New York

Joint Venture Receives $1.5B Construction Financing for 50 Hudson Yards Office Tower in Manhattan

by Katie Sloan September 5, 2017

NEW YORK CITY — A joint venture between Related Cos., Oxford Properties Group and Mitsui Fudosan America Inc. has received $1.5 billion in construction financing for 50 Hudson Yards, a 58-story office tower located within the Hudson Yards development on Manhattan’s West Side. The joint venture has also committed $2.3 billion, bringing the total planned construction costs to $3.8 billion. Wells Fargo, Deutsche Bank, HSBC, Bank of China and Sumitomo Mitsui Banking Corp. served as co-lead arrangers for the $1.5 billion senior construction loan. Located at the northwest corner of 33rd Street and 10th Avenue, the 2.9 million-square-foot building will be New York City’s fourth largest commercial office tower, according to the joint venture. BlackRock, an investment management firm, will locate its corporate headquarters at the property, occupying 850,000 square feet across 15 floors. The building — designed by architecture firm Foster + Partners — will feature access points on all four sides and a subway concourse below; private sky lobbies; outdoor terraces; executive valet parking; on-site bike storage; connection to shops and restaurants at Hudson Yards; and an outdoor observation deck. Site work has commenced with vertical construction scheduled to begin this fall. The building is slated for completion in 2022. Related Cos. and Oxford Properties …

September 5, 2017

Multifamily New York Northeast

Jefferson Avenue Apartments Underway in Buffalo, New York

by Jaime Lackey September 1, 2017

BUFFALO, N.Y. — Sinatra & Company Real Estate and People Inc. have broken ground on Jefferson Avenue Apartments, a $24 million, two-building project in Buffalo’s Masten District. The project will include 84 mixed-income units, with 16 units to be reserved for people who have developmental disabilities but live independently. The apartment buildings will feature one- and two-bedroom units, a community room with a small kitchen, on-site laundry facilities, green space and off-street parking. The project will also include a 23,000-square-foot space that will house a recruitment and program services office for People Inc. Development team partners include Creative Structures Services, Bellamy Enterprises and Long Associates Architects. Financing for the project is expected to come from the City of Buffalo, Empire State Development, NYS Housing Finance Agency, NYS Housing and Community Renewal and the NYS Office for Persons with Developmental Disabilities, as well as federal and state low-income housing tax credits.

September 1, 2017

New York Northeast Office

NYC Department of Investigation Signs 276,000 SF Lease at 180 Maiden Lane

by Jaime Lackey September 1, 2017

NEW YORK CITY — Meyer Last and Ross Wasserman of Fried Frank acted as counsel to Downtown NYC Owner LLC, a joint venture of MHP Real Estate Services and Clarion Partners, in connection with a nine-floor, 276,000-square-foot lease to New York City’s Department of Citywide Administrative Services at 180 Maiden Lane, a 1.2-million-square-foot Class A building in Lower Manhattan. The city’s Department of Investigation will consolidate from five separate offices into one location.

September 1, 2017

Multifamily New York Northeast

HFF Arranges $60.9M Sale of 117-Unit Multifamily Property in Manhattan

by Jaime Lackey September 1, 2017

NEW YORK CITY — Holliday Fenoglio Fowler (HFF) has brokered the $60.9 million sale of 321 East 22nd Street, a multifamily property in Manhattan’s Gramercy Park neighborhood. The property is located within three blocks of the 4, 6, N, Q, R and W train lines and near Gramercy Park and Madison Square Park. The six-story building encompasses 117 residential units and 2,800 square feet of commercial space, which is leased to Synergy Fitness. Jeff Julien, Rob Hinckley and Andrew Scandalios of HFF represented the seller, Benedict Realty Group, and procured the buyer, Akelius.

September 1, 2017

Multifamily New York Northeast Student Housing

DMG Investments Breaks Ground on 322-Bed Community Near the State University of New York at Albany

by Jaime Lackey September 1, 2017

Albany, N.Y. — DMG Investments has broken ground on a 322-bed student housing community located near the State University of New York at Albany campus in Albany. The $30.5 million community will be located at the former Red Carpet Inn site at 1385 Washington Ave. The four-story, 142,000-square-foot property will offer one-, two-, three- and four-bedroom, fully furnished units with bed-to-bath parity. Shared amenities will include partially underground parking, in-unit washers and dryers, a fitness center, study room, resident’s lounge, gaming room, on-site tanning and courtyards. A timeline for the project has yet to be announced.

September 1, 2017

Healthcare New York Northeast

The Congress Cos. to Break Ground on $60M White Plains Institute for Rehabilitation & Healthcare

by Jaime Lackey August 31, 2017

WHITE PLAINS, N.Y. — White Plains Healthcare Properties I LLC has selected The Congress Companies as developer and the joint venture Congress/Consigli JV as the construction manager for the 110,000-square-foot White Plains Institute for Rehabilitation & Healthcare. The $60 million dollar facility consists of 160 beds of skilled nursing, including 76 specialized rehabilitation beds, 42 Alzheimer’s secure beds, and 42 long-term care beds. It will be operated by tenant EPIC Healthcare. The Architectural Team (TAT), of Chelsea, Mass., designed the facility. Congress/Consigli JV worked with TAT and EPIC to bring the project through pre-construction to the construction phase, providing scheduling, line item budgeting, value engineering, cost estimating, and evaluations of alternative building system options. A groundbreaking ceremony will be held Sept. 7.

August 31, 2017

Multifamily New York Northeast

Westbridge Brokers $3M Sale of 30 Multifamily Units at Acropolis Complex in Queens

by Jaime Lackey August 30, 2017

NEW YORK CITY — New York City-based Westbridge Realty Group has brokered the $3 million sale of a package of 30 unsold cooperative units at the Acropolis Complex in Astoria, Queens. The portfolio comprises 30 rent-stabilized apartments with break-even cash flow. The purchase price equates to $100,000 per unit. Westbridge founder Steven Westreich was the sole broker involved in this off-market transaction. This was the second co-op portfolio Westreich has sold at the Acropolis.

August 30, 2017

Industrial New York Northeast

Kamber to Acquire Riverside Garage Portfolio on Manhattan’s Upper West Side

by Jaime Lackey August 28, 2017

NEW YORK CITY — New York City-based Kamber Management Company is under contract to acquire the Riverside Garage portfolio of parking facilities on Manhattan’s Upper West Side. The portfolio consists of three parking garage condominiums, located at 80, 100-120, and 220-240 Riverside Boulevard. The portfolio, which comprises space at the base of five luxury residential towers, is a strong cash-flowing asset fully leased to Icon Parking Systems. Meridian Capital Group arranged the deal. David Shechtman was the exclusive broker for the sellers, and Kamber Management Company was represented by Steven Levy.

August 28, 2017

New York Northeast Retail

Cushman & Wakefield Brokers Sale of McKinley Plaza in Buffalo, New York

by Jaime Lackey August 25, 2017

BUFFALO, N.Y. — A REIT has sold the McKinley Plaza shopping center to a private real estate investment firm. The price was not disclosed. The 95,544-square-foot retail center at 3670 McKinley Parkway is 98 percent leased to 12 tenants and has 503 parking spaces. T.J. Maxx and A.C. Moore Arts & Crafts anchor the center, occupying 32,000 and 22,000 square feet, respectively. Built in 1991, the center underwent extensive renovations in 2015. Cushman & Wakefield’s Metropolitan Area Capital Markets Group was the agent for the property and procured the buyer as well as the seller. Brian Whitmer, Andrew Merin, Seth Pollack, and Kubby Tischler of Cushman & Wakefield worked in conjunction with Joyce MacKnight and Ben Borruso of Pyramid Brokerage Company.

August 25, 2017

Loans Multifamily New York Northeast

Greystone Arranges $550M Freddie Mac Loan for Sky Residences in Manhattan

by Kristin Harlow August 24, 2017

NEW YORK CITY — Greystone has closed a $550 million permanent Freddie Mac loan made to joint venture partners The Moinian Group and SL Green Realty Corp. for Sky Residences in Manhattan. The Greystone Bassuk debt advisory team, led by Richard Bassuk and Drew Fletcher, represented the borrower. The transaction marks the largest-ever single-asset tax-exempt financing completed by Freddie Mac and a first-of-its-kind private placement structure that includes permanent financing for hundreds of affordable housing units in New York City. Steve Rosenberg, Billy Posey, Joe Mosley, and Jeff Englund of Greystone collaborated with Freddie Mac on the structure for Moinian and SL Green, and spearheaded the loan process for Greystone. Sky Residences, located at 605 West 42nd Street, is one of New York City’s iconic luxury rental buildings with 1,175 units and 70,000 square feet of amenity space in a 71-story tower. The property was developed by Moinian and designed by Rockwell Group. Amenities include an exclusive multi-level fitness club; water club; spa; lap pool; NBA regulation-size basketball court; two outdoor pools; café; kids’ club; and a private outdoor park design by Thomas Balsley. The property is the largest single-tower residential building in the United States, with 25 percent of its …

August 24, 2017

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