NEW YORK CITY — Rivington Co. plans to develop 21 Garden Street, a 50-unit multifamily property in the Bushwick neighborhood of Brooklyn. Rivington will redevelop an existing structure, formerly the home of a woodworking company that made custom furniture pieces and cabinetry, to construct the eight-story building. The property will include both affordable and market rate residences. DXA Studio will serve as the architect of the project. Construction is slated to complete in 2022.
NEW YORK CITY — The Metropolitan Transportation Authority (MTA) has completed repairs of its L train tunnel, which connects Manhattan and Brooklyn. The 12-month project repaired damage to the tunnel caused by Hurricane Sandy in 2012. Under a revised plan from state Gov. Andrew Cuomo and the deans of the Cornell University and Columbia University engineering schools, the project was completed in three months less than its original 15-month estimation, which also included a complete shut-down of the tunnel. Under the revised plan, the tunnel remained operational during the day while repairs progressed in the nights and weekends. The project was also completed approximately $100 million under its original $477 million budget.
NEW YORK CITY — Private equity firms InTandem Capital Partners and Sagewind Capital LLC, have jointly signed a 10,165-square-foot in Midtown Manhattan. The firms will share one office across a portion of the 24th floor of One Vanderbilt Avenue, an approximately 1,750,000-square foot office tower slated for completion later this year. Lloyd Desatnick of JLL represented the tenants in the lease negotiations. Robert Alexander, Ryan Alexander, Emily Jones and Alex D’Amario of CBRE represented the landlord, SL Green.
NEW YORK CITY — ABS Partners Real Estate has negotiated a 5,000-square-foot office lease for Canadian trade union Unifor in the NoMad neighborhood of Manhattan. The company’s new space includes the entire eighth floor at 152 Madison Avenue, an approximately 98,000 square foot office building constructed in 1929. The asking rent was $59 per square foot. Ronnie Zimmerman and Ian Weiss of ABS represented the landlord, Heskells, in the lease negotiations. Newmark Knight Frank represented Unifor.
NEW YORK CITY — Investment firm Oak Hill Advisors has expanded its prelease to 69,802-square-feet in Midtown Manhattan. The firm originally preleased 45,954 square feet at One Vanderbilt Avenue, an approximately 1.7 million-square foot office tower slated for completion later this year. The firm has leased an additional 23,848 square feet and will now occupy space across the 15th and 16th floors. Lance Korman, Brian Waterman and Jared Horowitz of Newmark Knight Frank represented Oak Hill Advisors in the lease negotiations. Robert Alexander, Ryan Alexander, Emily Jones and Alex D’Amario of CBRE represented the landlord, SL Green.
NEW YORK CITY — The International Council of Shopping Centers (ICSC) has canceled its annual RECon event due to concerns about COVID-19. The move comes after the organization initially postponed RECon and suspended all of its events that were scheduled to occur before June 30. ICSC’s Annual Meeting of Members that typically takes place at RECon each year, along with the approval of the new slate of board of trustees, ICSC chair and vice chair, will now be scheduled for December 2020 during the New York Deal Making conference. The organization still plans to hold six regional deal-making events, including New York Deal Making, and additionally will hold the U.S. Law Conference and CenterBuild Conference. In 2019, more than 37,000 industry professionals descended on the Las Vegas Convention Center for the annual retail and real estate networking event, which featured 1,200 exhibitors and 853,000 square feet of exhibit space.
YONKERS, N.Y. — CBRE has brokered the $39.5 million sale of Stratus on Hudson, a 74-unit luxury apartment building in Yonkers, a northern suburb of New York City. Located at 1077 Warburton Ave., the Class A multifamily community was completed in 2019 and features one- and two-bedroom floor plans. Amenities include a fitness center, resident lounge and a rooftop terrace overlooking the Hudson River, as well as convenient access to the Greystone Metro North Station. Jeffrey Dunne and Gene Pride led a CBRE team that represented the seller, RMS Cos., in the transaction. Ginsburg Development Cos. was the buyer.
NEW YORK CITY — Temporary and virtual office space provider FirmVO has signed an 11,000-square-foot lease in the Tribeca neighborhood of Manhattan. The space spans the entire seventh floor of 305 Broadway, a 14-story office building, and includes large common areas, five conference rooms, a coworking area and 30 private offices. The lease term is five years with an additional five-year renewal option. FirmVO offers office solutions to law firms and practitioners. Reade Broadway & Associates is the landlord. Both companies were represented internally.
NEW YORK CITY — Marcus & Millichap has brokered the $16.7 million sale of a 48-unit multifamily property in Queens. Located at 31-65 29th St., the 39,549-square-foot building features studio, one-, two- and three-bedroom floor plans, and offers convenient access to LaGuardia Airport. Matt Fotis, Lazarus Apostolidis, Zachary Golub and Paul Youssef represented the seller, a private investor. The buyer was also an undisclosed private investor.
NEW YORK CITY — Andrew Franz Architect will design the renovation of the 11,000-square-foot Washington Houses Community Center in the East Harlem neighborhood of Manhattan. The community center offers a range of education, wellness, and community-building resources to local youths and seniors. The Andrew Franz team will transform key spaces of the facility including the entrance, reception and waiting areas and senior center. The team will also enhance the natural lighting and acoustics of the entire facility. The Criminal Justice Investment Initiative of the Manhattan District Attorney’s Office will fund the renovations.