New York

Meridian Capital Arranges $88M in Pre-Development Financing for Hotel Project in Hudson Yards

by David Cohen June 14, 2018

NEW YORK CITY — Meridian Capital Group has arranged $88 million in pre-development financing for a Marriott-branded hotel to be located at 450 Eleventh Ave. in the Hudson Yards neighborhood of Manhattan. Meridian secured financing on behalf of the borrower, Marx Development Group, through lender Mack Real Estate Credit Strategies. The two-year loan will serve to recapitalize the project and cover pre-development costs for the hotel. MDG is also raising $66 million in EB-5 funds through the Manhattan Regional Center for the hotel’s construction. Once completed, the 42-story hotel will span 235,000 square feet and contain 441 rooms. The property will also include a business center, lounge, restaurant and outdoor meeting space. The hotel is slated for completion in late 2019. Hudson Yards is a $20 billion large-scale redevelopment program on Manhattan’s far west side that will include a 28-acre mixed-use development.

June 14, 2018

Acquisitions Healthcare New York Northeast

Cushman & Wakefield Brokers Sale of 8,307 SF Medical Office Building in Queens

by David Cohen June 14, 2018

NEW YORK CITY — Cushman & Wakefield has brokered an 8,307-square-foot medical building in the Far Rockaway neighborhood of Queens. The property, 29-15 Far Rockaway Blvd., sold for $1.4 million, or $168.50 per square foot. Dan Abbondandolo of Cushman & Wakefield represented the seller, The Jobel LLC, in the transaction. The buyer was Rockaway Partners. The building sits on a half-acre lot and includes a 27-car parking lot. It is currently occupied on a triple-net lease basis by Rockaway Medical Officewith a lease that runs through December 2018.

June 14, 2018

Acquisitions New York Northeast

Howard Hughes Corp. Acquires One-Acre Lot in New York’s Seaport District for $180M

by David Cohen June 13, 2018

NEW YORK CITY —Howard Hughes Corp. has acquired 250 Water St. in Lower Manhattan for $180 million. The one-acre site is currently used as a parking lot and encompasses a full city block. The seller was Peck Slip Associates, an entity controlled by the Milstein family. Acquisition financing, which an undisclosed lender provided, consisted of an initial interest-free term of six months, with three six-month extension options at a rate of six percent. The second and third extension options each require a $30 million pay down. The Howard Hughes Corp. recently acquired 450,000 square feet of property and a joint venture interest in a 66-room Mr. C hotel in the Seaport District. The company’s vision for the site will be announced at a later date.

June 13, 2018

Acquisitions Lee & Associates New York Northeast Office

Lee & Associates Brokers $18.4M Sale of Office Condominium in Midtown Manhattan

by David Cohen June 13, 2018

NEW YORK CITY — Lee & Associates has brokered the $18.4 million sale of an 18,000-rentable-square-foot, 14th floor office condominium at 420 Fifth Ave. in Midtown Manhattan. Lee & Associates represented the buyer, Marist College, and the seller, A.M. Property Holding Corp., in the transaction. The space will serve as an alumni information center for Marist College in New York City. The private, liberal arts college is located in Poughkeepsie. The 28-story office building was completed in 1989 and is located near Bryant Park. Marist College will take occupancy of the space in December 2018.

June 13, 2018

Leasing Activity New York Northeast Retail

CoverGirl to Open Flagship Store in Times Square

by David Cohen June 13, 2018

NEW YORK CITY — CoverGirl will open its first-ever brick-and-mortar store in New York City’s Times Square this fall. The 10,000-square-foot flagship location will feature an experiential beauty “play room” with interactive elements, full-service makeup application, on-the-go services and digital experiences. The retail store will be an experiential interpretation of CoverGirl’s new campaign, “I Am What I Make Up,” which it released at the beginning of this year. CoverGirl, a Coty Inc. brand, will be the first mass legacy beauty brand to launch a flagship store in North America, according to a release from the company.

June 13, 2018

Acquisitions Mixed-Use New York Northeast

Marcus & Millichap Arranges $8M Sale of Mixed-Use Building in Brooklyn

by David Cohen June 13, 2018

NEW YORK CITY — Marcus & Millichap has arranged the $8 million sale of 162-164 Court St., an 8,875-square-foot mixed-use building in the Cobble Hill neighborhood of Brooklyn. The sales price represents a capitalization rate of 3.87 percent. Jakub H. Nowak, Matthew Rosenzweig, and Jesse Kay of Marcus & Millichap represented the seller, a private investor, in the transaction. The buyer was undisclosed. The property has 50 feet of frontage on Court Street’s retail corridor.

June 13, 2018

Development New York Northeast Office

Silverstein Properties Celebrates Opening of 3 World Trade Center

by David Cohen June 12, 2018

NEW YORK CITY — Real estate development firm Silverstein Properties has officially opened 3 World Trade Center, New York City’s fifth-tallest tower, with a ribbon-cutting ceremony June 11. The 80-story, 2.5 million-square-foot office building is the second-to-last tower to open on the 16-acre site. The building will welcome more than 6,000 new employees to Lower Manhattan this year. Located at 175 Greenwich St., 3 World Trade Center was designed by architecture firm Rogers Stirk Harbour + Partners and features a reinforced concrete core encased by a steel structure.Advertising media company GroupM will anchor the building. Other tenants who have signed leases include stock exchange company IEX and management consulting firm McKinsey & Co. The building will also feature 216,000 square feet of retail space, spanning five floors.

June 12, 2018

Acquisitions New York Northeast

Barone Management Purchases Two Redevelopment Sites in Queens

by David Cohen June 12, 2018

NEW YORK CITY — New York-based developer Barone Management has acquired two parcels of land with a total of 295,000 buildable square feet at 89-25 161st St. and 89-25 162nd St. in the Jamaica neighborhood of Queens. Barone plans to build an educational institution and two new residential buildings on the parcels. The projects are slated for completion in 2021. The parcel located at 89-25 161st St. includes the 70,000-square-foot building that was formerly home to Dominican Commercial High School — founded by the Sisters of St. Dominic in 1936 — which became one of the premiere business schools for girls in New York City. The parcel at 89-25 162nd St. includes a convent building and a parking lot. Barone acquired the properties from the Sisters of St. Dominic.

June 12, 2018

Acquisitions Multifamily New York Northeast

Marcus & Millichap Brokers $45M Sale of Multifamily Portfolio in White Plains, New York

by Jeff Shaw June 11, 2018

WHITE PLAINS, N.Y. — Marcus & Millichap has arranged the sale of a three-property, 104-unit multifamily portfolio in White Plains. A Westchester-based investor acquired the properties for $45 million, or $433,000 per unit. Victoria Fisher of Marcus & Millichap’s Westchester office represented the sellers, Lighthouse Living and The Daten Group, which originally developed the properties. All three communities were completed in 2015 in downtown White Plains. The portfolio includes The Dylan, a four-story apartment building located at 42 Waller Ave.; La Gianna, a five-story property located at 10 Dekalb Ave.; The Reed, a three-story building located at 115 N. Broadway. The new owner plans to hold the properties for the long term, according to Marcus & Millichap.

June 11, 2018

Loans Multifamily New York Northeast Seniors Housing

KeyBank Provides $14.2M Construction Financing for Two Affordable Seniors Housing Renovations in Buffalo

by David Cohen June 8, 2018

BUFFALO, N.Y. — KeyBank Community Development Lending & Investment has provided $14.2 million in construction financing for the renovation of Riverview Manor and Piotr Stadnitski Gardens in Buffalo. The two-building property consists of 210 one-bedroom units for seniors. Riverview Manor is a 12-story building built in 1977 and was last renovated in 1989. Stadnitski Gardens is an 11-story building built in 1978. Kyle Kolesar of KeyBank originated the financing. Alliant Capital and New York State HFA provided additional funding. The project will be developed in partnership with Smith & Henzy Advisory Group and MDG Design + Construction and is supported by existing project-based HUD Section 8 vouchers.

June 8, 2018

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