New York

HFZ, Westbrook to Convert Landmark Property in Manhattan to Luxury Condos

by Taylor Williams March 19, 2018

NEW YORK CITY — A partnership between investment and development firm HFZ Capital Group and an affiliate of New York-based Westbrook Partners is undertaking a multifamily conversion project involving a landmark building in Manhattan. The partnership will transform The Belnord, a 215-unit apartment building that was constructed in 1908, into a luxury condo community. Designed by Hiss and Weekes, an architecture firm active in New York between 1899 and 1933, the 14-story building is located on Manhattan’s Upper West Side and was given landmark status in 1980. The cost of the project was not disclosed. However, The Real Deal reports that HFZ paid approximately $575 million to New York-based Extell Development Co. for the site in 2015. The New York real estate publication also reports that the conversion of all units into luxury condos is expected to generate sales proceeds of more than $1.3 billion. Robert A.M. Stern Architects is providing design services for the redevelopment of The Belnord. “We are thrilled to partner with Westbrook Partners as we carry out our vision to transform The Belnord into a luxury residential development that is unlike anything on the Manhattan market today,” says Ziel Feldman, chairman and founder of HFZ Capital. …

March 19, 2018

Acquisitions Multifamily New York Northeast

Rosewood Realty Brokers $97M Three-Building Portfolio Sale in Upper West Side

by David Cohen March 16, 2018

NEW YORK CITY — Rosewood Realty Group has brokered the $97 million sale of a three-property multifamily portfolio in the Upper West Side. Located in the Manhattan Valley neighborhood, the portfolio consists of three adjacent six-story elevator apartment buildings at 210, 220 and 230 W. 107th St. with a total of 180 units spanning 153,786 square feet. The buildings, built in 1925, sold for 15.15 times the current rent roll at a 4.66 cap rate. Aaron Jungreis of Rosewood Realty Group represented both parties in the transaction. Brooklyn-based investor Isaac Kassirer was the buyer. Orbach Group, a New Jersey-based firm that acquired the three buildings in 2013 for $70 million, was the seller.

March 16, 2018

New York Northeast

Madison Square Realty Arranges 20,000 SF Lease for Historic Harlem Bank

by David Cohen March 16, 2018

NEW YORK CITY — Madison Square Realty has negotiated a 20,000-square-foot lease for Carver Federal Savings Bank at 1825 Park Ave. in Harlem following the $20 million sale of the bank’s historic headquarters at 125th St. in February. The building had been fully occupied by Carver since 1958. Carver leased the top floor of 1825 Park Ave., which offers views of Harlem and Manhattan. Madison Square Realty CEO Eric Yarbro facilitated both the building sale and the new lease on behalf of the bank. Savanna, the owner of the 12-story building at 1825 Park Ave., also known as the Lee Building, recently completed a capital improvement plan for the property that resulted in it becoming the first ever Wired Certified Gold building in Harlem. Mitch Arkin of Cushman & Wakefield and Ellen Israel of JRT Realty represented Savanna in the lease transaction. Carver was founded in 1946 and is the nation’s largest bank founded and run by African-Americans.

March 16, 2018

Mixed-Use New York Northeast

Ariel Property Advisors Arranges $16.4M Sale of 41-Unit Mixed-Use Portfolio in Harlem

by David Cohen March 15, 2018

NEW YORK CITY — Ariel Property Advisors has facilitated the sale of Adam Clayton Powell Cluster, a mixed-use portfolio in Central Harlem. The portfolio, which includes four mixed-use buildings and a vacant lot between 133rd and 134th streets, sold for $16.4 million. The four walk-up buildings contain 41 residential and six retail units spanning 39,445 square feet. The vacant lot is zoned R7-2/C1-4, allowing for 7,500 buildable square feet of retail and residential development. Victor Sozio, Shimon Shkury, Michael A. Tortorici and Orry Michael of Ariel represented the undisclosed seller.

March 15, 2018

Multifamily New York Northeast

Avison Young Arranges $32.5M Sale of Upper West Side Multifamily Building

by David Cohen March 14, 2018

NEW YORK CITY — Avison Young Tri-State has arranged the $32.5 million sale of the Canterbury, a pre-war 42,186-square-foot, 48-unit rental building located at 204 W. 108th St. in Manhattan’s Upper West Side. Sam Schertz of Avison Young was the sole broker in the transaction between the seller, The Orbach Group, and the buyer, Arkar Inc. Built in 1915, the six-story Canterbury building is a low-rise elevator-served rental property featuring two- to five-bedroom units. The property is situated near Columbia University and both Riverside Park and Central Park as well as several major transportation lines. A number of the units in the building have been recently renovated.

March 14, 2018

Mixed-Use New York Northeast

Arch Cos., Partners Secure Financing for Mixed-Use Development in SoHo

by David Cohen March 14, 2018

NEW YORK CITY — Arch Cos. and its partners have secured a construction loan from Maxim Capital Group to fund a mixed-use development project at 11 Greene St. in the SoHo neighborhood of Manhattan. Neither the amount nor terms of financing were disclosed. Once complete, the development will offer 31 loft inspired rental apartments and 11,650 square feet of ground-floor retail space along Greene Street, a popular SoHo shopping destination. Designed by Gene Kaufman, the building is slated for completion in 2019.

March 14, 2018

Multifamily New York Northeast

Certes Partners Secures $71.5M in Financing for Condo Development Near Central Park

by David Cohen March 13, 2018

NEW YORK CITY — Certes Partners, along with Metropolitan Acquisitions and United Management, have secured $71.5 million in financing from Goldman Sachs for the construction of 212 W. 95th St., a 19-story luxury condo development two blocks away from Central Park. The project will consist of 38 units as well as parking, retail and amenities. New York-based architecture firm CetraRuddy designed the project in collaboration with RKTB Architects. The development team consists of United Management’s Arthur Wiener, Meir Bouskila of Metropolitan Acquisitions and Elan Hakimian, Eitan Bouskila and Sunder Jambunathan of Certes Partners. Construction is scheduled to begin this month with project completion slated for early 2020.

March 13, 2018

Multifamily New York Northeast

Equicap Closes $14.6M Construction Loan for Multifamily Building in Brooklyn

by David Cohen March 13, 2018

NEW YORK CITY — Equicap has arranged a $14.6 million construction loan on behalf of New York-based privately held development firm Winchester Equities. The financing will be used to build 2222 Ocean, a 49-unit luxury multifamily building in Sheepshead Bay, Brooklyn. Equicap obtained a 70 percent loan-to-cost construction loan from a major bank. The building is slated for completion by fall 2019.

March 13, 2018

Industrial New York Northeast Top Stories

Blackstone REIT Acquires 22 MSF Industrial Portfolio for $1.8B

by Katie Sloan March 13, 2018

NEW YORK CITY — Blackstone Real Estate Income Trust Inc. (NYSE: BX) has acquired the Canyon Industrial Portfolio, a 22 million-square-foot portfolio of industrial assets, for approximately $1.8 billion. The portfolio consists of 146 last-mile, infill warehouses and distribution buildings with major concentrations in Chicago; Dallas; Baltimore; Washington, D.C.; Los Angeles; the Inland Empire region of southern California; and south and central Florida. The portfolio was 90 percent occupied at the time of sale by tenants including Amazon, FedEx, DHL, Coca-Cola, Fiat Chrysler and the U.S. Government. The seller in the transaction was undisclosed. With the closing of this acquisition, New York City-based Blackstone’s portfolio totals $7 billion in gross asset value across 272 assets, primarily concentrated in 33 million square feet of industrial assets and 17,200 multifamily apartments. The company seeks to invest in stabilized, income-generating U.S. commercial real estate across property types including multifamily, industrial, retail and hotel. Blackstone stock closed on Monday, March 12, at $34.43 per share, up from $27.95 one year ago. — Katie Sloan

March 13, 2018

Hospitality New York Northeast

Lightstone Tops Out 37-Story Hotel in Manhattan

by Kristin Harlow March 12, 2018

NEW YORK CITY — Developer Lightstone has topped out construction for its 37-story Moxy Chelsea hotel located at 105 W. 28th St. in Manhattan’s Chelsea neighborhood. The project is the second of four Moxy hotels that Lightstone is developing in New York City in partnership with Marriott. Lightstone broke ground on Moxy Chelsea in the summer of 2016, and the hotel is slated to open this fall. Designed in collaboration by Yabu Pushelberg and the Rockwell Group, the 349-room hotel will feature meeting studios, co-working space and a glass-enclosed rooftop bar with a retractable roof that features views of the Empire State Building and New York City skyline.

March 12, 2018

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