New York

Greystone Arranges $50M Loan for Refinancing of Brooklyn Multifamily Building

by Alex Patton November 19, 2019

NEW YORK CITY — Greystone has arranged a $50 million bridge loan for the refinancing of House No. 94, a recently constructed 75-unit multifamily building in the Williamsburg neighborhood of Brooklyn. An affiliate of Ares Management LLC provided the five-year, variable-rate loan to the borrower, an affiliate of Hudson Cos. Inc. Completed in 2018, the property offers mixed-income housing, ground-floor retail space and amenities including a 12,000-square-foot courtyard, tenant lounge and fitness center.

November 19, 2019

Company News New York Northeast

Cushman & Wakefield Acquires NAI Long Island, Hires 16 Professionals

by Taylor Williams November 18, 2019

MELVILLE, N.Y. — Cushman & Wakefield has acquired the brokerage division of NAI Long Island, adding 16 new commercial leasing and investment sales professionals to its regional workforce. Founded in 1980 by Carmine Inserra, NAI Long Island is based in Melville, located centrally on Long Island, and represents both investors and tenants in leasing and sales of office, industrial, retail and mixed-use properties. Former NAI Long Island employees will continue to work temporarily in NAI Long Island’s current office until all team members relocate to a new Cushman & Wakefield office in Melville in 2020. Financial details of the acquisition were not disclosed.

November 18, 2019

Development Multifamily New York Northeast

NKF Arranges $44 Million Acquisition Loan for Development Site in Manhattan

by Alex Patton November 15, 2019

NEW YORK CITY — Newmark Knight Frank (NKF) has arranged a $44 million acquisition loan for 4650 Broadway, a 47,350-square-foot development site located in the Inwood neighborhood of Manhattan. SCALE Lending, the lending arm of Slate Property Group, provided the floating-rate loan to Arden Group Inc. The borrower plans to use the loan to acquire the site and develop a 300,000-square-foot multifamily building with retail space. Dustin Stolly and Jordan Roeschlaub led the NKF team that secured the loan.

November 15, 2019

Leasing Activity New York Northeast Office

Monacle Vision Signs 2,000 SF Office Lease in Brooklyn

by Alex Patton November 15, 2019

NEW YORK CITY — Tech company Monacle Vision Inc. has signed a 10-year, 2,000-square-foot office lease at 268 Metropolitan Ave. in the Williamsburg neighborhood of Brooklyn. The company will use the new space as a coworking office aimed at tech companies and ventures. Monocle Vision Inc. creates image capturing solutions for commercial retail use and will continue to provide this service from its Manhattan office. Moshe Akiva led the Tri State Commercial Realty team that represented Monocle Vision Inc. in the lease negotiations. Tri State Commercial represented the landlord, All Year Management.

November 15, 2019

Development Hospitality New York Northeast

Local Developer Underway on 240-Room Staybridge Suites Hotel in Long Island City

by Taylor Williams November 14, 2019

LONG ISLAND CITY, N.Y. — New York-based real estate developer Teddy Li is underway on construction of a 240-room Staybridge Suites hotel in Long Island City. The project, located at 38-61 11th Ave., will encompass approximately 180,000 square feet, rise 24 stories and feature a community facility and 109 parking spaces. Gary Sefcik, Iona Liu, Dan Lisser and Rick Lechtman of Marcus & Millichap arranged a $46 million construction loan from a private lender for the project. Construction is slated for completion in June 2020.

November 14, 2019

Development Multifamily New York Northeast Seniors Housing

E.W. Howell Completes Construction of 89-Unit Seniors Housing Community on Long Island

by Alex Patton November 13, 2019

WOODBURY, N.Y. — E.W. Howell Construction Group has completed Orchard Estate of Woodbury, an 89-unit assisted living and memory care community in Woodbury, a city on Long Island. Benchmark Senior Living is the developer and operator of the community. Orchard Estate of Woodbury is the second Benchmark project on Long Island, following Whisper Woods at Smithtown, which opened in 2018. E.W. Howell also served as general contractor on that project.

November 13, 2019

Acquisitions Industrial New York Northeast

JLL Brokers Sale of 152,000 SF Bunzl Distribution Center in Buffalo

by Alex Patton November 13, 2019

BUFFALO, N.Y. — JLL has brokered the $8.3 million sale of Bunzl Distribution Center, a 152,000-square-foot industrial property in Buffalo. The facility features 25-foot clear heights, 27 front-loading dock doors and office space. At the time of sale, the property was 100 percent leased to packaged food distributor Bunzl Midatlantic LLC. Jose Cruz and Tyler Peck of JLL represented the seller, Foxfield Industrial, in the transaction. Michael Pagniucci of JLL secured a long-term, fixed-rate acquisition loan through an undisclosed life insurance company for the buyer, which was also undisclosed.

November 13, 2019

Leasing Activity New York Northeast Office

Westhab Signs 8,233 SF Office Lease in the Bronx

by Alex Patton November 12, 2019

NEW YORK CITY — Non-profit community development organization Westhab has a signed an 8,233-square-foot office lease at Union Crossing, a 275,000-square-foot office building in the Bronx. The eight-story building was formerly a warehouse, and following renovations earlier this year, now offers office, light industrial and ground-floor retail space. With a lease term of 10 years, Westhab is the building’s first tenant since the renovation and its space will be built out. Madison Realty Capital, The Bluestone Group, Altmark Group and Gali Management partnered with JRT Realty to lease Union Crossing.

November 12, 2019

Loans Multifamily New York Northeast

Greystone Provides $34.5M Bridge Loan for Multifamily Property in Brooklyn

by Alex Patton November 11, 2019

NEW YORK CITY — Greystone has provided a $34.5 million bridge loan to refinance Lenox Apartments, a 55-unit multifamily property in Brooklyn. The loan refinances previous debt from Madison Realty Capital and comprises a 24-month term with two six-month extensions. Lenox Apartments was completed in 2018 and features 9,000 square feet of retail space on the ground floor. The loan was originated by Anthony Cristi and Hope Curtis of Greystone.

November 11, 2019

Loans Multifamily New York Northeast

Merchants Capital Secures $21M Construction loan for Multifamily Community in Queens

by Alex Patton November 11, 2019

NEW YORK CITY — Merchants Capital has secured a $21 million construction loan for a 200-unit multifamily community in Queens. The borrower, Dunn Development, will use the loan to redevelop the Triboro Hospital for Tuberculosis into a housing project that will provide a mix of supportive housing for special needs and homeless tenants, as well as affordable housing for low- to moderate-income households. Merchants Capital secured the funding using a Freddie Mac low-income housing tax credit cash loan. Construction is underway and is slated for completion by July 2021.

November 11, 2019

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