NEW YORK CITY — SL Green has agreed to sell a 126-unit multifamily building in the Sutton Place neighborhood of Manhattan for $62 million. Located at 400 E. 58th St., 16-story property also includes approximately 3,800 square feet of commercial space. The transaction is expected to close during the third quarter and generate net cash proceeds to SL Green of approximately $20 million. SL Green and an undisclosed joint venture partner acquired the building in 2012 as part of an eight-building portfolio of retail and multifamily properties. SL Green owns 90 percent interest in the joint venture. At the time of sale, the rental units were approximately 97 percent leased. Simon Ziff and Marc Sznajderman of Ackman-Ziff Real Estate Group represented SL Green in the transaction.
NEW YORK CITY — JLL has brokered the $19.8 million sale of a vacant, 19,991-square-foot residential development lot in the Dumbo neighborhood of Brooklyn. Located at 251 Front St., the property includes 39,982 square feet of developable land and is zoned for a boutique condominium or townhouse project. The space also includes 400 feet of retail visibility on three streets. Stephen Palmese and Brendan Maddigan led a JLL team that represented the seller, a private investor, in the transaction. The team also represented the buyer, CW Realty.
ALBANY, N.Y. — Some outdoor and indoor entertainment businesses, including aquariums, zoos and professional sports venues without fans, have reopened in the West New York region, according to a statement from New York Gov. Andrew Cuomo’s office on Tuesday, June 30. New York has gradually reopened businesses on a region-by-region basis according to a multi-phased reopening plan, but Cuomo has decided to remove shopping malls, gyms and movie theaters from the phase after observing recent spikes in virus cases in other states. Other businesses cleared to reopen as part of Phase IV of the plan include higher education, film and movie production and botanical gardens. As of June 29, the Centers for Disease Control and Prevention reported more than 394,000 confirmed cases of COVID-19 across the state of New York and more than 31,700 deaths.
NEW YORK CITY — Commercial mortgage lender Greystone and developer Lappin Associates have formed a joint venture to deploy billions in capital for the financing, preservation and stabilization of affordable multifamily housing in New York City. The joint venture will originate long-term agency loans that will enable owners of affordable multifamily projects to complete renovations in order to prolong the lives of their properties. Lappin Associates is led by Michael Lappin, former CEO of the Community Preservation Corp. who has over 35 years of expertise in navigating federal, state and local regulatory and tax requirements.
NEW YORK CITY — Locally based investment firm Conway Capital has acquired a four-property multifamily portfolio in Brooklyn for $11.5 million. The portfolio consists of 14 residential units and two commercial spaces, one of which was vacant at closing. The portfolio includes 74 First Place, a 5,324-square-foot, four-story building with five units; 228 Livingston Street, a 4,904-square-foot, four-story building with two residential units and two retail spaces; 710 DeGraw Street, a 3,938-square-foot, four-story building with four residential units; and 302 East 5th Street, a 2,772-square-foot, three-story building with three residential units. Urban Standard Capital provided an $8.8 million acquisition loan for the transaction. The seller was undisclosed.
LOS ANGELES AND NEW YORK — Hudson Pacific Properties Inc. and Blackstone have formed a joint venture to expand the film and TV production platform for both publicly traded companies. Hudson Pacific is bringing on Blackstone as a partner to help capitalize a portfolio of studios and offices in Hollywood that have been used sparingly since the outbreak of COVID-19 and the subsequent stay-at-home directives in Los Angeles. As part of the deal, Blackstone (NYSE: BX) will buy a 49 percent stake in Hudson Pacific’s 2.2 million-square-foot Hollywood Media Portfolio, which spans three studios and five office buildings. Hudson Pacific (NYSE: HPP) will remain responsible for the day-to-day operations of the portfolio, which is valued at $1.65 billion. “Our latest joint venture with Blackstone unlocks a portion of the value we’ve created for our shareholders and provides us with significant capital to grow both our studio and office portfolios,” says Victor Coleman, chairman and CEO of Hudson Pacific. The portfolio includes Sunset Bronson, Sunset Gower and Sunset Las Palmas Studios (formerly Hollywood Center Studios), which comprises 35 stages and production and support spaces totaling 1.2 million square feet. The offices in the portfolio include 6040 Sunset, Icon, Cue, Epic and …
NEW YORK CITY — Innovo Property Group, a New York City-based developer, has launched 210,000-square-feet of office space in the Long Island City neighborhood of Queens. The space is located on two floors of The Bridge, an 830,000-square-foot mixed-use building located at 24-02 49th Ave. and can be adapted for coworking or shared office use. The building was originally completed in 1928 as an industrial facility and once served as a warehouse for Bloomingdale’s. The New York City Housing Authority holds a 30-year lease for 600,000 square feet of at the building.
NEW YORK CITY — Amazon has preleased a 1-million-square-foot, build-to-suit industrial warehouse located at 55-15 Grand Ave. in Queens, according to reports from Business Insider and City Biz List. A joint venture between New York City-based developer RXR Realty and Los Angeles-based developer LBA Realty plans to demolish a former factory structure to construct a new build-to-suit facility for the Seattle-based e-commerce giant. The four-story facility will feature a rooftop parking structure that will house a fleet of Amazon’s delivery vehicles. The construction schedule was undisclosed.
NEW YORK CITY — Barings LLC has provided a $250 million construction loan for a 345,000-square-foot academic and residential building in the Morningside Heights neighborhood of Manhattan. A partnership between Australian developer Lendlease and New York-based L+M Development Partners Inc. was the borrower. Located at 100 Claremont, the 41-story building 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. The condominium residences will include a mix of one-, two-, three- and four-bedroom units. Robert A.M. Stern Architects designed the project. Christopher Peck and Scott Aiese of JLL arranged the loan. Construction is slated to be complete in spring 2023.
ALBANY, N.Y. — Entertainment businesses and professional sports will reopen in Upstate New York this Friday, June 26, according to a statement from New York Gov. Andrew Cuomo issued on Wednesday, June 24. Businesses in New York have gradually reopened over the last few weeks as the COVID-19 pandemic has slowly eased across the state, with regions including Central New York, Finger Lakes, Mohawk Valley, North Country and Southern Tier now on track to enter Phase IV of the governor’s reopening plan. As part of this phase of the plan, social gatherings of up to 50 people will be allowed and professional sports will be played without fans. As the state nears a complete reopening of its economy, the combined state governments of the Tri-State region of New York, New Jersey and Connecticut have agreed to impose 14-day quarantines on visitors from states with a 10 percent infection rate, Cuomo said on Wednesday. Other businesses cleared to reopen include performing arts, film and TV production and higher education. As of June 24, the Centers for Disease Control and Prevention reported nearly 391,000 cases of COVID-19 across the state of New York, and more than 30,000 deaths.