New York

National Cooperative Bank Closes $46M Loan for 763-Unit Co-op in Coram, New York

by Amy Works October 7, 2016

CORAM, N.Y. — National Cooperative Bank has closed a $46 million first mortgage loan for North Isle Village Inc., a multifamily cooperative located at 50 Gibbs Road in Coram. Proceeds of the loan were used to refinance existing debt and to fund current and future capital improvements, including roof and road repairs, HVAC replacement, indoor and outdoor pool repairs and tennis court replacement. Built between 1973 and 1985, the property has 54 two-story garden-style apartment buildings offering a total of 763 units. On-site amenities include a clubhouse, indoor and outdoor pool, laundry facilities, tennis courts, basketball court, playground, outdoor seating areas, paved jogging trail with obstacle course, fitness center, and picnic and barbecue areas. The property converted to cooperative ownership in 1987.

October 7, 2016

New York Northeast Office

Mack Cali Realty Completes $9.6M Sale of Two Office Buildings in Basking Ridge, New Jersey

by Amy Works October 7, 2016

BASKING RIDGE, N.J. — Mack Cali Realty Corp. has completed the disposition of two office buildings, located at 222 and 233 Mount Airy Road in Basking Ridge. Exclusive Management acquired the assets, which total 115,961 square feet, for $9.6 million. At the time of sale, the buildings were 65 percent leased. Jeffrey Dunne, Kevin Welsh, Brian Schulz and Jeremy Neuer of CBRE represented the seller and procured the buyer in the deal.

October 7, 2016

Mixed-Use Multifamily New York Northeast Office Retail

IPA Facilitates $29.3M Sale of Mixed-Use Property in Queens

by Amy Works October 6, 2016

NEW YORK CITY — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has arranged the sale of The Roosevelt, a mixed-use property located at 40-07 73rd St. in the Jackson Heights neighborhood of Queens. An undisclosed buyer acquired the property for $29.3 million. The building features 31 residential units, 10 commercial tax lots and a parking garage. Peter Von Der Ahe and Joe Koicim of IPA, along with Shaun Riney and Michael Salvatico of Marcus & Millichap, represented the undisclosed seller and procured the buyer in the deal.

October 6, 2016

Mixed-Use New York Northeast Office Retail

TerraCRG Arranges $5.1M Sale of Conversion Site in Brooklyn

by Amy Works October 6, 2016

NEW YORK CITY — TerraCRG has arranged the sale of a former daycare facility, located at 1057 Fulton St. in the Clinton Hill neighborhood of Brooklyn. An undisclosed buyer acquired the building for $5.1 million, or $493 per square foot. The buyer plans to convert the 10,337-square-foot property, which was vacant at the time of sale, into a mixed-use building. Ofer Cohen, Dan Marks and David Algarin of TerraCRG were the sole brokers in the transaction.

October 6, 2016

Hospitality New York Northeast

HREC Facilitates Sale of Inn at The Finger Lakes in Auburn, New York

by Amy Works October 4, 2016

AUBURN, N.Y. — HREC Investment Advisors has arranged the sale of Inn at The Finger Lakes, located at 12 Seminary Ave. in Auburn. TJ Hospitality acquired the 77-room property for an undisclosed price. Mark von Dwingelo and Pat Culligan of HREC represented the seller, FLH Development, in the deal.

October 4, 2016

New York Northeast Retail

The Boulder Group Arranges $3.8M Sale of Single-Tenant Retail Property in New York

by Amy Works October 4, 2016

MANLIUS, N.Y. — The Boulder Group has brokered the sale of a single-tenant net-leased Rite Aid property located at 8230 Cazenovia Road in Manlius. An East Coast-based investor acquired the property from a partnership of high-net-worth individuals for $3.8 million in a 1031 exchange. There are more than 10 years remaining on the lease of the 12,795-square-foot property.

October 4, 2016

Loans New York Northeast Retail

Berkadia Secures $31.5M in Financing for Retail Property in Harlem

by Amy Works October 3, 2016

NEW YORK CITY — Berkadia has secured $31.5 million in financing for The Retail Condominium at The Renaissance, a retail and garage property located at 130 Lenox Ave. in Harlem. Stewart Campbell of Berkadia arranged the loan for the undisclosed borrower through Jeffries LoanCore LLC. The 10-year refinancing loan features a 4.13 percent fixed interest rate and is interest-only throughout the term.

October 3, 2016

Multifamily New York Northeast

Rockpoint Group Acquires Two Residential Properties in Manhattan

by Amy Works October 3, 2016

NEW YORK CITY — An affiliate of Rockpoint Group LLC has acquired two residential properties located at 63 and 67 Wall St. in Manhattan. An affiliate of DTH Capital sold the properties for an undisclosed sum. 63 Wall Street, known as the Crest and formerly The Wall and Hanover Building, was built in 1928 as the headquarters of Brown Brothers Harriman & Co. The 400,000-square-foot building was converted into 476 residential apartments in 2003 and 2004. 67 Wall Street was originally built in 1921 as headquarters for the Munson Shipping Co. In 2006, the building was converted into 331 residential units and a retail component. The properties have approximately 10,000 square feet of connected amenity space and 20,000 square feet of retail space. Carl Schwartz, Matthew Scoville and Katie Baranek of Hunton & Williams LLP advised DTH Capital on the sale.

October 3, 2016

New York Northeast Office

Choyce Peterson Negotiates 29,000 SF Office Lease in White Plains, New York

by Amy Works October 3, 2016

WHITE PLAINS, N.Y. — Choyce Peterson Inc. has arranged the lease of 29,000 square feet of office space at 701 Westchester Ave. in White Plains. Pentegra Retirement Services is relocating its headquarters from 108 Corporate Park Drive to the new location. John Hannigan and Alan Peterson of Choyce Peterson represented the tenant, while Brian Carcaterra of CBRE represented the landlord, Normandy Real Estate Partners, in the transaction.

October 3, 2016

New York Northeast Retail

G&S Investors Completes $30M Sale of ShopRite at Bay Shore on Long Island

by Amy Works September 30, 2016

LONG ISLAND, N.Y. — G&S Investors has completed the sale of ShopRite at Bay Shore, a single-tenant retail property located in Bay Shore on Long Island. A joint venture partnership between Mattone Group and Gartenstein Properties acquired the 60,000-square-foot property for $30 million. Situated on 10 acres at 1905 Sunrise Highway, the property is triple-let leased to ShopRite. Jeffrey Julien and Jose Cruz of HFF represented the seller in the transaction. The asset was purchased free and clear of existing debt.

September 30, 2016

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