NEW YORK CITY — Equicap has arranged $18 million in construction financing for a condominium development on Manhattan’s Upper East Side. Daniel Hilpert secured the bank financing for the borrower, a foreign developer, at a competitive interest rate.
NEW YORK CITY — Cushman & Wakefield has facilitated the sale of a medical office building located at 407-409 E. 70th St. in Manhattan’s Upper East Side. An undisclosed buyer acquired the five-story building for $17 million, or $1,133 per square foot. The 15,000-square-foot property was sold by a group of doctors who practice in the building. Upon sale, the former owners inked a long-term leaseback for the space. Mitchell Levine, Guthrie Garvin and James Nelson of Cushman & Wakefield brokered the transaction.
NEW YORK CITY — Oxford Properties Group and Crown Acquisitions has completed a 175,000-square-foot lease extension through 2035 with the National Basketball Association (NBA) at Olympic Tower, located at 646 Fifth Ave. in Midtown Manhattan. The property owners plan to significantly modernize the office property’s lobby and public space to deliver a more engaging, customer-focused experience. Adam Frazier of Oxford, along with Paul Amrich, Howard Fiddle, Neil King and Patrice Meagher of CBRE, represented the owners, while Mary Ann Tighe, Gregory Tosko, Andrew Sussman and Munish Viralam of CBRE represented the tenant in the transaction.
NEW YORK CITY — The North Face has opened its first-ever flagship store in New York City. Located at 510 Fifth Ave., the 20,000-square-foot store offers an immersive brand experience for customers by bringing the beauty of outdoor exploration inside while inspiring customers to push their limits outside. The new store features a climbing wall; custom product available only at the Fifth Avenue location, including a limited edition Original Daypack collection, a collaboration with New Era; and on-site product customization featuring vintage and new collectible patches in partnership with Lot, Stock and Barrel. Additionally, the store has specialist associates on hand to assist customers with choosing technical apparel. This year marks the 50th anniversary of The North Face, which was founded in 1966.
NEW YORK CITY — Denihan Investments has completed a redemption agreement with Pebblebrook Hotel Trust for the transfer of ownership of six jointly-owned hotels in Manhattan at a total value of $820 million. Through the agreement, Denihan becomes the sole owner of four of the assets, totaling 917 rooms — The Benjamin, Fifty NYC, Gardens NYC, and Shelburne NYC, while Pebblebrook assumes full ownership of Dumont NYC and Manhattan NYC, totaling 870 rooms. The portfolio is a subset of Denihan’s portfolio, which also includes The James hotels in New York, Chicago and the to-be-built West Hollywood location, as well as The Surrey and The Carlton in New York City. Carl Schwartz and Anthony Bonan of Hunton & Williams LLP advised Pebblebrook in the transaction.
NEW YORK CITY — Rosewood Realty Group has arranged the sale of a five-building multifamily portfolio in the Fordham Manor section of the Bronx. An undisclosed buyer acquired the 214-unit portfolio for $35.8 million. Totaling 194,944 square feet, the buildings are located at 2489 Morris Ave., 1225 Sherman Ave., 2101 and 2499 Grand Ave. and 1900 Grand Course. Aaron Jungreis of Rosewood Realty Group represented the undisclosed seller and buyer in the deal.
SYRACUSE, N.Y. — The Pyramid Companies, owners of Destiny USA, has partnered with Hilton to open Embassy Suites by Hilton Syracuse – Destiny USA as the first hotel within the 2.4 million-square-foot shopping complex in Syracuse. The $48 million hotel will feature Embassy Suites’ Design Option III, a concept that allows developers the flexibility to customize a property’s design while remaining true to the brand’s pillars. Additionally, the all-suites hotel will feature an on-site restaurant and pool. Upon completion in fall 2017, the hotel will be operated by Aimbridge Hospitality. The project was financed by a M&T Bank, Berkshire Bank and Tompkins Trust Co.
FOREST HILLS, N.Y. — Knighthead Funding has provided a $27 million first mortgage construction loan to Paraag Sarva for the development of a mixed-use apartment building in Forest Hills. The loan is structured with a 36-month term, a prime-based floating rate and interest-only payments. Slated for completion in 2018, the development will feature 27 one-bedroom units and 19 two-bedroom units, with an average unit size of 975 square feet. Additionally, the property will feature 8,282 square feet of ground-floor retail space and a 23-car subterranean parking garage.
NEW YORK CITY — Rockrose Development has received a $65 million mortgage refinance loan for a residential rental building located at 100 Jane St. in Manhattan’s West Village. Andrew Singer and Kathleen McSharry of The Singer & Bassuk Organization arranged the financing, which was provided by Wells Fargo. Acquired in 1981, the nine-story building features 123,646 square feet, 148 residential units, a fitness center, roof deck and landscaped interior courtyard.
NEW YORK CITY — Rosewood Realty Group has brokered the sale of a four-building retail portfolio in the Homecrest neighborhood of Brooklyn. Embkay by Select LLC sold the contiguous buildings to 325 Realty Inc. for $12.1 million. The 19,300-square-foot portfolio comprises 1805-1811, 1815 and 1817 Avenue U and 2073-2075 E. 18th St. Michael Guttman of Rosewood Realty represented the seller, while Guttman and Jacob Setton, also of Rosewood Realty, represented the buyer in the deal.