New York

Newmark Arranges $150M Loan for Refinancing of Midtown Manhattan Office Building

by Taylor Williams November 28, 2022

NEW YORK CITY — Newmark has arranged a $150 million loan for the refinancing of 295 Fifth Avenue, a 19-story, 710,000-square-foot office building in Midtown Manhattan. Dustin Stolly, Jordan Roeschlaub, Christopher Kramer, Nick Scribani, Ben Kroll and Holden Witkoff of Newmark arranged the financing on behalf of the borrower, a partnership between Tribeca Investment Group, Meadow Partners and PGIM Real Estate. Deutsche Bank provided the loan. The sponsor will use a portion of the proceeds to fund capital improvements such as a remodel of the lobby and an overhaul of the building’s windows, elevators and HVAC systems.

November 28, 2022

Civic Development Industrial New York Northeast Top Stories

Public-Private Partnership Plans $4.2B Terminal Redevelopment at JFK Airport

by Taylor Williams November 28, 2022

NEW YORK CITY — A public-private partnership between The Port Authority of New York & New Jersey and JFK Millennium Partners (JMP) has released plans for a $4.2 billion redevelopment of Terminal 6 at John F. Kennedy International Airport in New York City. The redeveloped terminal, which will be located on the airport’s north side and offer international flight services, will span 1.2 million square feet. The new Terminal 6 will also connect to Terminal 5, which JetBlue owns and operates, and eventually replace the existing Terminal 7, which will be demolished. Lufthansa Group, which comprises Lufthansa, SWISS, Austrian Airlines and Brussels Airlines, will operate out of Terminal 6 along with JetBlue and other international airlines. The new terminal will feature updated international passenger processing, ticketing counters and passenger security screening, as well as 100,000 square feet of concession spaces and airport lounges. The developers say the project will add more than 4,000 jobs to the local economy. The first gates are scheduled to open in early 2026, with full project completion slated for 2028. In addition to airport-specific upgrades, the development team will deliver infrastructural improvements that are designed to reduce congestion and delays within the airspace and on …

November 28, 2022

Loans Multifamily New York Northeast Walker & Dunlop

Walker & Dunlop Arranges $204M Loan for Refinancing of Brooklyn Apartment Building

by Taylor Williams November 23, 2022

NEW YORK CITY — Walker & Dunlop has arranged a $204 million loan for the refinancing of The Axel, a 29-story apartment building in Brooklyn. Designed by Morris Adjmi Architects, The Axel features 284 units in studio, one-, two- and three-bedroom units. Amenities include a pool with a sundeck, fitness center with yoga and Pilates studios, a golf simulator, dining and entertainment terrace, conference rooms, game lounge and an executive meeting room. Aaron Appel, Keith Kurland, Jonathan Schwartz, Adam Schwartz, Michael Diaz and Sean Bastian of Walker & Dunlop arranged the loan through MF1 Capital on behalf of the sponsor, Hope Street Capital.

November 23, 2022

Development Loans New York Northeast Retail

CIT Group Provides $34M Construction Loan for Lionsgate Warburton Studio in Yonkers

by Taylor Williams November 23, 2022

YONKERS, N.Y. — Los Angeles-based CIT Group has provided a $34 million construction loan for Lionsgate Warburton Studio, a 73,000-square-foot entertainment production facility that will be located north of New York City in Yonkers. The facility represents the latest addition to the Great Point Studio Campus, which is anchored by film producer Lionsgate and houses support areas, a café, lounge and outdoor garden terraces. The borrower was a joint venture between i.Park and Great Point Media.

November 23, 2022

Development Multifamily New York Northeast Seniors Housing

EW Howell Completes 80-Unit Assisted Living Project in Kings Park, New York

by Taylor Williams November 23, 2022

KINGS PARK, N.Y. — General contractor EW Howell Construction Group has completed St. Johnland Assisted Living, an 80-unit seniors housing project in Kings Park, located on Long Island’s North Shore. Designed by KDA Architects, the two-story, 68,000-square-foot facility totals 100 beds and is situated adjacent to the existing 100-acre St. Johnland Nursing Center complex. St. Johnland is a locally based provider with specialties in dementia, head injury rehabilitation, subacute care and adult day care.

November 23, 2022

Development Loans Multifamily New York Northeast Walker & Dunlop

Bank OZK, Barings Provide $385M in Construction Financing for Brooklyn Multifamily Project

by Taylor Williams November 21, 2022

NEW YORK CITY — Bank OZK and Barings have provided $385 million in construction financing for 470 Kent Avenue, a multifamily project in Brooklyn’s Williamsburg neighborhood that will add 463 rental units and 90 condos to the local supply. The 22-story building will also include 19,000 square feet of commercial space. Bank OZK supplied a $310 million senior loan, and Barings provided $75 million in mezzanine financing. Aaron Appel, Keith Kurland, Jonathan Schwartz, Adam Schwartz and Jackson Irwin of Walker & Dunlop arranged the debt on behalf of the borrower, a partnership between Naftali Group and Access Industries. Construction is underway and expected to be complete in 2025.

November 21, 2022

Acquisitions Multifamily New York Northeast

Pyramid Brokerage Negotiates $15.8M Sale of Multifamily Property in Syracuse

by Taylor Williams November 21, 2022

SYRACUSE, N.Y. — Pyramid Brokerage Co., a division of Cushman & Wakefield, has negotiated the $15.8 million sale of a 51-unit multifamily property in Syracuse. The building was originally constructed in 1910 as a theater and converted into office space in the 1960s. The redevelopment to multifamily took place in 2018. Jonathan Weinstein of Pyramid Brokerage, along with Brian Whitmer, Niko Nicolaou, Ryan Dowd and Peter Welch of Cushman & Wakefield, brokered the deal. A locally based limited liability company sold the asset to a New York City-based family office.

November 21, 2022

Development Multifamily New York Northeast

Rose Associates, Battery Global Top Out 440-Unit Apartment Building in Yonkers

by Taylor Williams November 18, 2022

YONKERS, N.Y. — A partnership between locally based developer Rose Associates and asset management firm Battery Global Advisors has topped out Alexander Crossing, a 440-unit apartment building located north of New York City in Yonkers. Designed by Perkins Eastman and built by Callahan Construction Managers, Alexander Crossing is a seven-story, 600,000-square-foot building. The property will feature studio, one- and two-bedroom units and amenities such as a heated outdoor pool, fitness center, outdoor grilling and dining areas, game room, coworking lounge and a multi-sport simulator. The development team plans to deliver units in phases over the course of 2023.

November 18, 2022

Development Industrial New York Northeast

Rockefeller Group Nears Completion of 172,622 SF Spec Industrial Project on Long Island

by Taylor Williams November 18, 2022

BAY SHORE, N.Y. — New York City-based investment and development firm Rockefeller Group is nearing completion of a 172,622-square-foot speculative industrial project located at 55 Paradise Lane in the Long Island community of Bay Shore. Building features include a clear height of 36 feet, 40 dock doors, two overhead doors and parking for 270 vehicles. Completion is slated for spring 2023. KSS Architects designed the project, and Aurora Contractors is serving as the general contractor. Huntington is the civil engineer. JLL has been tapped to lease the development.

November 18, 2022

Development New York Northeast Office

Shearman & Sterling Completes Renovation of 340,000 SF Office Space in Manhattan

by Taylor Williams November 16, 2022

NEW YORK CITY — Global law firm Shearman & Sterling has completed the renovation of its 340,000-square-foot office headquarters space at 599 Lexington Avenue in Midtown Manhattan. The redesigned workspace houses apportioned offices, improved boardroom acoustics, new artwork and various health and wellness features. Perkins & Will served as the architect of the project, which was conceived in advance of the pandemic and took approximately two years to complete. L&K Partners served as the construction manager, and MEP provided engineering services.

November 16, 2022

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