NEW YORK CITY — Rosewood Realty Group has arranged the $57 million sale of a 120-unit, five-building multifamily portfolio in the Upper West Side of Manhattan. The properties are located at 4, 8, 10-16 Manhattan Ave. and 3-5 and 7-9 W. 108th St. Rosewood Realty’s Aaron Jungreis represented the seller, The Orbach Group, in the transaction. The buyer was undisclosed. The purchase price of the portfolio equates to a 4.7 percent capitalization rate.
NEW YORK CITY — A partnership between L&L Holding Co., Normandy Real Estate Partners and an institutional investor advised by J.P. Morgan Asset Management has acquired Terminal Stores, a 1.2 million-square-foot complex in the West Chelsea neighborhood of Manhattan, for $880 million. Constructed in 1891, Terminal Stores originally served the railroad lines that dominated the middle Hudson River waterfront. Coleman Burke, managing partner of Waterfront New York Realty, purchased the complex in 1983 and converted it into self-storage and office space. Current tenants include Uber Technologies Inc., L’Oréal USA and architectural firm Grimshaw. The property spans the entire block bounded by 11th Avenue, 12th Avenue, West 27th Street and West 28th Street. The partnership plans to transform the former warehouse complex into an office and retail development. Plans call for the conversion of approximately 500,000 square feet of self-storage space into Class A office use. Darcy Stacom and Bill Shanahan of CBRE represented the seller, a joint venture between Waterfront New York and GreenOak Real Estate Advisors LP. James Millon, Tom Traynor, Ethan Gottlieb and PJ Finley of CBRE Debt & Structured Finance arranged the $650 million acquisition financing on behalf of the borrower. Manhattan-based L&L is a privately owned …
NEW YORK CITY — Big City Realty LLC has acquired a six-story mixed-use building in the Hamilton Heights neighborhood of Manhattan for $18.4 million. Located at 3440 Broadway, the 47,714-square-foot property includes 34 residential units, five retail stores and two professional offices. Peter Vanderpool of Cignature Realty represented Big City Realty in the transaction. The seller was undisclosed.
NEW YORK CITY — Cushman & Wakefield has arranged the $8.6 million sale of a four-story, 4,554-square-foot mixed-use building in the SoHo neighborhood of Manhattan. Located at 57 Grand St., the property comprises one ground-floor restaurant and three floor-through loft apartment spaces above. Robert Burton and Bobby Carrozzo of Cushman & Wakefield represented the seller, Granville Equities, in the transaction. The buyer was Lex Jay Realty Corp.
NEW YORK CITY — Cushman & Wakefield has brokered the $4.6 million sale of a 25-foot wide development site in Manhattan’s Hell’s Kitchen neighborhood. Located at 422 W. 49th St., the property includes 2,500 square feet of land with a total buildable square footage of approximately 10,500. Maurice Suede of Cushman & Wakefield represented the sellers, The Hakimian Organization and the Gorjian family, in the transaction. The buyer was Mortar Arch + Dev, which plans to develop residential condominiums on the site. The property is within walking distance to the 1, N, R, W, C and E subway trains.
NEW YORK CITY — Avison Young has brokered the $12.8 million sale of a 13,998-square-foot office condominium in Manhattan. Located at 20 W. 33rd St., the property is currently vacant. James Nelson, Henry Post and David Lawrence of Avison Young represented the sellers, 60 Guilders and The Carlyle Group, in the transaction. Rudder Property Group represented the buyer, Glocap Search LLC.
MEDFORD, N.Y. — Developer Farmington Valley LLC has opened a 19,097-square-foot Tractor Supply retail store in Medford. The property, which also includes 20,000 square feet of outdoor display and sales space, is the first Tractor Supply location in Long Island. Farmington Valley is an operating company of New England Retail Properties Inc. Tractor Supply Co. owns and operates over 1,750 stores in 49 states, supplying basic maintenance products to home, land, pet and animal owners.
NEW YORK CITY — Madison Realty Capital has provided a $36.1 million construction loan for a mixed-use development in the Upper West Side neighborhood of Manhattan. Located at 214 W. 72nd St., a vacant, five-story building currently occupies the property. The borrower, a partnership between Scott Shnay of SK Development and Charles Blaichman of CB Developers, is planning to construct a 21-story, 38,000-square-foot mixed-use project on the site that will include both residential and retail uses.
NEW YORK CITY — Marcus & Millichap has negotiated the $6.7 million sale of a 14,000-square-foot development site in the Red Hook neighborhood of Brooklyn. Located at 153-161 Van Dyke St., the property includes 140 feet of frontage on Van Dyke Street. Jakub H. Nowak, Matthew Rosenzweig and Jesse Kay of Marcus & Millichap represented the seller, a private investor, in the transaction. The buyer was also a private investor.
NEW YORK CITY — S3 Capital Partners has arranged a $76 million construction loan for a 21-story, 87,655-square-foot hotel in the NoMad neighborhood of Manhattan. Located at 292 Fifth Ave., the hotel will consist of 182 rooms and a restaurant. The borrower is Sam Chang, the owner and founder of McSam Hotel Group. The lender was undisclosed. Nearby hotel properties include the Ace Hotel, Royalton Park Avenue, The Nomad Hotel and The Langham New York Fifth Avenue. The hotel will be flagged as an upscale boutique hotel brand.
