New York

Concord Capital Acquires 203,000 SF Shopping Plaza in Middletown, New York

by Amy Works February 8, 2018

MIDDLETOWN, N.Y. — Concord Capital New York has purchased Playtogs Shopping Plaza, a mixed-use shopping plaza situated on 18 acres at 130-138, 144-146 and 156 Dolson Ave. Concord Capital plans to renovate the existing structure, rename the property Middletown Plaza and Playtogs Corporate Center and lease the mall. The property is a 203,000-square-foot four-building community retail center with more than 40 retail spaces. At the time of sale, the property was 40 percent leased to a variety of tenants, including Family Dollar, TD Bank, Rent-A-Center, Mavis Discount Tire, Carvel and Middletown Cinemas.

February 8, 2018

Loans New York Northeast Office

Houlihan-Parnes, GHP Office Realty Secure $13M Loan for Office Property in White Plains, New York

by Amy Works February 8, 2018

WHITE PLAINS, N.Y. — Houlihan-Parnes Realtors and GHP Office Realty has secured a $13 million first mortgage for an office property located at 400 Westchester Ave. in White Plains. The loan was placed for a period of 20 years and self-liquidating basis at a rate of 4.06 percent. Fordham University occupies the property with a net lease through 2038. Christie Houlihan, Bryan Houlihan and Andrea Lofaro of Houlihan-Parnes Realtors and GHP Office Realty arranged the loan. Elizabeth Smith of Goldberg Weprin Finkel Goldstein LLP represented the undisclosed borrower and the title was ensured by The Great American Title Agency in White Plains.

February 8, 2018

Industrial New York Northeast

Marcus & Millichap Arranges $3.2M Sale of Industrial Property in Mount Vernon, New York

by Amy Works February 8, 2018

MOUNT VERNON, N.Y. — Marcus & Millichap has brokered the sale of an industrial property located at 888 S. Columbus Ave. in Mount Vernon. A private investor sold the property for $3.2 million. The property features 39,000 square feet of industrial space. John Sala of Marcus & Millichap represented the seller in the transaction.

February 8, 2018

Loans Mixed-Use Multifamily New York Northeast Retail

Madison Realty Capital Provides $45.5M in Financing for Condo Development in Manhattan

by Amy Works February 7, 2018

NEW YORK CITY — Madison Realty Capital has provided $45.5 million in financing to a New York-based developer to complete the construction of 22 Bond Street, a mixed-use condominium development in the Noho neighborhood of Manhattan. The 11-story, 34,035-square-foot development features a 4,245-square-foot commercial condominium on the cellar and grade levels and six residential condominiums on the upper floors. The residential condominiums are three-bedroom, 3.5-bath duplex units with private elevator access and terraces. On-site amenities include an outdoor garden, storage and a resident lounge. Completion is slated for spring 2018.

February 7, 2018

Mixed-Use Multifamily New York Northeast

The Vorea Group Acquires Development Site in Queens for $21.6M

by Amy Works February 7, 2018

NEW YORK CITY — The Vorea Group has purchased a development site, located at 45-57 Davis St. in the Long Island City neighborhood of Queens, for $21.6 million. Stephen Preuss of Cushman & Wakefield represented the seller, 45-57 Realty Corp., in the transaction. The site comprises three contiguous tax lots and offers 108,000 buildable square feet within multiple zoning districts, allowing for mixed-use, residential and commercial development.

February 7, 2018

Affordable Housing Loans Multifamily New York Northeast

KeyBank Provides $5.2M in Acquisition Financing for Affordable Housing Property in Central Harlem

by Amy Works February 7, 2018

NEW YORK CITY — KeyBank Community Development Lending & Investment has provided $5.2 million acquisition financing for Grand Crossing, an affordable housing property located in Central Harlem. Built in 1910, the five-story property features five studio units, 35 two-bedroom units and 15 three-bedroom units. The undisclosed borrower plans to invest in unit upgrades, including green renovations. Tom Peloquin and John Gilmore of KeyBank arranged the financing through Freddie Mac. Paul McCormick and Matt Dzbanek of Ariel Property Advisors represented the borrower in the financing.

February 7, 2018

Industrial New York Northeast

Cushman & Wakefield Brokers $135M Sale of Industrial Portfolio in New York

by Amy Works February 6, 2018

LONG ISLAND, N.Y. — Cushman & Wakefield has arranged the sale of a 50 percent interest in a 3.6 million-square-foot industrial portfolio in Nassau and Suffolk counties. The properties had been owned in a joint venture comprising Cammeby’s and FBE. Cammeby’s acquired the 50 percent of the portfolio owned by FBE for $135 million. The 38-building portfolio is close to 90 percent occupied. Tenants include Summit Plastics, Sam Ash, Ultimate Precision Metal, Luminance and Newsday. The portfolio offers a mix of industrial, office and research and development space. Gary Gabriel, Andrew Merin, David Bernhaut, Kyle Schmidt, Brian Whitmer and Stephen Palmese of Cushman & Wakefield brokered the transaction.

February 6, 2018

Industrial New York Northeast Office

Barone Management Breaks Ground for 100,000 SF Spec Development in Long Island City

by Amy Works February 6, 2018

NEW YORK CITY — Barone Management, as developer and contractor, has broken ground for a speculative development located at 9-03 44th Road in Long Island City. The three-story, 100,000-square-foot building will feature office and industrial/flex space, as well as frontage on four streets and city and water views. Designed by JLS Designs, the project is slated for completion in September 2019. CBRE has been retained as the exclusive leasing agent for the project.

February 6, 2018

Multifamily New York Northeast

Redwood Realty Negotiates $2.1M Sale of Apartment Building in Yonkers, New York

by Amy Works February 6, 2018

YONKERS, N.Y. — Redwood Realty Advisors has arranged the sale of an apartment building located in Yonkers. A family estate sold the property to an undisclosed buyer for $2.1 million. The building features 17 apartments. Michael Scrima and Thomas Gorman of Redwood Realty Advisors represented the seller in the deal.

February 6, 2018

New York Northeast Office

Alpha Equity, Vasco Ventures Acquire 150,000 SF Office Building in Hempstead, New York

by Amy Works February 5, 2018

HEMPSTEAD, N.Y. — A joint venture between Alpha Equity Group and Vasco Ventures has purchased The Clinton Pavilion, a multi-tenanted office building located at 50 Clinton St. in Hempstead. The acquisition price was not released. The buyers have a $3 million renovation planned for the 150,000-square-foot building. The renovation includes a complete makeover of the parking structure, a redesigned lobby, updated common areas, a newly landscaped building plaza, HVAC updates and a new facade design. The name of the seller was not disclosed.

February 5, 2018

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