LONG BEACH, N.Y. — Inland Real Estate Acquisitions has purchased 10 West Apartments, a 109-unit oceanfront multifamily property in Long Beach. The 11-story property features one studio, 67 one-bedroom, 38 two-bedroom and three three-bedroom units that are furnished with quartz countertops, stainless steel appliances, individual washers and dryers and private balconies. Amenities include a pool, fitness center, library and a lounge area. The building was renovated between 2013 and 2018 following Hurricane Sandy and was 99 percent occupied at the time of sale. The seller was not disclosed.
NEW YORK CITY — JLL has arranged a $27.5 million loan for the refinancing of a 44-unit apartment building located at 812-814 Amsterdam Ave. on Manhattan’s Upper West Side. The 15-story building was completed in March and houses 12,302 square feet of retail space. Units come in studio, one- and two-bedroom formats and range in size from 414 to 1,167 square feet. Scott Aiese, Peter Rotchford, Alex Staikos and Andrew Cohen of JLL arranged the loan through MetLife on behalf of the borrower, a partnership between Invictus Real Estate Partners LLC and MJM Associate Contracting LLC. Proceeds were used to retire the original construction loan and mezzanine financing.
NEW YORK CITY — A partnership between Strategic Capital, Cape Advisors and Forum Absolute Capital Partners has opened Greenwich West, a 170-unit multifamily condominium project located at 110 Charlton St. in the West Soho neighborhood of Manhattan. Designed by Parisian architecture firm Loca Anima and interior designer Sebastien Segers, Greenwich West features studio, one-, two- and three-bedroom floor plans, with prices ranging from $1.1 million to $7.9 million. Amenities include a 24-hour attended lobby, a rooftop terrace with multiple outdoor seating areas, a fitness center with a yoga studio and a children’s play area. Plaza Construction served as the general contractor for the 30-story building.
NEW YORK CITY — ORIX Real Estate Capital, a New York-based business unit of ORIX Corp. USA, has rebranded as Lument. In making this change, Lument is unifying its legacy brands — Hunt Real Estate Capital, Lancaster Pollard and RED Capital Group — under a single banner. ORIX acquired RED in 2010, Lancaster Pollard in 2017 and Hunt in 2019. The company announced plans earlier this year to combine the three real estate finance companies under one banner.
NEW YORK CITY — Locally based firm Rosewood Realty Group has brokered the $11.5 million sale of an 80-unit apartment building located at 2055 Anthony Ave. in the Fordham Heights area of The Bronx. The property was built in 1920 and spans 74,580 square feet. Aaron Jungreis of Rosewood Realty represented the seller, Morgan Group, and the buyer, locally based investment firm Parkash Group, in the transaction.
NEW YORK CITY — Vincent Theurer, CEO of Approved Oil, has acquired a 49-unit apartment building at 417-441 40th St. in the Sunset Park neighborhood of Brooklyn. The property sold for $9 million, or roughly $183,000 per unit. Adam Hess, Edward Setton and Lane Matalon of Meridian Capital Group represented the seller, Ilan Goldstein of Slope Realty, in the transaction.
NEW YORK CITY — Total commercial and residential investment sales volume in New York City declined 47 percent between September 2019 and September 2020 as buyers and sellers have both grappled with economic uncertainty amid the COVID-19 pandemic, according to a new report from the Real Estate Board of New York (REBNY). In addition, the report found that the volume of tax revenue generated for both the city and state during that period fell by 36 percent. Through the first nine months of the year, the city has experienced a total commercial and residential investment sales volume of $21.5 billion, a 45 percent decline compared with that period in 2019, causing a 42 percent decrease in tax revenue. The report did note that total sales volume across both commercial and residential assets rose by 9 percent between August and September, fueled mainly by a 43 percent month-to-month increase in the latter category.
NEW YORK CITY — Newmark Group Inc. (NASDAQ: NMRK) has rebranded itself as Newmark, a strategic move that reflects a more forward-thinking vision for providing a full suite of commercial real estate services, company officials announced on Monday. Newmark’s primary impetus for rebranding is to outwardly reflect the organization’s evolution into a global commercial real estate leader on the forefront of industry trends, with a progressive standout industry culture. Newmark will maintain its alliance with London-based global real estate consulting firm Knight Frank, both domestically and abroad.
NEW YORK CITY — Global coworking firm Regus has signed a 36,600-square-foot lease extension at 136 Madison Avenue, a 300,000-square-foot office building in Manhattan. Regus occupies the entire 15th and 16th floors of the building, and this transaction extends the tenant’s term through 2031. Michael Cohen and Andrew Roos of Colliers International represented the tenant and the landlord, Williams Equities, in the lease negotiations.
NEW YORK CITY — Kreindler & Kreindler LLP, a law firm specializing in aviation accident cases, has signed a 14,078-square-foot office lease at 485 Lexington Avenue, a 32-story building located near Grand Central Station in Midtown Manhattan. Brian Goldman and Cooper Weisman of Newmark represented the tenant in the lease negotiations. SL Green Corp. owns the building, which was most recently renovated in 2007.