New York

HFF Arranges $290M Construction Financing for Mixed-Use Development in NYC

by Haisten Willis April 4, 2017

NEW YORK CITY — HFF has arranged $290 million in financing for the development of 151 E. 86th St., a mixed-use residential and retail project in Manhattan’s Upper East Side neighborhood. HFF worked on behalf of the developer, a joint venture between Ceruzzi Holdings and Kuafu Properties, to secure the construction loan with a foreign capital source. HFF previously sourced financing on Ceruzzi’s behalf for its acquisition of the site in 2014. The property is located at the corner of 86th Street and Lexington Avenue and will include 151,500 square feet of residential space and 36,000 square feet of retail. There will be 61 condominium units averaging 2,485 square feet with floor-to-ceiling windows and views of the Manhattan skyline and the East River. Resident amenities will include concierge service and 6,500 square feet of amenity space, including a fitness facility, lounge, rooftop terrace and children’s playroom. HOK Architects designed the 18-story building and Shelton, Mindel & Associates handled the interiors. The property is due for completion in the first quarter 2019. David Nackoul, Christopher Peck and Scott Findlay led HFF’s debt placement team.

April 4, 2017

Multifamily New York Northeast

RXR Begins Construction of Harbor Landing in Glen Cove, N.Y.

by Haisten Willis April 4, 2017

GLEN COVE, N.Y. — RXR Realty has begun construction of Harbor Landing at Garvies Point in Glen Cove. The property is slated for completion in 2019. Harbor Landing, a 385-unit apartment complex, will offer a mix of studios, one- and two-bedroom residences across two buildings. Units will range from 500 to 1,300 square feet. The residences will also feature amenities including a fitness center, club room, private dining room, lobby and on-site parking. The property is being built in conjunction with a condominium development known as The Beacon.

April 4, 2017

Multifamily New York Northeast

Rosewood Realty Brokers $31.5M Sale of Apartment Properties in NYC

by Haisten Willis April 4, 2017

NEW YORK CITY — Rosewood Realty has brokered the $31.5 million sale of two apartment properties in Queens. A local investor purchased the contiguous properties, which are located at 71-05 and 71-11 37th Ave. in the Jackson Heights neighborhood. Benson Co. was the seller. The six-story buildings, which were built in 1920, include a combined 106 apartments and span 85,856 square feet. The average rent at the properties is $1,477 per month. Aaron Jungreis of Rosewood Realty Group represented both the buyer and seller in the transaction.

April 4, 2017

Industrial New York Northeast

ABC Carpet & Home Leases 78,000 SF Industrial Space in NYC

by Haisten Willis April 4, 2017

NEW YORK CITY — ABC Carpet & Home has leased 78,000 square feet in Industry City, the 16-building, 6 million-square-foot innovation and manufacturing complex located in the Sunset Park neighborhood in Brooklyn. ABC Carpet & Home, a New York-based seller of home goods, is consolidating its operations — currently located in Hackensack, N.J., and the Bronx — into the space at Industry City’s building 19. Industry City’s director of leasing, Kathe Chase, led the deal alongside Chase Welles of The Shopping Center Group, which was brought onto the project to lease the property’s ground-floor spaces. ABC Carpet was represented internally.

April 4, 2017

New York Northeast Office

Cushman & Wakefield Negotiates 25,000 SF Office Lease in NYC

by Haisten Willis April 3, 2017

NEW YORK CITY — Cushman & Wakefield has negotiated a 25,000-square-foot office lease in New York. C&W’s represented Callen-Lorde Community Health Center in securing a 20-year lease at 40 Flatbush Extension in downtown Brooklyn. Callen-Lorde, which is dedicated to meeting the healthcare needs of the LGBTQ community and those living with HIV/AIDS, will open its Brooklyn location in 2019. Carri Lyon and Mitzi Flexer of Cushman & Wakefield represented Callen-Lorde in the lease. Joseph Jemal of ISJ Management represented the landlord, 40 Flatbush Realty Associates.

April 3, 2017

New York Northeast Restaurant Retail

Nobu Downtown to Open in April at 195 Broadway in Lower Manhattan

by Haisten Willis March 31, 2017

NEW YORK CITY — Nobu Downtown will open in April at L&L Holding Co.’s 195 Broadway office tower. Located between Fulton and Dey Streets, the 12,500-square-foot restaurant includes a 4,500-square-foot street-level bar and lounge, subterranean dining and a private sake table. David Rockwell of Rockwell Group designed the restaurant space.

March 31, 2017

Multifamily New York Northeast Student Housing

Aptitude Development to Break Ground on 287-Bed Student Housing Community Near Syracuse University

by Haisten Willis March 30, 2017

Syracuse, N.Y. — Aptitude Development, a new partnership between BLVD Equities, Rosen Property Group and Westerleigh Property Group, is set to break ground on a 287-bed mixed-use development near Syracuse University in New York. The property will feature 20,000 square feet of retail space and community amenities including a fitness center and study rooms.

March 30, 2017

Loans Mixed-Use Multifamily New York Northeast Retail

Pembrook Provides $6.2M Loan for Construction of Mixed-use Property in NYC

by Haisten Willis March 30, 2017

NEW YORK CITY — Pembrook Capital Management has provided a $6.2 million first mortgage loan to finance the construction of a 21,341-square-foot mixed-use property located at 144-146 West St. in the Greenpoint neighborhood of Brooklyn. The unnamed sponsor plans to construct a six-story building on an infill site that will include 18 market-rate apartments on top of 1,200 square feet of commercial retail space. The project is expected to be complete in 2018 with nine parking spaces and bike storage.

March 30, 2017

Healthcare New York Northeast Office

Cushman & Wakefield Arranges $14.7M Sale of Medical Office Building in Nassau County

by Haisten Willis March 29, 2017

NORTH HILLS, NEW YORK — Cushman & Wakefield has arranged the $14.7 million sale of a two-story medical office building located at 3111 New Hyde Park Road in North Hills. Cushman & Wakefield’s Ben Efraimov, Jonathan Hageman and Patrick Yannotta handled the transaction. The property traded at a 6 percent cap rate. The building spans 24,600 square feet and is 100 percent occupied by three medical tenants. Integrated Medical Professionals occupies the front of the building and leases 13,800 square feet. Northern OBGYN and Aesthetic Dermatology are located in the rear of the property and occupy a combined 10,800 square feet. The property features 115 parking spaces and sits on 1.8 acres between Hollow Lane and Dakota Drive.

March 29, 2017

Affordable Housing Loans Multifamily New York Northeast

KeyBank Provides $18.2M in Financing to Preserve Affordable Housing in Troy, N.Y.

by Haisten Willis March 29, 2017

TROY, N.Y. — KeyBank has provided a total of $18.2 million in financing for the Martin Luther King Revitalization Apartments in Troy. The Troy Housing Authority partnered with Beacon Communities Development to renovate and preserve 104 units of affordable housing through HUD’s Rental Assistance Demonstration Program. The property was built in 1971. Key’s Community Development Lending & Investing group (CDLI) provided a $6.2 million construction loan and will also invest up to $12 million in Low Income Housing Tax Credits (LIHTC) direct equity to finance the first phase, which includes the preservation of 46 units for residents earning between 30 and 80 percent of the area median income. Joe Eicheldinger and Victoria O’Brien of Key’s CDLI team helped arrange the financing, made possible by an allocation of LIHTC from New York State Homes and Community Renewal. Additionally, the project required the approval and support of the U.S. Department of Housing and Urban Development.

March 29, 2017

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