New York

Silver Star Motors Tops Out 135,000 SF Mixed-Use Building in Long Island City

by Amy Works August 25, 2016

NEW YORK CITY — An affiliate of Silver Star Motors has topped out the construction of a mixed-use building located at 37-14 36th St. in Queens’ Long Island City. Designed by Montroy Andersen DeMarco, the 10-story, 135,000-square-foot building will feature a Silver Star Mercedes-Benz dealership on the first two floors and 85 apartments on the upper floors. The apartments will be a mix of 30 studios, 27 one-bedroom units, 28 two-bedroom units and two three-bedroom units. Occupancy is expected in summer 2017. The project team includes 1 Oak Contracting, MNS Real Estate, Fogarty Finger Architecture, Dealer Solutions and Design, Gilsanz Murray Steficek, Lilker Engineering, GZA GeoEnvironmental, DeRosier Engineering and Sage Security.

August 25, 2016

New York Northeast Retail

Thor Equities Acquires 3,400 SF Retail Space in Soho for $12.6M

by Amy Works August 25, 2016

NEW YORK CITY — Thor Equities has acquired a retail co-op located at 125 Greene St. in Soho for $12.6 million. Featuring more than 3,400 square feet of space, the property is occupied by Kisan, a French fashion boutique. The name of the seller was not released.

August 25, 2016

Multifamily New York Northeast

TerraCRG Brokers $39.5M Sale of Multifamily Building in Brooklyn

by Amy Works August 24, 2016

NEW YORK CITY — TerraCRG has arranged the sale of a multifamily loft building located at 65 Bogart St. on the East Williamsburg/Bushwick border of Brooklyn. Acuity Capital Partners sold the property to Sugar Hill Capital Partners for $39.5 million, or $742 per square foot. The converted multifamily loft building totals more than 50,000 square feet and features 51 apartment units. Ofer Cohen, Melissa Warren and Dan Marks of TerraCRG were the sole brokers in the deal.

August 24, 2016

Loans Mixed-Use New York Northeast Office Retail

Newmark Holdings Closes $30M in Refinancing for Mixed-Use Building in Union Square

by Amy Works August 24, 2016

NEW YORK CITY — Newmark Holdings has closed on $30 million in refinancing for 5-9 Union Square West, a mixed-use building in New York City’s Union Square. The eight-story, 105,000-square-foot building is currently over 93 percent leased to a variety of tenants, including Staples and Rockwell Architecture Design. Provided by Amalgamated Bank, the new loan features a seven-year term with a fixed interest rate of 3.13 percent and five years of interest-only payments.

August 24, 2016

Multifamily New York Northeast

HFF Arranges $27.2M Sale of 30-Unit Apartment Building in Brooklyn

by Amy Works August 24, 2016

NEW YORK CITY — HFF has brokered the sale of an apartment building located at 333-335 Carroll St. in Brooklyn’s Carroll Gardens neighborhood. 333 Carroll Condominium LLC sold the newly redeveloped Class A building to an undisclosed buyer for $27.2 million. Built in 1931 as a warehouse loft building, the property was redeveloped into residences in 2014. The five-story property features 30 units in a mix of studio, one-, two- and three-bedroom units. Apartments feature open layouts, 10-foot ceilings, hardwood floors, reclaimed wood, walk-in closets, stainless steel appliances, open-island kitchens and oversized windows. On-site amenities include a rooftop deck, a fully-furnished lounge with TV and pool table, fitness center and below-grade parking. Andrew Scandalios, Jeff Julien and Rob Hinckley of HFF represented the seller in the deal.

August 24, 2016

New York Northeast Office Retail Top Stories

Qatar Investment Authority Buys 10% Stake in Empire State Realty Trust for $622M

by Haisten Willis August 24, 2016

NEW YORK CITY — An affiliate of Qatar Investment Authority (QIA) has acquired a 9.9 percent interest in New York-based office/retail REIT Empire State Realty Trust (NYSE: ESRT) for $622 million. QIA purchased 29.6 million newly issued Class A common shares of ESRT at $21 per share. The interest was acquired on a fully diluted basis, which is currently 19.4 percent ownership of Class A shares. Darcy Stacom of CBRE Group introduced QIA to ESRT. Goldman Sachs and Eastdil Secured acted as financial advisors. Goodwin Procter, Proskauer Rose and Clifford Chance U.S. acted as counsel. White & Case acted as QIA’s legal counsel. Empire State Realty Trust owns, manages, operates, acquires and repositions office and retail properties across New York City, including the Empire State Building. The company’s office and retail portfolio covers 10.1 million rentable square feet, consisting of 9.4 million rentable square feet in 14 office properties and 720,000 rentable square feet of retail. ESRT’s stock price closed at $20.52 per share on Tuesday, Aug. 23, up from $16.41 one year ago. The State of Qatar founded Qatar Investment Authority in 2005 to strengthen the country’s economy by diversifying into new asset classes. QIA is headquartered in Doha …

August 24, 2016

Hospitality Loans New York Northeast

PMZ Realty Capital Arranges $71M Loan for Hotel Portfolio in Four States

by Amy Works August 23, 2016

NEW YORK CITY — New York City-based PMZ Realty Capital has arranged a $71 million loan to refinance a four-property Hilton portfolio. The proceeds will be used by the undisclosed borrower to repay the first mortgage and mezzanine debt that has matured, as well as fund upcoming capital expenditure improvements throughout the portfolio. The portfolio includes the 140-room Hilton Garden Inn Ridgefield Park in Ridgefield Park, N.J.; the 125-room Hampton Inn & Suites in Kissimmee, Fla.; the 150-room Embassy Suites in Palmdale, Calif.; and the 192-suite Homewood Suites by Hilton in Nashville, Tenn. Michael Sonnabend of PMZ Realty Capital arranged the loan for the borrower.

August 23, 2016

Loans Mixed-Use Multifamily New York Northeast Retail

Equicap Secures $4.5M Loan for Mixed-Use Property in Brooklyn

by Amy Works August 23, 2016

NEW YORK CITY — Equicap has arranged a $4.5 million permanent loan for a mixed-use property located in Brooklyn’s Cobble Hill neighborhood. The newly developed building features one ground-floor retail unit and 10 apartments. Daniel Hilpert of Equicap arranged the loan, which features a five-year fixed interest rate, 30-year amortization schedule and three years of interest-only payments.

August 23, 2016

New York Northeast Office Retail

Joint Venture Acquires 326,000 SF Commercial Building in NYC for $89M, Plans Redevelopment

by Amy Works August 22, 2016

NEW YORK CITY — Metropolitan Realty Associates and joint venture partner TIAA Global Asset Management have acquired HUB LIC, a four-story commercial building located at 47-25 34th St. in Queen’s Long Island City, for $89 million. At the time of acquisition, the 326,000-square-foot property was 48 percent leased to a mix of tenants, including POLO Ralph Lauren, TEC Systems (Honeywell), Eleni’s Bakery, Gracie and Richelieu. The buyers plan to redevelop the property into office and retail space to attract a large-format retailer and offer 80,000 square feet of contiguous office space on a single floor. The building features 16- to 21-foot ceilings, a floor-to-ceiling window line, a 7,000-square-foot pitched skylight on the second floor, skylights throughout third floors, abundant parking and eight loading docks. Doug Harmon, Adam Spies, Adam Doneger and Josh King of Eastdil brokered the sale of the property, while Grant Frankel and Rob Turner, also of Eastdil, arranged acquisition financing for the transaction.

August 22, 2016

Industrial New York Northeast Office Retail

Cushman & Wakefield Launches Automotive Specialty Practice Group

by Amy Works August 22, 2016

NEW YORK CITY — Cushman & Wakefield has launched an Automotive Specialty Practice group in response to the recent transformation and growth in the auto industry. Led by Jeffrey Green, the group includes a global, cross-discipline team of real estate and business advisors to auto manufacturers, suppliers, distributors and retailers. Cushman & Wakefield is the first commercial real estate service firm to market a global comprehensive Auto SPG offering. The offering’s mission is to deeply understand and address the distinctive challenges of the automotive sector from labor issues, logistics, infrastructure, technology, credits and incentives to the unique requirements of the real estate itself. Cushman & Wakefield has has relationships with various automotive industry clients around the world, including Toyota, BMW, FCA, Mercedes Benz, Magna International, Hyundai and JLR.

August 22, 2016

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