NEW YORK CITY — Locally based lender Lightstone Capital has provided a $52 million loan for the refinancing of a portfolio of two Manhattan office buildings totaling approximately 152,000 square feet. The buildings are located at 28 W. 36th St. and 32-36 W. 39th St. in the Midtown South neighborhood and respectively total 66,000 and 86,000 square feet. Both properties include ground-floor retail space, and the second building is being converted from an office rental to condo usage, with sales set to begin in the third quarter. The borrower was R&B Realty Group.
NEW YORK CITY — Commercial finance and advisory firm Axiom Capital Corp. has arranged a $25 million loan for the refinancing of an 86,931-square-foot shopping center in the College Point area of Queens. The grocery-anchored property sits on an eight-acre site. The first building was constructed in 1992 and totals 77,649 square feet. The second building was delivered in 2019-2020 and spans 9,282 square feet. An undisclosed life insurance company provided the loan to a commercial investor that also requested anonymity.
ALBANY, N.Y. — Massachusetts-based WS Development has acquired Stuyvesant Plaza, a 240,000-square-foot shopping center in Albany that houses more than 60 retailers and restaurants. The property was originally built in 1959. The seller was an entity doing business as Stuyvesant Plaza Inc. The new ownership plans to implement a value-add program.
NEW YORK CITY — Greystone has provided a $9.7 million loan for the refinancing of a 24-unit multifamily portfolio in the Williamsburg neighborhood of Brooklyn. The properties were originally built between 2006 and 2008 and offer one-, two- and three-bedroom units. The nonrecourse loan carries a 10-year term and a 30-year amortization schedule, with two years of interest-only payments and a 74 precent loan-to-value ratio. Jason Yuen of Greystone originated the financing.
ITHACA, N.Y. — Locally based healthcare provider Cayuga Health has purchased a 108,000-square-foot space at The Shops at Ithaca Mall in upstate New York. The provider has occupied the space since March 2020 as a COVID-19 testing center. Cayuga Health plans to consolidate some of its existing practices into this location, as well as to lease out some of the space to new vendors. The seller was a partnership that includes two Long Island-based investment firms, Mason Asset Management and Namdar Realty Group.
NEW YORK CITY — Locally based brokerage firm B6 Real Estate Advisors has arranged the $12.3 million sale of a 15,550-square-foot office building located at 8 E. 41st St. in Midtown Manhattan. The eight-story building includes 1,550 square feet of retail space. Christopher Cavorti of The Corcoran Group represented the buyer, Piyush Golia, in the transaction. Brock Emmetsberger, Zachary Redding and Marshall Dickson of B6 Real Estate Advisors, along with Nancy Cibrano of The Wings Group, represented the seller, Meir Levy.
SCARSDALE, N.Y. — New York City-based bridge lender Emerald Creek Capital has provided a $9.3 million loan for the refinancing of a 14,225-square-foot office and retail building in Scarsdale, located north of the city. The property was fully leased at the time of the loan closing. Jeff Seidler of Emerald Creek Capital originated the financing. The borrower was not disclosed.
NEW YORK CITY — Avison Young has placed a $210 million loan for the refinancing of a 396-unit apartment building located in the Long Island City area of Queens. The borrower, locally based multifamily developer Rockrose, built the 31-story property in 2007. Amenities include an indoor pool, sauna, fitness center and a game room. Andy Singer and Kathleen McSharry of Avison Young placed the debt through Metlife Investment Management.
ROCHESTER, N.Y. — Apple Cinemas, a provider of luxury moviegoing experiences, will open a movie theater in the upstate New York city of Rochester. The number of screens and opening date were not disclosed. The space spans 27,452 square feet and is located within Pittsford Plaza. Don Mace of Massachusetts-based KeyPoint Partners represented the tenant in the lease negotiations. Apple Cinemas also recently opened two new theaters in the Hartford, Connecticut market, two in New Hampshire and two in Maine. The chain intends to open 100 new venues over the next decade.
NEW YORK CITY — New York City-based brokerage firm Invictus Property Advisors has negotiated the $18 million sale of a 22,500-square-foot industrial building in the Manhattanville area of West Harlem. The sale included the larger site on which the building is situated, which is zoned to support an additional 45,770 square feet of industrial development. Josh Lipton and Andrew Levine of Invictus Property Advisors represented the seller, a local family that had owned the existing building since 1986, in the transaction. The duo also procured the undisclosed buyer.