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 …
New York
NANUET, N.Y. — IDB Bank has provided a $19 million loan for the refinancing of a 220,000-square-foot retail property located north of New York City. The property, which formerly housed a Macy’s but is now anchored by home improvement retailer At Home, sits adjacent to Shops at Nanuet, an outdoor lifestyle center owned by Simon Property Group. Chris Kramer, Dustin Stolly and Jordan Roeschlaub of Newmark placed the loan with IDB Bank on behalf of the borrower, a partnership between Metropolitan Realty Associates and New York-based private equity firm Angelo Gordon that acquired the asset in 2018.
NEW YORK CITY — A&E Real Estate has acquired Cunningham Heights at Queens Village, an apartment community that consists of 1,056 units across 22 buildings in the borough’s Jamaica neighborhood, for $130 million. Originally built in 1951, the property also includes 623 parking spaces across 25 onsite garages. According to Apartments.com, Cunningham Heights offers studio, one- and two-bedroom units. Jack Bick of Charatan Realty represented A&E Real Estate and the undisclosed seller in the transaction. Signature Bank provided acquisition financing. The property was 99 percent occupied at the time of sale.
NEW YORK CITY — CBRE has negotiated a 16,624-square-foot office lease at 444 Madison Avenue in Midtown Manhattan. The tenant will occupy the entire 14th floor of the 42-story building, which was recently renovated. Paul Amrich, Meghan Allen, James Ackerson and Max Tarter of CBRE represented the landlord, Westbrook Partners, in the lease negotiations. Amrich also represented the tenant, EOS Investors LLC.
NEW YORK CITY — Reidy Contracting Group has signed a 7,723-square-foot office lease at The Banks Building, located at 58 W. 40th St. in Manhattan. Michael Nazarian and Matt Kashani of Norman Bobrow & Co. represented the tenant, which is expanding and relocating from a 4,000-square-foot space at 120 West 31st Street, in the lease negotiations. Laura Belt Ponomarev represented the landlord, an entity doing business as 58-64 40th St. Corp., on an internal basis.
NEW YORK CITY — H.I.G. Realty Partners, an affiliate of global investment banking firm H.I.G. Capital, has provided a $240 million permanent loan for the refinancing of The Paxton, a 43-story mixed-use development in downtown Brooklyn that is nearing completion. Developed by locally based firm Jenel Real Estate, The Paxton will ultimately feature 327 for-rent residential units, 109,000 square feet of office space and up to 36,000 square feet of retail space. The project is located in the borough’s downtown area, just across both the Brooklyn Bridge and Manhattan Bridge from downtown Manhattan. Marvel Architecture designed the building, full completion of which is slated for the fall. CBRE and RIPCO Real Estate have been tapped to lease The Paxton’s office and retail components, respectively. The tower’s location on Fulton Street is part of a growing area that includes 35,494 residents, 16,501 residential units, 3 million square feet of office space and 1.9 million square feet of retail space. In addition, the area houses 11 higher education institutions with upwards of 60,000 students, as well as over 100 arts and cultural institutions. “We are excited to be a part of such a well-built, well-located property in the growing downtown Brooklyn market,” …
NEW YORK CITY — CBRE has negotiated a 20,293-square-foot office lease at 444 Madison Avenue in Midtown Manhattan. The tenant will occupy the entire 10th floor of the 42-story building, which was recently renovated. Paul Amrich, Meghan Allen, James Ackerson and Max Tarter of CBRE represented the landlord, Westbrook Partners, in the lease negotiations. The representative of the tenant, The Doris Duke Management Foundation, was not disclosed.
NEW YORK CITY — Bold Charter School will open a 10,000-square-foot learning center at 1093 Southern Blvd. in The Bronx. The school, which will open in time for the 2022-2023 academic year, will have eight classrooms and will be able to support about 240 students in grades K-4. Stephen Powers and Lindsay Ornstein of OPEN Impact Real Estate, along with Tom Hines and Casey Noel of Transwestern, represented Bold Charter School in its site selection and lease negotiations. David Israeli and Joseph Israeli represented the landlord, Meyerson Management LLC, on an internal basis.
NEW YORK CITY — Marcus & Millichap has negotiated the $15.5 million sale of a 70-unit, rent-regulated multifamily building in Queens. The building spans 70,000 square feet, including 5,000 square feet of retail space. Matt Fotis and Lazarus Apostolidis of Marcus & Millichap represented the seller and procured the buyer, both of which were private investors that requested anonymity, in the transaction.
CORTLANDT, N.Y. — Invesco Real Estate Income Trust Inc. has acquired Cortlandt Crossing, a 122,225-square-foot shopping center located in New York’s Westchester County. Anchored by grocer ShopRite and HomeSense, which is part of the TJX Cos.’ family of brands, the newly constructed center was 95 percent leased at the time of sale. Invesco acquired the property in conjunction with the purchase of a 95 percent stake in an industrial property near Columbus, Ohio, for a combined price of $94 million. Jeffrey Dunne, David Gavin, Steve Bardsley, Jeremy Neuer and Travis Langer of CBRE represented the owner, Acadia Realty Trust, in the transaction.