New York

Avison Young Negotiates $16.7M Sale of Office Building in Manhattan’s Tribeca Neighborhood

by Alex Patton March 30, 2020

NEW YORK CITY — Avison Young has negotiated the $16.7 million sale of a seven-story office building in the Tribeca neighborhood of Manhattan. The 13,667-square-foot building is located at 177 Franklin St., between Greenwich and Hudson streets and was 80 percent leased at the time of sale. The flagship store of watch retailer Shinola occupies the ground floor. James Nelson and Charles Kingsley led an Avison Young team that represented the seller, Bedrock Real Estate Partners. The buyer was undisclosed.

March 30, 2020

Acquisitions New York Northeast Office

Apollo Electric Acquires Office Condo in Manhattan’s Chelsea Neighborhood for $3.6M

by Alex Patton March 30, 2020

NEW YORK CITY — Apollo Electric has acquired a 5,650-square-foot office condo in the Chelsea neighborhood of Manhattan for $3.6 million. The suite includes the entire fifth floor of a seven-story building, which is located at 127 W. 24th St. The building was constructed in 1904. Brock Emmetsberger, Ryan Kossoy and Reed Waggoner of JLL represented the seller, a private owner. The team also procured Apollo as the buyer.

March 30, 2020

Healthcare New York Northeast

Report: Elmhurst Hospital in Queens Dedicates All 545 Beds to COVID-19 Treatment

by Alex Patton March 27, 2020

NEW YORK CITY — The Elmhurst Hospital in Queens has dedicated all of its 545 beds to treatment of COVID-19 patients, according to a report by The New York Times. The building owner, NYC Health + Hospitals, has begun transferring patients who are not suffering from the disease caused by the novel coronavirus to other medical facilities. Other efforts to increase the number of hospital beds in the city include FEMA’s ongoing conversion of Javits Convention Center into a field hospital and a 1,000-bed federal hospital ship scheduled to arrive in mid-April. As of March 27, The Wall Street Journal has tracked 39,140 cases of coronavirus in New York — nearly half the number of all cases in the country — and 461 confirmed deaths.

March 27, 2020

Acquisitions Multifamily New York Northeast

Muss Development Acquires Multifamily Building in Scarsdale, New York, for $29.2M

by Alex Patton March 27, 2020

SCARSDALE, N.Y. — Muss Development has acquired The Glass House, a 51-unit multifamily building in Hartsdale, a northern suburb of New York City. Also known as GlassHouse 250, the property is located at 250 South Central Ave. and features one- and two-bedroom floor plans, a fitness center, two theater rooms and a 95-space parking facility. Itan Rahmani and Jacob Stavsky of Venture Capital Properties LLC represented Muss Development in the transaction. Elana Tsyganko, Max Kostikov and Richard Horowitz of Cooper Horowitz represented the undisclosed seller.

March 27, 2020

Acquisitions New York Northeast Office

Avison Young Negotiates $10.2M Sale of Leasehold Interest of Office Building in Harlem

by Alex Patton March 27, 2020

NEW YORK CITY — Avison Young has negotiated the $10.2 million sale of the leasehold interest of a newly constructed office building in the Harlem neighborhood of Manhattan. The four-story property, which is located at 286 Lenox Ave., carries a 99-year ground lease. The property was fully leased at the time of sale to tenants including Wells Fargo, Child Mind Institute and Visiting Nurse Service. James Nelson and Brent Glodowski led an Avison Young team that represented the undisclosed building owner and seller of the leasehold interest. The buyer was also undisclosed.

March 27, 2020

New York Northeast Retail

FEMA, U.S. Army to Convert Javits Convention Center in Manhattan Into 2,000-Bed Field Hospital to Treat Coronavirus Patients

by Alex Patton March 26, 2020

NEW YORK CITY — The Federal Emergency Management Agency (FEMA) and the U.S. Army Corps. of Engineers (USACE) have begun a rapid conversion of the 1.8-million-square-foot Javits Convention Center in Manhattan into a 2,000-bed field hospital to treat coronavirus patients, according to a statement from New York Gov. Andrew Cuomo. FEMA is constructing four 250-bed temporary hospitals in the main showroom of the center, each approximately 40,000 square feet in size. A staff of 320 FEMA workers will be assigned to the facility. The USACE is constructing an additional 1,000-bed facility on the site. The makeshift hospital is slated for completion within a week. As of March 26, The Wall Street Journal tracked 33,033 cases of coronavirus in New York — nearly half the number of all cases in the country — and 366 confirmed deaths.

March 26, 2020

Acquisitions Multifamily New York Northeast

JLL Brokers $13.8M Sale of Two Multifamily Properties in Manhattan

by Alex Patton March 26, 2020

NEW YORK CITY — JLL has brokered the $13.8 million sale of two multifamily buildings in the Lennox Hill neighborhood of Manhattan. The five-story building at 1364 York Ave. is a 9,180-square-foot property that features 18 residences and two ground-floor retail spaces totaling 608 square feet, which are occupied by Orlando News and Jamil Liquors. The five-story building at 1368 York Avenue is a 11,191-square-foot property that features 19 residences and two ground-floor retail spaces totaling 4,184 square feet, which are occupied by JSK Produce and Green Produce. Guthrie Garvin and Tom Gammino led a JLL team that represented the seller, Caro Enterprises, in the deal. The buyer was undisclosed.

March 26, 2020

Loans Multifamily New York Northeast

ABS Arranges $13M Refinancing Loan for Apartment Building in Manhattan

by Alex Patton March 26, 2020

NEW YORK CITY — ABS Altman Warwick, a division of ABS Partners Real Estate, has arranged a $13 million refinancing loan for an apartment building in Manhattan. An undisclosed life insurance company provided the nonrecourse loan, which features interest-only payments for 10 years. Located at 232 East 12th St., the 10-story building includes 68 apartment units and also houses two medical offices on the ground floor. Morris Dweck of ABS arranged the loan on behalf of the borrower, Capri Apartments LLC.

March 26, 2020

Acquisitions New York Northeast

Ariel Brokers Sale of 240-Space Parking Facility, Development Lot in The Bronx

by Alex Patton March 25, 2020

NEW YORK CITY — Ariel Property Advisors has brokered the $2.8 million sale of a four-story, 240-space parking facility in the Fordham Heights neighborhood of The Bronx. Located at 305 East 182nd Street, the property is zoned for 35,000 buildable square feet of commercial space and 17,000 buildable square feet of residential space. Jason Gold, Marko Agbaba and Michael Tortorici of Ariel represented the seller and procured the buyer, both parties were undisclosed.

March 25, 2020

Hospitality Massachusetts New Jersey New York Northeast Pennsylvania

Oxford Economics Study Projects 44 Percent Hotel Job Losses Nationwide

by Alex Patton March 24, 2020

NEW YORK, NEW JERSEY, PENNSYLVANIA, MASSACHUSETTS — An Oxford Economics study for the American Hotel & Lodging Association (AHLA) has found that 44 percent of hotel employees in every state have lost or are projected to lose their jobs as a result of the COVID-19 outbreak. AHLA reports that hotel occupancy rates in some markets are below 20 percent following restrictions of air-travel and business shutdowns in many states, including New York. Of the state’s 112,897 direct hotel operations jobs, 49,674 have been lost or are projected to be lost in the coming weeks. Hotel job loss has also affected other major markets in the Northeast including New Jersey (52,490 jobs, 23,096 lost); Pennsylvania (65,229 jobs, 28,701 lost); and Massachusetts (40,562 jobs, 17,847 lost).

March 24, 2020

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