New York

WinnDevelopment, GDD Properties Break Ground on $200M Redevelopment of The Sibley Building in Rochester

by Katie Sloan June 14, 2016

ROCHESTER, N.Y. — WinnDevelopment and GDD Properties, in a public-private partnership with New York State, have broken ground on the $200 million redevelopment of The Sibley Building, located at the intersection of East Avenue and East Main Street in downtown Rochester. The Sibley Building opened in 1868 as the city’s first department store, and earned a spot on the National Register of Historic Places in 1984. The property will be rebranded as Sibley Square, with the name, logo and signage to be changed in the coming weeks. The phased redevelopment will begin with the $100 million construction of 96 modern apartments on the ninth through 12th floors of the building. Phase I will also include the addition of boutique retail, local artisan foodservice tenants, office space and active senior living apartments, as well as a complete rehabilitation of the façade and windows of the property. The residential components of the building will be named The Lofts at Sibley and The Residences at Sibley. Leases for active adult units at The Residences will be available by the end of this year. Redevelopment of the top floor of the building, once home to the Tea Room of the Sibley Department Store, is …

June 14, 2016

Loans Multifamily New York Northeast

Alchemy Properties to Convert Upper Floors of Landmark Woolworth Building into Luxury Condos

by Amy Works June 13, 2016

NEW YORK CITY — Alchemy Properties Inc. has received $220 million in financing for the conversion of the upper floors of the landmark Woolworth Building into luxury condominiums called The Woolworth Tower Residences. Reed Smith LLP represented the lender, United Overseas Bank Limited, New York Agency, in the financing. The luxury condominium conversion will be designed by Thierry Despont. Built in 1913, the Neo-Gothic tower was commissioned by Frank W. Woolworth and designed by Cass Gilbert. The Reed Smith LLP team included Joseph Sarcinella, Gerard Hefner, Crystal Persaud, Konstantinos Melitsanopoulos and Rose Plager-Unger.

June 13, 2016

Multifamily New York Northeast

Big City Realty Acquires 25-Unit Apartment Building in Manhattan for $7.6M

by Amy Works June 13, 2016

NEW YORK CITY — Big City Realty has acquired an apartment building located at 605 W. 151st St. in Manhattan’s Hamilton Heights neighborhood. Waterbury Realty Management sold the six-story, 31,000-square-foot property for $7.6 million. Built in 1920, the property features 25 apartment units and 14,136 square feet of air rights. Peter Vanderpool and Lazer Sternhell of Cignature Realty Group represented the buyer and the seller in the deal.

June 13, 2016

Multifamily New York Northeast

GFI Realty Services Brokers $6.6M Sale of Two Multifamily Buildings in Brooklyn

by Amy Works June 13, 2016

NEW YORK CITY — GFI Realty Services has arranged the sale of a pair of five-story, walk-up apartment buildings in Brooklyn’s Prospect Heights neighborhood. CSG Equities acquired the properties, which are located at 218-220 Park Place, for $6.6 million. The buyer plans to convert the buildings, which total 7,300 square feet, into luxury condominiums. Isaac Moskowitz and Yosef Katz of GFI Realty represented the seller, while Sasha Berg, also of GFI Realty, represented the buyer.

June 13, 2016

New York Northeast Office Retail

Marcus & Millichap Arranges $6M 1031 Exchange in Brooklyn

by Amy Works June 13, 2016

NEW YORK CITY — Marcus & Millichap has arranged the sale of net-leased property located at 310 E. Houston St. in Brooklyn as part of a 1031 exchange. An undisclosed New York-based purchaser acquired the 4,753-square-foot property, which is 15-year absolute net-leased to Manhattan AltSchool, for $6 million. Arthur Kaplan and Lisa Sickinger of Marcus & Millichap represented the seller, a developer. Barbara Dansker and Matt Fotis, also of Marcus & Millichap arranged the sale of property that was relinquished by the buyer.

June 13, 2016

New York Northeast Office Retail Top Stories

French Billionaire Buys Manhattan Office, Retail Building from Thor Equities for $525M

by Nellie Day June 13, 2016

NEW YORK CITY — French billionaire Marc Ladreit de Lacharrière has purchased a 100,000-square-foot office and retail building in Manhattan for $525 million. The building is located at 693 Fifth Ave. in Midtown’s Plaza District. The 20-story property’s retail component houses the flagship store of international luxury brand Valentino. It includes four full levels of retail space with 50 feet of Fifth Avenue frontage. Notable office tenants include Carpenters Workshop Gallery, Louis Licari and Phillips Auctioneers. Thor Equities acquired the building in 2010 from Japanese department store Takashimaya for $142 million. Thor then restructured the interior to create a multi-level retail space, which Valentino occupied in 2013. The renovation included a modern floor-to-ceiling window façade from the ground level through the eighth floor. Thor also worked with designer David Chipperfield to create a new building lobby. Thor Equities owns a number of other properties on Fifth Avenue including 685 Fifth Ave., the future home of the new Coach global flagship store. “We continue to believe strongly in the retail and office market on Fifth Avenue and throughout New York City,” says Joe Sitt, Thor’s CEO. “However, after successfully implementing our business plan of improving this prime retail and office location …

June 13, 2016

Hospitality New York Northeast

Embassy Suites by Hilton Tops Out First Hotel in Midtown Manhattan

by Amy Works June 10, 2016

NEW YORK CITY — Co-developers Hidrock Properties and The Buccini/Pollin Group have topped out Embassy Suites New York – Midtown Manhattan, the first Embassy Suites hotel in New York City. Located at 60 W. 37th St., the 40-story, 310-suite hotel features the Design Option III concept, which decreases the amount of land needed while increasing efficiencies in the development process. Designed by Peter Poon Architects, the hotel will feature a lobby bar, a café with adjoining roof deck on the third floor, amenity space on the fourth floor, and an adjacent three-level parking garage with access on 36th Street. The hotel is scheduled to open in early 2017.

June 10, 2016

Loans Multifamily New Jersey New York Northeast

Arbor Funds Four Loans in New York, New Jersey Totaling $29.8M in Loans

by Amy Works June 10, 2016

NEW YORK CITY, AND JERSEY CITY, N.J. — Arbor Commercial Mortgage has funded four loans for properties in New York City and Jersey City totaling $29.8 million. Ari Short of Arbor’s New York office originated the loans, which were funded under the Freddie Mac Small Balance Loan program. The firm provided a $12.6 million loan to a three-property, 97-unit multifamily portfolio in the Bronx. The 20-year refinance loan features a 30-year amortization schedule. In the second loan, Eastern Parkway Portfolio, a five-property, 49-unit multifamily portfolio in Brooklyn, received $9.6 million in financing. The 20-year refinance loan features a 30-year amortization schedule. In the third deal, a 23-unit multifamily property located at 429 Lenox Ave. in New York City received a $5.1 million loan. The 20-year refinance loan features a 30-year amortization schedule. In Jersey City, Arbor provided a $2.4 million loan to a 27-unit multifamily property located at 112-118 Tonnele Ave. The 20-year refinancing features a 30-year amortization schedule.

June 10, 2016

New York Northeast Retail

Joint Venture Completes $45M Sale of 84,000 SF Movie Theater Complex in Queens

by Amy Works June 9, 2016

NEW YORK CITY — A joint venture between Forest City Realty Trust and Madison International Realty has completed the sale of Steinway Street Theaters, known locally as UA Kaufman Astoria Cinemas in Astoria, Queens. An affiliate of Kaufman Astoria Studios acquired the property from the joint venture for $45 million. The 84,000-square-foot movie theater complex opened in 1999.

June 9, 2016

Loans Multifamily New York Northeast Seniors Housing

NorthMarq Arranges $5M Refinancing for Seniors Housing Property in New York

by Amy Works June 9, 2016

MOUNT VERNON, N.Y. — NorthMarq Capital has arranged the $5 million refinancing of Lohman Village, a seniors housing property located at 1 Wartburg Place in Mount Vernon. The loan features a 5-year term and 30-year amortization schedule. The 31-unit property is part of a large seniors housing campus in Mount Vernon known as Wartburg that offers a full spectrum of senior living options. Robert Ranieri of NorthMarq arranged the financing through NorthMarq’s relationship with an undisclosed regional bank.

June 9, 2016

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