New York

JLL Arranges $68.5M Sale, Financing of Brooklyn Apartment Building

by Taylor Williams April 4, 2025

NEW YORK CITY — JLL has brokered the $68.5 million sale of a 105-unit apartment building located at 237 11th St. in the Gowanus neighborhood of Brooklyn. Completed in 2017, the 12-story building predominantly houses studio, one- and two-bedroom units, with private balconies/terraces available in select residences. Amenities include a library, fitness center, courtyard and a rooftop deck, and the building also houses 6,264 square feet of commercial space that is fully leased. Jeffrey Julien, Rob Hinckley and Steven Rutman of JLL represented the seller, Trinity Place Holdings, in the transaction and procured the buyer, a partnership between Bluestone Investments and Shel Capital. Michael Shmuely, Michael Zaremski, Robert Tonnessen and John Flynn of JLL arranged $44.5 million in acquisition financing for the deal.

April 4, 2025

Loans Multifamily New York Northeast

Bravo Property Trust Provides $36.7M Construction Loan for Upper Manhattan Multifamily Project

by Taylor Williams April 4, 2025

NEW YORK CITY — Bravo Property Trust, a locally based bridge lender, has provided a $36.7 million construction loan for a 78-unit multifamily project in Upper Manhattan. The site is located along Amsterdam Avenue in the Hamilton Heights area, and the building will include ground-floor retail space that is already preleased. Information on floor plans was not disclosed, though 30 percent of the units will be designated as affordable housing. Amenities will include a fitness facility, tenant lounge, coworking space and a landscaped rooftop deck. Henry Bodek and Jonathan Ostroff of Galaxy Capital arranged the loan on behalf of the developer, Artifact Real Estate Developement. A tentative completion date was not disclosed.

April 4, 2025

Loans Multifamily New York Northeast

QuadReal Property Group Provides $49.5M Loan for Refinancing of Brooklyn Apartment Building

by Taylor Williams April 3, 2025

NEW YORK CITY — QuadReal Property Group has provided a $49.5 million loan for the refinancing of Arris Grand, a 113-unit apartment building in the Clinton Hill area of Brooklyn. The nine-story building was completed in 2024 includes three retail suites totaling 7,127 square feet. Units come in studio, one- and two-bedroom floor plans, and 34 units are reserved as affordable housing. Amenities include a rooftop terrace with grilling and dining stations, fitness center, media and gaming lounges, coworking and study spaces and a pet spa. Alan Blank, Zach Kraft and Gideon Gil from Cushman & Wakefield arranged the fixed-rate loan on behalf of the borrower, Haussmann Development.

April 3, 2025

Development New York Northeast Office

Kaufman, Beacon Underway on Repositioning of 265,000 SF Manhattan Office Building

by Taylor Williams April 2, 2025

NEW YORK CITY — A partnership between local owner-operator The Kaufman Organization and Beacon Capital Partners is underway on the repositioning of 875 Sixth Avenue in Manhattan’s NoMad district. The 26-story, 265,000-square-foot office building, which is known locally as One NoMad, was originally constructed in 1926. Designed by Olson Kundig, the repositioning will feature a redesigned street-level facade with a revised steel and aluminum curtain wall system with stone elements that complement the historic design of the upper floors. The project will also introduce a steel canopy at the main entry area on West 31st Street and deliver improved connectivity between the lobby and concourse-level space. The development team will also expand the property’s shared amenity spaces via the addition of flexible conference, hospitality and lounge spaces. Lastly, construction is underway on five new suites on the 18th and 19th floors of the building that range in size from 2,700 to 5,700 square feet. The full repositioning is expected to be complete before the end of the year.

April 2, 2025

Acquisitions Multifamily New York Northeast

A&E Real Estate Buys Apartment Building on Manhattan’s Upper East Side for $116.5M

by Taylor Williams April 2, 2025

NEW YORK CITY — A&E Real Estate has purchased Rivers Bend, a 22-story, 179-unit apartment building located at 501 E. 87th St. on Manhattan’s Upper East Side, for $116.5 million. The sales price equates to roughly $547,000 per unit. The doorman- and elevator-served building was originally constructed in 1963. Select units feature private balconies/patios, and amenities include a rooftop terrace with an enclosed pool and a fitness center. Jack Brick of S. Charatan Realty represented the seller, locally based investment firm Soloviev Group, in the transaction.

April 2, 2025

Leasing Activity New York Northeast Office

Specialist Staffing Group Signs 13,715 SF Office Lease in Lower Manhattan

by Taylor Williams April 2, 2025

NEW YORK CITY — Specialist Staffing Group, which coordinates talent placement within the STEM fields, has signed a 13,715-square-foot office lease in Lower Manhattan. The space is located on the 79th floor of One World Trade Center. Scott Bogetti and William Demuth of Savills represented the tenant in the lease negotiations. David Falk, Peter Shimkin, Hal Stein, Jason Greenstein and Nathan Krop of Newmark, along with internal agents Eric Engelhardt and Karen Rose, represented the landlord, a partnership between The Durst Organization and The Port Authority of New York & New Jersey.

April 2, 2025

Leasing Activity New York Northeast Office

Legal Aid Society Signs 29,467 SF Office Lease Renewal, Expansion on Staten Island

by Taylor Williams April 1, 2025

NEW YORK CITY — The Legal Aid Society has signed a 29,467-square-foot office lease renewal and expansion on Staten Island. The expanded space includes suites on the second, third and eighth floors of the building at 60 Bay St. Christopher Mansfield, Craig Reicher, Greg Maurer-Hollaender and Julia Passantem of CBRE represented the tenant in the lease negotiations. Bill Bergman internally represented the landlord, Muss Development.

April 1, 2025

Acquisitions Multifamily New York Northeast Retail

Marcus & Millichap Brokers $8M Sale of Multifamily, Retail Property in Huntington, New York

by Taylor Williams March 28, 2025

HUNTINGTON, N.Y. — Marcus & Millichap has brokered the $8 million sale of a multifamily and retail property in the Long Island community of Huntington. The three-story, 11,000-square-foot property at 356 New York Ave., which was originally built in 1965 and renovated in 2021, comprises nine residential units and three retail spaces. Michael Tuccillo of Marcus & Millichap represented the seller and procured the buyer, both of which requested anonymity, in the transaction.

March 28, 2025

Lincoln-Logistics-Rockland-Valley-Cottage-New-York

Industrial Leasing Activity New York Northeast

National Ramp Signs 109,450 SF Industrial Lease in Valley Cottage, New York

by Taylor Williams March 28, 2025

VALLEY COTTAGE, N.Y. — National Ramp has signed a 109,450-square-foot industrial lease in Valley Cottage, about 30 miles north of New York City. The space is located within Lincoln Logistics Rockland, a distribution facility that features a clear height of 36 feet, 34 dock doors and parking for 123 cars and 41 trailers. James Panczykowski of JLL and Adam Petrillo of Newmark represented the landlord, a partnership between Lincoln Equities and PCCP LLC, in the lease negotiations. National Ramp was self-represented.

March 28, 2025

Leasing Activity New York Northeast Office

RD Management Subleases 17,363 SF of Office Space in Midtown Manhattan

by Taylor Williams March 28, 2025

NEW YORK CITY — RD Management has subleased 17,363 square feet of office space at 1745 Broadway in Midtown Manhattan. The space spans part of the seventh floor of the 26-story, 780,525-square-foot building. Richard Bernstein, Adam Ardise, Stephen Bellwood, Lei-Lani Keelan and Troy Elias of Cushman & Wakefield represented the sublandlord, Penguin Random House, in the negotiations. Ben Shapiro, Bill Levitsky and Matt Augarten of Newmark represented RD Management. Invesco Real Estate owns 1745 Broadway.

March 28, 2025

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