NEW YORK CITY — Real estate consulting firm Vanbarton Group has signed a 10,024-square-foot office lease at Penn Plaza, located at 132 W. 31st St. in Manhattan’s Midtown area. The lease term spans seven years. Mitchell Konsker, Matthew Astrachan, Adam Haber and Kyle Young of JLL represented the tenant in the lease negotiations. Gabe Marans and Justin Greenstone of Savills Inc. represented the landlord, ExecOnline. The company is relocating from 860 Broadway.
NEW YORK CITY — Real estate investment and development firm Vanbarton Group has begun leasing Hollingsworth, a 25-story residential tower located at the corner of West 37th Street and Sixth Avenue in Midtown Manhattan. Designed by New York-based Fogarty Finger, the property offers 380 units and amenities such as a fitness center, package lockers, a rooftop lounge and an outdoor grilling area. Units feature imported Italian tile and soaking tubs in bathrooms, stone countertops and backsplashes in kitchens, as well as wood plank flooring and washers and dryers. Rents start at approximately $3,330 per month for studio units, $4,250 per month for one-bedroom residences and $5,925 per month for two-bedroom units. Move-ins will begin in May.
NEW YORK CITY —Madison Realty Capital has provided a $27 million first mortgage loan for the development of 93 Linden Street, a 68-unit multifamily project in the Bushwick neighborhood of Brooklyn. The undisclosed borrower has completed 35 percent of the project and expects the full completion to occur during the first quarter of 2020. Upon completion, 93 Linden Street will offer studio, one- and two-bedroom units, 70 percent of which will be priced at market rates. The remaining 30 percent will be affordable housing units.
SYRACUSE, N.Y. — New York City-based Juniper Capital has arranged a $14 million bridge loan for the acquisition of Orchard Estates, a 300-unit apartment complex in Syracuse. The property, which was 85 percent occupied at the time of the loan application, offers units in a variety of formats and amenities such as a pool, picnic area and onsite laundry facilities. Arbor Realty Trust Inc. originated the loan, which carries a three-year term and an 85 percent loan-to-cost structure. The borrower, New Jersey-based Vintage Management, will use a portion of the proceeds to fund capital improvements to unit interiors and add new amenities.
NEW YORK CITY — Cushman & Wakefield has arranged the sale of two commercial development sites located on 31st St. in the Astoria neighborhood of Queens for a combined total of $2.9 million. Each site is zoned for mixed-use development and will include a residential component. Stephen Preuss and Andreas Efthymiou of Cushman & Wakefield represented the undisclosed sellers in the transaction. A trio of private investors purchased the property.
NEW YORK CITY — Goldfish Swim School, which operates more than 80 swimming schools for children around the country, has signed a 10-year, 9,660-square-foot lease at Glen Oaks Shopping Center in Queens. The center, which is owned by local firm The Feil Organization, spans 187,650 square feet. Burlington Coat Factory and Key Food anchor the property, and other tenants include Walgreens and Subway. Goldfish Swim School includes party facilities, a snack bar and heated pools.
RICHFIELD, N.Y. — Marcus & Millichap has brokered the sale of Bronner Manor, a 24-unit apartment community in Richfield Springs, a city located in central New York. The property was built in 1981 and offers one- and two-bedroom units, as well as onsite laundry facilities. Chip Collins of Marcus & Millichap represented the seller, a partnership, and procured the buyer, a private investor, in the transaction. John Krueger of Marcus & Millichap also worked on the deal, which closed at a sales price of just over $1 million.
NEW YORK CITY — Foot Locker will open a 25,000-square-foot store at 605 W. 181st St. in Manhattan’s Washington Heights neighborhood. The locally based athletic footwear retailer will treat this location as a “power store” that offers experiential activities like creating customized sneakers and gaming zones. The store is slated to open this fall. New York-based Marx Realty owns the property in which the store will be housed.
COMMACK, N.Y. — The commercial real estate group of community bank Washington Trust has provided a $13.5 million loan for the refinancing of a 143-room Hampton Inn hotel located in Commack, a city on Long Island. The five-story hotel, which was built in 1988, is situated near the Long Island Expressway and offers standard amenities such as a pool, fitness center, a business center and meeting space. The borrower, an affiliate of hospitality owner-operator Chartwell Hotels, will use part of the proceeds to upgrade the lobby, refurnish the guestrooms and expand the exercise room. Specific loan terms were not disclosed.
NEW YORK CITY — JLL has negotiated the sale of a 12,452-square-foot mixed-use building in Manhattan for $11.5 million. The property, which includes residential and retail space, is situated between the Empire State Building and the Flatiron Building in the borough’s Midtown area and offers proximity to several subway stations. Brendan Maddigan, Stephen Palmese, Winfield Clifford, Ethan Stanton, Michael Mazzara and Clint Olsen of JLL represented the seller, local investment firm, Tsoumpas 157 Group LLC, in the sale. The buyer was private investor Shaun Ajodan.