New York

Ariel Property Advisors Brokers $18.7M Sale of 60-Unit Multifamily Building in Manhattan

by Amy Works November 13, 2017

NEW YORK CITY — Ariel Property Advisors has arranged the sale of a multifamily building located at 104-110 W. 144th St. in the Hamilton Heights neighborhood of Manhattan. An undisclosed buyer acquired the building for $18.7 million. The 51,560-square-foot building features 60 two-bedroom residential units, which are subsidized under the Department of Housing and Urban Development’s project-based Section 8 program. Victor Sozio, Shimon Shkury, Michael Tortorici and Matthew Gillis of Ariel Properties represented the undisclosed seller and buyer in the deal.

November 13, 2017

Multifamily New York Northeast

Rosewood Realty Negotiates $44.4M Sale of Two Apartment Buildings in the Bronx

by Amy Works November 10, 2017

NEW YORK CITY — Rosewood Realty Group has arranged the sale of two adjacent five-story apartment buildings on Honeywell Avenue in the West Farms neighborhood in the Bronx. The Fruchthandler real estate family’s FBE Limited bought the two buildings, located at 2103-2117 Honeywell Ave., for $44.4 million. Built in 1979 and totaling 181,093 square feet, the property features 197 apartments and 46 indoor parking spots. Aaron Jungreis of Rosewood Realty represented the seller, Rajmattie Persuad, in the transaction.

November 10, 2017

Multifamily New York Northeast

Marcus & Millichap Arranges $7.5M Sale of Apartment Building in Brooklyn

by Amy Works November 10, 2017

NEW YORK CITY — Marcus & Millichap has brokered the sale of an apartment building located at 41 Jefferson St. in Brooklyn’s Bushwick section. A private investor sold the 21-unit property for $7.5 million. Shaun Riley, Tom Shihadeh and Andrew Reiter of Marcus & Millichap represented the seller in the transaction.

November 10, 2017

New York Northeast Office Top Stories

New York REIT to Sell 346,728 SF Office Building in Manhattan for $255M

by Kristin Harlow November 10, 2017

NEW YORK CITY — New York REIT Inc. (NYSE: NYRT) has agreed to sell a 346,728-square-foot office building in Midtown Manhattan for $255 million. The 10-story property is located at 333 W. 34th St. between the Herald Square and Hudson Yards submarkets. The building is fully leased to four tenants including the Metropolitan Transportation Authority, The Segal Co., Godiva Chocolatier and Sam Ash. Over the last 15 years, the building has received over $25 million in capital improvements, according to NYRT. Real estate funds managed by Brookfield Asset Management will acquire the property. The closing is expected to occur prior to year’s-end. NYRT acquired the office building from SL Green for $220 million in 2013, according to Crain’s New York Business. NYRT is a publicly traded real estate investment trust that owns office and retail properties in New York City. NYRT’s shareholders recently adopted a plan of liquidation in which the REIT is seeking to sell its assets. The liquidation process is expected to be completed by the end of the first quarter of 2018, according to NYRT. At the time of its decision to liquidate, the company was under pressure to grow shareholder value. NYRT’s stock price closed on …

November 10, 2017

New York Northeast Office

Investcorp Acquires Interest in Two Office Buildings in Manhattan for $156M

by Amy Works November 9, 2017

NEW YORK CITY — Investcorp has invested in two office buildings in Manhattan’s Garment District for a total purchase price of $156 million. Located at 229 W. 36th St. and 256 W. 38th St., the properties are fully leased to a diverse roster of more than 20 long-term tenants. Combined the properties offer approximately 267,000 square feet of office space. As part of the transaction, Investcorp has entered into a joint venture with Brickman, a New York-based owner/operator. Brickman maintains a joint venture investment in the properties and will serve as the leasing and management agent.

November 9, 2017

Multifamily New York Northeast

CBRE Negotiates $7.7M Sale of 50-Unit Multifamily Property in the Bronx

by Amy Works November 9, 2017

NEW YORK CITY — CBRE has arranged the sale of a multifamily property located at 1654 Monroe Ave. in the Bronx. A private investment company sold the property to an undisclosed buyer for $7.7 million in a multi-faceted transaction. The six-story building features 50 apartment units. Fully occupied at the time of sale, the property recently underwent major renovations and rehabilitation as part of the New York City 8A program. Elli Klapper, Charles Berger and Jay Gelbtuch of the CBRE Tri-State Investment Properties team represented the seller in the transaction. The proceeds of the 1031 exchange sale were applied to the acquisition of two retail properties in Austin, Texas, and Wauchula, Fla.

November 9, 2017

Loans Multifamily New York Northeast

Greystone Bassuk Arranges $217.5M Refinancing for 586-Unit Multifamily Tower in Brooklyn

by Amy Works November 9, 2017

NEW YORK CITY — Greystone Bassuk has secured a $217.5 million loan for an affiliate of The Gotham Organization for the refinancing of The Ashland, a 53-story multifamily tower located at 250 Ashland Place in Brooklyn. The 30-year, fixed-rate loan was originated by Wells Fargo Multifamily Capital and securitized through Fannie Mae’s multifamily Mortgage-Backed Securities program. Greystone Bassuk served as exclusive advisor on the transaction. Designed by SPAN Architects, the 547,000-square-foot property features 586 mixed-income apartment units, 11,500 square feet of cultural office space and 17,000 square feet of retail space, which is occupied by Gotham Market. On-site amenities include a fitness studio, outdoor fitness area, outdoor screening area, multiple indoor lounges, playroom and stroller/bicycle room.

November 9, 2017

Loans Multifamily New York Northeast

Greystone Bassuk Arranges $103M Construction Loan for 164-Unit Apartment Project in Manhattan

by Amy Works November 8, 2017

NEW YORK CITY — Greystone Bassuk has secured a $103 million construction loan with Bank of China for an affiliate of The Moinian Group. The borrower will use the loan to construct 572 11th Avenue, a 13-story apartment building located in Manhattan. Designed by CetraRuddy, the 185,000-square-foot building will feature 164 apartment units over 25,000 square feet of street-level and below-grade retail space. Additionally, 46 of the apartments will be set aside for low- and moderate-income households pursuant to the new 421-a Program and the New York City Department of Housing Preservation and Development’s Inclusionary Housing Program.

November 8, 2017

Multifamily New York Northeast

Clipper Realty Acquires 82-Unit Apartment Building in Manhattan for $79M

by Amy Works November 8, 2017

NEW YORK CITY — Clipper Realty has purchased an apartment building located at 10 W. 65th St. on Manhattan’s Upper West Side. Touro sold the property for $79 million, or $585 per square foot. The 82,230-square-foot building features 82 apartments and 53,000 square feet of air rights. New York Community Bank provided Clipper Realty with a $34.5 million, 10-year loan for the acquisition of the property. Aaron Jungreis and Devin Cohen of Rosewood Realty Group represented the buyer and the seller in the transaction.

November 8, 2017

Loans Multifamily New York Northeast

Silverback Development Secures $43.1M in Construction Financing for Condo Conversion in Brooklyn

by Amy Works November 8, 2017

NEW YORK CITY — Silverback Development has secured a $43.1 million loan to facilitate construction for 67 Livingston Street, a condominium development in the heart of Brooklyn Heights. Melody Business Finance provided the financing for the project, which includes the conversion of a former student housing dormitory into a residential condo building. Situated on a 3,404-square-foot lot on Livingston Street, the 29-story building will feature full-floor residences with outdoor spaces and panoramic views of the Manhattan skyline, the Brooklyn and Manhattan bridges and the Statue of Liberty.

November 8, 2017

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