NEW YORK CITY — Locally based brokerage firm TerraCRG has negotiated the $8 million sale of a 17,900-square-foot vacant industrial building in Brooklyn’s Red Hook neighborhood. Dan Marks, Daniel Lebor and Jackson O’Neill of TerraCRG represented the seller, an entity doing business as Buttermilk Warehouse LLC, in the transaction. The name of the locally based buyer was not disclosed.
NEW YORK CITY — CBRE has secured a 30,688-square-foot office sublease at One SoHo Square, a 768,000-square-foot building located at 233 Spring St. in Manhattan’s Hudson Square district. Harly Stevens, Jared Freede and Josh Pernice of CBRE represented the subtenant, e-commerce marketing platform Yotpo, which is relocating from 400 Lafayette Street, in the negotiations. The original tenant was Flatiron Health. Stellar Management owns One SoHo Square.
NEW YORK CITY — Cushman & Wakefield has brokered the $40 million sale of a 63-unit multifamily property located at 223 Fourth Ave. in Brooklyn’s Park Slope neighborhood. The newly constructed, 13-story building houses 18 studios, 34 one-bedroom units, nine two-bedroom apartments and two duplexes. Residences are furnished with quartz countertops, stainless steel appliances, dishwashers and in-unit washers and dryers. Amenities include a lounge with coworking space, rooftop terrace, media room and bike storage space. HUBB NYC acquired the property from Greystone Development. Dan O’Brien, Adam Spies, Adam Doneger and Avery Silverstein of Cushman & Wakefield brokered the deal.
NEW YORK CITY — Locally based brokerage firm Rosewood Realty Group has negotiated the $6.8 million sale of a five-story building in Brooklyn’s Borough Park neighborhood that comprises four four-bedroom apartments and 6,611 square feet of retail space. Aaron Jungreis, Ben Khakshoor and Alex Fuchs of Rosewood Realty represented both private investors involved in the deal, which traded at a cap rate of 4.9 percent. The building was originally constructed in 1930.
By Jason Penighetti, attorney, Koeppel Martone & Leistman LLC In a far-reaching decision, New York’s highest court has affirmed the rights of tenants under a commercial net lease to protest assessments and reduce their real property tax burden. The ruling reversed a State Supreme Court dismissal of a petition on the grounds that only a property’s owner can file an administrative grievance with the Board of Assessment Review. In a net lease, the tenant is responsible for paying real estate taxes and other expenses stated in the lease. In the matter of DCH Auto vs. Town of Mamaroneck, the Court of Appeals in June 2022 published a unanimous decision stating that tenants contractually obligated to pay real estate taxes and authorized to protest assessments may file tax appeals even when they do not hold title to the underlying real estate. Restoring a Precedent DCH Auto operated a car dealership in a net leased property in Mamaroneck, New York. Its lease with the owner required DCH to pay the property’s real estate taxes in addition to rent. Commercial tenants with this type of lease commonly file tax appeals to correct excessive tax bills and mitigate operating costs. These occupiers include retailers …
NEW YORK CITY — New York-based general contractor EW Howell Construction Group has completed PS 464, an elementary school in Manhattan’s Financial District. The school occupies 92,000 square feet across the first nine floors within 42 Trinity Place, a 40-story residential building, and serves students in grades pre-K through 5. In addition, the school’s south wing comprises four stories in the Robert & Anne Dickey House, a renovated historical building. In addition to new classrooms, the school features a science lab, art and music room, gymnasium, cafeteria and two outdoor playgrounds.
NEW YORK CITY — Five Iron Golf will open a 30,000-square-foot entertainment center at 101 Park Ave. in Manhattan. The space will house the concept’s signature golf simulators, widescreen TVs, leisure games and a full-service restaurant and bar. Anthony Dattoma of CBRE and Jason Goode of Compass Real Estate represented Five Iron Golf in the lease negotiations. John Cefaly and Nicholas Dysenchuk of Cushman & Wakefield represented the landlord, H.J. Kalikow & Co. A tentative opening date was not disclosed.
NEW YORK CITY — Carlyle has signed a 40,542-square-foot office lease at 340 Madison Avenue in Midtown Manhattan. The global investment and financial services firm has leased the entire eighth floor of the 745,312-square-foot building, which was originally constructed in 1928, for 10 years. Steve Rotter and Joe Messina of JLL represented the tenant in the lease negotiations. Paul Glickman, Matthew Astrachan, Cynthia Wasserberger and Dan Turkewitz, also with JLL, represented the landlord, RXR.
EAST GREENBUSH, N.Y. — Commercial finance and advisory firm Axiom Capital Corp. has arranged a $13.3 million permanent loan for the refinancing of a retail center in East Greenbush, roughly six miles southeast of Albany. The 301,894-square-foot property comprises six separate buildings and was leased to 16 tenants at the time of the loan closing. The names of the borrower, a development and management firm, and direct lender, a local bank, were not disclosed.
NEW YORK CITY — Locally based brokerage firm Rosewood Realty Group has negotiated the $6 million sale of an 18-unit apartment building in Harlem. The four-story building at 61-63 E. 125th St. was originally constructed in 1930. Aaron Jungreis, Ben Khakshoor and Alex Fuchs of Rosewood Realty represented the buyer, Sapphire Investments, and the seller, Madison Realty Capital, in the transaction. The deal traded at a cap rate of 5.5 percent.