NEW YORK CITY — Rosewood Realty Group has arranged the $16.2 million sale of a six-story multifamily building located ar 135-145 W. Kingsbridge Road in the Kingsbridge Heights/Jerome Park area of The Bronx. The 79,000-square-foot building, which houses 58 apartments and nine retail stores, was built in 1922 and sold at a cap rate of 5.4 percent. Aaron Jungreis of Rosewood Realty Group represented the seller, Morgan Group, in the transaction and procured the buyer, a private investor.
NEW YORK CITY — Marcus & Millichap has brokered the $9.5 million sale of a five-story office building located at 32 E. 39th St. in Midtown Manhattan. Built in 1907 in the Murray Hill neighborhood, the historic structure was owned at one time by Jacob Ruppert Jr., an American businessman who also owned the New York Yankees from 1915 until his death in 1939. The building features a conference room, executive suites and a private roof deck. John Stewart, Nicholas Biedron and Stephen Bell of Marcus & Millichap represented the seller, a private investor, in the transaction.
KINGSTON, N.Y. — The New York State Department has approved a proposal from HealthAlliance of the Hudson Valley to transform and expand its hospital in Kingston, a project that is valued at roughly $92.9 million. Project plans call for the construction of a new, 79,000-square-foot building that will house 175 beds and an emergency care center and a full renovation of the existing 48,000-square-foot space. An exact construction start date has yet to be determined, but the department’s approval represents the final hurdle to be cleared in green-lighting the project, according to the development team.
NEW YORK CITY, NEW ROCHELLE AND MOUNT VERNON, N.Y. — Talonvest Capital Inc., a California-based mortgage broker, has arranged a $48.8 million bridge loan for the refinancing of three self-storage properties located throughout the New York City metropolitan area. The properties total 175,531 net rentable square feet across 2,012 units and are located in The Bronx, New Rochelle and Mount Vernon. An undisclosed lender provided the three-year, nonrecourse loan to a partnership between Kansas-based Clark Investment Group and self-storage developer GoodFriend Management. A full service commercial real estate lender provided the loan, which included an interest/operating reserve, individual release provisions and prepayment flexibility.
NEW YORK CITY — Arbor Realty Trust Inc. has provided a $15 million bridge loan for the refinancing of a 43-unit apartment complex located at 2417 Albemarle Road in Brooklyn. The property was built in 2018 and features an oversized common deck, bike storage area and an underground parking garage. Eugene Yanovskiy of Arbor originated the loan, which carries a two-year term with interest-only payments. The borrower was not disclosed.
NEW YORK CITY — JLL has arranged $70 million in acquisition and construction financing for a new multifamily project that will be located at 308 Livingston St. in Brooklyn. In addition to the construction financing, the developer, Lonicera Partners, sourced preferred equity from Twining Properties and a major institutional investor to develop the 23-story project, which is in the pre-construction phase. Lonicera will demolish the existing five buildings on the site make way for a development containing 160 apartments, including 48 affordable housing units, as well as 9,460 square feet of retail space. Amenities will include a sky lounge, common dining room, entertainment lounge, fitness center and coworking office space. Jonathan Schwartz, Aaron Appel, Keith Kurlan, Adam Schwartz and Mark Fisher of JLL arranged the financing through Santander Bank and City National Bank on behalf of Lonicera.
NEW YORK CITY — Restaurateur Todd Leong, owner of Lucky Rice as well as Leaf Bar & Lounge, will open The Beer Assembly, a 3,550-square-foot beer garden at Tangram. The 1.2 million-square-foot mixed-use development is located in Flushing. Developed by F&T Group and Shanghai Construction Group (SCG), Tangram features residential, office, retail and hospitality uses, including a 24,000-square-foot food hall that will be positioned adjacent to the beer garden. The opening is slated for early 2020.
NEW YORK CITY — Commercial brokerage firm TerraCRG has arranged the sale of 1000 Dean Street, a 150,000-square-foot office building in the Crown Heights area of Brooklyn, for approximately $55.9 million. Asher Abehsera, founder and CEO of LIVWRK, was the buyer of the historic building, which was originally constructed in 1920 as a service station for Dodge and Plymouth vehicles. LIVWRK is a real estate company focused on mixed-use urban development. The seller, a joint venture that included the Goldman Sachs Urban Investment Group, purchased the building in 2012 and converted it into an office property that is now home to more than 90 media companies, nonprofit organizations, tech start-ups and manufacturers. Ofer Cohen, Dan Marks and Daniel Lebor of TerraCRG brokered the deal.
SYRACUSE, N.Y. — Hampshire Venture Partners LLC has purchased a 134,444-square-foot retail building in Syracuse that was formerly occupied by Sam’s Club The purchase price was roughly $5.6 million. The new ownership plans to convert the building, which sits on 14.2 acres at 2649 Erie Blvd., into a self-storage facility. Phil Marshall of O,R&L Commercial represented Hampshire in the sale. Bill Anninos of CBRE represented the seller, Sam’s Real Estate Business Trust. No timeline for the building conversion was provided.
NEW YORK CITY — Cushman & Wakefield has brokered the $3.2 million sale of 37-55 61st St., a 6,200-square-foot industrial asset in the Woodside neighborhood of Queens. The building includes office space. Stephen Preuss and Rani Bendary of Cushman & Wakefield handled the transaction on behalf of the buyer and seller, both of which were private investors. The site allows for future expansion of an additional 9,600 square feet.
