New York

Extell Receives $530M in Financing for 68-Story Residential Condo Development in Brooklyn

by Taylor Williams August 6, 2018

NEW YORK CITY — New York-based Extell Development Co. has received $530 million in financing for the development of Brooklyn Point, a 68-story residential condo tower under construction in Brooklyn. The property is located within City Point, a development featuring 600,000 square feet of dining and retail. The financing consists of a $425 million senior construction loan, led by M&T Bank, and a $105 million mezzanine loan from New York-based RXR Realty. Designed by Kohn Pedersen Fox, the building will offer studio, one-, two- and three-bedroom units for sale. The property will feature 40,000 square feet of amenities, including rooftop and indoor pools, a fitness center, cocktail lounge, chef’s demonstration kitchen, game room, rock climbing wall, children’s playroom and screening/performance room. The ninth floor will offer a landscaped terrace with a putting green, fire pit and bar. “We were overwhelmed with interest in the building as soon as we opened the doors to our sales gallery,” says Ari Alowan Goldstein, senior vice president at Extell Development Co. “Our strong sales velocity is an indicator of pent-up demand for high-quality ownership opportunities in this extremely desirable neighborhood.” Pricing for studio to three-bedroom residences will start at $850,000. Purchasers will benefit from …

August 6, 2018

Acquisitions Multifamily New York Northeast

Marcus & Millichap Brokers $45M Sale of Multifamily Portfolio in White Plains

by David Cohen August 3, 2018

WHITE PLAINS, N.Y. — Marcus & Millichap has brokered the $45 million sale of a 104-unit, three-building multifamily portfolio in White Plains. The portfolio includes The Dylan, a four-story apartment building located at 42 Waller Ave.; La Gianna, a five-story property located at 10 Dekalb Ave.; and The Reed, a three-story property located at 115 N. Broadway. Amenities at the recently built apartment communities include modern finishes, programmable thermostat control, hardwood floors and a washer and dryer in each unit. Marcus & Millichap represented the sellers, Manhattan-based residential development company the Daten Group and development partner Lighthouse Living. The buyer is a Westchester-based developer.

August 3, 2018

Industrial Loans New York Northeast

MLK Real Estate Capital Secures $15M Bridge Loan for Industrial Property in Syracuse

by David Cohen August 3, 2018

SYRACUSE, N.Y. — MLK Real Estate Capital has secured a $15 million bridge loan for the recapitalization of a 1 million-square-foot, 90-acre industrial property in Syracuse. Ryan Goldstein of MLK represented the borrower, a family office and local operator in securing funding through an undisclosed lender. The borrower intends to use the loan proceeds to recapitalize equity in the deal and fund additional capital improvements and tenant improvements. The improvements will enable the borrowers to restructure in-place leases, attract new tenants to the property and build new structures on undeveloped areas of the property.

August 3, 2018

Acquisitions Hospitality New York Northeast

HFF Negotiates Sale of 216-Room Hampton Inn Hotel at JFK Airport

by David Cohen August 3, 2018

NEW YORK CITY — HFF has negotiated the sale of the Hampton Inn NY-JFK, a 216-room hotel near John F. Kennedy Airport in New York. Completed in 2001, the 13-story hotel underwent renovations in 2015 and features 1,250 square feet of meeting space as well as a fitness center. HFF represented the undisclosed seller in the transaction and arranged a three-year, floating-rate acquisition loan for the buyer, which was also undisclosed.

August 3, 2018

Acquisitions New York Northeast Office Top Stories

Deutsche, BLG Capital Acquire Fifth Avenue Office Building in New York

by Kristin Harlow August 3, 2018

NEW YORK CITY — A joint venture between Deutsche Finance America and BLG Capital have acquired the upper floors of 685 Fifth Ave., an office tower known as the “Gucci Building” in Midtown Manhattan. Other purchasing partners include developer Michael Shvo, The Wings Group and Latner Partners. The sellers are GGP and Thor Equities. The purchase price was $135 million, according to the New York Post. The buyers raised $155 million of equity for the acquisition and will seek approximately $100 million of debt financing to fully capitalize the project. The partnership is also looking at the potential for redevelopment, according to Sven Neubauer, chief investment officer for Deutsche Finance Group. Built in 1926, the 20-story building features more than 100,000 square feet of office space. Coach, Stuart Weitzman and Tag Heuer occupy the multi-level retail space at the property. GGP will continue to own the first through fourth floors. In its second-quarter results released on July 31, the company disclosed the refinancing of a consolidated floating-rate loan of $340 million for 685 Fifth Ave. Deutsche Finance America is a subsidiary of Germany-based Deutsche Finance Group. BLG Capital is a division of Bilgili Group, which focuses on hotel and lifestyle investments. — Kristin …

August 3, 2018

Loans Multifamily New York Northeast

Avison Young Arranges $31.5M Refinancing for Apartment Community in White Plains

by David Cohen August 2, 2018

WHITE PLAINS, N.Y. — Avison Young has arranged a $31.5 million refinancing for The Metro, a 124-unit apartment community in White Plains. The 12-story property is located in downtown White Plains at 34 S. Lexington Ave. David Krasnoff and Ryan Flannery of Avison Young arranged the financing package on behalf of the owner, Ginsburg Development Cos., a private real estate developer. The lender was undisclosed. Ginsburg recently acquired two buildings on the same block as The Metro and is currently redeveloping the area into a new project called City Square, which will include retail, office and residential space.

August 2, 2018

Acquisitions Multifamily New York Northeast

Dane Real Estate Negotiates $17M Sale of Two-Building Multifamily Portfolio in Harlem

by David Cohen August 1, 2018

NEW YORK CITY — Dane Real Estate has negotiated the $17 million sale of the Paul Robeson Houses, a two-building residential portfolio located in Central Harlem. The Paul Robeson Houses are comprised of two residential buildings with a total of 80 residential units. The buildings are both Section 8 properties. Dane Real Estate represented the undisclosed seller in the transaction. LIHC Investment Group purchased the portfolio.

August 1, 2018

Acquisitions Industrial New York Northeast

TerraCRG Arranges $8.5M Sale of Industrial Facility in Brooklyn

by David Cohen July 31, 2018

NEW YORK CITY — TerraCRG has arranged the sale of a 55,000-square-foot industrial facility in the Brownsville neighborhood of Brooklyn. The property sold for $8.5 million, or $155 per square foot. Ofer Cohen, Dan Marks, and Mike Hernandez of TerraCRG represented the seller, Joseph Robles, in the transaction. The buyer was undisclosed. The building features open layouts with two drive-in doors and 13-foot ceilings on both levels as well as 290 feet of frontage on Osborn Street.

July 31, 2018

Acquisitions Multifamily New York Northeast

Cushman & Wakefield Negotiates $1.6M Sale of Three-Story Multifamily Building in Queens

by David Cohen July 31, 2018

NEW YORK CITY — Cushman & Wakefield has negotiated the $1.6 million sale of a multifamily building in the Jackson Heights neighborhood of Queens. Stephen R. Preuss, Denise Prevete and Kevin Louie of Cushman & Wakefield represented the seller, Tina M. Ng & Katherine Y. Ng, in the transaction. The buyer was Harry Otterman. Located at 35-15 72nd St., the three-story property consists of six units. Recent upgrades to the building include an updated roof, and boiler within the past four years.

July 31, 2018

Hospitality Loans New York Northeast

Madison Realty Provides $38M Construction Loan for Hotel Development in Manhattan

by David Cohen July 30, 2018

NEW YORK CITY — Madison Realty Capital has provided a $38 million construction loan for the development of a new hotel in Midtown, Manhattan. The borrower, McSam Hotel Group led by New York developer Sam Chang, is currently constructing a 106,827-square-foot, 28-story building that will feature a 320-key Radisson hotel upon completion. Loan proceeds will be used to finalize construction of the building. The ground-up development is slated for completion in the next 12 months. Terms of the loan were not disclosed.

July 30, 2018

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