NEW YORK CITY — Locally based brokerage firm Ariel Property Advisors has arranged the $11.5 million sale of two New York City multifamily buildings. The 10-unit building at 246 W. 108th St. on Manhattan’s Upper West Side sold for $5.8 million, and the 11-unit building at 369 W. 126th St. in Harlem sold for $5.7 million. Shimon Shkury, Victor Sozio, Howard Raber and Mark Anderson of Ariel Property Advisors brokered the first deal. Sozio, James Nestor and Evan Hirsch of Ariel negotiated the second transaction. The buyers and sellers were not disclosed.
NEW YORK CITY — Corporate communications and public relations firm Prosek Partners has signed a 34,000-square-foot office lease at 28 East 28th Street in Manhattan’s Midtown South area. The tenant plans to relocate to the 15th floor of the newly renovated building, which houses a Whole Foods Market on the ground floor, from 105 Madison Avenue in the fourth quarter. Barry Zeller, Jonathan Serko and Barry Garfinkle of Cushman & Wakefield represented the tenant in the lease negotiations. Peter Duncan, Matt Coudert and Alex Bermingham represented the landlord, George Comfort & Sons, which owns the building in partnership with Jamestown and Loeb Partners Realty, on an internal basis.
NEW YORK CITY — Deutsche Bank has provided a $285 million loan for the refinancing of The Offices at Essex Crossing, located on Manhattan’s Lower East Side. The 350,000-square-foot complex is part of the 2 million-square-foot Essex Crossing mixed-use development and is 50 percent leased following a 140,000-square-foot commitment from Verizon last winter. The borrower is Delancey Street Associates, which is a joint venture of Taconic Partners, L+M Development Partners, BFC Partners, The Prusik Group and Goldman Sachs Asset Management. JLL and Walker & Dunlop arranged the financing on behalf of Delancey Street Associates.
NEWBURGH, N.Y. — Castle Lanterra Active Adult, a division of Castle Lanterra, has acquired Reserve at Lakeside, a newly constructed active adult apartment complex in Newburgh. The community consists of one-bedroom units and two-bedroom apartments. Blue Foundry Bank provided acquisition financing. The seller, price and number of units were not disclosed.
NEW YORK CITY — Locally based landlord The Durst Organization will undertake a $150 million redevelopment of 825 Third Avenue, a 40-story office tower in Manhattan that was originally constructed in 1969. The redevelopment will include upgrades of the 544,000-square-foot building’s elevators, windows, lobby and mechanical systems, as well as the addition of new amenities. Upon completion, tenants will have access to a 3,000-square-foot ground-floor lounge with coffee, wine and arcade games. The Durst Organization will also add 15,000 square feet of health and wellness amenities on the second floor and a new terrace on the 12th floor. JP Morgan Chase and Wells Fargo have provided $100 million in financing for the project.
NEW ROCHELLE, N.Y. — JLL has arranged a $105 million loan for the refinancing of 360 Huguenot, a 28-story apartment building located in the downtown area of New Rochelle, a northern suburb of New York City. Built in 2019, the property comprises 252 market-rate apartments, 28 affordable housing units that are reserved for renters earning 80 percent or less of the area median income and 13,538 square feet of retail space. Amenities include a fitness center with a yoga studio, a private indoor/outdoor resident lounge and a valet parking garage. Mike Tepedino, Michael Gigliotti, Kelly Gaines, Jillian Mariutti, Phil Cadorette and Joy Dracos of JLL arranged the loan through Miami-based Rialto Capital Management on behalf of the borrower, New York-based RXR Realty.
NEW YORK CITY — Los Angeles-based Parkview Financial has provided a $70 million loan for the construction and refinancing of a 61,513-square-foot office building in Manhattan’s Greenwich Village area. Approximately 8,000 square feet of that total will be reserved as ground-floor and below-grade retail space. The borrower, Real Estate Equities Corp., acquired the 99-year leasehold interest on the land in 2017 and demolished the existing structures on the site. However, construction delays required the project’s capital stack to be restructured and the original loans underlying the leasehold to be recapitalized. Parkview’s loan includes the refinancing of the existing land loan as well as construction financing. Development has now begun with project completion slated for June 2024.
BOHEMIA, N.Y. — Hardware and equipment retailer Harbor Freight Tools will open a 20,000-square-foot store at Sayville Plaza, located on Long Island in Bohemia. Robert Delavale of Breslin Realty represented the landlord in the lease negotiations. The representative of the tenant was not disclosed. Other tenants at Sayville Plaza include Bed Bath & Beyond, Old Navy, Panera Bread, Jennifer Furniture, The Vitamin Shoppe, Chipotle Mexican Grill, Sprint, Floor & Décor, At Home and Aldi.
NEW YORK CITY — Locally based firm Extell Development has entered into a ground lease with The Feil Organization to develop a multifamily project at 356 Fulton St. in downtown Brooklyn. The Feil Organization previously secured approvals for the development of a 43-story tower that will also house 100,000 square feet of commercial space. In addition, Feil completed the demolition of the three-story Capital One bank branch that was situated on the site. Bob Knakal, Stephen Palmese, Brendan Maddigan, Ethan Stanton, Jonathan Hageman, Michael Mazzara and Winfield Clifford of JLL arranged the ground lease on behalf of The Feil Organization.
ELMSFORD, N.Y. — MC Real Estate Partners, an owner-operator of East Coast office and multifamily properties, and Tokyo Trust Capital have acquired The View on Nob Hill, a 416-unit apartment community located in the Westchester County city of Elmsford. The property sits on 24 acres and was 97 percent leased at the time of sale. Twenty percent of the units are reserved for households earning 60 percent or less of the area median income. Residences feature one-, two- and three-bedroom floor plans. The seller and sales price were not disclosed.