New York

Engineering, Consulting Firm Signs 60,000 SF Office Lease in Midtown Manhattan

by Taylor Williams May 2, 2019

NEW YORK CITY — Cosentini Associates, a division of engineering and consulting firm Tetra Tech Inc., has signed a 60,000-square-foot office lease at 498 Seventh Avenue, a 25-story, 960,000-square-foot tower in Midtown Manhattan. Cosentini plans to relocate its headquarters from 2 Penn Plaza to the new space in the first quarter of 2020. Justin Aronson, Michael Liss, Christopher Mansfield and Adele Huang of CBRE represented the tenant in the lease negotiations. Andrew Conrad and Matt Coudert represented the landlord, George Comfort & Sons, on an internal basis.

May 2, 2019

Development Multifamily New York Northeast

Moinian Group, Bushburg Near Completion of $160M Multifamily Project in Brooklyn

by Taylor Williams May 1, 2019

NEW YORK CITY — A partnership between The Moinian Group, a privately held real estate group based in Manhattan, and locally based developer Bushburg Properties is nearing completion of its $160 million multifamily project located at 123 Linden Blvd. in Brooklyn. The property, known simply as 123 Linden, will include 467 units across 26 stories. The Moinian Group’s lending arm provided construction financing for the deal, and the company will also operate the property. Upon completion later this year, 123 Linden will feature 50,000 square feet of amenity space, including indoor and outdoor pools and fitness centers, a basketball court and a dog run.

May 1, 2019

Hospitality Loans New York Northeast

ACRES Capital Provides $37M Construction Loan for Hilton-Branded Hotel Near Rochester

by Taylor Williams May 1, 2019

CANADAGUIA, N.Y. — ACRES Capital, a New York-based real estate hedge fund, has provided a $37 million construction loan for the Hilton Tapestry Collection hotel in Canadaguia, a hospitality project located near Rochester. The project, which includes the development of a 44-unit condominium building, is valued at $53 million. Miami-based GenX Capital Partners and Boston-based Capstack Finance sourced the loan through ACRES Capital on behalf of the undisclosed borrower.

May 1, 2019

Loans Multifamily New York Northeast Seniors Housing

KeyBank Originates $65.9M Loan for Refinancing of Two Seniors Housing Properties in Western New York

by Taylor Williams April 30, 2019

ORCHARD PARK AND PITTSFORD, N.Y. — KeyBank Real Estate Capital has originated two Freddie Mac loans totaling $65.9 million for the refinancing of a pair of seniors housing properties in Western New York. In the first transaction, KeyBank provided $45.8 million for Orchard Heights, a community in the city of Orchard Park that features 114 assisted living units, 32 independent living residences and 16 memory care units. In the second deal, KeyBank provided $20.1 million for Heather Heights of Pittsford, which offers 72 assisted living units and 24 memory care units. Both properties were built in the 1990s. Carolyn Nazdin of KeyBank secured the loans, both of which carry fixed interest rates, 15-year terms and five years of interest-only payments. The borrower was not disclosed, but Buffalo-based Hamister Group LLC developed both communities.

April 30, 2019

Hospitality Loans New York Northeast

Avana Capital Provides $65M Construction Loan for AC Marriott Hotel in Manhattan

by Taylor Williams April 30, 2019

NEW YORK CITY — Arizona-based Avana Capital has provided a $65 million loan for the construction of a 26-story AC Marriott Hotel in the Chelsea neighborhood of Manhattan. Designed by Danny Forster & Architecture, the 168-room hotel will be located at 842 Sixth Ave. and will be the tallest hotel in the world to feature modular construction. The borrower was locally based firm 842 Enterprises Inc. Bloomberg reports that guest rooms will be assembled in Poland and shipped to New York, with the opening of the property slated to occur some time next year.

April 30, 2019

Development Loans Mixed-Use Multifamily New York Northeast Retail Top Stories

JDS Receives $664.1M Construction Loan to Build Brooklyn’s Tallest Building

by John Nelson April 30, 2019

NEW YORK CITY — A pair of real estate lenders provided a $664.1 million construction loan that will allow JDS Development Group to build the tallest building in Brooklyn. Situated at 9 DeKalb Ave. in the borough’s downtown district, the tower will rise 1,066 feet and will include 425 rental apartments, 150 for-sale condominiums and 120,000 square feet of retail space. JDS and development partner The Chetrit Group expect to deliver the 73-story residential tower in 2022. About 30 percent of the rental units at 9 DeKalb will be capped below market rates. The lenders include New York-based Silverstein Capital Partners and Montreal-based Otera Capital Inc., a subsidiary of Caisse de dépôt et placement du Québec (CDPQ), one of Canada’s leading institutional fund managers. Aaron Appel, Keith Kurland, Jonathan Schwartz, Michael Diaz, Mark Fisherand, Matthew Collins and Sean Bastian of JLL arranged the financing, details of which were not disclosed. SHoP architects is designing the residential tower’s façade to be clad in bronze and glass. New York-based JDS and Chetrit Group originally acquired the 9 DeKalb site in 2016 for $90 million, including air rights for the future development. On the site is a 70,000-square-foot, five-story property that once housed …

April 30, 2019

Leasing Activity New York Northeast Office

Savills Negotiates 34,000 SF Office Lease Renewal, Expansion in Lower Manhattan

by Taylor Williams April 29, 2019

NEW YORK CITY — Savills has negotiated a 34,000-square-foot office lease renewal and expansion for The Innocence Project, a local nonprofit organization, at 40 Worth Street in lower Manhattan. The tenant, which advocates for criminal justice reform, originally leased 20,000 square feet at 40 Worth Street in 2010 and expanded by an additional 3,000 square feet in 2014 prior to this expansion. Roy Lapidus of Newmark Knight Frank represented the landlord, GFP Real Estate, in the lease negotiations. The building was originally constructed in 1929 and houses the East Coast headquarters for The Gap, among other tenants.

April 29, 2019

Leasing Activity New York Northeast Office

Gerber Finance Signs 6,667 SF Office Lease in Manhattan

by Taylor Williams April 26, 2019

NEW YORK CITY — Gerber Finance has signed a 6,667-square-foot office lease at 8 West 40th Street, a 22-story building located in Manhattan’s Bryant Park district. The company will relocate from 488 Madison Avenue this summer and will occupy the entire 14th floor. Brett Greenberg and Fran Delgorio represented the landlord, Jack Resnick & Sons, in the lease negotiations on an internal basis. Rob Silver of Newmark Knight Frank represented Gerber Finance.

April 26, 2019

Acquisitions Multifamily New York Northeast

Greystar Acquires 266-Unit Multifamily Property in Manhattan

by Taylor Williams April 24, 2019

NEW YORK CITY — Greystar Real Estate Partners LLC has acquired 800 Sixth Avenue, a 266-unit multifamily community located in the NoMad neighborhood of Manhattan. Completed in 2003, the property offers quick access to major employment centers like Silicon Alley, which houses the offices of Google, Facebook, Twitter and IBM. The development is also in close proximity to Grand Central Station, the Hudson Yards mixed-use development and the World Trade Center. Greystar will implement a capital improvements program that centers on upgrading appliances, cabinetry, lighting, plumbing and hardware fixtures within the units. The new ownership will also overhaul the property’s amenity spaces, which include a fitness center, sky deck and a resident lounge with a chef’s kitchen and billiards room. The seller was not disclosed.

April 24, 2019

Leasing Activity New York Northeast Office

Med Review Renews, Expands Office Lease at 199 Water Street in New York City

by Taylor Williams April 24, 2019

NEW YORK CITY — Med Review, a subsidiary of the New York County Health Services Organizations that provides healthcare assessment services, has inked a deal to lease 72,439 square feet of office space at 199 Water Street in New York City. As part of the deal, the firm is taking an additional 35,454 square feet on the seventh floor, while also renewing its 36,985-square-foot space that spans the entire 27th floor. Built in 1984, 199 Water Street was renovated in 2014 to offer upgraded signage and lighting, as well as to add a new parking garage and tenant amenities. Brett Greenberg and Adam Rappaport represented the landlord, Jack Resnick & Sons, on an internal basis, along with John Cefaly, Robert Constable, Ethan Silverstein, Stephen Bellwood and Myles Fennon of Cushman & Wakefield. Mark Ravesloot and Bill Iacovelli of CBRE represented Med Review. Other tenants at the 1.1 million-square-foot property include The Howard Hughes Corp. and Allied World Insurance Co.

April 24, 2019

Newer Posts

Older Posts