New York

Ready Capital Secures $10.7M Loan for Multifamily Property in NYC

by Haisten Willis March 28, 2017

NEW YORK CITY — Ready Capital Structured Finance has secured a $10.7 million non-recourse loan in New York City. The loan is for the recapitalization, renovation and stabilization of a 60-unit condominium property at 9511 Shore Road in the Bay Ridge neighborhood of Brooklyn. The collateral is part of a 104-unit, seven-story, condominium tower with views of the Narrows and Verrazano Bridge. Ready Capital Structured Finance closed a floating-rate interest-only loan featuring a 12-month term with two extension options and flexible pre-payment.

March 28, 2017

Mixed-Use Multifamily New York Northeast Retail Top Stories

XIN Development International Receives $108M Construction Loan for Mixed-Use Development in Hell’s Kitchen

by Katie Sloan March 28, 2017

NEW YORK CITY — XIN Development International Inc. — the U.S. development arm of Chinese developer Xinyuan Real Estate Co. Ltd. — has received $108 million in financing for the construction of a mixed-use property at 615 Tenth Ave. in the Hell’s Kitchen neighborhood of Manhattan. The seven-story development will offer 82 residential units and 36,053 square feet of retail space. The retail portion of the property is currently 76 percent pre-leased to an undisclosed national credit tenant. Adam Hakim and James Murad of Eastern Consolidated secured the construction financing on behalf of the borrower through Bank of the Ozarks. Hakim also arranged a $27 million bridge loan with Bank of the Ozarks on behalf of XIN Development to finance the acquisition of the property last year. An expected completion date for the development has yet to be announced. Xinyuan Real Estate Co. Ltd. (NYSE: XIN) is the only Chinese real estate developer listed on the New York Stock Exchange. The company focuses on the development of large-scale residential projects. The company’s stock price closed at $4.44 per share on Monday, March 27, up from $4.40 one year ago. — Katie Sloan

March 28, 2017

Multifamily New York Northeast

RXR Realty to Develop The Beacon Condominium Project in Glen Cove, N.Y.

by Haisten Willis March 27, 2017

GLEN COVE, N.Y. — RXR Realty is developing The Beacon, a condominium project that’s part of the $1 billion Garvies Point development on 56 acres in Glen Cove. RXR Realty has unveiled a model residence for The Beacon, which will be the first condominium property scheduled to open at the project, and sales begin this month. Studio Grella is the design firm for the project. The Beacon will offer one-, two- and three-bedroom residences ranging from 897 to 2,052 square feet. The 167-unit property will be located near Glen Cove creek, Garvies Point Preserve and Long Island Sound. Amenities will include an outdoor pool, fitness center and yoga studio, library, lounge, club room, screening room and marina.

March 27, 2017

New York Northeast Office

LargaVista Cos. Acquires 65,000 SF Office Building in NYC

by Haisten Willis March 24, 2017

NEW YORK CITY — LargaVista Cos. has purchased 30-10 41st Ave. in Long Island City for an undisclosed price. The property is a 65,000-square-foot office building adjacent to Sunnyside Yards at the intersection of Northern Boulevard and 41st Avenue. LargaVista also owns the adjacent building at 29-42 Northern Blvd. and is considering a creative office conversion and expansion, though exact plans are not yet complete. TriState Capital Bank provided financing for the transaction.

March 24, 2017

Mixed-Use Multifamily New York Northeast Retail

TerraCRG Arranges $2.2M Sale of Mixed-Use Building in Brooklyn

by Haisten Willis March 24, 2017

NEW YORK CITY — TerraCRG has arranged the $2.2 million sale of 205 Wyckoff Ave., a mixed-use building located between Harman Street and Greene Avenue in the Bushwick neighborhood of Brooklyn. TerraCRG’s Matt Cosentino, Eric Satanovsky and Fred Bijou handled the transaction. The three-story brick building includes five residential units and a retail space located near the DeKalb Avenue L train and the Myrtle-Wyckoff M&L trains. The buyer and seller were not disclosed.

March 24, 2017

New York Northeast Retail

ARM Real Estate Negotiates $1.8M Sale of Retail Property in Queens

by Haisten Willis March 24, 2017

NEW YORK CITY — ARM Real Estate group has negotiated the sale of 31-52 Steinway St. in the Astoria neighborhood of Queens for $1.8 million. The two-story, 1,944-square-foot retail building was delivered vacant at closing and the new owner has put the asset up for lease. The property, built in 1930, sits between Broadway and 31st Avenue, two blocks away from the M and R subway stops. Anand Melwani and Alexandre Goulet of ARM Real Estate Group represented both parties in this transaction. Alexandre Geis was the seller and 31 Steinway 52 LLC was the buyer.

March 24, 2017

Mixed-Use Multifamily New York Northeast Restaurant Retail

Construction Begins on Tremont Renaissance Mixed-Use Property in The Bronx

by Haisten Willis March 23, 2017

NEW YORK CITY — Construction has begun and retail leasing is underway at Tremont Renaissance, a mixed-use property located at 1910 Webster Ave. in the East Tremont section of the Bronx. The building is an affordable housing development that fronts Webster and East Tremont avenues. Tremont Renaissance is located near the Tremont Metro-North station, the Tremont Avenue subway station on the B and D lines and several bus routes. Half of the 256 units in the 12-story building will rent to people with maximum household income levels ranging from $38,100 annually for an individual to $48,960 for a family of three. The rest will rent to people making up to $76,200 for an individual and $97,920 for a family of three. Amenities will include a health and fitness center, children’s play area, internet lounge, private terraces, landscaped rooftops and a yoga studio. Tremont Renaissance will contain four ground-floor commercial units totaling almost 40,000 square feet.

March 23, 2017

Multifamily New York Northeast

Rosewood Realty Group Brokers $10.4M Sale of Apartment Building in NYC

by Haisten Willis March 23, 2017

NEW YORK CITY — Rosewood Realty Group has brokered the sale of a five-story Inwood apartment building for $10.4 million. The 24,985-square-foot walk-up building is located at 4848 Broadway and includes 37 apartments. It was built in 1924. Rosewood Realty Group’s Aaron Jungreis represented the seller, 4848 Broadway LLC, and Rosewood’s Michael Guttman represented the buyer, 4848 Broadway Residences LLC.

March 23, 2017

New York Northeast Restaurant Retail

Blue Ribbon Federal Grill to Open in NYC

by Haisten Willis March 23, 2017

NEW YORK CITY — Blue Ribbon Federal Grill has opened on the ground floor of AKA Wall Street, an all-residential hotel located at 84 William St. in Manhattan’s Financial District. The 98-seat restaurant is located across the street from the Federal Reserve Bank of New York at the corner of Maiden Lane and William Street. The first Blue Ribbon Federal Grill opened its doors in 1992. Asfour-Guzy Architects designed the new Manhattan location.

March 23, 2017

Multifamily New York Northeast

Avanath Capital Management Acquires Multifamily Property in Poughkeepsie for $19.3M

by Haisten Willis March 22, 2017

POUGHKEEPSIE, N.Y. — Avanath Capital Management has acquired Grand Pointe Park, a 156-unit apartment complex in Poughkeepsie, for $19.3 million. The property is located three miles from Poughkeepsie Station, which provides train service to Grand Central Station in New York City. Major employers in the area include IBM, GlobalFoundries and Health Quest. Grand Pointe Park was 98 percent occupied at acquisition and includes a swimming pool, fitness studio and basketball court. Avanath plans exterior upgrades to the clubhouse, pool deck and parking lots. Dmitry Gourkine of CBRE represented both the buyer and the seller. Avanath secured a $13 million loan from Fannie Mae to finance the acquisition. The 10-year loan was structured with a loan-to-value ratio of 67 percent. Grand Pointe Park is located at 161 Clubhouse Drive.

March 22, 2017

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