New York

Convene to Open 73,000 SF Event Venue at Brookfield Place in Manhattan

by Alex Patton December 16, 2019

NEW YORK CITY — Flex and meeting-space provider Convene has opened a 73,000-square-foot event venue at Brookfield Place, an office and retail center in Manhattan. Commonly referred to as the World Financial Center, Brookfield Place is situated across the street from the World Trade Center and houses numerous retail, restaurant and entertainment tenants. Convene’s new event space is located at 225 Liberty St., backfills the vacant Saks Fifth Avenue store and contains two large event spaces with capacity for 500 people each, as well as a coffee shop and café. Brookfield Properties is the landlord.

December 16, 2019

Development Multifamily New York Northeast

Ariel Property Advisors Brokers Sale of 16,500 SF Residential Development Site in Brooklyn

by Alex Patton December 16, 2019

NEW YORK CITY — Ariel Property Advisors has brokered the $3.3 million sale of 99-103 Grove Street, a 16,500-square-foot development site in the Bushwick neighborhood of Brooklyn. The site is zoned for residential construction and offers close access to several transportation nodes, including the J, L and M subway lines. The Buren café and Sunrise Sunset wine bar are also located nearby. Sean Kelly, Shimon Shkury and David Khukhashvili of Ariel represented the seller, Brookland Capital, in the transaction. The team also procured the buyer, which was undisclosed.

December 16, 2019

Market Reports New York Northeast Northeast Market Reports Office

Brooklyn and Queens: Worthy Alternatives to Overpriced Manhattan Office Market?

by Taylor Williams December 13, 2019

New York City is one of the priciest office markets in the world, with Manhattan housing the core business district of the city. The borough has always been the place to be — the ultimate live-work-play destination that houses the big corporations and the talent that recruiters look for. Overall, office asking rents in Manhattan fell only slightly during the third quarter to $74 per square foot, per Cushman & Wakefield, while rents in some submarkets continued to rise. In highly appealing office clusters like Hudson Yards or the Plaza District, asking rents often exceed $100 per square foot, meaning small- to mid-sized tenants are often priced out of these areas. Historically, areas outside Manhattan have not been as desirable for office users. Yet with rising housing prices, many New Yorkers have been priced out of the borough, forcing them to either downsize or get off the island. Developers have taken advantage of this trend and started investing in residential projects in Brooklyn and Queens in order to attract homebuyers. Businesses soon started to take notice, and many office-using tenants have since migrated or expanded into the outer boroughs, primarily Brooklyn and Queens. Small Leases Drive Brooklyn Brooklyn has always …

December 13, 2019

Leasing Activity New York Northeast Office

Chegg Signs 24,205 SF Office Lease at 31 Penn Plaza in Manhattan

by Alex Patton December 12, 2019

NEW YORK CITY — Education technology company Chegg has signed a 24,205-square-foot office lease at 31 Penn Plaza, an 18-story building in Manhattan. The company is relocating its New York office from 10 East 39th St. to the entire 12th floor of 31 Penn Plaza. The property is located close to 10 subway lines as well as major transportation hubs including Pennsylvania Station, Grand Central Terminal and Port Authority. Scott Brown of Newmark Knight Frank represented Chegg in the lease negotiations. Mitchell Konsker, Matthew Astrachan and Kyle Young of JLL represented the landlord, Vanbarton Group.

December 12, 2019

Acquisitions Industrial New York Northeast

Marcus & Millichap Arranges $4.2M Sale of Industrial Property in Brooklyn

by Alex Patton December 12, 2019

NEW YORK CITY — Marcus & Millichap has arranged the $4.2 million sale of 17-27 Herkimer Place, a 12,825-square foot industrial property in Brooklyn. The property is located near the Nostrand Avenue Station and Flatbush Avenue Station Commuter Rails. Jakub Nowak and Jason Grunberg of Marcus & Millichap represented the seller, a limited liability company. The team also represented the buyer, a private investor.

December 12, 2019

Hospitality Loans New York Northeast

JBA Equities Arranges $135M Loan for Refinancing of Mondrian Park Avenue Hotel in Manhattan

by Alex Patton December 11, 2019

NEW YORK CITY — JBA Equities has arranged a $135 million loan for the refinancing of the Mondrian Park Avenue hotel in the NoMad district of Manhattan. Journal Hotels manages the 190-room hotel, which opened in October 2017. KeyBank Real Estate Capital provided a $110 million senior mortgage loan and South Korea-based Fidelis Asset Management provided a $25 million mezzanine loan. Jonathan Aghravi, Charles Han and Eli Terry of JBA Equities, along with Tal Bar-or of Lantern Real Estate, secured the loan for the borrower, Moin Development.

December 11, 2019

Development Multifamily New York Northeast Seniors Housing

Terwilliger & Bartone Completes Phase I of 98-Unit Seniors Housing Community on Long Island

by Alex Patton December 11, 2019

HAUPPAUGE, N.Y. — Terwilliger & Bartone Properties has completed Phase I of Cornerstone at Hauppauge, a 98-unit seniors housing project in Hauppauge, located in the central part of Long Island. The community will ultimately offer 68 one-bedroom and 30 two-bedroom units to residents aged 55 and older and a 3,000-square-foot clubhouse with a dining room, library, fitness center and outdoor recreation area. Phase II, which centers on the construction of two-bedroom units, is slated for completion in March 2020.

December 11, 2019

Market Reports New York Northeast Northeast Market Reports Retail

Price Escalation in Other Asset Classes Pushes Investors Toward NYC Retail

by Taylor Williams December 11, 2019

The value proposition for retail investment in New York City is reaching new highs amid an arguably overvalued office market and a multifamily market that continues to grapple with onerous new regulations. Rapid price escalations in both of these sectors have played an integral role in spurring additional investor demand for retail as of late. Analysis of Avison Young’s third-quarter property sales report for Manhattan revealed a rare opportunity, as the average price per square foot for retail properties has now dipped to $1,449, nearly 40 percent below the trailing four-quarter average. In addition, deal volume was also down nearly 40 percent below the trailing four-quarter average, clocking in at just $175 million. The glory days of 2014, when the market eclipsed $3.5 billion in sales volume, are well behind us. “For Rent” signs now cover swaths of the hardest-hit corridors of Broadway in SoHo, Third Avenue on the Upper East Side and Canal Street. What’s The Upshot? All is not lost, however, in the world of retail investment. In fact, it’s very much the opposite. The legislative constraints putting pressure on the multifamily investment market do not currently exist in the retail world. And with retail pricing down significantly …

December 11, 2019

Loans Multifamily New York Northeast Seniors Housing

Greystone Provides $68.5 Loan for Refinancing of Seniors Housing Property in Manhattan

by Alex Patton December 10, 2019

NEW YORK CITY — Greystone has provided a $68.5 million Fannie Mae loan for the refinancing of Capitol Apartments, a Section 8 seniors housing property in Midtown Manhattan. The loan carried a 10-year term, a 30-year amortization period and a fixed interest rate. The borrower, Fifty First Capitol Associates, will use the proceeds to pay yield maintenance, make capital improvements to the property and monetize its existing equity. Originally built in 1925 as a hotel, the property offers 278 studio and one-bedroom apartments, including 250 age-restricted units. Rob Meehan and Jon Morales of Greystone originated the loan.

December 10, 2019

Development Multifamily New York Northeast Seniors Housing

Senior Lifestyle Corp. Opens The Club at Briarcliff Manor Near New York City

by Alex Patton December 10, 2019

BRIARCLIFF MANOR, N.Y. — Senior Lifestyle Corp. has opened The Club at Briarcliff Manor, a seniors housing community in Briarcliff Manor, a village along the Hudson River located approximately 30 miles north of New York City. The property offers 167 independent living units, 87 assisted living units and 33 memory care units in two interconnected buildings. Apartments range from 605 square feet to 1,040 square feet, with monthly rents starting at $7,350. The site was formerly housed Briarcliff Lodge, a grand resort hotel built in the early 1900s.

December 10, 2019

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