New York

Cushman & Wakefield Arranges Sale of 541-Unit Self-Storage Facility on Long Island

by Alex Patton April 13, 2020

DEER PARK, N.Y. — Cushman & Wakefield has arranged the sale of a 541-unit self-storage property in Deer Park. Located at 541 Acorn St. on Long Island. The 58,500-square-foot facility features 10 one- and two-story buildings that were completed between 2000 and 2003. The property was 83 percent occupied at the time of sale. Mike Mele, Luke Eliott, Robert Bloch and Noah Obuchowski of Cushman & Wakefield represented the seller, 4 Storage LLC, in the transaction. The buyer was an undisclosed private equity group. The sales price was undisclosed.

April 13, 2020

Acquisitions Leasing Activity New York Northeast Retail

NKF Negotiates $10.2M Sale of Retail Leasehold Interest in Manhattan

by Alex Patton April 10, 2020

NEW YORK CITY — Newmark Knight Frank (NKF) has negotiated the $10.2 million sale of the leasehold interest in a ground-floor retail property in the Greenwich Village neighborhood of Manhattan. The term of the leasehold is 70 years, and the property is leased to childcare provider Bright Horizons. Brian Segall and Jason Wecker represented the seller, a partnership of 644 Greenwich LLC and Premier Equities. The team also procured the buyer, 27-33 Realty Associates.

April 10, 2020

Development New York Northeast

GPC, National Resources to Construct $100M Film Production Facility for Lionsgate in Yonkers, New York

by Alex Patton April 9, 2020

YONKERS, N.Y. — A partnership of United Kingdom-based Great Point Capital Management and Connecticut-based National Resources will construct a $100 million film production facility for Lionsgate in Yonkers, a northern suburb of New York City. Located in the i.Park Hudson technology and office campus, the facility will feature 70,000 square feet of studio space as well as additional office space. CIT Group recently provided a $40 million construction loan for the project. Construction will begin soon, and the facility is expected to be at least partially operational by the end of the year.

April 9, 2020

Acquisitions Multifamily New York Northeast

JLL Brokers $18.2M Sale of Multifamily Development Site in Brooklyn

by Alex Patton April 9, 2020

NEW YORK CITY — JLL has brokered the $18.2 million sale of a development site located at 171 N. 1st St. in the Williamsburg neighborhood of Brooklyn. The buyer, Los Angeles-based developer Gemini Rosemont Commercial Real Estate, plans to develop a multifamily property on the site. The lot currently houses a 13,867-square-foot warehouse with 17-foot ceilings that was constructed in 1920. Gemini plans to demolish the warehouse before beginning ground-up construction. No further details of the development plan were disclosed. Brendan Maddigan and Stephen Palmese led a JLL team that represented the seller, Stanislaw Rys/Kevsta Inc.

April 9, 2020

Leasing Activity New York Northeast Office

Schott Corp. Signs 14,140 SF Office Lease in Rye Brook, New York

by Alex Patton April 9, 2020

RYE BROOK, N.Y. — German specialty glass manufacturer Schott Corp. has signed a 14,140-square-foot office lease for its new North American corporate headquarters in Rye Brook, a northeastern suburb of New York. The space is located at 1100 King St. in the Kingsbrook office complex. The company plans to relocate its North American corporate offices from 555 Taxter Road in Elmsford, New York, in the first quarter of 2021. The six-building, 565,000-square-foot office complex features two fitness centers, three cafés and conference facilities. Maureen O’Boyle and Gerry Lees of Cushman & Wakefield represented Schott Corp. in the lease negotiations. Dana Pike represented the landlord, George Comfort & Sons., on an internal basis along with Brian Carcaterra of CBRE.

April 9, 2020

New York Northeast

New York Governor Extends Temporary Business Closures Due to COVID-19 Through April 29

by Alex Patton April 7, 2020

ALBANY, N.Y. — New York Gov. Andrew Cuomo has extended temporary business closures due to COVID-19 through April 29. The governor’s order to temporarily close nonessential businesses and schools to limit the spread of the virus began on March 22. Essential businesses, including grocery stores and pharmacies, have remained open, though many operate with limited hours and other restrictions. Some construction will also continue, including projects for housing, medical facilities and homeless shelters. Essential infrastructure and manufacturing businesses including public utilities, transportation and agriculture, will also remain operational. As of April 5, the New York Department of Health had reported 130,689 confirmed cases of the virus in the state.

April 7, 2020

Loans Multifamily New York Northeast

Kearny Bank Provides $28.3M Loan for Refinancing of Manhattan Multifamily Portfolio

by Alex Patton April 6, 2020

NEW YORK CITY — Kearny Bank has provided a $28.3 million loan for the refinancing of a 12-building multifamily portfolio in the Union Square and West Village neighborhoods of Manhattan. The portfolio spans nearly the entire block of 17th Street between Union Square and Irving Place, including 11 garden-style townhome buildings as well as a 24-unit building located on Cornelia Street in the West Village. John Leslie and Patrick Rhea of ABS Altman Warwick arranged the loan, which carries a fixed interest rate of 3.5 percent with three years of interest-only payments, on behalf of an undisclosed borrower.

April 6, 2020

Acquisitions Multifamily New York Northeast

Marcus & Millichap Brokers $16.7M Sale of Multifamily Building in Queens

by Alex Patton April 6, 2020

NEW YORK CITY — Marcus & Millichap has brokered the $16.7 million sale of 31-65 29th Street, a 48-unit multifamily building in the Astoria neighborhood of Queens. Located between 31st Avenue and Broadway, the approximately 39,500-square-foot building features a mix of studio, one-, two- and three-bedroom apartments. Matt Fotis, Lazarus Apostolidis, Zachary Golub and Paul Youssef of Marcus & Millichap represented the seller, a private investor, in the deal. The team also procured the buyer, another private investor. Both parties requested anonymity.

April 6, 2020

Development New York Northeast Office

Skanska USA Underway on $32M Office Build-Out for Pharmaceutical Company in Sleepy Hollow

by Alex Patton April 3, 2020

SLEEPY HOLLOW, N.Y. — Skanska USA, a division of Swedish construction company Skanska, is constructing the $32 million interior build-out of an office space for Regeneron Pharmaceuticals Inc. in Sleepy Hollow, a northern suburb of New York City. The property is located at 1 Rockwood Road. The project involves the design and construction of an approximately 60,600-square-foot space, as well as upgrades to the air distribution systems, LED lighting, ceilings, flooring and glass front offices. Construction is underway and is scheduled for completion in July 2021.

April 3, 2020

Loans Multifamily New York Northeast

ABS Altman Warwick Arranges $29.7M Refinancing for Multifamily Portfolio in Upper Manhattan

by Alex Patton April 3, 2020

NEW YORK CITY — ABS Altman Warwick, a New York City-based division of ABS Partners Real Estate, has arranged a $29.7 million refinancing for a three-building multifamily portfolio in Upper Manhattan. The 183-unit portfolio includes a 73-unit building in Washington Heights and two buildings totaling 110 units in Hamilton Heights. Freddie Mac provided the loan at a fixed interest rate of 3.47 percent for 10 years with four years of interest-only payments. John Leslie and Patrick Rhea of ABS Altman Warwick arranged the loan on behalf of the undisclosed borrower, which has owned the portfolio since the early 2000s.

April 3, 2020

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