New York

Joint Venture Acquires Office Property in White Plains, New York, for $42.5M

by Alex Patton March 3, 2020

WHITE PLAINS, N.Y. — A joint venture between Jack Sitt Real Estate LLC and GII LLC, a UAE-based financial service firm, has acquired Grand Street Plaza, an office property located northeast of New York City in White Plains. The sales price for the 217,628-square-foot, two-building property was $42.5 million. Located at 140 and 150 Grand St., the Class A property was 90 percent leased at the time of sale, primarily to government- and law-related tenants. Jeffrey Dunne, Steven Bardsley and Jeremy Neuer led a CBRE team that represented the seller, an a fund managed by Westport Capital Partners LLC, in the transaction. The team also procured the the joint venture as the buyer.

March 3, 2020

Development Industrial New York Northeast Self-Storage

StorQuest Opens 1,092-Unit Self-Storage Facility in Brooklyn

by Alex Patton March 3, 2020

NEW YORK CITY — StorQuest Self Storage has opened a 1,092-unit facility in the Brownsville neighborhood of Brooklyn. Located at 507 Osborn St., the facility offers month-to-month rentals for climate-controlled units and business storage. StorQuest is a subsidiary of The William Warren Group Inc., an owner and operator of self-storage assets.

March 3, 2020

Acquisitions Multifamily New York Northeast

Marcus & Millichap Arranges $2.9M Sale of Multifamily Building in The Bronx

by Alex Patton March 3, 2020

NEW YORK CITY — Marcus & Millichap has arranged the $2.9 million sale of 1065 Summit Avenue, a 26-unit multifamily building in the Highbridge neighborhood of The Bronx. Spanning 40,500 square feet, the building offers one-, two- and three-bedroom units and close access to public transit lines. Peter Von Der Ahe, Seth Glasser, Michael Fusco and Isaac Lipton of Marcus & Millichap represented the buyer and seller in the transaction. Both parties were private investors that requested anonymity.

March 3, 2020

Development Multifamily New York Northeast Seniors Housing

Renaissance Management Acquires Long Island Multifamily Property for $232.5M

by Alex Patton March 2, 2020

PATCHOGUE, N.Y. — Renaissance Management, a New York-based investment firm, has acquired La Bonne Vie, a 915-apartment community on Long Island for $232.5 million. The property features 626 market-rate apartments and 289 age-restricted (55-plus) apartments and amenities such as indoor and outdoor pools, a gym, libraries and tennis courts. The buildings were completed in the mid-1970s and 1980s and have been preserved in their original conditions. Jeffrey Dunne, Jeremy Neuer and Gene Pride led a CBRE team that represented the building owners, an undisclosed consortium of partnerships, in the transaction. Shawn Rosenthal, Jason Gaccione and Thomas Didio of the Midtown Manhattan Debt & Structure Finance group arranged the financing for Renaissance Management’s acquisition and future planned renovations of La Bonne Vie. The team secured a $200.7 million senior loan from TPG Real Estate Finance. The three-year loan includes the option for three one-year extensions.

March 2, 2020

Leasing Activity New York Northeast Office

Kayne Anderson Signs 11,000 SF Office Lease in Midtown Manhattan

by Alex Patton March 2, 2020

NEW YORK CITY — Kayne Anderson Capital Advisors L.P. has signed an 11,000-square-foot office lease in Midtown Manhattan. The company will occupy an entire floor at 477 Madison Avenue, a Class A office building, beginning later this year. Kayne Anderson is relocating from 655 Madison Avenue. Mitti Liebersohn, Brooks Hauf and Katie Richardson of Avison Young represented Kayne Anderson in the lease negotiations. A.J. Camhi, Rob Weller and Ryan Silverman led a team that represented the building owner, RFR Holding, on an internal basis.

March 2, 2020

Acquisitions Multifamily New York Northeast

Brix Real Estate Arranges $6.3M Sale of Multifamily Building in The Bronx

by Alex Patton February 28, 2020

NEW YORK CITY — Brix Real Estate Advisors has arranged the $6.3 million sale of a 36-unit multifamily building in the Kingsbridge neighborhood of The Bronx. The six-story building is located at 55 E. 196th St. and was completed in the 1940s. Matthew Barbaccia and Christian Dedvukaj represented the seller, Rooftops Realty Inc. The team also represented a group of undisclosed local investors as the buyers.

February 28, 2020

Leasing Activity New York Northeast Restaurant Retail

Asian Cuisine Concept Opens 6,836 SF Restaurant in Manhattan

by Alex Patton February 28, 2020

NEW YORK CITY — Asian cuisine concept wagamama has opened a 6,836-square-foot restaurant in Midtown Manhattan. The new restaurant is located at 100 W. 55th St. and offers 185 seats. The chain’s parent company, The Restaurant Group, has entered a U.S. joint venture partnership with Conversion Venture Capital (CVC2) as financial partners and Robert Cornog Jr. and Richard Flaherty as operating partners. Cornog and Flaherty previously were leaders of Punch Bowl Social, an experiential food and beverage brand. The joint venture plans to open 30 to 40 new restaurants across the United States.

February 28, 2020

Leasing Activity New York Northeast Office

Law Firm Signs 14,888 SF Office Lease Expansion in Manhattan

by Alex Patton February 27, 2020

NEW YORK CITY — Law firm Rivkin Radler LLP has signed a 14,888-square-foot office lease expansion in Midtown Manhattan. The company is already a tenant at 477 Madison Avenue and will move into its new space after ownership completes the build-out later this year. The law firm represented itself in the lease negotiations. A.J. Camhi, Rob Weller and Ryan Silverman led a leasing team that represented the building owner, RFR, on an internal basis.

February 27, 2020

Leasing Activity New York Northeast Office

CBRE Negotiates 9,397 SF Office Lease in Manhattan

by Alex Patton February 27, 2020

NEW YORK CITY — CBRE has negotiated a 9,397-square-foot office lease for co-living space provider The Collective in the SoHo neighborhood of Manhattan. The tenant will occupy the entire top floor and penthouse of the SoHo Building located at 110 Greene St. beginning in early March. Alexander Golod and Neil King of CBRE represented The Collective in the lease negotiations. SL Green Realty Corp. owns the building.

February 27, 2020

Loans Multifamily New York Northeast Seniors Housing

Live Oak Bank Provides $5.8M Refinancing for Seniors Housing Community in Upstate New York

by Alex Patton February 27, 2020

SARATOGA SPRINGS, N.Y. — North Carolina-based Live Oak Bank has provided a $5.8 million loan for the refinancing of Home of the Good Shepherd Saratoga, a 100-unit seniors housing community located approximately 30 miles north of Albany. The five-year, floating-rate loan allowed the borrower to consolidate debt and position itself for future permanent financing options. The loan will refinance the community’s 42-unit memory care facility. The property was temporarily closed and extensively renovated in 2017. It has since reopened and been leased up and fully stabilized. Home of the Good Shepherd is a faith-based, nonprofit operator with four communities in Upstate New York.

February 27, 2020

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