OLEAN, N.Y. — The Palomar Group, an investment sales brokerage firm based in Georgia, has arranged the sale of Shops at Walmart Plaza, a 53,642-square-foot shopping center in Olean, about 70 miles south of Buffalo. Shadow-anchored by Walmart, the center was 94 percent leased at the time of sale to tenants such as Old Navy, Pet Supplies Plus, GameStop, GNC, Supercuts, Spectrum and The Shoe Depot. Palomar Group represented the seller, Dallas-based Tabani Group, which sold the property to a private investor based in the Boston area for $12 million.
NEW YORK CITY — New York City-based bridge lender Emerald Creek Capital has provided an $11.5 million acquisition loan for a 27-unit residential building on Manhattan’s Upper West Side. The seven-story building houses studio to five-bedroom units and includes two ground-floor retail spaces. Jeff Seidler and Dean Wang of Emerald Creek Capital originated the financing. The borrower was not disclosed.
WHITE PLAINS, N.Y. — South Carolina-based developer Greystar has broken ground on 25 North Lex, a 500-unit multifamily project located in the downtown area of White Plains, a northern suburb of New York City. Designed by Handel Architects LLP, the transit-served, high-rise property will house one-, two- and three-bedroom units, as well as 19,000 square feet of ground-floor retail space. Amenities will include a fitness center with yoga/spin studios, study rooms, a children’s play area, sports/media lounge, pet run and spa and a rooftop lounge. Completion is slated for the first half of 2024.
NEW YORK CITY — Locally based brokerage firm Rosewood Realty Group has arranged the $5.4 million sale of a portfolio of three multifamily properties totaling 18 units, as well as six retail spaces, in Brooklyn’s Sunset Park neighborhood. The buildings were all constructed in 1931 and house two-bedroom units that are rent-stabilized. Greg Corbin and Chaya Milworn of Rosewood Realty Group represented the buyer and seller, both of which requested anonymity, in the transaction.
By Joel Marcus of Marcus & Pollack LLP New York City has published three tax-year assessments since COVID-19 swept into our world. The New York City Tax Commission and New York City Law Department have had ample opportunity to reflect and refine their thinking on those assessments. The disease broke out in Wuhan, China, in late 2019 and soon spread around the world. Most of New York City noticed its impact in February and March of 2020 as businesses shut down at an accelerating rate, warranting government mandates and additional closures. So, what did New York City do for the 2020-2021 tax year? It significantly raised tax assessments. The Tax Commission and other review bodies refused to base their valuations upon the devastating catastrophic effects of COVID-19 that had ravished the city. Why do this? The answer is technical. New York City values real estate on a taxable status date, which is Jan. 5 each year. On Jan. 5, 2020, COVID-19 did not exist in assessors’ evaluation process. Nor did it exist in the review of assessments later in the year. Employment restrictions, mask mandates and lockdown requirements made it impossible to operate theaters, hotels, restaurants and many other businesses. …
NEW YORK CITY — Hospitality owner-operator Premier Hotels has acquired Hotel @ Times Square, a 213-room property in Midtown Manhattan. The hotel, which was renovated in 2021, also houses 10,000 square feet of retail space and 8,000 square feet of office space. Cronheim Mortgage arranged $41.2 million in acquisition financing through an undisclosed direct lender on behalf of Premier Hotels for the transaction. The seller was also not disclosed.
Knighthead Funding Provides $34.5M Construction Loan for Seniors Housing Project in Selden, New York
SELDEN, N.Y. — Knighthead Funding LLC has provided a $34.5 million loan for the construction of an active adult community in Selden, a hamlet on Long Island. Situated on 13.8 acres, the complex will feature 124 two-bedroom, two-bath units, including 36 affordable homes, in 15 two-story residential buildings. The borrower is The Northwind Group. The property is fully permitted, planned and approved, but a community name has not been released.
NEW YORK CITY — Rabina has received $540 million in construction financing for 520 Fifth Avenue, an approximately 1,000-foot-tall high-rise development in Manhattan. With site work already underway, the 450,000-square-foot mixed-use tower will be the second tallest building on Fifth Avenue after the Empire State Building. The construction timeline was not disclosed. The project will include residential components, boutique commercial office space, recreational facilities and ground-floor retail. The first three levels will consist of restaurants and then floors four through 28 will be office space. Floors 31 through 68 will feature residential units, according to New York Yimby. The news outlet also said the residential amenities will include a pool, spa, fitness center and sports court. Located on Fifth Avenue and 43rd Street in Manhattan’s Midtown neighborhood, the property is situated near notable buildings including the New York Public Library, Grand Central Station, Rockefeller Center and the Chrysler Building. Christopher Peck, Geoff Goldstein, Evan Pariser, Marko Kazanjian, Alex Staikos and Madison Warwick of JLL Capital Markets represented Rabina in arranging the financing. Bank OZK will provide a $410 million senior mortgage loan while Carlyle’s global credit business will provide $130 million in mezzanine financing. The loan terms were not disclosed. …
NEW YORK CITY — Locally based developer Janus Property Co., in partnership with J.P. Morgan Asset Management, has completed the Taystee Lab Building, a $700 million life sciences project in Harlem. The 11-story, 350,000-square-foot building anchors the Manhattanville Factory District, Janus Property’s 1 million-square-foot life sciences campus that stretches from West 125th to West 128th streets. The property, which is a redevelopment of the former Taystee bread bakery, features traditional office, lab, manufacturing and retail space, as well as 20,000 square feet of outdoor amenity space. Construction began in May 2019.
NEW ROCHELLE, N.Y. — BRP Cos., the urban development arm of Goldman Sachs Asset Management, has received $294 million in construction financing for a mixed-income housing project in New Rochelle, a northern suburb of New York City. The development at 500 Main St. in the city’s downtown area will consist of 477 units in one- and two-bedroom formats, 119 of which will be dedicated as affordable housing. Specifically, 20 units will be reserved for households earning 50 percent or less of the area median income (AMI), while 99 residences will be earmarked for renters earning 60 percent or less of AMI. The remainder of the units will be rented at market rates. The community will also feature 24,000 square feet of amenity space that includes a pool, fitness center, lounge and a rooftop deck. Demolition work is underway with vertical construction set to begin in mid-March, and the first units are expected to be available for occupancy by late 2024. Housing & Community Renewal, an economic development agency based in New York City, provided a $200 million construction loan for the project through its housing finance agency. In addition, Goldman Sachs provided $40.7 million in equity and $20.7 million in …