New York

Tribeca Associates Plans to Reposition the 477,000 SF Office Tower in Manhattan

by Amy Works September 29, 2016

NEW YORK CITY — Tribeca Associates plans to reposition 30 Broad Street, a 47-story office tower located in Manhattan’s Financial District, which the company purchased in April. The 477,000-square-foot building will undergo an infrastructure modernization and renovation to suit the needs of today’s tenants. Additionally, office spaces will be updated with new fixtures and fittings as part of the prebuilt program as they become vacant. The lobby will be revitalized with a custom light installation, contemporary artwork by Annica Cuppetelli and Cristobal Mendoza, and an expanded coffee bar. Building amenities will also be added in the central amenities suite. The repositioned building will offer full-floor branding opportunities for tenants that start at 5,881 square feet. Andrew Peretz, Hal Stein, David Malawer, Courtney Adham and Daniel Appel of Newmark Grubb Knight Frank are the leasing agents for the property.

September 29, 2016

Loans New York Northeast Office

NorthMarq Secures $3M Refinance for Office Property in Staten Island

by Amy Works September 29, 2016

NEW YORK CITY — NorthMarq Capital has secured $3 million in refinancing for an office property located at 1139 Hylan Blvd. in Staten Island. Charles Cotsalas and Robert Delitsky of NorthMarq arranged the loan, which features a 10-year term and a 25-year amortization schedule, through a community bank. The property features 28,000 square feet of office space.

September 29, 2016

Loans New York Northeast Office

SL Green Closes $1.5B Construction Financing for One Vanderbilt Development in Midtown Manhattan

by Amy Works September 28, 2016

NEW YORK CITY — SL Green Realty Corp. has closed on $1.5 billion in construction financing for One Vanderbilt, a 58-story office tower located adjacent to Grand Central Terminal in Midtown Manhattan. The financing has a term of up to seven years and bears interest at a floating interest rate of 3.5 percent over LIBOR, with the ability to reduce the spread to as low as 3 percent upon achieving certain pre-leasing and completion milestones. Institutions involved in the financing are Wells Fargo Bank as administrative agent; The Bank of New York Melton, JP Morgan Chase Bank, TD Bank N.A. and Bank of China as syndication agents; and Landesbank Baden-Württemberg as documentation agent. Vertical construction is slated to begin in the second quarter of 2017, with completion scheduled for 2020. Tishman Construction is managing the project, which will also include direct connection to Grand Central’s network of mass transit, improved by $220 million in upgrades that SL Green is implementing as part of the project. Designed by Kohn Pederson Fox, the 1.6 million rentable-square-foot tower will be the tallest building in Midtown and the second tallest in New York City. In 2014, TD Bank signed a 20-year, 200,000-square-foot lease at the …

September 28, 2016

Loans Mixed-Use Multifamily New York Northeast Office Retail

Madison Realty Capital Provides $52M Loan for Mixed-Use Development in NYC

by Amy Works September 28, 2016

NEW YORK CITY — Madison Realty Capital has provided a $52 million first mortgage loan for the acquisition of a development site in the East Village and the construction of an approved mixed-use development on the site. Located at 644 E. 14th St., the 76,259-square-foot development will feature 50 residential units, 8,064 square feet of retail space with 200 feet of frontage on 14th Street and Avenue C, and 21,575 square feet of community facility space. The loan proceeds helped the undisclosed borrower close on the site acquisition and will fund further predevelopment activities and construction of the building. The residential units will feature contemporary finishes and large balconies with views of the East River. Additionally, the borrower is finalizing a lease with a major New York hospital to occupy the entire community facility portion of the new building.

September 28, 2016

Multifamily New York Northeast

Cignature Realty Handles $19.7 Million Two-Building Multifamily Sale in Manhattan

by Jaime Lackey September 27, 2016

NEW YORK CITY — Cignature Realty Associates brokered the $19.7 million sale of two adjacent five-story multifamily walk-up rental buildings in the Inwood section of Manhattan to Coney Realty & Management. Hillcrest Acquisitions LLC sold the buildings, which were built in 1926 and renovated in 1988. They are located at 14 and 28 Thayer Street and total 64,255 square feet in 85 apartments: 61 one-bedrooms, 15 two-bedrooms and nine three-bedrooms. They sold for $306 per square foot. Cignature Realty’s Lazer Sternhell and Peter Vanderpool represented both the buyer and seller in the transaction.

September 27, 2016

Industrial New York Northeast

Kalmon Dolgin, Premier Broker $3.5M Purchase of Warehouse Space in Old Bethpage, N.Y.

by Jaime Lackey September 27, 2016

OLD BETHPAGE, N.Y. — Kalmon Dolgin Affiliates Inc. (KDA) has arranged the sale of a 42,500-square-foot property at 195 Sweet Hollow Road in Old Bethpage for $3.5 million. Linda Wong of KDA, along with Jason Miller and Jeff Schwartzberg of Premier Commercial Real Estate, represented the buyer Long Guang Lin, while William Becker of Racanelli, Becker and Associates LLC represented the seller, 195 Sweet Hollow Road Corp., in the transaction. The buyer will use the warehouse space for its kitchen cabinet and marble business, New Star Kitchen. The property was formerly used by Advance Relocation Molloy Brothers Moving and Storage, which has relocated its operations to Farmingdale, N.Y. The one-story property has a 5,000-square-foot office.

September 27, 2016

Multifamily New York Northeast

TerraCRG Oversees Sale of Brooklyn Multifamily Building

by Jaime Lackey September 27, 2016

NEW YORK CITY — TerraCRG has arranged the sale of a fully occupied multifamily building located at 40 Starr Street in Brooklyn’s Bushwick neighborhood. Matt Cosentino and Eric Satanovsky of TerraCRG exclusively handled the transaction. The property sold for $1.2 million, or approximately $290 per square foot and a 6 percent cap rate. The seller had owned the three-story, six-unit property for 35 years. It features an additional 1,375 square feet of available air rights. Three of the units are income-restricted.

September 27, 2016

New York Northeast Office

Eastern Consolidated Arranges $9.38M Sale of Six-Story Office Building at 84 Bowery in NYC

by Jaime Lackey September 26, 2016

NEW YORK CITY — Eastern Consolidated has arranged the sale of a six-story elevator office building with ground-floor retail space at 84 Bowery for $9.38 million. The 14,250-square-foot building is encumbered by a long-term master lease at substantially below-market rent. Peter Carillo and Adelaide Polsinelli represented the seller, Richard Shongut Realty Corp., and Carillo procured the buyer, a private investor. Chris Matousek of Eastern Consolidated served as the analyst for the deal. “The deal was challenging because it required an extremely patient and knowledgeable investor willing to accept a minimal yield for an extended period of time,” Carillo said. “However, the new owner will be able to recognize substantial upside upon the expiration of the lease. Floors two through six consist of offices leased to medical professionals and additional office space is available on the lower level. The ground floor and mezzanine are occupied by a jewelry store. The property also enjoys 25 feet of frontage along the Bowery as well as 2,700 square feet of unused development rights.”

September 26, 2016

Multifamily New York Northeast Retail

Besen Handles $7.4M Sale of Four-Property Portfolio in Brooklyn

by Jaime Lackey September 26, 2016

NEW YORK CITY — Besen & Associates has arranged the $7.4 million sale of a four-building package in central Brooklyn. The price translates to just shy of $400 per square foot. The properties, which feature multifamily and retail space, include 907 Nostrand Avenue, 739 Church Avenue, 1080-1082 Utica Avenue and 196 Utica Avenue. Each was fully renovated in 2015 with all apartments receiving new bathrooms, kitchens, wooden floors, and HVAC units. 907 Nostrand Avenue has approximately 4,547 square feet of retail space, leased to a fitness center; 739 Church Avenue has 3,300 square feet, leased to a bar; 196 Utica has a retail tenant which occupies the storefront and finished basement. The two-story building with 80 feet of frontage at 1080-1082 Utica Avenue was recently gut renovated and repositioned to contain seven retail stores. Greg Corbin, Miguel Jauregui and Saadya Notik of The Corbin Group represented the seller and also procured the purchaser, a local private investor.

September 26, 2016

Mixed-Use New York Northeast

GFI Realty Services Arranges $3.6M Sale of Mixed-Use Property in Brooklyn

by Jeff Shaw September 23, 2016

NEW YORK CITY — GFI Realty Services has arranged the sale of 1424 Avenue J, a mixed-use retail and multifamily property in the Midwood section of Brooklyn, for $3.6 million. Di Fara Pizza occupies the property. GFI Realty’s Shulem Paneth and Eli Matyas represented the seller, a foreign investor, in the transaction. GFI’s Sylvia Spielman represented the buyer, a local investor with several properties in the area. The four-story building is comprised of six apartments and four stores, all of which are currently occupied.

September 23, 2016

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