NEW YORK CITY — Locally based brokerage firm Ariel Property Advisors has negotiated the $3.2 million sale of an industrial property in Brooklyn. The site at 193-199 Varet St. comprises a two-story, 3,783-square-foot building and a 7,500-square-foot vacant lot. According to LoopNet Inc. the building was constructed in 1975 and features a clear height of 15 feet. Sean Kelly and Benjamin Vago of Ariel represented the seller, the Armel Family, in the transaction. The buyer was not disclosed.
NEW YORK CITY — La Pecora Bianca Restaurant Group will open an 11,300-square-foot Italian restaurant at 200 Park Avenue in Midtown Manhattan. Known as Giulietta, the restaurant will feature 250 indoor seats and an additional 200 seats across an outside dining and bar area. Hospitality advisory firm Friend of Chef represented the operator in the negotiations for the 15-year lease. Irvine Co. Office Properties owns 200 Park Avenue, which is known locally as The Metlife Building. The opening is slated for spring 2026
MARLBORO, N.Y. — A partnership between Baxter Development and Rieger Homes has completed Hudson West, a 104-unit apartment complex in Marlboro, about 80 miles north of New York City. Hudson West comprises five buildings that house 84 two-bedroom units and 20 three-bedroom units. Residences range in size from 1,100 to 1,400 square feet. Amenities include a fitness center, clubroom and outdoor green space. Rents start at $2,500 per month for a two-bedroom apartment. Hudson West was 70 percent preleased at the time of completion.
NEW YORK CITY — Flexport has signed a 14,073-square-foot office lease in Manhattan’s Penn District. The freight and logistics services provider is relocating from 50 W. 23rd St. to the 11th floor of 31 Penn Plaza, an 18-story building that recently underwent a repositioning. Christine Colley, Daniel Turkewitz, Thomas Swartz and Mitch Konsker of JLL represented the landlord, Vanbarton Group, in the lease negotiations. Joseph D’Apice of CBRE represented Flexport.
NEW YORK CITY — Marcus & Millichap has brokered the $5 million sale of a 13-unit apartment building in the Hell’s Kitchen area of Manhattan. The building at 753 Ninth Ave. was originally constructed in 1920 and offers a mix of one-, two- and three-bedroom units. Joe Koicim, Logan Markley and Zan Colin of Marcus & Millichap represented the seller and procured the buyer, both of which were local private investors that requested anonymity, in the transaction. Seven units were vacant at the time of sale, and the new ownership plans to implement a value-add program.
PEARL RIVER, N.Y. — CBRE has negotiated a 42,226-square-foot office lease in Pearl River, located along the New York-New Jersey border. The tenant, health and wellness company Nice-Pak Products Inc., will occupy the entire 21st floor and part of the 20th floor at 1 Blue Hill Plaza. James Tully, Jon Meisel and Brian Godau of CBRE represented the landlord, an entity doing business as Glorious Sun Blue Hill Plaza LLC, in the lease negotiations. Cushman & Wakefield represented the tenant.
NEW YORK CITY — Nayya Health has signed a 29,915-square-foot office lease in Midtown Manhattan. The company will occupy the entire fourth floor and part of the 18th floor at 215 Park Avenue South for the next five years. Tim Freyberg of CBRE represented the tenant in the lease negotiations. Howard Tenenbaum and Gary Rosen represented the landlord, SL Green, on an internal basis. The deal brings the 20-story, 338,636-square-foot building to 92 percent occupancy.
NEW YORK CITY — Locally based brokerage firm Ariel Property Advisors has arranged an $11.6 million loan for the refinancing of a portfolio of six multifamily buildings totaling 61 units in The Bronx. The buildings are located in the borough’s Mott Haven neighborhood, and the portfolio includes commercial spaces. Matt Swerdlow, Matthew Dzbanek and Anthony Priest of Ariel arranged the nonrecourse loan, which was structured with a 5.35 percent interest rate and five years of interest-only payments. The direct lender and borrower were not disclosed.
NEW YORK CITY — Anthony Lawrence-Belfair has signed a 25,214-square-foot industrial lease in The Bronx. The furniture maker and distributor is relocating from the Long Island City area of Queens to the ground floor of the warehouse at 1200 Zerega Ave., with plans to open a new studio and showroom. Helen Paul of Cushman & Wakefield and Joseph Caputo of Exit Realty Premier represented the tenant in the lease negotiations. Mat Diana of DY Realty represented the landlord, Simone Development Co.
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Standard Communities Acquires $1B Affordable Housing Portfolio Across Four States
LOS ANGELES AND NEW YORK CITY — Standard Communities has acquired a portfolio of 60 affordable housing properties totaling approximately 6,000 units for $1 billion. The transaction is the largest affordable housing acquisition this year, according to the firm. The portfolio includes both traditional multifamily and seniors housing communities and locations across four states, growing the firm’s portfolio in California to 11,000 units and expanding its presence to three new states: Arizona, Colorado and Texas. Properties include the Oaks at Georgetown multifamily community in Georgetown, Texas; Harmony Court, an affordable seniors living community in Redondo Beach, Calif.; and Maroon Creek Apartments in Aspen, Colo. The undisclosed seller developed many of the properties around 2002. Standard plans to invest over $30 million in capital improvements and deferred maintenance across the portfolio. No residents will be displaced during renovations and the communities will remain within the affordable price point, according to the new ownership. An increasing number of households have been designated as “cost burdened” over the past year, leading to a push from policymakers to increase the amount of available affordable housing, according to a recent report by Yardi Matrix. In 2024, 69,600 units are expected to come on line with …