New York

Global One Real Estate Acquires 357-Unit Affordable Housing Building in The Bronx

by Taylor Williams January 26, 2022

NEW YORK CITY — Global One Real Estate Fund, an affiliate of New York-based Nelson Management Group, has acquired Evergreen Gardens, a 357-unit affordable housing building in the Soundview neighborhood of The Bronx, for $15.5 million. The two-building, transit-oriented property includes 253 parking spaces. Daniel Parker of Hodges Ward Elliott represented the seller, New York City-based Milstein Properties, in the transaction. The New York City Housing Development Corp. provided $23.6 million in permanent financing to cover the acquisition of the property, as well as to fund capital improvements and preserve affordability,

January 26, 2022

Acquisitions New York Northeast Office Retail

KPG Funds, LaSalle Buy Manhattan Commercial Building, Plan Redevelopment

by Taylor Williams January 26, 2022

NEW YORK CITY— Locally based private equity firm KPG Funds and LaSalle Global Partner Solutions have purchased 480 Broadway in Manhattan’s SoHo neighborhood with plans to redevelop the property into a boutique office building with retail space. The new ownership purchased the building in conjunction with 155 Spring, a nearby office and retail asset, from Maryland-based REIT Vornado Realty Trust (NYSE: VNO). The redevelopment will include rebranding the building as 40 Crosby.

January 26, 2022

Loans Multifamily New York Northeast

S3 Capital Provides $105M Construction Loan for Bronx Multifamily Project

by Taylor Williams January 25, 2022

NEW YORK CITY — Locally based private lender S3 Capital Partners has provided a $105 million construction loan for a 447-unit multifamily project that will be located in the Mott Haven neighborhood of The Bronx. The developer, JCS Realty, has entered into a ground lease with the owners of the site, Montgomery Street Partners, which contributed $55 million for the acquisition and improvements to the land. Completion of the 12-story building, which will also house ground-floor commercial space, is slated for late 2023. Zaro’s Family Baker sold the land on which the project will be developed. Jason Gold, Victor Sozio and Daniel Mahfar of Ariel Property Advisors brokered the $35 million sale of the land.

January 25, 2022

Acquisitions Industrial New York Northeast

Inland Private Capital Sells 124,980 SF Industrial Facility in Syracuse

by Taylor Williams January 25, 2022

SYRACUSE, N.Y. — Illinois-based investment firm Inland Private Capital Corp. has sold a 124,980-square-foot industrial facility in Syracuse for $13.4 million. At the time of sale, the property was 100 percent leased to Niagara Mohawk Corp., an energy provider that also conducts business under the name National Grid. The company purchased the property in 2011 and sold it through a Delaware Statutory Trust (DST). The buyer was not disclosed.

January 25, 2022

Acquisitions Hospitality New York Northeast

Navika Group, Blue Sky Acquire 253-Room Andaz Wall Street in Manhattan

by Taylor Williams January 24, 2022

NEW YORK CITY — New York-based investment firm Navika Group of Cos. and Blue Sky Hospitality Solutions have acquired Andaz Wall Street, a 253-room hotel in Manhattan. Guestrooms range in size from 345 to 1,500 square feet, and amenities include 10,000 square feet of meeting and event space, as well as a new onsite restaurant and bar. The new ownership plans to invest about $5 million in capital improvements and to rebrand the property as the Hyatt Centric Wall Street New York.

January 24, 2022

Acquisitions Multifamily New York Northeast Pennsylvania Top Stories

Blackstone Agrees to Acquire Resource REIT in $3.7B Cash Deal

by Taylor Williams January 24, 2022

NEW YORK CITY AND PHILADELPHIA — Blackstone Real Estate Income Trust Inc. (BREIT) has agreed to acquire Resource REIT, a publicly registered, non-traded REIT based in Philadelphia, for $3.7 billion in an all-cash transaction. Under the terms of the deal, BREIT will acquire all of the outstanding shares of common stock of Resource REIT for $14.75 per share, including the assumption of existing debt. The transaction is expected to close in the second quarter. Resource REIT’s portfolio currently consists of 42 garden-style apartment communities totaling more than 12,600 units across 13 states, including Arizona, Colorado, Florida, Georgia and Texas. “This transaction represents a continuation of our high-conviction investing in top-quality multifamily communities in growth markets across the country,” says Asim Hamid, senior managing director at Blackstone. “We intend to capitalize on our expertise, scale and management practices to ensure these properties are well maintained and provide an exceptional experience for residents.” Lazard Frères & Co. LLC is acting as exclusive financial advisor to Resource REIT, and DLA Piper LLP is acting as the firm’s legal counsel. BofA Securities, BMO Capital Markets Corp., Eastdil Secured Advisors LLC and RBC Capital Markets LLC are acting as financial advisors to BREIT. Simpson Thacher …

January 24, 2022

Development Loans Multifamily New York Northeast

Parkview Financial Funds $66M Construction Loan for Brooklyn Multifamily Project

by Taylor Williams January 21, 2022

NEW YORK CITY — Los Angeles-based Parkview Financial has funded a $66 million construction loan for a 131-unit multifamily project that will be located at 57 Caton Place in Brooklyn. About 25 percent (33) of the units will be reserved as affordable housing. Residences will come in studio, one-, two- and three-bedroom formats, and amenities will include a fitness center, game room and coworking space. The borrower is an affiliate of locally based developer Aview Equities. Gene Kaufman Architect is designing the project, and Jun’s Construction Inc. is the general contractor. Completion is slated for January 2024.

January 21, 2022

Development New York Northeast Retail

Federal Realty to Undertake $75M Redevelopment of Long Island Shopping Center

by Taylor Williams January 19, 2022

HUNTINGTON STATION, N.Y. — Federal Realty Investment Trust (NYSE: FRT) will undertake a $75 million redevelopment of Huntington Shopping Center, a 21-acre shopping center in the Long Island community of Huntington Station. Enhancements to the center will include updated facades; reconstructed parking lots; new landscaping and walkways; the development of two pad sites; and the addition of outdoor seating areas. In addition, Whole Foods Market will open a new store as part of the redevelopment. The center currently houses tenants such as PetSmart, Ulta Beauty and Michaels, all of which will remain open during construction. The site will span 277,000 square feet upon completion of the redevelopment, which is slated for 2024.

January 19, 2022

Affordable Housing Loans Multifamily New York Northeast

Greystone Provides $59.5M Acquisition Loan for Staten Island Affordable Housing Property

by Taylor Williams January 19, 2022

NEW YORK CITY — Greystone has provided a $59.5 million bridge loan for the acquisition of Seaview Estates, a 316-unit affordable housing property in Staten Island. The property offers amenities such as landscaped courtyards, a fitness center and onsite laundry facilities. Miryam Reinitz-Kops of Greystone originated the 24-month, interest-only loan on behalf of the borrower, locally based investment and management firm Iris Holdings Group. Information about specific income restrictions was not disclosed.

January 19, 2022

Leasing Activity New York Northeast Office

Suffolk County Social Services Signs 38,555 SF Office Lease in Riverhead, New York

by Taylor Williams January 19, 2022

RIVERHEAD, N.Y. — The Suffolk County Department of Social Services has signed a 38,555-square-foot office lease at East End Commons, a 187,528-square-foot shopping center located in the Long Island community of Riverhead. The tenant will occupy a portion of a 108,720-square-foot building previously occupied by Kmart. Nick Dries and Randall Briskin of The Feil Organization negotiated the 20-year lease. BJ’s Wholesale Club anchors the center.

January 19, 2022

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