New York

RFR Completes Renovation of 477 Madison Avenue Office Building in Manhattan

by Taylor Williams July 14, 2021

NEW YORK CITY — Locally based owner and investor RFR has completed the redesign and renovation of 477 Madison Avenue, a 325,000-square-foot office building in Midtown Manhattan. The 24-story building was originally built in the mid-20th century and is currently leased to tenants primarily in the finance sector, including Kayne Anderson Capital Advisors LP, Rivkin Radler LLP, Atlas Merchant Capital and Atlantic Street Capital. As part of the redevelopment, RFR introduced a clubhouse amenity center, additional outdoor space and enlarged windows to allow more natural light. The new amenity space houses a fitness center with Peloton bikes and studio space for private training, as well as locker rooms, multiple conference rooms, a café, lounge and game area. In addition, 477 Madison Avenue features 15,000 square feet of outdoor terraces across multiple floors. New York City-based MdeAS Architects designed the project. Newmark has been tapped to lease the building.

July 14, 2021

Acquisitions Multifamily New York Northeast Student Housing

Aptitude Development Sells 287-Bed Student Housing Building to Syracuse University

by Taylor Williams July 14, 2021

SYRACUSE, N.Y. — New York City-based Aptitude Development has sold The Marshall, a 287-bed student housing building in Upstate New York, to Syracuse University for an undisclosed price. The property opened in 2018 at the site of a former strip mall and is located within two blocks of campus. The Marshall’s 147 units come in studio, one-, two-, three- and four-bedroom floor plans and are furnished with built-in desks, quartz countertops and stainless steel appliances. Amenities include a fitness center, private and open study rooms and a resident lounge and bistro café. The Marshall also houses retail space that is leased to Five Guys and Kung Fu Tea.

July 14, 2021

Affordable Housing Loans Multifamily New York Northeast Seniors Housing

Berkadia Provides $22.6M HUD-Insured Loan for Affordable Senior Living Property in Queens

by Taylor Williams July 13, 2021

NEW YORK CITY — Berkadia has provided a $22.6 million HUD-insured loan for Seagirt Seniors Housing, an affordable housing property located in the Far Rockaway neighborhood of Queens. The 12-story, 120,278-square-foot building was built in 1985 with 151 Section 8 apartment units and one employee unit. Laura Smith of Berkadia originated the financing, which was structured with a 35-year term and a 71 percent loan-to-value ratio, through HUD’s 223(f) program. The borrower, New York-based operator JASA, will use a portion of the proceeds to fund capital improvements. Planned upgrades include modernizing kitchens and bathrooms, replacing circuit breaker panels, renovating common areas and elevators and installing a new boiler system.

July 13, 2021

Loans New York Northeast Retail

Newmark Arranges $20.3M CMBS Loan for Refinancing of Retail Condo in Queens

by Taylor Williams July 13, 2021

NEW YORK CITY — Newmark has arranged a $20.3 million CMBS loan for the refinancing of a 26,000-square-foot retail condominium located in the Long Island City area of Queens. The property, which consists of 14,600 square feet of ground-floor retail space and 11,400 square feet of below-grade space, is situated within The Prime, a 71-unit luxury condo building. The majority of the ground-floor space is leased to Trader Joe’s, which opened earlier this month. Dustin Stolly, Jordan Roeschlaub and Daniel Fromm of Newmark arranged the 10-year, fixed-rate loan through Ladder Capital on behalf of the borrower, Circle F Capital.

July 13, 2021

Development Multifamily New York Northeast Seniors Housing

Capitol Seniors Housing Opens 80-Unit Assisted Living Community in New City, New York

by Taylor Williams July 12, 2021

NEW CITY, N.Y. — Capitol Seniors Housing has opened Atria New City, an assisted living and memory care community in New City, located approximately 30 miles north of Manhattan. The three-story, 70,000-square-foot community features 80 residential apartments. Atria Senior Living will operate the property. Meyer Senior Living Studio designed the project.

July 12, 2021

Acquisitions Hospitality New York Northeast

Cushman & Wakefield Arranges $115M Sale of Mondrian Park Avenue Hotel Mortgage

by Taylor Williams July 8, 2021

NEW YORK CITY — Cushman & Wakefield has arranged the $115 million sale of the first mortgage loan on Mondrian Park Avenue, a 190-room luxury hotel in Manhattan’s NoMad neighborhood. Adam Spies and Dan O’Brien of Cushman & Wakefield represented Moin Development in its sale of the debt to Global Holdings, an owner whose portfolio spans more than 10 million square feet of commercial space.

July 8, 2021

Civic Leasing Activity New York Northeast

Zeta Charter Schools to Open 124,000 SF Academic Institution in Upper Manhattan

by Taylor Williams July 8, 2021

NEW YORK CITY — Zeta Charter Schools will open a 124,000-square-foot academic institution at 400 W. 219th St. in Upper Manhattan. The school, which will be called Zeta Inwood, will serve students from pre-kindergarten to eighth grade and is slated to open ahead of the 2023-2024 academic year. The campus will have multiple outdoor play areas, including a 10,000-square-foot rooftop playground as well as a separate early childhood playground and an indoor basketball court. Bolivar Development is constructing the eight-story building that will house the new school. Lindsay Ornstein, Stephen Powers and Thomas Hines of Transwestern provided tenant advisory services for Zeta Charter Schools.

July 8, 2021

Market Reports Multifamily New York Northeast Northeast Market Reports Student Housing

Student Housing Sector Leads New York City Multifamily Market’s Comeback

by Taylor Williams July 8, 2021

By Mark Fogel, founder, ACRES Capital Despite the pandemic-related uncertainty that dominated the markets in 2020, the student housing sector consistently displayed strong pre-lease occupancy rates among properties under construction, suggesting that the asset class would be well-positioned to hit the ground running in 2021. According to RealPage Analytics, students, encouraged by the prospect of fully reopened campuses, fueled a nearly 10 percent nationwide increase in pre-lease occupancy at off-campus housing between March and April of this year. This data in particular seems to support improvement for the student housing sector overall. Research organization RealPage has tracked student housing occupancy rates at 175 major universities across the country, a sort of barometer for the larger industry. As of March, the company’s data showed that 59.6 percent of beds at those universities were preleased for the fall 2021 semester. While that figure is still 200 basis points below the March 2020 level, it seemingly speaks to students’ preference to get back to living on campus. And while this is good news for operators and developers, the resiliency of the student housing market is bringing forth an unintended, but positive effect on one of the hardest-hit rental markets in the country: New …

July 8, 2021

Acquisitions Multifamily New York Northeast Student Housing

Harrison Street Buys Two Student Housing Communities Totaling 281 Beds Near Cornell University

by Taylor Williams July 7, 2021

ITHACA, N.Y. — Chicago-based investment firm Harrison Street has acquired The Lux and The Lofts, two student housing communities serving students at Cornell University in Ithaca. The properties respectively offer 207 and 74 beds in various floor plans. Both assets were 95 percent occupied at the time of sale. Ryan Lang and Ben Harkrider of Newmark represented Harrison Street and the seller, a partnership between Ithaca-based Visum Development Group and equity partner East To West Capital, in the transaction.

July 7, 2021

Acquisitions Hospitality New York Northeast

DiamondRock Hospitality Sells Lexington Hotel in Midtown Manhattan for $185.3M

by Taylor Williams July 6, 2021

NEW YORK CITY — DiamondRock Hospitality Co. (NYSE: DRH), a Maryland-based REIT, has sold the 725-room Lexington Hotel in Midtown Manhattan for $185.3 million, or roughly $256,000 per room. The sales price represents a cap rate of 5.4 percent based on the hotel’s 2019 net operating income. The Lexington Hotel features multiple meeting and event spaces. DiamondRock intends to invest the net proceeds from the sale in resort and urban lifestyle hotels. The buyer was locally based hospitality owner-operator MCR.

July 6, 2021

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