NEW YORK CITY — An affiliate of RXR Realty has acquired the long-term leasehold of 810 Fulton Street in Brooklyn from an affiliate of GFI Development Co. for $28.7 million. Located in Brooklyn’s Fort Greene neighborhood, the property includes approved plans for a 363-unit, 328,000-zoning-square-foot residential building. Totaling 393,000 gross square feet, the property will also feature below-grade parking and 33,235 square feet of retail space facing Vanderbilt Avenue, Fulton Street and Clermont Avenue. Initial site work for the project began in 2015. Broadway Construction Group, an affiliate of GFI Capital Resources Group, and RXR have entered into a construction management agreement for the construction of the property. Construction is expected to begin in earnest this fall, with leasing slated to start in 2018.
NEW YORK CITY — GFI Realty Services has arranged the sale of a four-story, walk-up apartment building, located at 2105 Foster Ave. in Brooklyn’s Flatbush section. An undisclosed buyer purchased the property for $6.5 million, or $311,900 per unit. The pre-war building totals 26,640 square feet and features 21 apartment units. Erik Yankelovich of GFI Realty represented the undisclosed seller and buyer in the deal.
LAKE RONKONKOMA, N.Y. — Lancaster Pollard has arranged a $7 million refinance for The Lake Shore Assisted Living Home in Lake Ronkonkoma. Ken Gould of Lancaster Pollard secured the 30-year non-recourse loan through the FHA Section 232/223(f) program. Lake Shore features 200 assisted living units.
NEW YORK CITY — A joint venture between Extell Development Co. and SMI USA, the US subsidiary of Shanghai Municipal Investment, has unveiled plans to develop Central Park Tower, a $3 billion residential and commercial tower in Manhattan. When complete, it will be the tallest residential building in the Western Hemisphere, according to the developers. The 131-story building will feature condos and retail space, including Nordstrom’s first full-line location in New York. The retail space will serve as Nordstrom’s flagship store and will be its second largest location. The seven-story store will total 285,000 square feet, according to Bloomberg. Central Park Tower will be located along Billionaire’s Row on 57th Street in Midtown Manhattan and is slated to open in 2019. “We believe the superb location, views, design and quality of Central Park Tower will make it the most important residential building ever to be built in New York City and expect it to be a great success for Extell and SMI,” says Gary Barnett, founder and CEO of Extell Development Co. Adrian Smith + Gordon Gill Architecture, which designed the world’s tallest building, the Burj Khalifa in Dubai, and the future world’s tallest building, Kingdom Tower in Saudi Arabia, will serve as the architect …
NEW YORK CITY — Eastern Consolidated has arranged the sales of three properties in Queens totaling $12 million. In the first transaction, a real estate investment group acquired a 16,470-square-foot multifamily property located at 45-50 48th St. in the Sunnyside area of Queens. A private investor sold the property for $6.8 million. Jacob Tzfanya and Ted Volynets of Eastern Consolidation represented the seller and procured the buyer. In the second deal, Christos Savvinidis of Eastern Consolidated represented a private investor in the sale of a development site consisting of two residential properties at 2577-2579 31st St. in the Astoria neighborhood of Queens. A real estate investment firm acquired the properties, which offer 50 feet of frontage and 21,538 buildable square feet. In the final transaction, Chad Sinsheimer and Ali Rossland of Eastern Consolidated represented the seller, a private investor, and the buyer, a private investor, in the sale of a vacant 1,728-square-foot building located at 12-07 40th Ave. in Long Island City for $1.1 million. The property offers 6,075 buildable square feet.
NEW YORK CITY — Marcus & Millichap has arranged the sale of a mixed-use building located at 5617 Fifth Ave. in Brooklyn. An individual/personal trust purchased the 5,836-square-foot property from a private investor for $2.1 million. John Brennan of Marcus & Millichap represented the buyer and seller in the deal.
NEW YORK CITY — Rosewood Realty Group has arranged the sale of an eight-building multifamily portfolio in Brooklyn and the South Bronx. BFC Partners and K&R Preservation acquired the portfolio from Black Spruce Management for $60 million. Totaling approximately 300,000 square feet, the five Bronx buildings and three Brooklyn properties feature 324 apartments. The apartments, which are fully occupied, are all part of the Section 8 housing program. The Bronx buildings sold for $38 million and the Brooklyn properties sold for $22 million. The buildings are located at 286-290 E. 91st St., 183-185 E. 92nd St. and 178-188 E. 93rd St. in Brooklyn, and 972-976 Leggett Ave., 820-822 Jackson Ave., 949 and 953-957 Anderson Ave. and 951 Woodycrest Ave. in the Bronx. Aaron Jungreis of Rosewood represented the buyer and seller in the deal.
NEW YORK CITY — ABJ Properties has acquired a package of multifamily buildings located in Central Harlem and Brooklyn for $21.1 million. The buildings total 106,681 square feet and 100 units. The Lenox Avenue Portfolio is a package a three contiguous mixed-use walk-up buildings located at the corner of West 138th Street and Lenox Avenue in Central Harlem. The 59,835-square-foot portfolio contains 54 residential units and seven retail units. The remaining buildings are a 25,933-square-foot apartment building at 1848-1845 Eastern Parkway with 22 apartment units and a 20,913-square-foot building at 179 Mother Gaston Blvd. with five one-bedroom units and 12 two-bedroom apartments. Victor Sozio, Shimon Shkury, Michael Tortorici and Joshua Kwilecki of Ariel Property Advisors represented the seller, a private investor, in the transaction.
NEW YORK CITY — Savanna and its joint venture partner, Hornig Capital Partners, have completed the redevelopment of 95 Evergreen Avenue in Brooklyn’s Bushwick neighborhood. The joint venture acquired the five-story, 165,000-square-foot former Schlitz Brewery in 2015 and implemented a $30 million project to transform the building into high-end office and retail space. The project included renovating and upgrading the façade, windows, roof, generator, elevators, electric and plumbing systems, fire alarms, sprinklers and HVAC systems. Fogarty Finger designed the new space. Initially built for Schlitz brewing operations, the building features 15- to 37-foot ceilings and efficient floor plates of up to 37,500 square feet. New features to the building include a roof deck with views of the Manhattan skyline and a custom light fixture in the lobby with 8,400 backlit Schlitz bottles. Mitchell Arkin and Joseph Cirone of Cushman & Wakefield are marketing the office space, while Andrew Clemens of Ripco Real Estate is handling leasing for the retail space.
NEW YORK CITY — Ready Capital Structured Finance has arranged $5.5 million in acquisition, renovation and stabilization financing for two mixed-use multifamily and retail properties located at 644 Manhattan Ave. and 730 Manhattan Ave. in Brooklyn’s Greenpoint neighborhood. Upon acquisition, the borrower plans to renovate both buildings, extend the ground-floor retail to cater to national tenants, restaurants or boutique stores, and complete the residential lease-up of both properties. Ready Capital closed the non-recourse, interest-only loan that features flexible pre-payment options with a two-year term as well as a one-year extension option, inclusive of a facility to provide for interest and carry reserves and future funding of capital expenditures, tenant improvements and leasing commissions.