New York

Rockrose Tops Out 974-Unit Apartment Tower in Long Island City

by Amy Works May 19, 2016

NEW YORK CITY — Rockrose Development Corp. has topped out The Hayden, a 974-unit residential tower located at 43-25 Hunter St. in Court Square in Queens’ Long Island City. As New York City’s largest “80/20” project outside of Manhattan, 20 percent or 195 apartments will be offered as affordable housing units, with the remainder as market-rate rentals. Slated for completion in first quarter 2017, The Hayden will comprise 970,000 square feet with 19,400 square feet of retail space on the ground floor, 348 studio units, 458 one-bedroom rentals and 167 two-bedroom apartments. On-site amenities will include two rooftop terraces, a fitness center, basketball court, billiard room, rooftop solarium and lawn, yoga studio, Zen garden, screening room, library and children’s playroom.

May 19, 2016

New York Northeast Top Stories

Sovran Self Storage Enters Agreement to Acquire LifeStorage for $1.3B

by John Nelson May 19, 2016

BUFFALO, N.Y. — Sovran Self Storage Inc. (NYSE: SSS), a self storage real estate investment trust (REIT), has entered into a definitive agreement to acquire LifeStorage LP, a privately owned self storage operator, for approximately $1.3 billion. Sovran has secured $1.35 billion in bridge financing, but the REIT intends to permanently finance the transaction with proceeds from future equity and debt offerings. “We are delighted to announce this acquisition. LifeStorage has built a high-quality national portfolio, and these stores will enhance and complement our physical footprint and digital presence,” says David Rogers, CEO of Buffalo-based Sovran, which operates over 550 self storage facilities in 26 states under the name “Uncle Bob’s Self Storage.” LifeStorage, which is the sixth-largest private owner and operator of self storage facilities in the United States, currently operates 92 properties in nine states. Upon completion of the acquisition, Sovran will own 84 LifeStorage stores with a purchase contract for three additional certificates of occupancy deals to be delivered in late 2016 and early 2017. The newly acquired facilities are located within Sovran’s existing markets, including 25 facilities in Chicago, 19 facilities across the Texas major markets including eight in Austin and five in Dallas, and three …

May 19, 2016

New York Northeast Office Retail

Related, LargaVista Break Ground for 80,000 SF Office/Retail Building in SoHo

by Amy Works May 18, 2016

NEW YORK CITY — Related Cos. and LargaVista Cos. have broken ground for 300 Lafayette Street, an 80,000-square-foot office and retail building located in SoHo. The seven-story building will feature 50,000 square feet office space on floors three through seven and 30,000 square feet of retail space on the first two floors. The office portion of the building will include a separate lobby from the flagship retail space. Designed by COOKFOX Architects for LEED Silver certification, the property is slated for completion in early 2018. JLL has been retained to market for lease both portions of the property.

May 18, 2016

Multifamily New York Northeast

IPA Negotiates $56.5M Sale of 86-Unit Apartment Complex in Brooklyn

by Amy Works May 18, 2016

NEW YORK CITY — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has brokered the sale of Mohawk Apartments, a six-building apartment complex located at 369-379 Washington Ave. and 76-84 James Place in Brooklyn. An undisclosed buyer acquired the 91,514-square-foot asset for $56.5 million. Built in 1905 and rehabilitated in the 1980s, the complex features 86 apartment units in a mix of one-, two- and three-bedroom layouts, as well as a commercial unit. Peter Von Der Ahe, Joe Koicim, Shaun Riney, James Saros and Michael Salvatico of IPA represented the undisclosed seller and procured the buyer.

May 18, 2016

Multifamily New York Northeast Retail

Benchmark Real Estate Group Sells Residential/Retail Building in Manhattan for $47.5M

by Amy Works May 17, 2016

NEW YORK CITY — Benchmark Real Estate Group has sold a residential and retail building located at 885 10th Ave. in Manhattan’s Midtown West neighborhood. A private family acquired the 37,000-square-foot property for $47.5 million. The six-story building features 36 newly upgraded apartment units, a roof deck, laundry facilities, bike/general storage and a smartphone-based intercom system. Additionally, the building features two ground-floor retail spaces that are fully leased and 20,000 square feet of buildable air rights. Eric Anton, Jeff Julien and Steven Rutman of HFF represented the seller in the deal.

May 17, 2016

Multifamily New York Northeast

Rosewood Realty Group Arranges $40M Sale of Nine-Building Apartment Portfolio in Brooklyn

by Amy Works May 17, 2016

NEW YORK CITY — Rosewood Realty Group has brokered the sale of a nine-building multifamily portfolio in Brooklyn. Chestnut Holdings acquired the 203-unit portfolio from San Francisco-based Carmel Partners for $40 million. Spread across Brooklyn’s Crown Heights and East New York neighborhoods, the properties are located at 883 Franklin Ave., 1742-1746 Union St., 1746 President St. and 1402-1406 Sterling Place. All of the 203 apartments are rent stabilized. Aaron Jungreis of Rosewood Realty Group represented both the buyer and seller in the transaction.

May 17, 2016

Multifamily New York Northeast

Redwood Realty Advisors Brokers $7.5M Sale of Two Apartment Buildings in New York

by Amy Works May 17, 2016

MOUNT VERNON, N.Y. — Redwood Realty Advisors has brokered the sale of two apartment buildings located on South Second Avenue in Mount Vernon. An undisclosed buyer acquired the properties for $7.5 million, with a 6.9 percent cap rate. The assets are a 34-unit apartment building and a mixed-use building with 35 apartment units and seven commercial spaces. Michael Scrima and Thomas Gorman of Redwood Realty Advisors brokered the transaction. The name of the seller was not released.

May 17, 2016

New York Northeast Retail

King’s Mall in New York Changes Hands for $19.6M

by Amy Works May 16, 2016

KINGSTON, N.Y. — Unison Realty Partners has completed the disposition of King’s Mall, a retail-anchored shopping center located in Kingston. An affiliate of Paragon Realty Group acquired the 186,000-square-foot property for $19.6 million. Tenants at the property include Marshalls, HomeGoods, DSW, Ulta Beauty and Mother Earth’s Storehouse. Newmark Grubb Knight Frank brokered the transaction.

May 16, 2016

Multifamily New York Northeast

Joint Venture Acquires 118-Unit Residential Property in Brooklyn for $66.5M

by Amy Works May 13, 2016

NEW YORK CITY — A joint venture partnership between Muss Development and Bedrock Real Estate Partners has acquired a residential building located at 180 Franklin Ave. in Brooklyn’s Clinton Hill neighborhood. The asset sold for $66.5 million. The newly developed residential property features 118 rental units in a mix of studios, one- and two-bedroom apartments. Unit amenities include hardwood floors, oversized windows, tile backsplashes, quartz countertops and in-unit washer/dryers. Building amenities include an attended lobby, social lounge, landscaped roof terrace with barbecues, extensive seating and beautiful skyline views, modern fitness center, work-from-home space, art studio and gallery, music rehearsal space, car parking and bicycle storage. Citi Habits New Development is the marketing and leasing agent for the property, which is slated for immediate lease up. Gideon Gil, Chris Moyer, John Spreitzer and Alex Lapidus of Cushman & Wakefield brokered the transaction. The name of the seller was not released.

May 13, 2016

Industrial New York Northeast

SunCap Property Group to Develop 248,370 SF Industrial Build-to-Suit in New York

by Amy Works May 12, 2016

MONTGOMERY, N.Y. — SunCap Property Group is developing an industrial build-to-suit facility on 44.1 acres at 201 Neelytown Road in Montgomery. The developer has selected Meridian Design Build to design and construct the 248,370-square-foot property, which will serve as a package sorting and distribution center for a leading provider of global shipping and information services. The facility will feature 63 loading docks, seven drive-in doors, 184 interior van loading positions, 452 auto parking stalls and 190 exterior trailer stalls. Additionally, the freestanding gateway building will be constructed to provide a secure entry point into the site. Cornerstone Architects is serving as architect, while Langan is providing civil engineering services for the project.

May 12, 2016

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