New York

Fairstead, Meadow Partners Acquire Former Tootsie Roll Factory Apartments in Brooklyn for $67.2M

by Alex Patton November 5, 2019

NEW YORK CITY — A partnership between multifamily owner-operator Fairstead and investment firm Meadow Partners has acquired The Chocolate Factory Lofts, a 125-unit apartment building in Brooklyn, for $67.25 million. The converted Tootsie Roll factory at 275 Park Ave. is situated one block from the Brooklyn Navy Yard and the new Wegmans flagship grocery story. Daniel Parker, Paul Gillen and Kyle van Buitenen of Hodges Ward Elliott represented the sellers, HK Organization and Brickman Real Estate, in the transaction.

November 5, 2019

Acquisitions Multifamily New York Northeast ORIX

ORIX USA to Acquire Hunt Real Estate Capital

by Alex Patton November 4, 2019

NEW YORK CITY — ORIX Corp. USA, the U.S. and Latin American business hub of Tokyo-based ORIX Corp., has agreed to acquire multifamily finance firm Hunt Real Estate Capital LLC, an affiliate of Hunt Cos. Inc. The deal calls for the merging of New York-based Hunt Real Estate Capital with the two brands that comprise ORIX Real Estate Capital, Lancaster Pollard and RED Capital Group. Hunt currently offers the full suite of Fannie Mae, Freddie Mac and FHA financing packages, as well as proprietary bridge, term and subordinated product. Upon closing of the deal, which is expected to occur before year’s end, James Flynn, president and CIO of Hunt, will become CEO of the new entity. Branding of the new entity will be addressed after the close of the deal.

November 4, 2019

Acquisitions Multifamily New York Northeast

Marcus & Millichap Brokers $19M Sale of Perch Harlem Apartment Building in Manhattan

by Alex Patton November 4, 2019

NEW YORK CITY — Marcus & Millichap has brokered the $19 million sale of Perch Harlem, a 34-unit apartment building located at 542 West 153rd St. in the Hamilton Heights neighborhood of Manhattan. Eric Anton, Justin Natalizio and Christopher Warner of Marcus & Millichap represented the seller, a joint venture between Taurus Investment Holding and Synapse Development Group. The team also represented the buyer, the Olnick Organization.

November 4, 2019

Leasing Activity New York Northeast

Agency for the Performing Arts Signs 21,000 SF Office Lease in Manhattan

by Alex Patton November 4, 2019

NEW YORK CITY — Agency for the Performing Arts (APA) has signed a 21,000-square-foot office lease for its New York headquarters in Midtown Manhattan. The talent agency will relocate from its current location at 135 West 50th Street to its new space on the 21st floor of 3 Columbus Circle in December. Marketing firm Young & Rubicam anchor the building and other tenants include office rental agency Emerge212, Nordstrom and Jazz at Lincoln Center. Savills represented APA in the lease negotiations. John Fanuzzai and Harley Dalton of JLL represented the landlord, The Moinian Group.

November 4, 2019

Leasing Activity New York Northeast Office

JLL Negotiates 15,361 SF Office Lease at Mutual of America Building in Manhattan

by Alex Patton November 4, 2019

NEW YORK CITY — JLL has negotiated a 15,361-square-foot office lease for private investment firm Newlight Partners LP at the Mutual of America Building in Manhattan. Newlight Partners is relocating from 390 Park Avenue, also known as The Lever House, to the 25th floor of the 750,000-square-foot, Class A office building. The term of the new lease is 10 years. Alexander Chudnoff and Daniel Turkewitz of JLL represented Newlight Partners in the lease negotiations. Frank Doyle, David Kleiner and Betsy Buckley of JLL represented the landlord, Mutual of America Life Insurance Co.

November 4, 2019

Development Multifamily New York Northeast

RXR Realty Underway on 352-Unit Multifamily, Retail Development in New Rochelle, New York

by Alex Patton October 31, 2019

NEW ROCHELLE, N.Y. — RXR Realty is underway on 26 South Division Street, a 352-unit multifamily development in New Rochelle, a northern suburb of New York City. The property will include approximately 12,000 square feet of ground-floor retail space. The multifamily component will offer one-, two- and three-bedroom apartments with a valet parking garage, lounge, co-working space and a speakeasy. The property is slated to open in late 2021.

October 31, 2019

Acquisitions New York Northeast Office

JLL Negotiates $6M Sale of Office Building in Manhattan’s Seaport District

by Alex Patton October 31, 2019

NEW YORK CITY — JLL has negotiated the sale of 107 South Street, an 8,283-square-foot office building in the Seaport District of Manhattan. Dr. Michel Cohen, founder of New York-based medical practice Tribeca Pediatrics, acquired the property. The building was originally constructed in 1900 and sits across the street from the Pier 17 mixed-use development, which houses several dining and entertainment tenants. Will Suarez of JLL represented the undisclosed seller in the transaction.

October 31, 2019

Leasing Activity New York Northeast Office

Oak Hill Advisors Preleases 45,954 SF of Office Space at One Vanderbilt Avenue in Manhattan

by Alex Patton October 30, 2019

NEW YORK CITY — Investment firm Oak Hill Advisors has preleased 45,954 square feet of office space at One Vanderbilt Avenue, a 1.6 million-square-foot tower under development in the East Midtown neighborhood of Manhattan. One Vanderbilt is now 64 percent preleased to tenants including investment firm The Carlyle Group, equity firm Sentinel Capital Partners, TD Bank Group and German financial firms DZ Bank and DVB Bank. One Vanderbilt will offer a 30,000-square-foot, tenant-only amenity floor with meeting spaces, lounge and an outdoor terrace. The building will also include an 11,000-square-foot restaurant concept from French chef Daniel Boulud. Lance Korman, Brian Waterman and Jared Horowitz of Newmark Knight Frank represented Oak Hill Advisors in the lease negotiations. Robert Alexander, Ryan Alexander, Emily Jones and Alex D’Amario of CBRE represented the landlord and developer of the building, SL Green Realty Corp. Construction is slated for completion in August 2020.

October 30, 2019

Leasing Activity New York Northeast Office

Left/Right Signs 34,000 SF Office Lease Renewal in Manhattan

by Alex Patton October 30, 2019

NEW YORK CITY — Television production company Left/Right has signed a 34,000-square-foot office lease renewal at 39 West 19th Street in the Chelsea neighborhood of Manhattan. The company will continue to occupy the 7th, 9th and 10th floors of the 12-story, 131,054-square-foot office building for another 10 years. Erik Schmall and Daniel Thompson of Savills represented Left/Right in the lease negotiations. David Koeppel and Max Koeppel of Koeppel Rosen LLC represented the landlord, the Rosen family.

October 30, 2019

Acquisitions Development New York Northeast

Marcus & Millichap Arranges $3.2M Sale of Development Site in Queens

by Alex Patton October 30, 2019

NEW YORK CITY — Marcus & Millichap has arranged the $3.2 million sale of 30-85 and 30-87 31st Street in the Astoria neighborhood of Queens. The site includes two adjacent 25-foot by 80-foot vacant lots between 30th and 31st Streets in Astoria, which is zoned for general commercial development of 16,524 square feet. Matt Fotis, Lazarus Apostolidis and Zachary Golub of Marcus & Millichap represented the seller, a private investor, in the transaction. The team also represented the buyer.

October 30, 2019

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