New York

SL Green Taps AECOM’s Tishman Construction to Manage Construction of $1B Office Project in Manhattan

by Jeff Shaw June 21, 2016

NEW YORK CITY — SL Green Realty Corp. has chosen AECOM’s Tishman Construction unit to manage the construction of One Vanderbilt, a 58-story office development located adjacent to Grand Central Terminal in New York City’s East Midtown business district. The total value of construction for the project is approximately $1 billion. The skyscraper will contain 1.6 million square feet of Class A commercial space, a public transit hall and a 14,000-square-foot public plaza. The development will also include $220 million worth of public transit improvements to the Grand Central transit hub. When One Vanderbilt is complete, the building is expected to be the second tallest office tower in New York City, reaching heights of 1,401 square feet, according to Tishman. The tower will be second only to One World Trade Center, which Tishman also built. Kohn Pedersen Fox (KPF) designed the building to pay homage to the Grand Central Terminal and fit into the skyline alongside the Chrysler Building, located one block away from the development site. The developers plan to achieve LEED v4 Gold certification for the project. Primary construction is scheduled to begin in 2016, with completion expected in 2020. — Katie Sloan

June 21, 2016

Industrial New York Northeast

GHP Office Realty Acquires 81,500 SF Flex Building in New York

by Amy Works June 20, 2016

ELMSFORD, N.Y. — GHP Office Realty LLC has acquired an 81,500-square-foot flex building located at 375 Executive Blvd. within Cross Westchester Executive Park in Elmsford. The building features 75,000 square feet of warehouse space with four loading docks and two drive-in doors, and 6,500 square feet of office space. Andrew Greenspan and Jamie Schwartz of GHP led the acquisition team. The buyer plans to upgrade the property to modernize it and make it more energy efficient. The County of Westchester sold the property for an undisclosed price.

June 20, 2016

Industrial New York Northeast

Avison Young Brokers $32.2M Sale of 52,000 SF Parking Garage in Manhattan

by Amy Works June 20, 2016

NEW YORK CITY — Avison Young has arranged the sale of a seven-story parking garage located at 19 W. 20th St. in Manhattan’s Flatiron District. Extell Development sold the property to 19-25 West 20th Street Property LLC for $32.2 million. The 52,000-square-foot property is under a long-term lease to Icon Parking. Vincent Carrega, Jon Epstein, Neil Helman and Charles Kingsley of Avison Young represented the seller.

June 20, 2016

Mixed-Use New York Northeast Office Retail

Marcus & Millichap Arranges $4M Sale of Mixed-Use Building in Brooklyn

by Amy Works June 20, 2016

NEW YORK CITY — Marcus & Millichap has arranged the sale of a mixed-use property located at 524 Lorimer St. in Brooklyn. A limited liability company acquired the 3,384-square-foot building for $4 million. The purchaser was a 1031 exchange buyer from the Upper East Side. Shaun Riney, James Saros, Michael Salvatico and Matthew Steinberg of Marcus & Millichap’s Brooklyn office represented the seller and buyer in the transaction.

June 20, 2016

Healthcare New York Northeast Office

Delshah Capital Acquires Five-Building Medical Office Portfolio in Manhattan for $111.5M

by Amy Works June 17, 2016

NEW YORK CITY — Delshah Capital has acquired a portfolio of five buildings, totaling 205,000 square feet, from Mount Sinai St. Luke’s for $111.5 million, or $543 per square foot. Eastern Consolidated arranged a $60 million first mortgage bridge loan to finance the acquisition of the portfolio. Bank of the Ozarks provided the $60 million loan to the borrower, which also received a $17.5 million mezzanine loan from Square Mile Capital. The properties are located at 401 West and 411 W. 113th St. and 400 West and 408 W. 114th Street in Manhattan’s Morningside Heights. The buildings formerly housed numerous hospital services that are in the process of being relocated to alternate space within the remainder of the Mount Sinai St. Luke’s campus. Paul Massey, Hall Oster, Teddy Galligan and Andrew Berry of Cushman & Wakefield represented the seller in the transaction. Adam Hakim, Sam Zabala and James Murad of Eastern Consolidated secured the bridge loan for the borrower.

June 17, 2016

Multifamily New York Northeast

Cignature Realty Negotiates $45.5M Sale of Three-Property Multifamily Portfolio in Manhattan

by Amy Works June 17, 2016

NEW YORK CITY — Cignature Realty Associates has brokered the sale of a three-property multifamily portfolio in Manhattan’s Washington Heights neighborhood. Prana Investments acquired the portfolio from A&E Real Estate Holdings for $45.5 million. The five-story building are located at 29-45 Sickles St., 30 Sickles St. and 95 Thayer St. The properties total 148,850 square feet. Lazer Sternhell and Peter Vanderpool of Cignature Realty represented the buyer, while Aaron Jungreis of Rosewood Realty Group represented the seller in the transaction.

June 17, 2016

New York Northeast Office

Ivanhoé Cambridge, Callahan Capital Acquire Remaining Interest in 1211 Avenue of the Americas in NYC

by Amy Works June 16, 2016

NEW YORK CITY — Ivanhoé Cambridge and its partner, Callahan Capital Properties, have acquired the remaining 49 percent interest in 1211 Avenue of the Americas in Midtown New York City for an undisclosed price. Built in 1973, the 44-story tower features 2 million square feet of Class A office space. Additionally, the building has direct access to the Rockefeller Center Concourse amenities and subway.

June 16, 2016

Hospitality New York Northeast

Cushman & Wakefield Brokers $13.7M Sale of Boutique Hotel in Manhattan

by Amy Works June 16, 2016

NEW YORK CITY — Cushman & Wakefield has arranged the sale of Chelsea Pines Inn, located at 317 W. 14th St. in Manhattan’s Chelsea neighborhood for $13.7 million. The five-story, 8,550-square-foot hotel features 23 rooms and an additional 8,625 buildable square feet of air rights. The hotel features movie-themed rooms, high-end luxury linens, bath amenities and WiFi. Brock Emmetsberger, Jonathan Hageman and Andy Posil of Cushman & Wakefield represented the sellers, Jay Lesiger and Tom Klebba, in the deal. The name of the buyer was not released.

June 16, 2016

Multifamily New York Northeast

Cape Advisors Launches Sales at 30 Warren Condo Development in Tribeca

by Amy Works June 16, 2016

NEW YORK CITY — Cape Advisors has launched sales at 30 Warren, a 12-story multifamily building in Tribeca. Designed by Post-Office Architectes, the 12-story development features 23 condominiums ranging from one- to three-bedroom homes, including three full-floor penthouses with direct elevator entry and library areas. Residences range from 1,000 square feet to more than 2,500 square feet, with prices ranging from $2 million to $8 million. On-site amenities include an attended lobby, fitness center, children’s playroom, bicycle storage and private storage. The project is slated for completion in the fall of 2017.

June 16, 2016

Multifamily New York Northeast

Besen & Associates Arranges $9.2M Sale of Two Residential Properties in Manhattan

by Amy Works June 16, 2016

NEW YORK CITY — Besen & Associates has arranged the sale of two contiguous three-story residential buildings located at 316 and 318 E. 81st St. on Manhattan’s Upper East Side. An undisclosed buyer acquired the assets for $9.2 million, or $750 per buildable square foot. With a total of 12,232 buildable square feet, the buyer plans to develop the properties in luxury residential housing. The asset at 316 E. 81st St. is a single-family property and the property at 318 E. 81st St. is a seven-unit multifamily building. Jess Cirolli-Quinones of Besen & Associates represented the buyer, while Rolfe Haas, also of Besen & Associates, represented the undisclosed seller.

June 16, 2016

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