NEW YORK CITY — Ariel Property Advisors has arranged the $8.1 million sale of a nine-parcel residential development site in the Red Hook neighborhood of Brooklyn. Located at 185-199 Conover St. & 135 Dikeman St., the parcels offer a total of 27,436 developable square feet. Sean Kelly, David Khukhashvili and Jiani Zhou of Ariel Property Advisors represented the seller, Red Hook Building Co. The team also procured the buyer, Diamond Development Group.
NEW YORK CITY — JLL Project and Development Services has completed construction of Iona College’s new LaPenta School of Business, a 68,000-square-foot building in New Rochelle, a northern suburb of New York City. Development costs were approximately $38 million. The project included a complete renovation of the college’s existing four-story business school and the ground-up construction of a 35,000-square-foot addition. Peter Rader led the JLL project management team. Gensler served as the project architect, and Pavarini North East Construction Co. was the general contractor.
NEW YORK CITY — Ready Capital has closed a $24.6 million loan for the acquisition, renovation and stabilization of a 52-unit, Class B multifamily property located in the Greenpoint neighborhood of Brooklyn. Upon acquisition, the sponsor will convert the existing multifamily building into a co-living property. Additionally, the sponsor will implement a capital expenditure to prepare the co-living units for occupancy, which includes fully furnishing each unit. Ready Capital closed the nonrecourse, floating-rate loan, which features a 48-month term, one extension option, flexible prepayment and a facility to provide future funding for capital expenditures.
Recently, New York City passed the Climate Mobilization Act bill as a way to counter climate change. If passed into law, the bill’s foundation would require buildings that are larger than 25,000 square feet to cut climate emissions by 40 percent by 2030 and by more than 80 percent by 2050. The legislation also requires certain buildings to cover roofs with plants, solar panels, small wind turbines or a combination of those elements. Rent-regulated housing, as well as structures of worship, won’t be subject to the emissions cap. However, building owners whose properties are subject to the new law will be fined $268 for every ton of emission beyond an individual building’s limit. To make the necessary changes to avoid these massive penalties — such as replacing outdated heating, cooling and lighting systems — owners will need to retrofit older buildings with updated energy-efficient technology. The legislation demonstrates what a metropolitan version of the Green New Deal, the national movement for a multi-trillion dollar, climate-friendly plan, might look like. The legislation is expected to create thousands of blue collar jobs and make it easier for the city to take advantage of future state and federal funding for clean energy projects …
NEW YORK CITY — A joint venture between Pebb Capital and TriArch Real Estate Group has sold The Alabama, a 175-bed student housing community in the Greenwich Village neighborhood of Manhattan, for $104 million. The buyer in the transaction was undisclosed. Situated at 15 E. 11th St., the property serves students attending Cardozo Law School, The New School and New York University. The community offers fully furnished units with shared amenities including an attended lobby, fitness center, 24-hour business center, study and conference rooms, a 24-hour coffee bar, resident lounge and Hub by Amazon package lockers. Pebb Capital and TriArch acquired The Alabama in October 2016 for $58 million.
NEW ROCHELLE, N.Y. — Mill Creek Residential will develop a 334-unit apartment in New Rochelle, a northeastern suburb of New York City. The project will be situated on a two-acre plot at 115 Centre Ave., the site of the former Blessed Sacrament School. Mill Creek acquired the site for an undisclosed price. William Cuddy Jr. and Jacqueline Novotny of CBRE represented and advised the seller, Church of the Blessed Sacrament, in the transaction.
NEW YORK CITY — Transwestern has negotiated a 25,000-square-foot office lease for nonprofit childcare organization Sheltering Arms in Manhattan. The space is situated on a single floor of 25 Broadway, a 22-story, Class A office property also known as the Cunard Building. Other tenants include Relay Graduate School of Education, Teach for America and the American Thoracic Society. Lindsay Ornstein, Stephen Powers, Thomas Hines and Jake Cinti of Transwestern represented Sheltering Arms in the lease negotiations. Bruce Surry, Richard Levine and Gary Kamenetsky of CBRE represented the landlord, The Wolfson Group.
NEW YORK CITY — Brax Realty has arranged the $6.5 million sale of an eight-unit multifamily property in the Chelsea neighborhood of Manhattan. Located at 220 W. 16th St., the property is situated near the Google corporate office between 7th and 8th avenues. The ground-floor retail space is currently being used as a production set for the upcoming season of “Sesame Street.” Alan Stenson of Brax represented the seller, a private family that owned the property for 35 years. Stenson also represented the buyer, a private investor that acquired the asset via a 1031 exchange.
NEW YORK CITY — M&T Bank has provided a $78.7 million acquisition and construction loan for the purchase of land in the Williamsburg neighborhood of Brooklyn and development of a mixed-use project. The borrower, Two Trees Management, plans to build two mixed-use towers with 1,000 multifamily units, a 47,000-square-foot YMCA fitness facility, 57,000 square feet of office space and 30,000 square feet of retail space. Additional ground-level space will house amenities and a six-acre public park. The proposed project will be located along the East River on River Street, between Grand and North 3rd streets. Bjarke Ingels Group designed the project and James Corner Field Operations served as the landscape architect. Total cost of the project and the construction timeline were not disclosed, as Two Trees is seeking a rezoning.
NEW YORK CITY — Private education institution The Whittle School & Studios will open a 620,000-square-foot campus at The Wheeler, a 10-story tower in Brooklyn. Tishman Speyer recently completed construction of the tower, which is situated on top of a renovated Macy’s department store. The developer is finalizing construction of 11 Hoyt, an adjacent 48-unit condominium tower on the site of the former Macy’s parking garage. Shimoda Design Group was the architect of the project. The Whittle School will open its early learning program later this year, followed by its full Kindergarten through 12th grade program in September 2021. The Wall Street Journal reports that the project is expected to cost $300 million. Mark Aloia, Gary Rosenberg and Arielle Frost of Rosenberg & Estis P.C. represented Whittle in the lease negotiations.