New York

GFI Realty Arranges $26.7M Sale of Two-Building Apartment Portfolio in Brooklyn

by David Cohen December 5, 2018

NEW YORK CITY — GFI Realty Services has arranged the $26.7 million sale of a two-building apartment portfolio in the Prospect Park section of Brooklyn. Located at 111 Woodruff Ave. and 11 Crooke Ave., the properties include 89 residential units, 20 percent of which are vacant. The portfolio includes a unit mix of studio, one-,two- and three-bedroom apartments. The buildings are within two blocks of each other. Erik Yankelovich of GFI represented both the buyer, Greenroad Capital, and the undisclosed seller in the transaction.

December 5, 2018

Loans Multifamily New York Northeast Seniors Housing

Greystone Provides $100.8M HUD Financing for Skilled Nursing Facilities in New York

by David Cohen December 4, 2018

NEW YORK CITY — Greystone has provided a total of $100.8 million in HUD-insured loans to refinance two seniors housing properties in the state of New York. Fred Levine, managing director in Greystone’s Monsey office, originated the separate transactions for the same borrower. Although the borrower was not disclosed, Centers Health Care operates both facilities. Greystone provided a $71.8 million loan for Triboro Center for Rehabilitation and Nursing in the Bronx. The facility features 405 skilled nursing beds and 70 assisted living beds. Proceeds of the loan will be used to refinance the existing debt and to renovate portions of the facility. Greystone also provided a $29 million loan for Buffalo Center for Rehabilitation and Nursing, a 200-bed facility in Buffalo. The transaction was a bridge-to-HUD execution, for which Greystone funded the acquisition of the facility with its non recourse bridge loan platform and then completed a permanent exit with HUD’s long-term, fixed-rate financing. A portion of the loan proceeds will be used for renovations and improvements to the property.

December 4, 2018

Loans Multifamily New York Northeast

Square Mile Capital Originates $71M Refinancing for Condominium Building in Harlem

by David Cohen December 4, 2018

NEW YORK CITY — Square Mile Capital Management has provided a $71 million loan to refinance The Rennie, a newly built condominium building in Harlem. The eight-story property spans the entire block between W. 137th and 138th Streets and contains 134 residential condominium units. Square Mile Capital provided the loan to Goldman Sachs Urban Investment Group and BRP Companies. Proceeds of the loan were used to repay existing debt, return equity to the sponsor and provide term to allow time for condominium sales. Preston Flammang of Cushman & Wakefield’s New York City office represented the borrower in the transaction.

December 4, 2018

Acquisitions New York Northeast Retail

Urstadt Biddle Properties Acquires Shopping Center in Southeast, New York for $12M

by David Cohen December 4, 2018

SOUTHEAST, N.Y. — Urstadt Biddle Properties Inc. has acquired Lakeview Plaza Shopping Center in the town of Southeast for $12 million. The 177,000-square-foot property is anchored by a 54,000-square-foot Acme Supermarket and consists of five buildings on a 23-acre site. Lakeview Plaza is currently 73 percent leased to a mix of local, regional and national tenants including Rite-Aid, JPMorgan Chase, Supercuts, Subway, M&T Bank, KeyBank and Burger King. Urstadt Biddle purchased the shopping center from a lender who had foreclosed its loan on the property.

December 4, 2018

Acquisitions Mixed-Use New York Northeast

Marcus & Millichap Negotiates $2.2M Sale of Mixed-Use Building in Brooklyn

by David Cohen December 4, 2018

NEW YORK CITY — Marcus & Millichap has negotiated the $2.2 million sale of a 7,140-square-foot mixed-use building in Brooklyn. The property is located at 1501-1503 Broadway. Shaun Riney, Thomas Shihadeh and Andrew Reiter of Marcus & Millichap’s Brooklyn office represented the seller, a private investor, in the transaction. The buyer was also a private investor.

December 4, 2018

Acquisitions Mixed-Use New York Northeast Seniors Housing

Marcus & Millichap Negotiates $5.4M Sale of Mixed-Use Property in Brooklyn

by David Cohen December 3, 2018

NEW YORK CITY — Marcus & Millichap has negotiated the $5.4 million sale of a 12,088-square-foot mixed-use property in Brooklyn. The six-unit property is located at 85 Quay St. Shaun Riney and Michael Salvatico of Marcus & Millichap’s Brooklyn office represented the seller, a private investor, in the transaction. The buyer was also a private investor.

December 3, 2018

Acquisitions Mixed-Use New York Northeast

Kinsmen Property Group Acquires Mixed-Use Portfolio in Manhattan for $29.5M

by David Cohen November 30, 2018

NEW YORK CITY — Kinsmen Property Group has acquired a mixed-use portfolio in Manhattan’s Bowery District for $29.5 million. The seller was LBG Enterprises LLC. Located at 156-160 Bowery, the property includes three apartments and 8,000 square feet of retail space. With the acquisition, Kinsmen now owns 150 feet of frontage in the Bowery District. The retail space in the property was previously occupied by home decor seller Lighting by Gregory. There were no brokers in the transaction.

November 30, 2018

Acquisitions Healthcare New York Northeast

Jacobson Properties, Crisafulli Associates Broker $10M Sale of Medical Office Building in New York

by David Cohen November 30, 2018

NISKAYUNA, N.Y. — Jacobson Properties and Crisafulli Associates have brokered the $10 million sale of Albany Med at Niskayuna, a 37,821-square-foot medical office building in Niskayuna. The property is fully leased by Albany Medical College, which houses Albany Med EmUrgentCare, Albany Med’s Gastroenterology and Community Services medical group, laboratory services and an ambulatory surgical center. Lisa Menin of Jacobson Properties and Michael Crisafulli of Crisafulli Associates represented the undisclosed seller in the transaction. The buyer was a privately held healthcare real estate investment firm.

November 30, 2018

Acquisitions Mixed-Use New York Northeast

Cushman & Wakefield Negotiates $1.3M Sale of Mixed-Use Building in the Bronx

by David Cohen November 30, 2018

NEW YORK CITY —Cushman & Wakefield has negotiated the $1.3 million sale of a two-story, mixed-use building in the Claremont neighborhood of the South Bronx. Located at 500-502 E. 167th St., the 4,751-square-foot property includes four commercial units as well as a full basement. Jonathan Squires, Michael Fioravanti, Josh Neustadter and Addison Berniker of Cushman & Wakefield represented the undisclosed seller in the transaction. The buyer was also undisclosed.

November 30, 2018

Loans New York Northeast Retail

Progress Capital Arranges $23M Refinancing for Retail Property in Harlem

by David Cohen November 29, 2018

NEW YORK CITY — Progress Capital has arranged a $23 million loan to refinance a retail property in Harlem. CVS and Zwanger Pesiri Radiology anchor the property, which is located at 324 W. 125th St. Abe Mann of Progress Capital secured financing on behalf of the borrower, Wharton Properties. The lender was Wells Fargo. Terms of the non-recourse loan include full-term interest-only payments and no prepayment penalty. The proceeds of the loan will be used to retire existing debt and provide cash-out of vested equity that will be used to fuel a continued expansion of the borrower’s portfolio.

November 29, 2018

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