New York

Habib American Bank Acquires Office Building in Manhattan for $28.2M

by Alex Patton May 27, 2020

NEW YORK CITY — Habib American Bank has acquired the Lord Memorial Building, a 32,270-square-foot office building in the Midtown East neighborhood of Manhattan, for $28.2 million. Located at 150 E. 45th St., the property includes approximately 5,168 square feet of retail space on the ground floor and 27,102 square feet of office space on the second through seventh floors. The building was constructed in 1950 for the seller, Children’s Aid Society, and later extended to seven stories in the mid-1960s. Children’s Aid occupied the building at the time of sale but will now vacate its space. Jonata Dayan of Co-op & Condo Sales and Brett Weiss of HSP Real Estate Group represented Habib in the transaction. Bob Knakal, Jonathan Hageman and Clint Olsen led a JLL team that represented Children’s Aid Society.

May 27, 2020

Development Multifamily New York Northeast

Home Street Partners Completes 63-unit Multifamily Building in The Bronx

by Alex Patton May 27, 2020

NEW YORK CITY — Home Street Partners, a New York-based developer, has completed construction of Home Street Residences, a 63-unit multifamily building in the Foxhurst neighborhood of The Bronx. The 75,000-square-foot building is located at 1017 Home St., and 30 percent of the units are reserved for homeless seniors. Residences average 550 square feet. Body Lawson Associates designed the property, and Bronx Pro Group is the operator. Approximately 50,000 people have already applied for an apartment, according to Body Lawson Associates.

May 27, 2020

Loans Multifamily New York Northeast Seniors Housing

Greystone Provides $8.6M Construction Loan for Seniors Housing Community Near Buffalo

by Alex Patton May 27, 2020

CLARENCE CENTER, N.Y. — Greystone has provided an $8.6 million construction loan for the expansion of Bristol Village, an 84-unit, 110-bed seniors housing community in Clarence Center, located approximately 20 miles northeast of Buffalo. The fixed-rate loan will fund the construction of 23,000 square feet of residential and community spaces, which will include 32 additional beds. The loan will convert to permanent financing when the expansion project is completed and will run concurrent with the property’s existing HUD-insured loan, which Greystone originated in 2011. The facility was originally constructed in 2003. Lisa Fischman of Greystone arranged the loan.

May 27, 2020

Development Mixed-Use New York Northeast

Charney Cos., Tavros Open 350,000 SF Mixed-Use Tower in Brooklyn

by Alex Patton May 26, 2020

NEW YORK CITY — A joint venture between Charney Cos. and Tavros Holdings has opened The Dime, a 350,000-square-foot mixed-use tower in the South Williamsburg neighborhood of Brooklyn. Located at 275 S. 5th St., the building features 177 luxury studio, one-, two- and three-bedroom apartments, as well as 100,000 square feet of office space and 50,000 square feet of ground-floor retail space. Multifamily rental prices start at $3,000 per month for studios and more than $7,000 per month for three-bedroom units. The 23-story tower incorporates the Dime Savings Bank building, which was originally constructed in 1908. Amenities include an acre of outdoor space with a community garden and basketball court, a fitness center, resident lounge and business center. MetroRock leases a 10,000-square-foot rock climbing gym on the ground floor. Fogarty Finger Architecture designed the building.

May 26, 2020

New York Northeast

Additional Regions of State Can Reopen This Week, Says New York Governor

by Alex Patton May 26, 2020

ALBANY, N.Y. — Select retailers and additional regions in the state of New York will be allowed to reopen this week following improved conditions amid the COVID-19 health and economic crisis, according to a statement issued by Gov. Andrew Cuomo on Monday. In addition, the governor said that New York professional sports leagues may begin training camps for upcoming seasons, and that select Upstate beaches, camping grounds and veterinarian offices may now reopen. Lastly, the governor said that the Mid-Hudson and Long Island regions are on track to meet the state’s health guidelines to begin the process of reopening businesses this week. The requirements to reopen a region include a 14-day decline in hospitalizations and hospitalized deaths, fewer than two new hospitalizations per 100,000 residents, as well as several other requirements related to hospital capacity and testing availability. As of May 25, the Centers for Disease Control and Prevention reported nearly 359,000 positive cases of the virus in the state of New York and more than 29,000 deaths.

May 26, 2020

Acquisitions New York Northeast Retail

Schuckman Realty Arranges Sale of 14,000 SF Retail Building in Rockville Centre, New York

by Alex Patton May 22, 2020

ROCKVILLE CENTRE, N.Y. — Schuckman Realty Inc. has arranged the $2.3 million sale of a 14,000-square-foot retail building in Rockville Centre, a city on Long Island. Located at 120 North Village Ave., the single-tenant property was constructed in 1957 and was leased to Chase Bank at the time of sale. Kenneth Schuckman and Edward Gottlieb of Schuckman Realty represented the buyer, ABEN Village LLC, in the transaction. Michael Ventre and Robert Reinhardt of Windsor Commercial Real Estate represented the undisclosed seller.

May 22, 2020

New York Northeast Retail

Macy’s Forecasts $1.1B Operating Income Loss in First Quarter

by Alex Patton May 21, 2020

NEW YORK CITY — Macy’s Inc. (NYSE: M) has forecasted an approximately $1.1 billion loss in operating income in the first quarter, which ended in early May, a result of both temporary and permanent store closings as well as significantly decreased patronage amid the COVID-19 outbreak, the company said on Thursday. As of this week, the company has reopened approximately 190 of its Macy’s and Bloomingdale’s shops and plans to reopen 80 more for the Memorial Day holiday weekend. At the close of 2019, Macy’s Inc. owned and operated a total of nearly 840 stores across its flagship and Bloomingdale’s brands. Prior to the health and economic crisis, Macy’s had announced plans to close 125 of its least productive stores over the next three years, beginning in February. As part of the plan, the retailer closed its offices in San Francisco, downtown Cincinnati and Lorain, Ohio, leaving the New York City office as its sole corporate headquarters. Macy’s stock price closed at $5.05 per share on May 20, compared with $21 per share at the same time last year. Macy’s Inc. will release its first quarter earning results on July 1.

May 21, 2020

Loans Multifamily New York Northeast

Merchants Capital Provides $35.4M Freddie Mac Loan for Refinancing of Multifamily Property in Queens

by Alex Patton May 21, 2020

NEW YORK CITY — Merchants Capital has provided a seven-year, $35.4 million Freddie Mac loan for the refinancing of Jamaica Apartments, a 133-unit multifamily property in Queens. The borrower was New York-based Bayrock Capital. Located on Jamaica Avenue, the two-building property was originally built as a traditional multifamily development. The ownership has since partnered with the New York City Department of Homeless Services to convert 100 percent of the units into affordable and transitional housing.

May 21, 2020

Acquisitions New York Northeast Retail

Colliers Arranges Sale of 36,360 SF Grocery Store Leased to Price Rite in Syracuse

by Alex Patton May 19, 2020

SYRACUSE, N.Y. — Colliers International has arranged the $7.9 million sale of a 36,360-square-foot grocery store in Syracuse.. Located at 1625 Erie Blvd., the single-tenant property was fully leased to New Jersey-based grocer PriceRite at the time of sale. El Warner of Colliers represented the seller, Syracuse Grocery ST LLC, in the transaction. Warner also represented the buyer, Agree Stores LLC.

May 19, 2020

Acquisitions New York Northeast Retail

CBRE Brokers Sale of 165,499 SF Retail Building Leased to Walmart in Upstate New York

by Alex Patton May 15, 2020

NEWARK, N.Y. — CBRE has brokered the $9.2 million sale of a 165,499-square-foot retail building in Newark, a western suburb of Rochester. Located at 6788 NY-31 East, the single-tenant property is fully leased to Walmart. Walmart has occupied the space since 1992 and expanded its original lease by 72,011 square feet in 2006. Nearby retailers include Save-a-Lot, Wegmans, Tractor Supply, Dollar Tree, AutoZone and Walgreens. Jeffrey Dunne, David Gavin, Jeremy Neuer and Travis Langer of CBRE represented the seller, a private investor, in the transaction The team also procured an undisclosed institutional investor as the buyer.

May 15, 2020

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