New York

TerraCRG Arranges $53M Sale of 165,000 SF Mixed-Use Property in Brooklyn

by Amy Works January 2, 2018

NEW YORK CITY — TerraCRG has brokered the sale of 1501 Pitkin Avenue, a 165,000-square-foot mixed-use building in Brooklyn. POKO Partners sold the property to an undisclosed buyer for $53 million. Built in 1929, the former movie theater has been redeveloped into a mixed-use property featuring retail and educational space. The building features 12,371 square feet of retail space occupied by Pizza Hut, Subway and Dollar Tree, and a 152,404-square-foot charter school that serves 1,000 students. Ofer Cohen, Dan Marks, Matt Cosentino, Fred Bijou and Eric Satanovsky of TerraCRG brokered the deal.

January 2, 2018

Hospitality Loans New York Northeast

HFF Facilitates $126.6M in Refinancing for 190-Room Hotel in Manhattan

by Amy Works January 2, 2018

NEW YORK CITY — HFF has arranged $126.6 million in refinancing for Mondrian Park Avenue, a luxury lifestyle hotel located at 444 Park Ave. in Manhattan. The sponsor was David Moinian of Moin Development Corp. Provided by JPMorgan Chase Bank, the proceeds of the floating-rate loan were used to refinance the construction loan. Designed by Philippe Starck, the 190-room hotel opened in October 2017 and features a rooftop lounge, Cleo Restaurant and Never Never night club. Evan Pariser and KC Patel of HFF secured the financing for the borrower.

January 2, 2018

New York Northeast Retail

Forest City Realty Trust Converts Ownership of 10 Retail Centers in Metro New York City

by Amy Works January 2, 2018

NEW YORK CITY — Forest City Realty Trust has completed the conversion of its common ownership interest to preferred interest in 10 specialty retail centers in the New York City metro area. The closing covers 10 of the 13 centers that are part of a joint venture between Forest City and Madison International Realty. Final closings on each of the individual centers are expected to occur as Forest City secures replacement assets into which to redeploy its preferred interest. The properties included in this round of closings are Shops at Gun Hill Road (Waring), Shops at Gun Hill Road (Ely) and Castle Center in the Bronx; Harlem Center in Manhattan; The Heights, Atlantic Terminal Mall and Atlantic Center in Brooklyn; Forest Avenue and Shops at Richmond Avenue in Staten Island; and Columbia Park Center in North Bergen, N.J. Closings on the conversions on the remaining two centers — Shops at Northern Boulevard and Queens Place — are expected by the end of the first quarter of 2018. The last center in the joint venture, a retail/entertainment complex on 42nd Street, is expected to transact at a later date upon resolution of the ground lease dispute with the city of New …

January 2, 2018

New York Northeast Office

New York REIT Closes $520M Sale of 1440 Broadway in New York City

by Amy Works December 22, 2017

NEW YORK — New York REIT has completed the previously announced disposition of 1440 Broadway in New York for a total of $520 million to an unaffiliated third party. The office property was encumbered by a $305 million mortgage loan, which was fully satisfied at closing. Separately, New York REIT has entered into three separate contracts to sell its properties located at 306 E. 61st St., One Jackson Square and 350 W. 42nd St. in New York City to third-party buyers for an aggregate amount of $103.1 million. In the aggregate, the three properties are encumbered by approximately $43.4 million of mortgage debt, which will be satisfied in full at the respective closings. The closings are expected to occur in early 2018.

December 22, 2017

Loans New York Northeast Office

Broad Street Development, Invesco Complete $235M Recap of 423,000 SF Office Tower in Manhattan

by Amy Works December 22, 2017

NEW YORK CITY — Broad Street Development and Invesco have completed a $235 million recapitalization of 80 Broad Street, a 423,000-square-foot office tower located in Manhattan’s Financial District. The recapitalization comprises a $102 million first mortgage assumption, plus an additional $30 million mezzanine proceeds from AIG. Broad Street Development formed a joint venture with Atlanta-based Invesco for 80 Broad Street, transferring a controlling stake in the office tower for $235 million, or $550 per square foot. The partnership recapitalized the tower, taking out previous mezzanine lenders RXR Realty and Colony Capital. Adam Spies and Josh King of Cushman & Wakefield represented Broad Street in the recapitalization.

December 22, 2017

Multifamily New York Northeast Seniors Housing

Capitol Seniors Housing Plans $35M Community Near New York City

by Amy Works December 22, 2017

GREENBURGH, N.Y. — Capitol Seniors Housing has unveiled plans for Stonegate at Greenburgh, an assisted living and memory care community in the New York City suburb of Greenburgh. Northbridge Companies will operate the 101-unit property. Development costs are estimated at $35 million for the three-story, 90,651-square-foot community. Meyer Design of Ardmore, Pa., designed both the exterior and interior of the community, and will seek LEED designation. The property is located on the former site of Frank’s Nursery & Crafts, which was acquired by the town of Greenburgh in a 2011 tax foreclosure. The 6.9-acre community is scheduled to open in the first quarter of 2019. The community will be Capitol’s first in New York State. The Washington, D.C.-based, private equity-backed real estate acquisition, development and investment management firm has successfully acquired or developed more than 90 senior housing communities since its founding in 2003. The company has nine additional communities currently under construction in Maryland, Illinois and New Jersey.

December 22, 2017

New York Northeast Office

Acadia Realty Trust Sells 276,622 SF Office Building in the Bronx

by Amy Works December 21, 2017

NEW YORK CITY — Acadia Realty Trust has completed the disposition of an office and retail building located at 260 E. 161st St. in the Bronx. Jamestown acquired the 276,622-square-foot property for an undisclosed price. Originally built in 1930, the property was renovated in 2016 and features 245,470 square feet of office space and 20,572 square feet of retail space. The 10-story property is leased to office tenants, including The City of New York, The Legal Aid Society, and Montefiore Medical Center, as well as retail tenants, Walgreens, Starbucks Coffee and Chipotle Mexican Grill. Michael Tepedino, Andrew Scandalios, Graham Stephens, David Giancola and David Fowler of HFF represented the seller in the deal. Additionally, Christopher Peck and Peter Rotchford of HFF are working on behalf of the buyer to arrange financing for the asset.

December 21, 2017

Multifamily New York Northeast

J. Wasser & Co. Buys Two Multifamily Buildings in the Bronx for $10M

by Amy Works December 21, 2017

NEW YORK CITY — J. Wasser & Co. has purchased two apartment buildings in the Fordham section of the Bronx for $10 million. Located at 2263 Morris Ave. and 2342 Ryer Ave., the buildings total 46,370 square feet and feature a total of 64 apartments. Aaron Jungreis of Rosewood Realty Group represented the buyer and sellers, 2342 Ryer Avenue Partners LLC and 2263 Morris Avenue Partners LLC.

December 21, 2017

New York Northeast Office Retail

Domain Cos. Acquires Development Site in Brooklyn for $26.5M

by Amy Works December 20, 2017

NEW YORK CITY — The Domain Cos. has acquired a development site located at 545 Sackett St. in the Gowanus section of Brooklyn for $26.5 million. The site, which includes an existing 42,000-square-foot building, is zoned for up to 80,000 square feet of development. The site is a part of the area covered by the Bridging Gowanus community planning and land use process, an initiative to create a sustainable, livable and inclusive future for the Gowanus area. Dan Marks, Ofer Cohen and Mike Hernandez of TerraCRG represented the seller, ATS Realty Inc., in the deal.

December 20, 2017

Loans Multifamily New York Northeast Seniors Housing

Greystone Provides $16.5M HUD Refinancing for Skilled Nursing Facility in Western New York

by Amy Works December 19, 2017

DUNKIRK, N.Y. — Greystone has provided a $16.5 million HUD-insured permanent loan to refinance Chautauqua Nursing & Rehabilitation Center, a skilled nursing facility. Chautauqua Nursing & Rehabilitation Center is a 216-bed skilled nursing facility located in the Western New York city of Dunkirk on Lake Erie in close proximity to State University of New York at Fredonia. The facility provides a range of services including rehabilitation services such as physical, occupational, and speech therapy, as well as memory care, music therapy, palliative care, respite and hospice services. The long-term FHA financing represents a permanent exit from a bridge loan provided by Greystone in 2015 for VestraCare’s acquisition of the property. The loan carries a 33-year term and amortization at a fixed rate. Fred Levine, managing director in Greystone’s Monsey, N.Y., office, originated the transaction.

December 19, 2017

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