease at 260 Madison Avenue, a 570,000-square-foot building in Midtown Manhattan. Peter Turchin, Gregg Rothkin, Tim Freydberg, Hayden Pascal and Jared London of CBRE represented the landlord, The Sapir Organization, in the lease negotiations. The representative of the tenant was not disclosed.

October 19, 2022

Leasing Activity New York Northeast Office

MGM Studios Signs 50,462 SF Office Lease at 260 Madison Avenue in Manhattan

by Taylor Williams October 18, 2022

NEW YORK CITY — MGM Studios has signed a 50,462-square-foot office lease at 260 Madison Avenue, a 570,000-square-foot building in Midtown Manhattan. Peter Turchin, Gregg Rothkin, Tim Freydberg, Hayden Pascal and Jared London of CBRE represented the landlord, The Sapir Organization, in the lease negotiations. The representative of the tenant was not disclosed.

October 18, 2022

Affordable Housing Loans Multifamily New York Northeast Seniors Housing

Bellwether Enterprise Provides $6.5M Refinancing of Affordable Seniors Housing Property Near Buffalo

by Taylor Williams October 17, 2022

KENMORE, N.Y. — Bellwether Enterprise has provided a $6.5 million HUD-insured loan for the refinancing of Ken-Ton Presbyterian Village, a 150-unit affordable seniors housing property located near Buffalo in the upstate New York community of Kenmore. The borrower was Beechwood Continuing Care. Lundat Kassa and Anthea Martin led the transaction for Bellwether Enterprise.

October 17, 2022

Acquisitions Multifamily New York Northeast

Ariel Property Advisors Negotiates $5.5M Sale of Brooklyn Apartment Building

by Taylor Williams October 17, 2022

NEW YORK CITY — Locally based brokerage firm Ariel Property Advisors has negotiated the $5.5 million sale of an eight-unit apartment building located in the Park Slope area of Brooklyn. According to StreetEasy.com, the four-story building was originally built in 1920. Benjamin Vago, Stephen Vorvolakos and Sean Kelly of Ariel Property Advisors brokered the deal. Both the buyer and seller requested anonymity. The deal traded at a cap rate of 4.8 percent.

October 17, 2022

Acquisitions New York Northeast Office Top Stories

JLL Arranges $252M Sale of AIG Headquarters Building in Manhattan

by Jeff Shaw October 17, 2022

NEW YORK CITY — JLL has arranged the $252 million sale of the former AIG global headquarters to 99c LLC, a real estate firm specializing in adaptive reuse development in urban markets. The 31-story property is located at 175 Water St. in Lower Manhattan’s Seaport submarket and comprises 684,500 square feet of rentable space. Vanbarton Group was the seller. The purchase represents 99c’s entry into the New York market following a focus on London, where it acquired millions of square feet of commercial office space. The firm is currently one year into a four-year plan to do the same in New York. 175 Water St. features 12-foot ceilings, 24,000-square-foot floor plates, center-core configuration and an efficient design. The building’s flexibility also includes an unused ground floor, which is being primed for a reimagined lobby along with two usable rooftop terraces with amenities. The building is completely vacant, following AIG’s move to a new location in 2021. Andrew Scandalios, David Giancola, Vickram Jambu, Marion Jones, Steven Rutman and Alexander Riguardi led JLL’s capital markets investment sales advisory team representing the seller. “175 Water St. received a generous amount of investor interest given the nature of the building, which provided a blank canvas …

October 17, 2022

Acquisitions New York Northeast Retail

Regal Ventures Acquires Manhattan Retail, Parking Condo for $35.2M

by Taylor Williams October 14, 2022

NEW YORK CITY — Locally based investment firm Regal Ventures has acquired a 37,165-square-foot retail and parking condo located at 897 Eighth Ave. in Manhattan’s Hell’s Kitchen neighborhood. The sales price was $35.2 million. The property’s retail component is 15,893 square feet, and the parking space spans 21,272 square feet. Regal Ventures acquired the property in partnership with Morrison Street Capital from Prudential Financial.

October 14, 2022

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