New York

Kelley Drye & Warren Sign 103,000 SF Office Lease in Manhattan

by Alex Patton September 5, 2019

NEW YORK CITY — Kelley Drye & Warren LLP, a New York-based law firm, has signed a 103,000-square-foot office lease at 3 World Trade Center in Manhattan. The firm will move to the 66th, 67th and 68th floors of the building in 2020, and will be the first law firm in the building. Other tenants in the building include advertising company GroupM, beverage company Diageo, mattress retailer Casper, and Hudson River Trading. Mary Ann Tighe, Ken Meyerson, Adam Foster, Evan Haskell, Steve Eynon, David Caperna and Rob Hill of CBRE represented the landlord, Silverstein Properties, in the transaction. Patrick Heeg and Ryan McKinney of Transwestern represented Kelley Drye.

September 5, 2019

Acquisitions Industrial New York Northeast Top Stories

Broadstone Acquires 23 Industrial Properties for $735.7M as Part of Portfolio Transformation

by Alex Tostado September 5, 2019

ROCHESTER, N.Y. — Broadstone Net Lease (BNL) has acquired 23 industrial properties in 14 states and British Columbia, Canada for $735.7 million. The portfolio was fully leased at the time of sale and comprises a mix of warehouse, distribution, cold-storage, manufacturing and flex properties. The 23 buildings total 6.9 million square feet and are leased to 19 tenants. When the sale closes, Rochester-based BNL’s portfolio will consist of 41 percent industrial properties, 27 percent retail and 18 percent healthcare. The company will own 668 net-leased commercial properties totaling approximately 27.2 million rentable square feet of operational space. The seller and a list of the properties were not disclosed. “This portfolio benefits from attractive real estate and tenant fundamentals and represents a diverse and accretive addition to our net lease real estate portfolio,” says Chris Czarnecki, BNL’s chief executive officer. The new portfolio has a weighted average remaining lease term of 11.5 years and weighted average annual rent increases of about 2.2 percent. The acquisition was funded through a combination of proceeds from BNL’s ongoing private offering of shares of common stock; $150 million from BNL’s $450 million, seven-year, unsecured term loan that matures in February 2026; $300 million from a new …

September 5, 2019

Acquisitions Industrial New York Northeast

Terreno Realty Acquires Industrial Property in Brooklyn for $80.5M

by Alex Patton September 4, 2019

NEW YORK CITY — Terreno Realty Corp., a San Francisco-based investor, has acquired an industrial property located in Brooklyn for approximately $80.5 million. The property, 134-154 Morgan Avenue, consists of two distribution buildings containing approximately 192,000 square feet and 41 loading positions. The buildings are 100 percent leased to eight tenants. The seller was undisclosed.

September 4, 2019

Acquisitions Affordable Housing Multifamily New York Northeast

CBRE Arranges $48.3M Sale of Affordable Housing Community in Yonkers, New York

by Alex Patton September 4, 2019

YONKERS, N.Y. — CBRE has arranged the $48.3 million sale of Parkledge, a 311-unit affordable housing community Yonkers, a northern suburb on New York City. The property features one-, two-, three- and four-bedroom apartments and was 97 percent occupied at the time of sale. Ninety percent of the units restrict potential tenants to 60 percent area median income. Tim Flint, Jeff Dunne, Gene Pride and Eric Apfel of CBRE represented the seller in the transaction, which was undisclosed. The buyer was Hudson Valley Property Group.

September 4, 2019

Loans Mixed-Use New York Northeast

ACRES Capital Provides $35M Construction Loan for Mixed-Use Property in Long Island

by Alex Patton September 4, 2019

LONG ISLAND CITY, N.Y. — ACRES Capital Corp., a New York-based lender, has provided a $35 million construction loan for 23-20 Jackson Avenue, an 82,000-square-foot mixed-use project located in Long Island City. Local real estate developer VOREA Group was the borrower. Designed by Oklahoma-based KSQ Architects, the property will feature retail across the ground floor and basement, two floors of office space and six floors of hospitality space. Marko J. Kazanjian of JLL arranged the loan, which carries a term of 24 months.

September 4, 2019

Leasing Activity New York Northeast Retail

Cushman & Wakefield Negotiates 5,550 SF Retail Lease for Sephora in Brooklyn

by Alex Patton September 4, 2019

NEW YORK CITY — Cushman & Wakefield, has negotiated a 5,500-square-foot retail lease for French beauty product chain Sephora in downtown Brooklyn. The retail space is located within the Atlantic Terminal Mall, across from the Barclays Center. The new store is scheduled to open in October. Brandon Singer, Ian Lerner, Alan Schmerzler and Diana Boutross of Cushman & Wakefield represented the landlord, New York-based Madison International, in the lease negotiations. Virginia Pittarelli of Crown Retail Services represented Sephora.

September 4, 2019

Loans Multifamily New York Northeast

KeyBank Provides $15M Freddie Mac Acquisition Loan for Multifamily Asset in Potsdam, New York

by Alex Patton September 3, 2019

POTSDAM, N.Y. — KeyBank Real Estate Capital has provided a $15 million Freddie Mac acquisition loan for Lawrence Avenue Apartments, a 137-unit multifamily property in Potsdam, a city in Upstate New York. The property was built in 1980 and comprises five two-story buildings. The borrower, a partnership between N.Y. Community Preservation Partners and Rochester’s Cornerstone Group, plan to refurbish and renovate the property. Robbie Lynn of KeyBank arranged the financing.

September 3, 2019

Development New York Northeast Retail

PUMA Opens 18,000 SF Flagship Store in Manhattan

by Alex Patton August 30, 2019

NEW YORK CITY — PUMA has opened an 18,000-square-foot flagship store in Manhattan, the company’s first location of this kind in North America. Customers can use the store’s PUMA x YOU technology to customize clothing and accessories before purchase. Additional in-store technology includes virtual racing and soccer simulators, 3-D knitting and screens that display alternate selections and colors of in-store merchandise.

August 30, 2019

Acquisitions New York Northeast Retail Top Stories

E-Commerce Retailer Le Tote Acquires Department Store Chain Lord & Taylor for $100M

by Alex Patton August 29, 2019

NEW YORK CITY — Le Tote, an online clothing rental subscription service based in San Francisco, has entered an agreement to acquire Lord & Taylor, a New York-based clothing department store chain previously owned by Canadian retail group Hudson’s Bay Company (TSX: HBC). Le Tote will assume responsibility of Lord & Taylor’s 38 brick-and-mortar stores, digital channels and inventory. In addition, HBC will receive an equity stake in Le Tote, two seats on the company’s Board of Directors and certain rights as a minority shareholder. The transaction is expected to close before the start of the 2019 holiday season. Le Tote will pay Toronto-based HBC $75 million in cash upon closing as well as a promissory note of $25 million, payable after two years. Helena Foulkes, CEO of HBC, said the company will focus on its other brands, Saks Fifth Avenue and Hudson’s Bay. “We’re excited to have reached an agreement with Le Tote that creates a new model for Lord & Taylor, bringing together fashion rental subscriptions with traditional retail,” Foulkes said. “Following an extensive review of strategic alternatives, Le Tote’s leadership and innovative approach is the best path forward for Lord & Taylor, its loyal customers and dedicated …

August 29, 2019

Acquisitions Multifamily New York Northeast

Rosewood Realty Group Arranges $10.5M Sale of Manhattan Multifamily Building

by Alex Patton August 29, 2019

NEW YORK CITY — Rosewood Realty Group has arranged the $10.5 million sale of 495 Amsterdam Avenue, a five-story multifamily building in Manhattan. Built in 1900, the 9,975-square-foot property features eight four-bedroom apartments and three retail spaces that are leased to a spa and electronics and clothing retailers. Aaron Jungreis of Rosewood Realty Group represented the buyer, Rudd Realty Management, in the transaction. Jungreis also represented the seller, 162 West 84th Street Corp.

August 29, 2019

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