NEW YORK CITY — Red Apple Group and Mc Gowan have completed construction at The Margo, a 15-story, mixed-use building featuring 228 apartments and ground-floor retail space at 180 Myrtle Avenue in downtown Brooklyn. Construction management firm Mc Gowan oversaw construction of the 250,000-square-foot building for developer Red Apple Group. Dattner Architects designed the property. Features include south-facing gardens and terraces, an exercise room, playroom and lounge. More than 10,600 square feet of commercial space anchors the first floor, along with a community area. Additionally, the building has approximately 133 ground-floor parking spaces with the capacity to increase available parking through the use of stackers. The building also features a 114-space bicycle room. Tenants began moving into the building in early September.
New York
Meridian Capital Group Arranges $34 Million Acquisition Loan for Brooklyn Multifamily Property
by Jaime Lackey
NEW YORK CITY— Meridian Capital Group has arranged $34 million in acquisition financing for the purchase of a multifamily property with retail and parking, located at the intersection of the Bedford Stuyvesant, Clinton Hill and Williamsburg neighborhoods in Brooklyn. The six-story property, located at 756 Myrtle Avenue, comprises 72 units; 17,000 square feet of retail space on the ground floor, partially occupied by Duane Reade; and a 48-car parking garage. Sam Shifer of Meridian negotiated the five-year loan, which provided by a regional balance sheet lender and features a fixed-rate of 3.25 percent as well as an interest-only component.
MIDDLETOWN, NEW YORK — Holliday Fenoglio Fowler (HFF) has arranged the $8 million sale of two adjacent buildings totaling 68,831 square feet in the Hudson Valley community of Middletown. The two properties, 100 and 110 Crystal Run Road, are located in the healthcare-focused district of Middletown near the recently completed Orange Regional Medical Center. They offer immediate access to Interstate 84 as well as close proximity to Route 17, Interstate 87 and the Port Jervis Line, a commuter rail line offering access to Manhattan. The 43,518-square-foot 100 Crystal Run Road is fully leased to law, consulting and healthcare companies, including DaVita Dialysis Center and Cornerstone Environmental Group, while the 24,380-square-foot 110 Crystal Run Road is 95 percent leased. Tenants include Orange Regional Medical Center and Prime Time Early Learning Center. Rob Hinckley, Stephen Simonelli, Michael Oliver, and Jose Cruz of HFF represented the undisclosed seller.
NEW YORK CITY — U.S. Bank, the fifth largest commercial bank in the United States, is relocating its New York City headquarters from 461 Fifth Avenue to Three Bryant Park. Cushman & Wakefield has closed a 68,000-square-foot, multi-level sublease with U.S. Bank at the property, which is owned by the Ivanhoé Cambridge/Callahan partnership. U.S. Bank is subleasing the space from MetLife. Bruce Mosler, John Cefaly, Ethan Silverstein, and Peyton Horn of Cushman & Wakefield represented MetLife in the transaction. U.S. Bank was represented by Michael Burlant, Dale Schlather, Jon Herman and Greg Herman of Cushman & Wakefield. Three floors of Midtown Manhattan office space remain available for sublease at the property.
NEW YORK CITY — NorthMarq Capital has arranged a $1.5 million refinance for a mixed-use property comprising 15 residential units and one retail unit located at 340 East 86th Street in New York City. The transaction was structured with a 10-year term with five years of interest-only payments followed by a 30-year amortization schedule. Robert Ranieri of NorthMarq arranged financing for the borrower through NorthMarq’s relationship with a regional bank.
NEW YORK CITY — Development partners Bizzi & Partners Development, Aronov Development and Halpern Real Estate Ventures have begun accepting pre-sales for 565 Broome SoHo, a 290-foot, 115-unit, dual-tower multifamily building under development in New York’s SoHo neighborhood. The project marks the first New York City residential project for the Pritzker Prize-winning architect Renzo Piano. Douglas Elliman Development Marketing is overseeing the marketing and sales. Parisian firm RDAI is designing the interiors. 565 Broome SoHo’s two-tower design will offer 360-degree views of the Hudson River, historic SoHo, midtown Manhattan, Tribeca and the World Trade Center. Amenities at the property include a saltwater pool and private driveway entrance.
NEW YORK CITY — Simone Development Companies has added a 40,000-square-foot self-storage facility to its Hutchinson Metro Center in the Pelham Bay section of the Bronx. CubeSmart is managing the climate-controlled facility. The new facility at 1260 Waters Place offers a variety of storage unit sizes in a well-lit site with 24-hour video surveillance. Amenities include hand-carts and dollies, availability of packing supplies and boxes, and printing/copy/fax services. The facility also offers a complimentary truck and driver through A Super Move. Delivery services directly to storage units are available. The facility has bi-lingual managers, and offers insurance services and discounts for military personnel.
60 Guilders is Converting Three Manhattan Buildings to Office Condos totaling 300,000 SF
by Jaime Lackey
NEW YORK CITY — 60 Guilders, a New York-based real estate investment and operating firm, has partnered with The Carlyle Group to convert three buildings in Midtown South to office condominiums. The three properties include The Corinthian, a 105,640-square-foot medical office building in Midtown South; 20 West 33rd Street, a 176,700-square-foot office building near the Empire State Building; and the adjacent 18 West 33rd Street, a 18,234-square-foot boutique office building. Rudder Property Group is marketing the units at the buildings. The conversions will add 300,000 square feet of available office condominium space to the Midtown South and Penn Plaza submarkets.
MELVILLE, N.Y. — Merrill Lynch Wealth Management has signed a five-year renewal for its 28,522-square-foot lease at the Melville Square Corporate Center at 1305 Walt Whitman Road in Melville. The Feil Organization owns the building, which is located in the heart of Long Island’s corporate headquarters corridor on the border of Nassau and Suffolk counties. Merrill Lynch has been a tenant in the building since the property’s renovation in 1999. Feil acquired the three-story, 165,310-square-foot building in September 2015 and plans major upgrades including the relocation and installation of a full-service café, creation of a high-tech conference center, and renovation of the fitness center. David Turino and Nicholas Forelli of Feil represented the landlord. Vince LaManna and Richard Freel of CBRE represented Merrill Lynch.
NEW YORK CITY — KZA Realty Group recently brokered a three-year lease for a 20,000-square-foot warehouse on Manida Street in the Bronx that allows global delivery box service Marley Spoon to expand into a larger warehouse located in the Bronx. Marley Spoon is a European-based recipe kit delivery service start-up. The company launched its recipe box delivery service in Germany, expanding to the Netherlands and the U.K., and then launching in the United States in 2015 with funding from Kreos Capital, QD Ventures, Luxor Capital and Lakestar. Kathy Zamechansky of KZA Realty Group represented the company in leasing the new, larger warehouse facility after it outgrew its Long Island warehouse space.