New York

Cushman & Wakefield Brokers $15.5M Sale of Multifamily Community in Farmingdale, New York

by Kristin Harlow August 20, 2018

FARMINGDALE, N.Y. — Cushman & Wakefield has brokered the $15.5 million sale of Cornerstone Farmingdale, a 42-unit multifamily community in Farmingdale. Andrew Merin, David Bernhaut, Gary Gabriel, Brian Whitmer, Kevin Donner, Ryan Dowd and Michael Collins of Cushman & Wakefield represented the seller, Terwilliger & Bartone Properties, in the transaction. The buyer was Fairfield Properties. The property is located in downtown Farmingdale and offers amenities such as a rooftop terrace with a fire pit and grills, a fitness center and a clubroom with a billiards table, fireplace, and caterer’s kitchen.

August 20, 2018

Acquisitions Multifamily New York Northeast Seniors Housing Top Stories

Ventas to Acquire Independent Living Property in Manhattan for $194M in Sale-Leaseback with Brookdale

by Taylor Williams August 20, 2018

NEW YORK CITY — Brookdale Senior Living Inc. (NYSE: BKD) has agreed to sell Brookdale Battery Park, an independent living community in Manhattan, for $194 million. The buyer is Chicago-based REIT Ventas Inc. (NYSE: VTR), which expects the deal to close by year’s end. The sales price includes debt and translates to an exit capitalization rate of 5 percent for Brookdale. The 14-story property features 217 units overlooking the Hudson River and offers convenient access to areas such as Tribeca, SoHo and the Financial District. Amenities include a library, arts and crafts studio and a beauty/barber shop. “The Battery Park acquisition firmly establishes Ventas as the market leader in seniors housing in the elite Manhattan market,” says Debra A. Cafaro, chairman and CEO of Ventas. “Battery Park adds an irreplaceable, well-established community to our high-quality seniors housing portfolio and is uniquely positioned to benefit from New York City’s strong demographics.” HFF represented Brookdale, will continue to operate the property following the change in ownership, in the sale. Brookdale is the largest owner and operator of seniors housing communities in the United States, managing 988 communities in 46 states as of June 30. The company is undergoing a massive restructuring after …

August 20, 2018

Acquisitions New York Northeast Office

Marcus Partners, Dalan Management Acquire Two Office Buildings in Midtown Manhattan for $54.5M

by Taylor Williams August 17, 2018

NEW YORK CITY — Boston-based Marcus Partners, in partnership with Dalan Management, has acquired two adjacent 12-story office buildings in Midtown Manhattan for $54.5 million. The buildings, which are located at 10-12 E. 33rd St., each contain 35,000 square feet of office space with 2,000 square feet of ground-floor retail. The properties are fully leased to a mix of tenants in industries such as technology, advertising, media and architecture. The loft-style buildings feature exposed brick, windows on three sides and provide small- to mid-size companies the opportunity to occupy an entire floor. Matthew Spiegel, Mo Beler, Glen Tolchin and Anthony Ledesma of JLL arranged the sale on behalf of the buyer. The seller was undisclosed.

August 17, 2018

District of Columbia Florida Hospitality Loans New York Northeast Southeast Top Stories

Qatar-based Investor Receives $503M Refinancing for Hotel Portfolio in NYC, Miami, D.C.

by Kristin Harlow August 17, 2018

NEW YORK CITY, MIAMI AND WASHINGTON, D.C. — Qatar-based Al Rayyan Tourism Investment Co. (ARTIC) has received $503 million in refinancing for a three-property hotel portfolio totaling 1,049 rooms in New York City, Miami and Washington, D.C. HFF arranged three floating-rate loans through Mack Real Estate Credit Strategies for the refinancing. The breakdown includes: a $290 million loan for The Manhattan at Times Square Hotel; a $132 million loan for the St. Regis Bal Harbour Resort in Miami; and an $81 million loan for the St. Regis Washington, D.C. Each loan carries a four-year term. Originally developed in 1952, The Manhattan at Times Square Hotel houses 685 rooms and 9,100 square feet of retail space. The 22-story hotel is located in Times Square at 790 7th Ave. ARTIC will continue to operate the hotel and plans to redevelop the property into a much taller mixed-use tower. Once redeveloped, the building will include 44,000 square feet of LED signage wrapping the base, 134,000 square feet of retail space, 250 hotel rooms and 150 luxury condominium residences. The St. Regis Bal Harbour is a 27-story luxury hotel in Miami with 192 guest rooms and 24 condo units. The hotel features the Remède Spa, two pools, a …

August 17, 2018

Loans Mixed-Use New York

NKF Capital Markets Secures $60M Recapitalization for Mixed-Use Project in Brooklyn

by David Cohen August 16, 2018

NEW YORK CITY — NKF Capital Markets has secured a $60 million loan for the recapitalization of an eight-story mixed-use project under development in the Clinton Hill neighborhood of Brooklyn. Located at 325 Lafayette Ave., the property will include 116 apartment units, 40 parking spaces and 16,943 square feet of street-level retail space. Key Food and Starbucks have pre-leased space at the property. Amenities will include a rooftop terrace, fitness center and a media and gaming lounge. NKF secured the loan on behalf of Slate Property Group. The lender was undisclosed. The project is scheduled for completion sometime this fall.

August 16, 2018

Industrial Leasing Activity New York Northeast

Atlantic Plywood Corp. Signs 46,000 SF Industrial Lease in Farmingdale, New York

by David Cohen August 15, 2018

FARMINGDALE, N.Y. — Lumber supplier Atlantic Plywood Corp. has signed a 46,161-square-foot industrial lease in Farmingdale. Located on a 2.2-acre site at 220 Smith St., the facility features 18-foot clear heights, multiple loading docks and is fully fenced. Barry Cohorsky, Brian Pinnola and Matthew Giugliano of NAI represented Atlantic Plywood in the transaction. The landlord was represented by Brian Lee and Dan Marcus of Newmark Knight Frank.

August 15, 2018

Acquisitions Multifamily New York

Cushman & Wakefield Arranges $3M Sale of Apartment Building in Queens

by David Cohen August 13, 2018

NEW YORK CITY — Cushman & Wakefield has arranged the $3 million sale of an eight-unit apartment building in the Astoria neighborhood of Queens. The sales price equates to approximately $511 per square foot and a 4.3 percent capitalization rate. Thomas A. Donovan, Tommy Lin, Eugene Kim and Robert Rappa of Cushman & Wakefield represented the undisclosed seller in the transaction. The buyer was also undisclosed. The property, which is located at 28-08 23rd Ave., consists of eight two-bedroom apartment units. Four units are rent-stabilized, one is rent-controlled and three are free-market.

August 13, 2018

Loans Multifamily New York Seniors Housing

BMO Harris, Wells Fargo Arrange $200M Loan for Seniors Housing Redevelopment in Brooklyn

by David Cohen August 10, 2018

NEW YORK CITY — BMO Harris Healthcare Real Estate Finance and Wells Fargo Bank National Association have arranged a $200 million loan to support the redevelopment of the former Leverich Towers Hotel in Brooklyn into a seniors housing community. The companies acted as lead arrangers as bookrunners on the transaction, which refinances the acquisition and redevelopment loans. BMO acted as administrative agent and Wells Fargo partnered with Capital One to form the syndicate for the facility. The project will convert the building into a 314,000-square-foot, 273-unit independent living, assisted living and memory care community. The borrowers are Kayne Anderson and Watermark Retirement Communities.

August 10, 2018

Loans Multifamily New York Northeast Top Stories

PCCP Provides $168.5M Loan to Refinance Luxury Apartment Building in Manhattan

by Kristin Harlow August 10, 2018

NEW YORK CITY — PCCP has provided a $168.5 million senior loan to refinance a 280-unit luxury apartment building in the Hell’s Kitchen submarket of Manhattan. The 14-story property is located at 535 W. 43rd St. The borrower, a joint venture between Patrinely Group, USAA Real Estate and DHA Capital, completed development of the property in mid-2016. The asset is currently 93 percent occupied. Steve Kohn, Gideon Gil, Chris Moyer and Noble Carpenter III of Cushman & Wakefield arranged the loan. The property comprises two towers with 218 market-rate units and 62 affordable housing units. A courtyard garden and glass-enclosed walkway bridge connect the two towers. Floor plans include a mix of studios, one- and two-bedroom units. More than 28,000 square feet of amenity space includes two rooftop gardens, a fitness center and yoga area, game room, media room, club lounge, communal kitchen and children’s playroom. Hell’s Kitchen, which has historically consisted of old warehouses and small multifamily properties, has experienced an influx of development in recent years. The activity has largely been led by the rezoning of the Hudson Rail Yards. Upon completion, the Hudson Yards redevelopment project will feature more than 18 million square feet of commercial and …

August 10, 2018

Acquisitions Multifamily New York

Greystone Arranges $54.8M Freddie Mac Loan for Multifamily Building in Brooklyn

by David Cohen August 9, 2018

NEW YORK CITY — Greystone has arranged a $54.8 million Freddie Mac loan for The Dean, a 120-unit multifamily community in the Crown Heights neighborhood of Brooklyn. Located at 1040 Dean St., the eight-story property features a roof deck, lounge, fitness center and onsite parking. Anthony Cristi of Greystone arranged the 10-year, fixed-rate Freddie Mac CME loan, which is designed for new construction assets nearing stabilization. Yoel Goldman of All Year Holdings owns the building.

August 9, 2018

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