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.
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.
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.
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.
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.
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.
NEW YORK CITY — Capital One Healthcare, a New York-based lender, has provided a $285 million bridge loan for the refinancing of a portfolio of 13 seniors housing communities owned by Prime Care Properties LLC. Specific names and locations of the properties involved in the financing were not disclosed. The properties total 1,081 assisted living, 301 memory care and 85 skilled nursing units across seven states. Sunrise Senior Living manages 11 of the facilities while Harbor Retirement Associates manages two. Prime Care has owned the facilities since they were built in the late 1990s.
NEW YORK CITY — Lee & Associates has negotiated a 5,600-square-foot retail lease for restaurant group Quality Branded on the ground floor of 2 Bank Street in Manhattan. Quality Branded owns and manages the Quality Meats, Quality Eats and Quality Italian Steakhouse restaurants. Brad Schwarz and James Ficelman of Lee & Associates represented the landlord in the lease negotiations. Taryn Brandes of Brand Urban represented Quality Branded.
NEW YORK CITY — Barclays has provided Shorenstein Properties LLC with a $350 million loan to refinance the leasehold position in 1407 Broadway, a 43-story, 1.1 million-square-foot office tower near Times Square in New York City. The five-year loan features a floating interest rate. Solil Management, the company that manages the assets of late real estate mogul Sol Goldman, owns the land upon which 1407 Broadway is situated. The building is located at 1407 Broadway between 38th and 39th streets, two blocks from Times Square, one block from Bryant Park and six blocks from Hudson Yards. Shorenstein acquired the property’s ground lease from Abraham Kamber Associates and the sublease from Lightstone Group in April 2015 for $330 million. Shorenstein then implemented a three-year, $62 million renovation to improve the lobby, common areas, security, roof, terrace and elevator cabs. The building also underwent a retail renovation, adding new storefronts and signing tenants such as Num Pang, Luke’s Lobster and ’Wichcraft, a sandwich shop. The retail portion of the building is 95 percent leased. Over the past 12 months, 160,000 square feet have been leased throughout the building. Geoff Goldstein of JLL, which arranged the loan, says Shorenstein moved forward with this …
NEW YORK CITY — Brookfield Properties has opened One Manhattan West, a 2.1 million-square-foot office high-rise tower in Midtown Manhattan. The 67-story, Class A building is part of the Manhattan West mixed-use development that will include 6 million square feet of office space when construction is complete. The development will also include an 844-unit apartment building that will be branded The Eugene and a Pendry Manhattan West hotel. One Manhattan West was approximately 90 percent leased when it opened, with a tenant roster including the National Hockey League, as well as law firms McKool Smith and Skadden Arps, Slate, Meagher & Flom LLP. The next phase of construction, Two Manhattan West, is slated for completion in 2022. Skidmore, Owings & Merrill served as the architect of One Manhattan West, and AECOM Tishman was the general contractor.