Thursday, August 21, 2025
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Company NewsNew YorkNortheast

Newmark Group to Acquire RKF Retail Holdings for Undisclosed Price

by David Cohen

NEW YORK CITY — Newmark Group Inc. (NASDAQ: NMRK) has agreed to acquire RKF Retail Holdings LLC, a real estate firm specializing in retail leasing, for an undisclosed price. The acquisition is expected to close later this year, and will grow New York-based Newmark’s already robust retail business, which includes leasing, investment sales and retail occupier services alongside Excess Space Retail Services Inc., a Newmark company specializing in real estate disposition and lease restructuring. Robert K. Futterman will serve as chairman of Newmark RKF, Newmark’s retail leasing division, and will be responsible for leading the growth of the company’s retail real estate business throughout North America.

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AcquisitionsMixed-UseNew YorkNortheast

Meridian Brokers $22.5M Sale of Mixed-Use Portfolio in Brooklyn

by David Cohen

NEW YORK CITY — Meridian Investment Sales has brokered the $22.5 million sale of three contiguous mixed-use buildings in the Williamsburg neighborhood of Brooklyn. The Williamsburg neighborhood underwent gentrification starting in the late 1990s mostly due to low rents. Average rents today range from $1,400 for a studio apartment to $2,600 to $4,000 for a two-bedroom unit. Located at 119-123 Kent Avenue, the buildings contain 17 fully renovated residential apartment units and three ground-floor retail units. David Schechtman, Lipa Lieberman and Abie Kassin of Meridian represented the undisclosed seller in the transaction. The buyer was a private family via a 1031 exchange. Meridian also arranged $12 million in acquisition financing through a local savings bank.

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LoansMixed-UseNew YorkNortheast

Leviathan Capital Arranges $7.3M Loan for Mixed-Use Property in Soho

by David Cohen

NEW YORK CITY — Leviathan Capital has arranged $7.3 million in permanent mortgage financing for a mixed-use property in the Soho neighborhood of Manhattan. The property consists of 10 apartments and one retail unit occupied by a long-term tenant. Leviathan secured a 10-year, fixed-rate loan at 4.26 percent with five years of interest-only financing. The lender, a money center bank, charged no origination fee. The borrower was a local owner-operator.

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AcquisitionsNew YorkNortheastOffice

Savanna Acquires Office Tower in Midtown Manhattan for $640M

by David Cohen

NEW YORK CITY — New York City-based real estate investment manager Savanna has acquired a 682,988-square-foot office and retail property in Midtown Manhattan for $640 million. The property, known as 5 Bryant Park, was purchased from an affiliate of Blackstone. Savanna plans to modernize the property through a capital improvement program that will include a redesigned lobby, entrance and building signage. 5 Bryant Park is located directly across from Bryant Park on Sixth Avenue and features 100 feet of frontage facing the park. A joint team of JLL and HFF represented Savanna in the financing of the acquisition. Laurie Grasso of Hunton Andrews Kurth represented Savanna as legal counsel in the transaction. CBRE has been selected as the exclusive leasing agent for the property.

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AcquisitionsMultifamilyNew YorkNortheast

Mortar Development Acquires Site in Williamsburg for Construction of Condominium Building

by David Cohen

NEW YORK CITY — Mortar Development has acquired a development site located at 31 Frost St. in the Williamsburg neighborhood of Brooklyn. The sales price was undisclosed. Mortar plans to build a five-story, 15,000-square-foot residential condominium building with 10 units on the site. Construction is expected to begin this summer with the project expected to be completed in early 2020.  

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AcquisitionsNew YorkNortheastOffice

Caspi Development, Mactaggart Family Acquire Office Building in Williamsburg for $18.8M

by David Cohen

NEW YORK CITY — Caspi Development and Mactaggart Family & Partners LP have acquired 134-136 Broadway, a 23,064-square-foot, six-story office building in the Williamsburg neighborhood of Brooklyn. The sales price was $18.8 million. Michael Sherman of The Manhattes Group represented the buyers in the transaction. The seller was 134-136 Broadway LLC. Caspi and Mactaggart intend to turn the property into a boutique office building for high-tech and creative office tenants.

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AcquisitionsMultifamilyNew YorkNortheast

Marcus & Millichap Brokers $6.5M Sale of Apartment Building in Brooklyn

by David Cohen

NEW YORK CITY — Marcus & Millichap has brokered the sale of a four-story apartment building in the Park Slope neighborhood of Brooklyn. The 17-unit property, which is located at 400 6th Ave., sold for $6.5 million at a capitalization rate of 3.4 percent. The sales price equates to $604 per square foot. Matt Fotis and Matthew Shapiro of Marcus & Millichap represented the seller, a private investor, in the transaction. The buyer was also a private investor.

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AcquisitionsNew YorkNortheastRetail

Cushman & Wakefield Negotiates $9.9M Sale of Retail Building in Queens

by David Cohen

NEW YORK CITY — Cushman & Wakefield has negotiated the $9.9 million sale of 43-10/24 Queens Blvd., an 8,521-square-foot retail building in the Sunnyside neighborhood of Queens. The single-story property features 95 feet of retail frontage and currently houses eight retail tenants. Tom Donovan, Will Suarez, Eugene Kim, Maurice Suede and Sean Rucker of Cushman & Wakefield represented the seller in the transaction. The buyer was undisclosed.

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AcquisitionsMultifamilyNew YorkNortheast

Marcus & Millichap Orchestrates Sale of 21-Unit Apartment Building in Schenectady, New York

by David Cohen

SCHENECTADY, N.Y. — Marcus & Millichap has arranged the sale of Cottage Row Apartments, a 21-unit apartment property located in Schenectady for $1.7 million. Located at 1 Cottage Row, the apartment building is situated in the historic Stockade District of Schenectady. Units at the complex feature hardwood floors as well as spacious outdoor patios and decks. Chip Collins of Marcus & Millichap represented seller, a private investor, in the transaction. The buyer was also a private investor.

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