NEW YORK CITY — Cushman & Wakefield has negotiated a 25,000-square-foot office lease at 48 W. 25th St. in Manhattan’s Madison Square Park area. Originally constructed in 1920, the building rises 12 stories and totals 127,130 square feet. Ethan Silverstein, Theodora Livadiotis and Bruce Mosler of Cushman & Wakefield represented the landlord, locally based investment manager Savanna, in the lease negotiations. Anthony LoPresti, also with Cushman & Wakefield, represented the tenant, MediaCo Holding Inc. The space comprises the entire second and third floors and will house the broadcast operations of two of the tenant’s local radio stations.
NEW YORK CITY — Architecture Research Office (ARO), a design and consulting firm, has signed a 10,000-square-foot office lease at 1 Willoughby Square in Brooklyn. Designed by FXCollaborative, which also serves as the anchor tenant, 1 Willoughby Square is a 34-story, 500,000-square-foot building in the downtown area. Nick Farmakis and Kate Walker of Savills represented ARO in the lease negotiations. Paul Amrich, Neil King, Zac Price, Alex D’Amario and James Ackerson of CBRE represented the landlord, JEMB Realty Corp.
NEW YORK CITY — Locally based brokerage firm Ariel Property Advisors has arranged the $16.2 million sale of two adjacent multifamily buildings totaling 52 units that are located at 992-1000 Amsterdam Ave. on Manhattan’s Upper West Side. The buildings include a combined seven commercial spaces. Victor Sozio, Shimon Shkury, Howard Raber, and Evan Hirsch of Ariel Property Advisors brokered the deal. The buyer and seller were not disclosed.
Walker & Dunlop Arranges $37.7M Construction Loan for Industrial Project in Valley Cottage, New York
VALLEY COTTAGE, N.Y. — Walker & Dunlop has arranged a $37.7 million construction loan for Lincoln Logistics, a 220,000-square-foot industrial project in Valley Cottage, about 25 miles north of New York City. The property will feature a clear height of 36 feet, 55 dock doors and 123 parking spaces. Aaron Appel, Keith Kurland, Jonathan Schwartz, Adam Schwartz and Mo Beler arranged the debt on behalf of the borrower, a partnership between Lincoln Equities Group and PCCP. The direct lender was not disclosed.
NEW YORK CITY — Walker & Dunlop has arranged a $100 million loan for the refinancing of JFK Logistics Center, a 423,000-square-foot industrial property in Queens that is fully leased to Amazon. The multi-story facility sits on 10.7 acres and features a clear height of 36 feet, 16 loading positions and two floors of parking. Aaron Appel, Keith Kurland, Jonathan Schwartz, Adam Schwartz and Mo Beler arranged the debt on behalf of the borrower, a partnership between Wildflower Ltd. and Amstar. J.P. Morgan Investment Management provided the loan.
NEW YORK CITY — Score Sports Bar will open a 9,000-square-foot restaurant in Midtown Manhattan. The tenant has committed to a three-story space at 416 Eighth Avenue, which is located adjacent to Madison Square Garden, for 15 years. Brad Schwarz and James Ficelman of Lee & Associates represented the landlord, Riese Organization, in the lease negotiations. Spencer Planit of Winick Realty represented Scores Sports Bar.
WESTBURY, N.Y. — Northmarq has arranged an $80 million loan for the refinancing of Roosevelt Raceway Center, a 428,483-square-foot shopping center located in the Long Island community of Westbury. The center, which sits on a 48-acre site less than a mile from Roosevelt Field Mall, houses tenants such as The Home Depot, Food Bazaar Supermarket, David’s Bridal and PGA Tour Superstore. Robert Delitsky and Charles Cotsalas of Northmarq arranged the fixed-rate loan through a regional bank. The borrower was not disclosed.
NEW YORK CITY — Incline Equity Partners, a Pittsburgh-based private equity firm, has signed an 18,000-square-foot office lease at 101 Park Avenue in Midtown Manhattan. The 49-story building was originally constructed in 1982 and totals roughly 1.3 million square feet. Alexander Chudnoff, Harrison Potter and Kate Roush of JLL represented the tenant in its site selection and lease negotiations. John Cefaly and Nicholas Dysenchuk of Cushman & Wakefield represented the landlord, H.J. Kalikow & Co.
MONTEBELLO, N.Y. — A partnership between owner-operator FilBen Group and Dallas-based private equity firm RSF Partners has broken ground on Braemar at Montebello, a $54 million assisted living facility in New York’s Lower Hudson Valley region. The site is located near Good Samaritan Hospital — Suffern, as well as numerous commercial establishments. The property will span 133,675 square feet and will feature one- and two-bedroom units with an average size of 500 square feet, as well as an array of entertainment- and wellness-based amenities. H2M Architects + Engineers designed the project, and McAlpine Contracting is handling construction. M&T Bank provided a $34.8 million construction loan for the project, a completion date for which was not disclosed.
YONKERS, N.Y. — Locally based brokerage firm OPEN Impact Real Estate has arranged the $52.6 million sale of a 265,000-square-foot campus in Yonkers. The campus, a portion of which extends into The Bronx, consists of 25 buildings on a 28-acre site. The property, which serves as the headquarters of social services agency Rising Ground, houses several recreational amenities, including indoor and outdoor pools, a baseball field and an indoor basketball court. Lindsay Ornstein, Stephen Powers, Arthur Skelskie and Alexander Smith of OPEN Impact represented Rising Ground in the transaction. The buyer, National Resources, plans to take occupancy of the campus at a future date, with Rising Ground retaining three acres for various programs.