New York

Extell Development Opens First Units at 68-Story Brooklyn Point Residential Tower

by Taylor Williams July 27, 2020

NEW YORK CITY — New York City-based Extell Development Co. has begun closing condo sales and allowing resident move-ins at Brooklyn Point, a 68-story multifamily tower that is the borough’s tallest building. In addition to sales commencing and the return to in-person appointments and tours, the building’s first model residences will soon be unveiled. Designed by Kohn Pedersen Fox, the 720-foot-tall Brooklyn Point is located in downtown Brooklyn, across the street from Willoughby Square Park in the 600,000-square-foot City Point mixed-use development. Brooklyn Point offers a total of 483 for-sale residences in studio, one-, two- and three-bedroom floor plans. Pricing now starts at approximately $900,000, with buyers receiving a 25-year tax abatement. The property features more than 40,000 square feet of indoor and outdoor amenity space, including an infinity pool; outdoor movie screening space; a health and wellness club with an indoor pool, rock climbing wall and basketball court; and a spa. Brooklyn Point will also house a bar, salon, coworking space, chef’s demonstration kitchen, game lounge and a children’s play area. A ninth-floor terrace will offer outdoor lounge and grilling areas, a putting green and a bar. “With the neighborhood continuing to reopen and the area’s energetic atmosphere returning …

July 27, 2020

Development New York Northeast Office

Elijah Equities Begins Leasing 98,000 SF Office Building in Manhattan

by Taylor Williams July 24, 2020

NEW YORK CITY — Elijah Equities has begun leasing The Warehouse, a 98,000-square-foot office building located at 520 W. 20th St. in Manhattan’s Chelsea neighborhood. The four-story property is a redevelopment of a former textile mill and features floor-to-ceiling windows, central heating and cooling on each floor and 18,000 square feet of outdoor terraces. Newmark Knight Frank is the exclusive leasing agent for the building.

July 24, 2020

Acquisitions New York Northeast Office

CBRE Negotiates $32M Sale of Leasehold Interest in Long Island Office Building

by Taylor Williams July 23, 2020

MELVILLE, N.Y. — CBRE has negotiated the $32 million sale of the leasehold interest in a 202,225-square-foot office building located on Long Island in the city of Melville. The property is currently 87 percent leased. Jeff Dunne, Jeremy Neuer, Steve Bardsley, David Gavin, Gene Pride, Travis Langer and Philip Heilpern of CBRE represented the seller and building owner, RXR Realty, in the transaction. The team also procured The Feil Organization as the buyer.

July 23, 2020

Leasing Activity New York Northeast Office

Tishman Speyer Opens Two New Coworking Spaces in Manhattan

by Taylor Williams July 22, 2020

NEW YORK CITY — Locally based investment firm Tishman Speyer is expanding its coworking brand Studio with the opening of two new locations at Rockefeller Center’s 1230 Avenue of the Americas and 300 Park Avenue in Manhattan. The space at 1230 Avenue of the Americas spans 110,000 square feet across four floors, and the space at 300 Park Avenue spans 32,000 square feet. Studio features include private offices of varying sizes, videoconferencing facilities, onsite childcare and medical services and virtual wellness and fitness programs. Tishman Speyer first introduced the concept at Rockefeller Center in 2018, achieving full occupancy within the first five months of opening.

July 22, 2020

Development Multifamily New York Northeast Seniors Housing

Engel Burman Completes 120-Unit Assisted Living Community on Long Island

by Taylor Williams July 22, 2020

MOUNT SINAI, N.Y. — Seniors housing developer and operator Engel Burman has opened The Bristal at Mount Sinai, a 120-unit assisted living community in the Long Island hamlet of Mount Sinai. The Bristal at Mount Sinai has 76 assisted living apartments and 44 additional apartments for memory care. Monthly rents begin at $5,200 for assisted living and $8,400 for memory care. This is the 20th Bristal-branded community, with 15 of those located on Long Island.

July 22, 2020

Leasing Activity New York Northeast Office

Keller Williams Signs 20,000 SF Office Sublease at 99 Park Avenue in Manhattan

by Taylor Williams July 22, 2020

NEW YORK CITY — Realtor Keller Williams has subleased 20,000 square feet of office space at 99 Park Avenue in Manhattan from Gould Paper Corp. Helmsley Spear owns the Class A building, which is located between 39th and 40th streets in the Midtown area. Kent Swig, Andrew Simon and Brett Zelner negotiated the sublease for Helmsley Spear on an internal basis. Edward Kalisvaart represented Keller Williams, also on an internal basis. The sublease term runs through December 2023.

July 22, 2020

Leasing Activity New York Northeast Office

Insurance Giant AIG to Relocate Global Headquarters to Manhattan

by Taylor Williams July 21, 2020

NEW YORK CITY — Insurance giant American International Group (AIG) will relocate its global headquarters to 1271 Avenue of the Americas, a 48-story office building in Manhattan that was recently redeveloped. The move calls for AIG to consolidate its two regional offices at 28 Liberty St. in Manhattan and 30 Hudson St. in nearby Jersey City. The company plans to take occupancy of its new space, which will span eight floors and 325,000 square feet, in 2021. Rockefeller Group owns 1271 Avenue of the Americas.

July 21, 2020

Leasing Activity New York Northeast Retail

Whole Foods Opens 60,245 SF Store at Manhattan’s Hudson Yards

by Taylor Williams July 21, 2020

NEW YORK CITY — Whole Foods Market has opened a 60,245-square-foot store at 450 W. 33rd St. in Manhattan’s 5.4 million-square-foot Hudson Yards mixed-use development. The store offers a cocktail bar that serves to-go drinks, a beauty and body care section and a convenience market at street level for customers needing a grab-and-go meal, snack or beverage. The store is the 14th in New York City for Austin-based Whole Foods.

July 21, 2020

Loans Multifamily New York Northeast

Marcus & Millichap Places $15M Loan for Refinancing of Manhattan Apartment Building

by Taylor Williams July 21, 2020

NEW YORK CITY — Marcus & Millichap Capital Corp. has arranged a $15 million loan for the refinancing of 521-523 W. 48th Street. The 45-unit multifamily property is located in the Hell’s Kitchen neighborhood and was originally built in 1940. Steven Rock and Christopher Marks of Marcus & Millichap arranged the seven-year loan, which carried a 3.1 percent fixed interest rate and a 75 percent loan-to-value ratio, on behalf of the undisclosed borrower.

July 21, 2020

Development Mixed-Use New York Northeast

Lendlease, L+M Development Secure Equity Partner for 42-Story Mixed-Use Project in Manhattan

by Taylor Williams July 20, 2020

NEW YORK CITY — A partnership between Australian multinational developer Lendlease and New York-based L+M Development Partners has secured Daiwa House Texas Inc. as a new equity partner for the development team’s 42-story mixed-use tower in Manhattan’s Morningside Heights area. Daiwa House Texas is a U.S. subsidiary of Daiwa House Industry Co., Japan’s largest homebuilder that is pursuing an initiative to expand across the United States. The project, which will be located at 100 Claremont Ave., will feature 165 residential condominiums, 54,000 square feet of academic space for the Union Theological Seminary and 49,000 square feet of faculty housing. Completion is slated for spring 2023.

July 20, 2020

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