NEW YORK CITY — Cushman & Wakefield has brokered the sale of a retail property located at 42-31 Bell Blvd. in the Bayside neighborhood of Queens. Midwood Investment & Development sold the property to Hersel Solutions for $13.5 million. At the time of sale, the 10,092-square-foot property was fully occupied by three tenants. Bank of America anchors the property and occupies 5,376 square feet with a lease through March 2024. The remaining units are occupied by a dog daycare and a restaurant with lease through October 2019 and April 2024, respectively. Additionally, the building features a 20-space parking lot and approximately 22,814 square feet of air rights. James Nelson, Stephen Preuss and Carly Weinreb of Cushman & Wakefield represented the seller in the deal.
YORKTOWN, N.Y. — G.S. Wilcox & Co. has secured $25.2 million in financing for the site development of a future Lowe’s Home Improvement Warehouse, which has a 20-year ground lease, in Yorktown. David Fryer of G.S. Wilcox & Co. arranged the loan that features a two-year construction period and a 20-year term thereafter. The loan includes an extended amortization period beyond the initial lease term without the use of residual value insurance. The site has three additional pad sites that were left unencumbered, allowing the borrower to lease those to tenants and secure necessary financing.
NEW YORK CITY — Ariel Property Advisors has arranged the sale of a multifamily building located at 143-48 41st Ave. in the Flushing neighborhood of Queens. An undisclosed buyer acquired the six-story property for $14.1 million. The 56,000-square-foot building features 53 apartment units. Victor Sozio, Shimon Shkury, Michael Tortorici and Jesse Greshin of Ariel Property Advisors represented the undisclosed seller and secured the buyer in the deal.
NEW YORK CITY — Madison Realty Capital (MRC) has provided a $53.5 million acquisition and construction financing package collateralized by a partially constructed mixed-use development at 208 Delancey Street on the Lower East Side of Manhattan. The borrower, New Empire Real Estate Development, plans to construct an approved 85,000-square-foot, 69-unit residential condominium building and a 10,201-square-foot community facility on the site. MRC funded an initial $15 million at closing to the borrower and has committed to fund an additional $38.5 million to complete construction of the project. The $53.5 million financing package represents approximately 70 percent of the total project cost. The property includes a gross area of 84,579 square feet and a net sellable area of 62,529 square feet. The seller began construction on the site in 2011 and completed excavation, foundation and superstructure work through the fourth floor, but received a stop work order midway through the project. With the MRC financing, the buyer was able to acquire the distressed property and intends to demolish the existing structure, repair any structural deficiencies and begin work on the revised new building plans.
NEW YORK CITY — Ready Capital Structured Finance has closed a non-recourse $6 million loan for the acquisition, renovation and stabilization of a mixed-use building in SoHo. The undisclosed sponsor plans to renovate the 7,500-square-foot property, including restoration of the retail portion to white box finish, full interior renovations on each floor, upgrading the building’s systems and re-tenanting the property at market rental rates. The loan features a 24-month term with one extension option, flexible pre-payment and is inclusive of a facility to provide for capital expenditures, leasing costs, and interest and carry reserves.
FLEETWOOD, N.Y. — HFF has secured $91.6 million in joint venture equity and first mortgage financing for the development of 42 Broad Street West, a multifamily property located in Fleetwood. The developer is a partnership between Alexander Development Group and The Bluestone Organization. HFF arranged $32.6 million in joint venture equity from institutional investors advised by J.P. Morgan Asset Management. Additionally, the HFF team, including David Giancola and Geoff Goldstein, placed a $59 million construction loan with Santander Bank and People’s United Bank. Once completed, the 16-story, 354,000-square-foot building will feature 249 apartment units, more than 16,000 square feet of amenity space, 12,000 square feet of ground-floor retail space and a connected four-story, 580-space parking garage. Residential units will include a variety of studio, one-, two- and three-bedroom floor plans, and amenities will include an outdoor swimming pool and patio area, a fitness center, a game room/viewing room, a library, a business center and a landscaped rooftop garden with outdoor kitchens and fireplace, as well as a concierge service. The property is slated for completion in 2019.
NEW YORK CITY — Eastern Consolidated has arranged a debt and equity package totaling $121.3 million to finance the construction of a 45-story hotel at 140 W. 28th St. in the Chelsea section of Manhattan. The borrower is McSam Hotel Group, led by Sam Chang. The financing package includes a $97.5 million first mortgage with Bank of the Ozarks and a $23.8 million mezzanine construction loan from Square Mile Capital Management. Adam Hakim and James Murad of Eastern Consolidated secured the financing. The 178,000-square-foot, 526-room hotel will operate under two separate hotel flags under the Marriott brand — TownePlace Suites and Springhill Suites — with two separate lobbies and shared common spaces. Planned amenities include a continental breakfast service area, meeting space and an exercise room. The hotel is slated to open in 2019.
NEW YORK CITY — Ariel Property Advisors has secured financing and facilitated the sale of Grand Crossing Apartments, a two-building multifamily asset located at 208 and 212 W. 133rd St. in Central Harlem. An undisclosed buyer acquired the properties for $9 million. Ariel Property Advisors assisted the buyer’s acquisition of the asset by obtaining a $5.1 million non-recourse, fixed-rate acquisition loan. Victor Sozio, Shimon Shkury, Michael Tortorici and Matthew Gillis of Ariel Property Advisors represented the undisclosed seller and secured the buyer in the deal. The five-story property at 208 W. 133rd St. features 14,175 square feet and 15 apartments, while the 41,380-square-foot property at 212 W. 133rd St. features 40 apartments.
BROCKPORT, N.Y. — EMET Capital Management has acquired College Suites at Brockport, a 401-bed student housing community located at 4599 Redman Road in Brockport. Situated on 12 acres, College Suites at Brockport features 114 units in a mix of one-, two-, three- and four-bedroom fully furnished floorplans. On-site amenities include a fitness center, a game room, a business center, a 24-hour group study area and a complimentary shuttle service to campus. The property was completed in 2009. Jose Cruz, Andrew Scandalios, Kevin O’Hearn, Michael Oliver, Stephen Simonelli, Jordan Avanzato and Ryan McBride of HFF represented the undisclosed seller and procured the buyer in the transaction.
NEW YORK CITY — Radson Development has acquired a development site located at a surface parking lot at 2519-2525 Creston Ave. in the Bronx for an undisclosed price. The buyer plans to develop a 12-story affordable housing project on the site. As part of the transaction, Radson Development will return to the seller a condominium interest in a commercial parking garage at the property. The seller originally purchased the lot in the early 2000s as part of its acquisition of 2501 Grand Concourse, the former Alexander’s and Caldor Department stores. The building was successfully converted to a multi-tenanted retail and office building and the lot on Creston Street has become an invaluable asset to the tenants of the building. Bryan Houlihan and James J. Houlihan of Houlihan-Parnes Realtors brokered the transaction. The name of the seller was not released.