New York

Apollo Global Management Receives $388.4M Financing for The Brook Mixed-Use Project in Brooklyn

by Jeff Shaw August 5, 2022

NEW YORK CITY — Walker & Dunlop Inc.’s New York capital markets team has arranged $388.4 million in construction financing for the Brook, a mixed-use development in downtown Brooklyn consisting of 448,000 rentable square feet of multifamily and retail space. Bank of America provided the funds. Apollo Commercial Real Estate Finance Inc., which is managed by an affiliate of Apollo Global Management, and Witkoff are developing the property at the cross-section of Fulton Street, Flatbush Avenue Extension, and DeKalb Avenue, next to Brooklyn landmarks such as the Fulton Mall and the Barclays Center. The mixed-use property will be split between two development sites, with the eastern site located at 565 Fulton St. and the western site at 547-557 Fulton St. The eastern site will consist of a 51-story mixed-used tower that will feature 561 studio, one- and two-bedroom apartment units utilizing the Affordable New York and Inclusionary Housing programs, as well as approximately 30,000 square feet of common space. Amenities will include a pool with cabanas, dog park, fitness center, half basketball court and multiple resident lounges. The base of the building will feature 17,200 square feet of ground-level retail space. The western site will consist of approximately 14,000 square feet of retail space next to Albee Square and is poised to attract retail brands and wholesalers looking to establish or strengthen their foothold in Brooklyn. …

August 5, 2022

Leasing Activity New York Northeast Office

Digital Marketing Agency Signs 71,000 SF Office Headquarters Lease at Brooklyn Navy Yard

by Taylor Williams August 4, 2022

NEW YORK CITY — Digital marketing agency Huge Inc. has signed a 71,000-square-foot office headquarters lease at Dock 72, a 675,000-square-foot waterfront office building located within the Brooklyn Navy Yard. The tenant will relocate from 45 Main Street to the top two floors of Dock 72 in the first quarter of 2023, joining existing tenants WeWork and Food52. Cara Chayet, David Hollander, Liz Lash and Ken Rapp of CBRE, along with internal agent Winter Stockwell, represented Huge in the lease negotiations. Joe Cirone, Ron Lo Russo, Patrick Dugan and Pierce Hance of Cushman & Wakefield, along with Sacha Zarba and Freddie Fackelmayer of CBRE and internal agents Andrew Levin and Robert Steinman, represented the landlord, a partnership between Boston Properties and Rudin.

August 4, 2022

Leasing Activity New York Northeast Office

Digital Marketing Agency Signs 71,000 SF Office Headquarters Lease at Brooklyn Navy Yard

by Taylor Williams August 4, 2022

August 4, 2022

Loans New York Northeast Retail

Axiom Capital Arranges $12.3M Acquisition Loan for Upstate New York Shopping Center

by Taylor Williams August 4, 2022

SARATOGA SPRINGS, N.Y. — Financial advisory firm Axiom Capital Corp. has arranged a $12.3 million permanent loan for the acquisition of a 62,980-square-foot neighborhood shopping center in the upstate New York community of Saratoga Springs. The center sits on a 5.4-acre site, includes 298 parking spaces and is home to tenants such as Hello Nails and The UPS Store. The names of the locally based borrower, a family-owned development and management group, and direct lender, a local bank, were not disclosed.

August 4, 2022

Leasing Activity New York Northeast Office

Burlington Signs 34,591 SF Office Lease Expansion at 1400 Broadway in Manhattan

by Taylor Williams August 3, 2022

NEW YORK CITY — Burlington Stores Inc. has signed a 34,591-square-foot office lease expansion at 1400 Broadway in Manhattan’s Garment District. The New Jersey-based apparel and accessories retailer now occupies 102,898 square feet across three floors at the 37-story building, which was originally constructed in 1930. Scott Klau, Neil Rubin and Erik Harris of Newmark represented the landlord, Empire State Realty Trust, in the lease negotiations. Alan Desino of Colliers represented Burlington.

August 3, 2022

Leasing Activity New York Northeast Office

Burlington Signs 34,591 SF Office Lease Expansion at 1400 Broadway in Manhattan

by Taylor Williams August 3, 2022

August 3, 2022

Development Industrial New York Northeast

Rockefeller Group Underway on 172,622 SF Spec Distribution Center on Long Island

by Taylor Williams August 1, 2022

BAY SHORE, N.Y. — New York City-based Rockefeller Group is underway on construction of a 172,622-square-foot speculative distribution center in the Long Island community of Bay Shore. The property at 55 Paradise Lane will feature a clear height of 36 feet, 40 dock doors, 270 car parking spaces, 40 trailer parking stalls and 7,317 square feet of mezzanine-level office space. Manhattan-based KSS Architects designed the project, and Aurora Contractors is handling construction. Completion is slated for the first quarter of next year.

August 1, 2022

Acquisitions Multifamily New York Northeast

Rosewood Realty Arranges $5M Sale of Brooklyn Apartment Building

by Taylor Williams August 1, 2022

NEW YORK CITY — Locally based brokerage firm Rosewood Realty Group has arranged the $5 million sale of a 38-unit apartment building in Brooklyn’s Bedford-Stuyvesant neighborhood. The 35,000-square-foot building at 575 Herkimer St. was originally constructed in 1965. Ben Khakshoor of Rosewood Realty represented the buyer, Gilman Management, in the transaction. Aaron Jungreis, also with Rosewood, represented the seller, a private family.

August 1, 2022

Market Reports New York Northeast Northeast Market Reports Retail

New York City’s Retail Investment Market is Poised for Greater Activity

by Taylor Williams August 1, 2022

By Brent Glodowski, director, capital markets group, Avison Young Conditions are looking up for retail real estate investment in New York City. In one sense, “up” is the only way to go for a sector that has been bumping along the bottom of a trough. But with inflation tempering investors’ recent fascination with multifamily and industrial properties, retail also offers opportunities to acquire price-corrected assets when those other property types hover near cyclical peaks. Retail’s Head Start New York’s retail real estate market was already suffering from changing consumer tendencies when COVID-19 arrived and thrust many retailers and their landlords into a full-blown crisis. Even when government-ordered shutdowns eased, remote work policies drained office buildings of the customer bases that had supported swaths of restaurants, shops and entertainment businesses. Home-bound workers became a redistributed daytime population, shifting demand for meal delivery and other retail to new areas. Hundreds of small businesses went under, leaving vacant storefronts in their wake. Some retailers altered business plans to serve shifting customer bases that had developed new, pandemic-influenced consumption practices. Landlords with vacancies to fill turned to traditional strategies, such as relocating tenants from out-of-the-way spaces to fill their most visible storefronts. Property owners …

August 1, 2022

Leasing Activity New York Northeast Office

Law Firm Signs 27,117 SF Office Lease at 875 Third Avenue in Midtown Manhattan

by Taylor Williams July 29, 2022

NEW YORK CITY — Law firm Kaufman Borgeest & Ryan (KBR) has signed a 27,117-square-foot office lease at 875 Third Avenue in Midtown Manhattan. The lease term is 15 years. The tenant will relocate from 120 Broadway to occupy a full floor at the 29-story building, which was originally constructed in 1982. Paul Glickman, Diana Biasotti, Kristen Morgan and Harrison Potter of JLL represented the landlord, Global Holdings Management Group, in the lease negotiations. Howard Greenberg of Howard Properties and Barry Lewen of Cresa represented KBR.

July 29, 2022

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