New York

Brooklyn Standard Properties Acquires Four-Building Mixed-Use Portfolio in the Bronx for $16.5M

by Amy Works February 10, 2017

NEW YORK CITY — Brooklyn Standard Properties has purchased a four-building mixed-use portfolio for $16.5 million. Fordham Apartments LLC sold the 56,836-square-foot portfolio that offers a total of 74 apartments, three retail spaces, office space and a 12-car parking lot. The portfolio includes a five-story, 22-unit building at 615 E. 189th St.; two four-story buildings at 2476 and 2483-2489 Cambreleng Ave. totaling 38 units; and a five-story, 14-unit mixed-use building at 2470 Belmont Ave. Aaron Jungreis of Rosewood Realty Group represented the buyer and seller in the deal.

February 10, 2017

Civic New York Northeast Top Stories

Lendlease-Turner Joint Venture Awarded $1.5B Expansion of Javits Center in Manhattan

by John Nelson February 9, 2017

NEW YORK — Empire State Development Corp. has selected a design-build team led by Lendlease Construction LMB Inc. and Turner Construction to oversee the $1.5 billion expansion of the Jacob K. Javits Convention Center in New York City. The team also includes Atlanta-based architect tvsdesign, which is aiming for the center’s expansion to be certified LEED Silver. Named after a former U.S. Senator from New York, the conference center is located on 11th Avenue in Manhattan’s Westside and bills itself as the busiest convention center in the country. The venue hosted events on 337 days in 2015. The six-block convention center opened in 1986 and spans 2.1 million square feet, of which 840,000 square feet is exhibition space. According to media reports, the Lendlease-Turner team is planning on a 46-month construction schedule for the expansion. The expansion will add 90,000 square feet of permanent space to the center’s current exhibit space, which will create an approximately 500,000-square-foot exhibition hall. Additionally the project will include 45,000 square feet of meeting room space and a 55,000 square-foot ballroom, the largest of its kind in New York City. The expansion will also reroute 20,000 event-related trucks off area streets each year, which is …

February 9, 2017

Affordable Housing Multifamily New York Northeast

Jonathan Rose Cos., L+M Development to Construct 655-Unit Affordable Housing Project in East Harlem

by Amy Works February 8, 2017

NEW YORK CITY — New York City Department of Housing Preservation and Development and Housing Development Corp. have selected Jonathan Rose Cos. and L+M Development Partners to develop a mixed-use, sustainable community on East 111th Street in East Harlem. Slated to be constructed in three phases, the property will bring 655 affordable rental units to the area with 163 designated as permanently affordable, 20 percent for extremely low-income households, nearly 60 percent for low-income households and 79 affordable seniors housing units. The development will also include an 85,000-square-foot Harlem RBI/Dream Charter School, an 11,000-square-foot Union Settlement Community Space, a 29,000-square-foot YMCA facility, a 26,000-square-foot Mount Sinai East Harlem Community Health Center, a 7,500-square-foot Urban Market grocery store and a Two Boots Pizza location. Designed by Handel Architects, the project is utilizing a passive design that will result in 60 to 70 percent less energy usage than a standard building of its kind. Passive design uses building placement within a site to maximize environmental factors to reduce energy usage for heating and cooling.

February 8, 2017

Mixed-Use New York Northeast Office Retail

Cushman & Wakefield Brokers $11.5M Sale of Mixed-Use Asset in Tribeca

by Amy Works February 8, 2017

NEW YORK CITY — Cushman & Wakefield has arranged the sale of a mixed-use property located at 106 Franklin St. in Manhattan’s Tribeca East Historic District. An undisclosed buyer acquired the 10,500-square-foot property for $11.5 million, or $1,095 per square foot. Partially vacant at the time of sale, the five-story building features 4,200 square feet of additional air rights. Will Suarez and Maurice Suede of Cushman & Wakefield represented the undisclosed seller, while Rachel Glazer of Brown Harris Stevens represented the buyer in the deal.

February 8, 2017

Multifamily New York Northeast

L+M Development, Nelson Management Developing Two Apartment Buildings in the Bronx

by Amy Works February 7, 2017

NEW YORK CITY — L+M Development Partners and Nelson Management Group have started construction on two affordable multifamily properties at 1520 and 1530 Story Ave. within the Lafayette Boynton apartment complex in the Soundview neighborhood of the Bronx. Combined the two 13-story buildings will feature 435 units in a mix of studio, one-, two- and three-bedroom units. On-site amenities include a fitness center and a 7,500-square-foot community facility space. Additionally, the project will include two acres of landscaped greenspace with walking paths between the properties, a children’s play area and an outdoor fitness center. Nelson Management Group is undertaking the project through its investment arm Global One Investments.

February 7, 2017

Loans New York Northeast Retail

Integra Real Estate Capital Arranges $5.5M in Refinancing for Retail Center in Syracuse

by Amy Works February 6, 2017

SYRACUSE, N.Y. — Integra Real Estate Capital has arranged a $5.5 million non-recourse loan for the refinance of Camillus Plaza, a retail center located in Syracuse. Rite Aid Pharmacy, Visionworks and Solvay Bank anchor the 45,000-square-foot shopping center. Meyer Perlman of Integra secured the 10-year fixed-rate loan through a CMBS lender for the borrower, a New York-based ownership group.

February 6, 2017

Loans Multifamily New York Northeast

PCCP Provides $66M Loan for 105-Unit Multifamily Property in Midtown Manhattan

by Amy Works February 3, 2017

NEW YORK CITY — PCCP has provided a $66 million senior loan to Coral Realty for the recapitalization and lease-up of Theater House, a newly developed apartment tower located at 237 E. 34th St. in the Kips Bay submarket of Midtown Manhattan. The 25-story property is 99 percent complete with move-in slated for March. Theater House features 105 units in studio, one- and two-bedroom layouts, 7,000 square feet of indoor and outdoor communal space, a 24/7 gym facility and a 24/7 doorman. Coral Realty is a privately owned real estate firm focused on developing residential units in New York City and Florida.

February 3, 2017

New York Northeast Office

Royal Bank of Canada Renews 400,000 SF Office Lease in Lower Manhattan

by Amy Works February 2, 2017

NEW YORK CITY — Royal Bank of Canada has renewed its 400,000-square-foot lease of office space at 200 Vesey Street at Brookfield Place New York in Lower Manhattan. RBC Capital Markets, the corporate and investment banking arm of Royal Bank of Canada, will continue to occupy floors 6 (partial), 8-12, 14 and 25 (partial) at the 51-story office tower until 2032. Bruce Mosler, Ethan Silverstein, Dale Schlather, Al Edwards, John Bestill and Chuck Scott of Cushman & Wakefield represented the tenant. The landlord, Brookfield Properties, was represented in-house.

February 2, 2017

Loans Multifamily New York Northeast

Quadrum Global, Simon Baron Development Receive $70M to Refinance Residential Tower in Manhattan

by Amy Works February 1, 2017

NEW YORK CITY — A partnership between Quadrum Global and Simon Baron Development has secured a $70 million loan for the refinancing of 393 West End Avenue, a 17-story residential tower in Manhattan’s Upper West Side. The 114-unit property features one-, two-, three- and four-bedroom layouts, a 24-hour concierge, rooftop terrace, residents’ lounge, fitness center and children’s playroom. Ayush Kapahi of HKS Capital Partners sourced the loan from Signature Bank.

February 1, 2017

Multifamily New York Northeast

Akelius Acquires 34-Unit Apartment Property in Brooklyn for $16M

by Amy Works February 1, 2017

NEW YORK CITY — Akelius has purchased an apartment building located on Dean Street in Brooklyn for $16 million. An undisclosed seller sold the 34-unit building, which was built in 1920. With this acquisition, Akelius now owns 14 properties in New York, for a total of 30 properties in the United States.

February 1, 2017

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