New York

Pembrook Capital Provides $2.3M Loan for Mixed-Use Property in Brooklyn

by Amy Works January 31, 2018

NEW YORK CITY — Pembrook Capital Management has provided a $2.3 million second mortgage loan to finalize the construction of a mixed-use property located at 144-146 West St. in Brooklyn’s Greenpoint neighborhood. Pembrook previously closed a $6.2 million first mortgage loan for the project in March 2017. The sponsor, comprised of multiple developers, began construction on the six-story, 21,341-square-foot apartment building, with commercial space, on an infill site. The additional $2.3 million loan will fund the construction of four additional apartments, which are targeting individuals or households up to 80 percent average median income (AMI), while agreeing to restrict three additional units to 130 percent AMI. Completion is slated for this year.

January 31, 2018

New York Northeast Retail

Marcus & Millichap Negotiates $2.1M Sale of Retail Building in White Plains, New York

by Amy Works January 31, 2018

WHITE PLAINS, N.Y. — Marcus & Millichap has brokered the sale of a single-tenant retail building located at 75 Mamaroneck Ave. in White Plains. A private investor sold the building to an undisclosed buyer for $2.1 million. Built in circa 1923, the building features a total of 5,300 square feet above grade and 800 square feet on the second floor. Joseph C. French Jr. and Roger Reddy Jr. of Marcus & Millichap represented the seller in the transaction.

January 31, 2018

Industrial New York Northeast

Goldman Sachs, DH to Develop Three-Story Warehouse, Distribution Center in Brooklyn

by Amy Works January 30, 2018

NEW YORK CITY — A joint venture between Goldman Sachs Asset Management Private Real Estate (GSAM PRE) and DH Property Holdings plans to develop a three-story warehouse and distribution center located at 640 Columbia St. on the Red Hook waterfront in Brooklyn. The 370,000-square-foot facility will be one of the first industrial buildings in North America to feature multi-level distribution and warehousing. Designed by Ware Malcomb, the facility will feature Class A industrial specs, including 130-foot truck courts that can accommodate full-size tractor trailers on both the ground and second levels. The multi-level loading facility will also include 28-foot ceiling heights, 33 loading doors and an attached parking deck. Hollister Construction Services is the construction manager for the project.

January 30, 2018

New York Northeast Office Retail

Children’s Museum of Manhattan Acquires Former Church in Manhattan for $45M, to Relocate in 2021

by Amy Works January 30, 2018

NEW YORK CITY — Children’s Museum of Manhattan has acquired a new property located at 361 Central Park W. in Manhattan’s Upper West Side. 361 Central Park West LLC sold the property for $45 million. Children’s Museum of Manhattan plans to move its primary operations at 212 W. 83rd St. to the new location, which is a landmarked structure and a former church designed by Carrère & Hastings. The museum plans to open at the new location in 2021. Andrew Chonoles, Ross Yustein, Christopher Terry and Michael Scharpf of law firm Kleinberg Kaplan represented the museum in the acquisition.

January 30, 2018

Multifamily New York Northeast

Ariel Property Advisors Brokers $9.9M Sale of Development Site in Brooklyn

by Amy Works January 30, 2018

NEW YORK CITY — Ariel Property Advisors has arranged the sale of a development site package located at 94 and 100 Lenox Road in Brooklyn’s Flatbush neighborhood. The 45,500-square-foot development site sold for $9.9 million, or $218 per buildable square foot. Zoned R74, plans for 100 Lenox Road call for for a seven-story, 31-unit apartment building. Alexander McGee, Shimon Shkury, Sean Kelly and Daniel Tropp of Ariel Property Advisors facilitated the sale for the undisclosed buyer and seller.

January 30, 2018

Hospitality New York Northeast

Optima Real Estate Tops Out 21-Story Hotel in Manhattan

by Amy Works January 26, 2018

NEW YORK CITY — Developer Optima Real Estate has topped out construction for its boutique 21-story hotel located at 333 W. 38th St. in Manhattan’s Midtown West neighborhood. Designed by Gene Kaufman Architect, the 34,000-square-foot hotel will feature 79 rooms, a roof deck, a fitness center and breakfast rooms. The $10 million hotel was designed with four rooms per floor, allowing abundant natural light and views of the city.

January 26, 2018

Multifamily New York Northeast

Fairfield Properties Acquires Two Multifamily Buildings in Long Island for $16M

by Amy Works January 25, 2018

LONG ISLAND, N.Y. — Fairfield Properties has purchased two multifamily buildings located in Rockville Centre in Long Island. Suburban Associates at Grand and Maple LLC, a family developer that constructed the buildings in the 1970s, sold the properties for $16 million. Totaling 83 units, the two buildings are located at 145 Maple Ave. and 91-99 Grand Ave. The buildings are 100-percent rent stabilized and within walking distance of Rockville Centre village and the Long Island Rail Road. Corey Gluckstal and Guy Canzoneri of Five Point Real Estate represented the seller and buyer in the transaction.

January 25, 2018

Loans Multifamily New York Northeast Seniors Housing

Monticello Funds $8M in Financing for 140-Bed Skilled Nursing Facility in New York City

by Amy Works January 25, 2018

NEW YORK CITY — Monticello Asset Management has provided $8 million in financing for the acquisition of a 140-bed skilled nursing facility in New York City.The facility was built in 1979 and currently has a five-star Center for Medicare & Medicaid Services rating. In addition to skilled nursing services, the facility contains a 40-bed, non-secure memory unit and a 28-bed short-term or subacute therapy unit. The property totals 45,888 square feet on an 8.2-acre plot. The financing is a bridge loan, which the undisclosed borrower plans to convert to HUD financing in the future.

January 25, 2018

Multifamily New York Northeast

Eastern Consolidated Facilitates $27.6M Sale of Manhattan Apartment Portfolio

by Amy Works January 24, 2018

NEW YORK CITY — Eastern Consolidated has negotiated the sale of a 68,200-square-foot Section 8 multifamily portfolio located at 14-18 W. 107th St. in Manhattan’s Upper West Side. A private real estate investment firm acquired the assets for $27.6 million. Comprised of two elevator buildings, the properties feature 60 units in a mix of studio, one-bedroom and two-bedroom units. Ron Solarz of Eastern Consolidated represented the seller, a private owner, and procured the buyer. Gary Meese, also of Eastern Consolidated, served as analyst for the transaction.

January 24, 2018

New York Northeast Office Retail

Cushman & Wakefield Arranges $21M Sale of Office, Retail Property in Manhattan

by Amy Works January 24, 2018

NEW YORK CITY — Cushman & Wakefield has brokered the sale of a multi-tenanted commercial office and retail building located at 224 Fifth Avenue in Manhattan. An undisclosed buyer acquired the property for $21 million. Originally built in the mid-19th century and significantly altered in 1980, the six-story building features 15,949 square feet of office and retail space. The building has floor plates that range from 2,600 square feet to 2,827 square feet and is currently leased to three office tenants and one retail tenant, 7-Eleven. John Ciraulo and Craig Waggner of Cushman & Wakefield represented the undisclosed seller in the transaction.

January 24, 2018

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