New York

DJ Royce to Renovate 656-Unit Affordable Housing Community on Long Island

by Taylor Williams July 6, 2021

HAUPPAUGE, N.Y. — General contractor DJ Royce Construction Corp. will renovate Renaissance Hills, a 656-unit affordable housing community located in the Long Island village of Hauppauge. Hicksville, N.Y.-based Mark Design Studios designed the redevelopment, which included upgrades to unit interiors and amenity spaces. The property’s amenity package now consists of two pools, a sports court, dog park, outdoor grilling areas, a playground and a fitness and wellness center. Construction is set to begin this fall.

July 6, 2021

Development New York Northeast Office

Columbia Property Trust Underway on Renovation of 114,000 SF Manhattan Office Building

by Taylor Williams July 6, 2021

NEW YORK CITY — Columbia Property Trust is underway on the renovation of 149 Madison Avenue, a 114,000-square-foot office building in Midtown Manhattan’s Nomad neighborhood. The 12-story building was originally constructed in 1916. The redevelopment includes enhanced retail storefronts, windows and lobby, as well as the addition of new amenities such as a multi-purpose lounge and a fitness and wellness center. Gensler is the architect of the project, which is slated for completion by the end of the year.

July 6, 2021

Loans New York Northeast Retail

Houlihan-Parnes Receives $3.3M Loan for Refinancing of Manhattan Retail Property

by Taylor Williams July 6, 2021

NEW YORK CITY — Houlihan-Parnes Realtors LLC has received a $3.3 million loan for the refinancing of a 10,000-square-foot retail property in the Inwood area of Manhattan. A local bank provided the loan, which was structured with a fixed interest rate of 3.5 percent for the first 24 months of the five-year term and the option to extend the loan for an additional five years. Houlihan-Parnes owns the property in partnership with ISJ Management.

July 6, 2021

Acquisitions Multifamily New York Northeast

CBRE Negotiates Sale of 110-unit Apartment Complex in Bronxville, New York

by Taylor Williams July 1, 2021

BRONXVILLE, N.Y. — CBRE has negotiated the sale of Avalon Bronxville, a 110-unit apartment complex located north of New York City in Westchester County. Built in 1999 and renovated in 2012, the property offers amenities such as a fitness center, resident lounge, concierge services, package lockers and outdoor picnic areas. A CBRE team of Jeffrey Dunne, Gene Pride, Jeremy Neuer, Steve Bardsley, Travis Langer and Stuart MacKenzie represented the seller, AvalonBay Communities, in the transaction. The team also procured the buyer, a fund managed by Goldman Sachs Asset Management.

July 1, 2021

Acquisitions Healthcare New York Northeast

Jacobson, Pyramid Arrange Sale of 42,374 SF Medical Office Building Near Syracuse

by Taylor Williams July 1, 2021

LIVERPOOL, N.Y. — Healthcare brokerage firm Jacobson Properties and Pyramid Brokerage Co. of Binghamton have arranged the sale of West Taft Road Medical Center, a 42,374-square-foot medical office building in Liverpool, a suburb of Syracuse. An entity doing business as West Taft Road Associates LLC sold the asset to an international private equity firm specializing in healthcare real estate for an undisclosed price. Lisa Menin of Jacobson Properties and Leo Jones of Pyramid Brokerage Co. represented the seller in the transaction.

July 1, 2021

Leasing Activity New York Northeast Retail

Lego Unveils New ‘Retailtainment’ Store at Rockefeller Center in Manhattan

by Taylor Williams July 1, 2021

NEW YORK CITY — The Lego Group has unveiled its new “retailtainment” concept with the opening of a 7,175-square-foot flagship store within Rockefeller Center in Midtown Manhattan. The Danish toymaker spent two years developing the new retail concept and found that consumers wanted opportunities to play with bricks, participate in brick-inspired activities and personalize their experiences. To that end, the two-level store features a new array of merchandise and experienced-based attractions, including a virtual reality experience, storytelling table and a personalization studio.

July 1, 2021

NorthLight-at-Edge-on-Hudson-Sleepy-Hollow

Development Multifamily New York Northeast

Hines Tops Off 246-Unit Multifamily Project in Sleepy Hollow, New York

by Taylor Williams June 30, 2021

SLEEPY HOLLOW, N.Y. — Houston-based Hines has topped off NorthLight at Edge-on-Hudson, a 246-unit multifamily project in Sleepy Hollow, located north of New York City. The property is located within the $1 billion, 70-acre Edge-on-Hudson mixed-use development that includes 16 acres of community parks and a waterfront promenade. Upon completion in the third quarter of next year, NorthLight at Edge-on-Hudson will offer studio, one-, and two-bedroom apartments ranging in size from 565 to 1,406 square feet. Amenities will include a pool, fitness deck, outdoor kitchens, fire pits, open green spaces, outdoor lounge areas, a clubhouse with coworking space, fitness center, kids’ playroom, communal kitchen and a wine lounge. Hines will begin leasing the property in the first quarter of 2022.

June 30, 2021

Affordable Housing Loans Multifamily New York Northeast Seniors Housing

MRC Provides $29.4M Loan for Multifamily Redevelopment Project in Queens

by Taylor Williams June 30, 2021

NEW YORK CITY — Locally based private equity firm Madison Realty Capital (MRC) has provided a $29.4 million bridge loan for a multifamily redevelopment project in the Forest Hills neighborhood of Queens. The borrower, a joint venture between multiple New York-based developers, will use the proceeds to acquire the former Parkway Hospital building and fund predevelopment costs. The joint venture plans to convert the site into a multifamily development with affordable seniors housing and condominium uses. A construction timeline was not disclosed.

June 30, 2021

Leasing Activity New York Northeast Office

Accounting Firm CohnReznick Signs 12,918 SF Office Lease on Long Island

by Taylor Williams June 30, 2021

MELVILLE, N.Y. — Accounting firm CohnReznick LLP has signed a 12,918-square-foot office lease at Melville Square Corporate Center, a 165,310-square-foot building located in the Long Island city of Melville. The deal brings the property, which also houses tenants such as Merrill Lynch Wealth Management, KPMG and RUI Credit Services, to full occupancy. Internal agent Tim Parlante represented the landlord, The Feil Organization, in the lease negotiations.

June 30, 2021

Affordable Housing Development Loans Multifamily New York Northeast Top Stories

Partnership Receives $223M in Construction Financing for Sendero Verde Affordable Housing Project in Harlem

by Taylor Williams June 30, 2021

NEW YORK CITY — A partnership between Jonathan Rose Cos., L+M Development Partners and Acacia Network has received $223 million in financing for the second and final phase of Sendero Verde, an affordable housing project in East Harlem that will add 347 units to the local supply. The development team topped off the 360 units that were part of Phase I of the project in November. Construction of Phase II is set to begin in the coming weeks and completion is slated for 2024. Units will serve renters at a variety of income levels, from formerly homeless to those who earn 90 percent of the area median income. The property offers residential amenities such as a community room, fitness center, computer lounge and package lockers. Once both phases are completed, Sendero Verde will feature a senior and youth community center, a school, art room, publicly accessible open space, community gardens and neighborhood retail. Financing for Phase II of Sendero Verde included construction loans from the New York City Housing Development Corp. and the New York City Department of Housing Preservation and Development. The project is also being funded through a letter of credit from Citibank and a syndication of federal …

June 30, 2021

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