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

Acquisitions Development New York Northeast

Cushman & Wakefield Brokers $8M Sale of Development Site in Long Island City

by David Cohen August 9, 2018

NEW YORK CITY — Cushman & Wakefield has brokered the $8 million sale of a 49,790-buildable-square-foot development site in Long Island City. Stephen R. Preuss, Denise Prevete-Tempone and Andreas Efthymiou of Cushman & Wakefield represented both the buyer, Midpiece 9th Street LLC., and the seller, J&N Development, in the transaction. The property is located at 3823-3829 9th St.

August 9, 2018

Leasing Activity New York Northeast Office

Warshaw Burstein Signs 40,000 SF Lease in Manhattan Office Tower

by David Cohen August 9, 2018

NEW YORK CITY — Warshaw Burstein LLP has signed a 15-year, 40,383-square-foot office lease at 575 Lexington Ave. in Manhattan. The law firm will occupy the entire seventh floor of the building. Michael Burgio of Cushman & Wakefield represented Warshaw Burstein in the transaction. Newmark Knight Frank represented the landlord, a joint venture comprising George Comfort & Sons, Angelo Gordon & Co. and Normandy Real Estate Partners. The 35-story, 745,400-square-foot office tower has recently undergone a series of renovations that included a full redesign of the building’s lobby, upgrades to the elevators and the construction of a new entrance.

August 9, 2018

Acquisitions Mixed-Use New York

Cushman & Wakefield Brokers $61M Sale of Development Site in Brooklyn

by David Cohen August 8, 2018

NEW YORK CITY — Cushman & Wakefield has brokered the $61 million sale of a 95,000-square-foot development site in the Gowanus neighborhood of Brooklyn. Located at 313-331 Bond St., the property’s M2-1 zoning regulations allows for 185,040 of buildable square feet, according to Cushman & Wakefield. Stephen Palmese, Winfield Clifford, James Berluti and William Barrett of Cushman & Wakefield represented the undisclosed seller in the transaction. All Year Management purchased the property and plans to build a mixed-use project on the site.

August 8, 2018

Acquisitions Multifamily New York Northeast

Harborview, WRA Properties Acquire Apartment Community in New York for $4.3M

by David Cohen August 8, 2018

NYACK, N.Y. — Harborview Properties and WRA Properties have acquired Waldron Heights Apartments, a 29-unit apartment complex in Nyack, along the Hudson River north of New York City, for $4.3 million. Located at 16-18 Waldron Ave., the community consists of two- and three-bedroom apartment units. The property was acquired from the original owner, a local family that built it in the 1970s. HarborView plans to make capital improvements to the property including building-wide improvements and individual apartment renovations. The community was renamed The Residences at Riverhill 59. Eastern Consolidated brokered the transaction. Meridian Capital arranged acquisition financing.

August 8, 2018

Loans New York Northeast Retail

Madison Capital Arranges $85M Refinancing for Retail Property in Times Square

by David Cohen August 7, 2018

NEW YORK CITY — Madison Capital has arranged $85 million in refinancing for a 7,547-square-foot retail property in Manhattan’s Times Square District. Located at 1657 Broadway, the property is currently leased to McDonald’s Corp. and Starbucks. Madison Capital represented the undisclosed landlord in arranging a 10-year, interest-only loan with Aareal Capital Corp. The Starbucks lease covers approximately 2,830 square feet while the McDonald’s lease covers about 4,717 square feet. Both tenants recently signed 10-year, corporate leases.

August 7, 2018

Acquisitions Multifamily New York Northeast

Rosewood Realty Negotiates $50M Sale of Apartment Building in Coney Island

by David Cohen August 7, 2018

NEW YORK CITY — Rosewood Realty has negotiated the $50 million sale of a 250-unit apartment building in the Coney Island neighborhood of Brooklyn. Located at 2911 West 36th St., the 20-story building spans 229,865 square feet and also includes five retail units. Aaron Jungreis of Rosewood Realty represented both the buyer, Spencer Equity, and the seller, Orbach Group, in the transaction. The building is part of the federal government’s Section 8 Housing program and is under a 20-year contract with the Department of Housing and Urban Development (HUD), which ends in 2034. The deal was approved by HUD and the city’s Department of Housing Preservation and Development.

August 7, 2018

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