New York

Rosewood Realty Negotiates $14.2M Sale of Apartment Building in the Bronx

by Amy Works November 20, 2017

NEW YORK CITY — Rosewood Realty Group has brokered the sale of a six-story apartment building located at 3971 Gouveneur Ave. in the Kingsbridge Heights neighborhood of the Bronx. Hds Funding Co. sold the property to a private investor for $14.2 million. Built in 1928, the 65,394-square-foot building features 67 units. At the time of sale, 36 of the apartments were vacant. Aaron Jungles of Rosewood represented the seller, while Mike Kerwin and Ben Khakshoor, also of Rosewood, represented the buyer in the transaction.

November 20, 2017

Mixed-Use Multifamily New York Northeast Office Restaurant Retail

Tritec Real Estate Receives Economic Package for $538M Transit-Oriented Project in Ronkonkoma, New York

by Amy Works November 17, 2017

RONKONKOMA, N.Y. — The Town of Brookhaven Industrial Development Agency (IDA) has closed on a package of economic benefits for the first phase of Tritec Real Estate Co.’s planned Ronkonkoma hub transit-oriented development project, which is expected to break ground soon. The package was approved unanimously in 2014, but did not close until recently due to the timing of required approvals, including sewer connections, and the acquisition by East Setauket, N.Y.-based Tritec and its partner of various properties at the project site from private owners. The total project, valued at $538 million, is expected to feature up to 1,145 apartments and 545,000 square feet of retail and office space on 50 acres near the Long Island Rail Road station. Phase 1 of the project, which includes the construction of infrastructure and 477,300 square feet of apartments on 11.9 acres, is valued at $112.7 million. The first phase is expected to create 977 construction industry jobs and 76 full-time jobs upon completion. The construction of the first phase is expected to take three years.

November 17, 2017

New York Northeast Retail

RD Management Sells 118,863 SF Retail Center in Latham, New York

by Amy Works November 17, 2017

LATHAM, N.Y. — RD Management has completed the disposition of a retail center, situated on 12 acres in Latham. The Lia family acquired the 118,863-square-foot property for an undisclosed price. Formerly anchored by Kmart, the property consists of an unoccupied 96,805-square-foot big-box space, more than 800 parking spaces, an available out lot and a 22,058-square-foot Vent Fitness. RD Management owns 26 properties in New York and more than 150 properties in its national portfolio.

November 17, 2017

New York Northeast Office

CBRE Arranges $61M Sale of 282,656 SF Office Park in Hauppauge, New York

by Amy Works November 17, 2017

HAUPPAUGE, N.Y. — CBRE has brokered the sale of Hauppauge Office Park, a three-building office complex located between Long Island Expressway and Northern State Parkway in Hauppauge. Colin Development sold the property to Signature Associates for $61 million. The 282,656-square-foot complex is occupied by Allstate, Bridgehampton National Bank, Crawford & Co., Urban Financial America and Morgan Stanley. Jeffrey Dunne, Steven Bardsley and Philip Heilpern of CBRE represented the seller and procured the buyer in the deal.

November 17, 2017

Loans Mixed-Use Multifamily New York Northeast Retail

HFF Secures $61.5M in Construction Financing for Mixed-Use Development in Queens

by Amy Works November 17, 2017

NEW YORK CITY — HFF has arranged $61.5 million in construction financing for the development of Roosevelt Parc, a 15-story transit-oriented mixed-use development located at 71-17 Roosevelt Ave. in the Jackson Heights neighborhood of Queens. Steven Klein and Geoff Goldstein of HFF secured the floating-rate construction loan through Principal Global Investors for the borrower, an affiliate of Werber Real Estate. Being developed by Werber Real Estate and Socius Development Group, the property will feature 154 residential units, 16,577 square feet of retail space, 23,074 square feet of community facility space and a 186-space parking garage. Additionally, the property is within one block of the Jackson Heights – Roosevelt Avenue subway station. Designed by Marvel Architects, the development will feature 40,000 square feet of amenity space, including a rooftop deck, a movie screening room, a fitness center, a children’s playroom, a courtyard, lounge areas and a 24-hour concierge. Units will feature a mix of studio through four-bedroom floor plans with stainless steel appliances, granite countertops, wood flooring and in-unit washers and dryers.

November 17, 2017

New York Northeast Office Top Stories

SL Green Agrees to Sell 303,515 SF Office Building in Manhattan for $305M

by Kristin Harlow November 17, 2017

NEW YORK CITY — SL Green Realty Corp. (NYSE: SLG) has agreed to sell 600 Lexington Ave. in Midtown Manhattan for $305 million. The 36-story, 303,515-square-foot office building is located on the corner of 52nd Street and Lexington Avenue in the heart of the Plaza District. The property is 99 percent leased to tenants such as MKP Management, Element Capital Management and Hawkins Parnell Thackston & Young. The sale is expected to close by the first quarter of 2018, and generate net cash proceeds of approximately $292 million, according to a news release. Darcy Stacom of CBRE represented SL Green in the transaction. The buyer was not disclosed. SL Green acquired 600 Lexington Ave. through a joint venture in May 2010 for $193 million, and took full ownership of the property in December 2015. SL Green is a fully integrated real estate investment trust, focused on acquiring and managing retail and office properties in Manhattan. The company’s stock price closed on Thursday, Nov. 16 at $100.81 per share, down from $104.49 per share one year ago. — Kristin Hiller

November 17, 2017

Multifamily New York Northeast

Stillman Property Management Acquires Three Multifamily Properties in New York Totaling 406 Units

by Amy Works November 16, 2017

YONKERS, RYE AND LARCHMONT, N.Y. — Harrison, N.Y.-based Stillman Property Management has acquired three multifamily properties in the greater New York City metropolitan area totaling 406 units for an undisclosed price. The properties are Hudson View Owners Corp., a 249-unit cooperative located at 632, 650 and 678 Warburton Ave. in Yonkers; Milton Harbor House, an 88-unit cooperative located at 720 Milton Road in Rye; and Larchmont Hills Owners Corp., a 69-unit cooperative located at 17 N. Chatsworth Ave. in Larchmont. Terms of the transactions were not disclosed.

November 16, 2017

Mixed-Use Multifamily New York Northeast Retail

Marcus & Millichap Brokers $1.1M Sale of Development Site in Brooklyn

by Amy Works November 16, 2017

NEW YORK CITY — Marcus & Millichap has arranged the sale of a development site located at 2433 Pitkin Ave. in Brooklyn. A private investor acquired the site for $1.1 million. The buyer plans to develop a mixed-use property featuring 32 residential units and ground-floor retail space on the site. Jakub Nowak, Jim McGuckin and Thomas Brennan of Marcus & Millichap represented the seller, a private investor, and the buyer in the deal.

November 16, 2017

Civic New York Northeast Office

SUNY New Paltz Breaks Ground on $14M Engineering Innovation Hub

by Amy Works November 15, 2017

NEW PALTZ, N.Y. — The State University of New York (SUNY) at New Paltz, along with PC Construction, has broken ground on a $14 million Engineering Innovation Hub, located on the university’s campus in New Paltz. The two-story structure will add to the school’s growing mechanical engineering program, house the headquarters and laboratories of the university’s Hudson Valley Advanced Manufacturing Center, provide space for potential business partners under the state’s START-UP NY program, and serve as a business incubator for technology and engineering startups in the mid-Hudson Valley. Urbahn Architects designed the 19,500-square-foot facility, which allows for potential expansion. The project team includes Vanderweil Engineers, CSA Group, Leslie E. Robertson Associates, YR&G, BET Engineering Consultants, Edgewater Design, Lumen Architecture and Ellana Inc.

November 15, 2017

New York Northeast Retail

Island Associates Brokers $5.7M Acquisition of Retail Property in New Windsor, New York

by Amy Works November 15, 2017

NEW WINDSOR, N.Y. — Island Associates has brokered the acquisition of a retail property located at 170 Windsor Highway in New Windsor. An undisclosed buyer purchased the property for $5.7 million. QuickCheck occupies the 7,254-square-foot property, which is situated on 2.9 acres. Roger Delisle of Island Associates represented the buyer, while Matthew Gorman of CBRE represented the undisclosed seller in the deal.

November 15, 2017

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