NEW YORK CITY — Alpha Realty has brokered the sale of a retail property located at 6214 11th Ave. in Brooklyn’s Borough Park section. An undisclosed buyer acquired the property for $6.2 million. The 6,000-square-foot property features eight commercial units. Additionally, the acquisition included a vacant lot with 11,000 square feet of buildable space. Glenn Raff and Lev Mavashev of Alpha Realty represented the undisclosed seller, while Jacob Aranov, also of Alpha Realty, represented the buyer.
NEW YORK — SL Green Realty Corp. (NYSE: SLG), the largest office landlord in New York City, has sold a 29 percent interest in One Vanderbilt, a 58-story office tower under construction in Midtown Manhattan. SL Green sold a 27.6 percent interest to the National Pension Service of Korea (NPS) and a 1.4 percent interest to Hines Interest LP. NPS and Hines have committed no less than $525 million in combined equity to the project. “NPS is an extraordinary partner for us at One Vanderbilt and will help realize our shared vision for developing the best building in New York City,” says Marc Holliday, CEO of SL Green. “Hines has been with us at One Vanderbilt from the beginning and will be a terrific addition to the joint venture.” SL Green Realty Corp. and Hines are co-developing the building, and AECOM’s Tishman Construction is serving as the general contractor. Tishman broke ground on the project in October 2016. Upon completion in 2020, the skyscraper will be located adjacent to Grand Central Terminal. As part of the development, SL Green has committed $220 million for public improvements to the mass transit hub. In September 2016, SL Green closed on $1.5 billion …
NEW YORK CITY — Cignature Realty has arranged the sale of a mixed-use property located at 3880 Broadway in the Washington Heights section of New York City. A South Florida investor acquired the building from Coltown Properties for $17.5 million, or $390 per square foot. The 44,868-square-foot building features 32 apartment units and three commercial spaces. Lazer Sternhell and Peter Vanderpool of Cignature represented the buyer and seller in the deal.
NEW YORK CITY — A joint venture between GIC and Paramount Group has acquired a 1.6 million-square-foot office tower in New York City for $1 billion. The 47-story tower is located at 60 Wall St. in the Financial District of downtown Manhattan. The property is fully leased. It serves as the U.S. headquarters of Deutsche Bank. GIC, a sovereign wealth fund based in Singapore, has a 95 percent stake in the joint venture, while Paramount Group holds the remaining 5 percent. Paramount managed and owned about 5 percent of the property through its ownership in certain private equity funds prior to the acquisition. The joint venture also received $575 million in financing for the property in relation to the acquisition. “This investment reflects our long-term confidence in downtown Manhattan, which is benefitting from over $30 billion of recent public and private investments in infrastructure and new construction,” says Adam Gallistel, GIC’s regional head of Americas. “We believe 60 Wall St. is one of the top buildings in downtown and is poised to benefit from the ongoing downtown renaissance.” Deutsche Bank announced plans to renovate the office space in late 2016. It purchased the asset from J.P. Morgan & Co. in …
ENDICOTT, N.Y. — Houlihan-Parnes has brokered the sale of a mixed-use property located at 10 Delaware Ave. in Endicott. An undisclosed buyer acquired the asset for $1.1 million. The property consists of 75 multifamily units, 26,406 square feet of commercial space and an additional loft building that can be converted into 10 apartments. Ed Graf of Houlihan-Parnes represented the undisclosed seller in the deal.
NEW YORK CITY — A joint venture between Boston Properties and Rudin Development has closed on a $250 million construction loan for Dock 72, a creative office development at Brooklyn Navy Yard. The financing was led by J.P. Morgan, M&T Bank and U.S. Bank. The previously announced 16-story project will feature 675,000 square feet of office space. WeWork, acting as co-developer, will occupy 222,000 square feet of the property and will curate the amenity space, including a health and wellness center, specialty food and beverage offerings and a rooftop conference center. Construction broke ground in May 2016. The project will be ready for tenant fit-out late this year with completion scheduled for early 2018.
NEW YORK CITY — Berkadia has secured a $268.7 million loan for 20 Exchange Place, a luxury apartment building located in New York City. Nick Cassino of Berkadia arranged the 10-year, fixed-rate loan through Freddie Mac for the borrower, DTH Capital. Ackman-Ziff Real Estate Capital Advisors represented the borrower in the financing. Originally developed as headquarters for City Bank-Farmers Trust, the 57-story building now features 767 apartment units and 90,000 square feet of retail space.
NEW YORK CITY — Forest City Realty Trust, in partnership with Madison International Realty, has completed the disposition of Shops at Bruckner Boulevard, a specialty retail center located in the Bronx. Urban Edge Properties acquired the 116,000-square-foot property for $32 million. Forest City owned the property in a 51/49 percent joint venture with Madison International Realty.
NEW YORK CITY — Bellwether Enterprise Real Estate Capital has expanded its affordable housing lending group in New York City. The company has hired three team members to exclusively focus on Federal Housing Administration lending in the New York region. Hadley Bressman and John Mannix have joined the company as senior vice presidents and loan originators, and Nicole Bressman has joined as an analyst. Hadley Bressman and Nicole Bressman most recently served at the Hadley Group, while Mannix previously served at Merchant Equity Group. Bellwether Enterprise is a national, full-service commercial and multifamily mortgage banking company and a subsidiary of Enterprise Community Investment Inc.
HOLBROOK, N.Y. — Clarion Partners has completed the sale of Broadway Knolls, a garden-style apartment building located at 2200 Dolphin Lane in Holbrook. A private buyer acquired the property for $81.9 million, or $290,000 per unit. Built in 2006, the 22-building property features 284 units in one- and two-bedroom layouts, a fitness center, outdoor swimming pool, grilling area, fire pit, basketball and tennis courts, playground, dog park, community room, business center and walking trail. Jose Cruz, Kevin O’Hearn, Michael Oliver, Stephen Simonelli and Marc Duval of HFF, in collaboration with Select Real Equity Advisors, represented the seller in the deal.
