New York

Rosewood Realty Group Brokers $110M Sale of 14 Multifamily Buildings in Manhattan

by Amy Works August 4, 2016

NEW YORK CITY — Rosewood Realty Group has brokered the sale of 14 multifamily buildings located at 308-310 and 318-340 W. 49th St. in the Hell’s Kitchen neighborhood of Manhattan. Black Spruce Management has acquired the portfolio from The Orbach Group for $110 million. Totaling 136,000 square feet, the portfolio features 273 apartment units. Additionally, the portfolio has approximately 75,000 square feet of air rights, but only 10,000 square feet are usable due to the Special Clinton Zoning District. Aaron Jungreis of Rosewood Realty Group represented the buyer and seller in the deal.

August 4, 2016

Mixed-Use Multifamily New York Northeast Office Retail

XIN Development Acquires RKO Keith’s Theater in Queens for $65.8M

by Amy Works August 3, 2016

NEW YORK CITY — XIN Development International has acquired the iconic RKO Keith’s Theater, located at 135-35 Northern Blvd. in the Flushing neighborhood of Queens. JK Equities sold the property in an all-cash transaction valued at $65.8 million. The property features fully approved and permitted plans for an approximately 389,746-square-foot mixed-use project featuring residential, retail and community facility components. Bob Knakal, Stephen Preuss and Jonathan Hageman of Cushman & Wakefield represented the seller, while Albert Benalloul of RLTY NYC represented the buyer.

August 3, 2016

Multifamily New York Northeast Retail

Cushman & Wakefield Negotiates $17.1M Sale of Mixed-Use Building in Manhattan

by Amy Works August 3, 2016

NEW YORK CITY — Cushman & Wakefield has arranged the sale of a mixed-use property located at 477 Amsterdam Ave. in Manhattan’s Upper West Side. Herliem Amsterdam LLC acquired the five-story, 9,500-square-foot property from 477 Amsterdam Avenue for $17.1 million, or $1,800 per square foot. The building features eight residential apartments and two commercial units. Hall Oster, Teddy Galligan and Bryan Smadbeck of Cushman & Wakefield represented the seller, while Dylan Pichulik of XL Real Property Management represented the buyer in the deal.

August 3, 2016

Industrial New York Northeast

Eastern Consolidated Arranges $5.7M Sale of Development Site in Brooklyn

by Amy Works August 3, 2016

NEW YORK CITY — Eastern Consolidated has arranged the sale of a development site located at 21 Powers St. in the Williamsburg section of Brooklyn. Powers 21 LLC acquired the site from 21 Powers LLC for $5.7 million, or $428 per square foot. A one-story warehouse occupied the site, which features 13,438 buildable square feet. Scott Burk and Jacob Tzfanya of Eastern Consolidated represented the seller, while Chad Sinsheimer of Eastern Consolidated represented the buyer in the deal.

August 3, 2016

Loans New York Northeast Retail

Houlihan-Parnes Realtors Secures $2.9M Loan for Retail Property in New York

by Amy Works August 3, 2016

BRONXVILLE, N.Y. — Houlihan-Parnes Realtors has arranged a $2.9 million first mortgage loan for a retail property located at 10-24 Palmer Ave. in Bronxville. The three-story, 23,600-square-foot property features five retail stores with 100 feet of frontage on Palmer Avenue and an auto repair shop on Paxton Avenue. The loan, which was provided by a savings bank, features a 12-year term at a seven-year, 3.47 percent fixed-interest rate and a 30-year amortization schedule. Jeremiah Houlihan of Houlihan-Parnes Realtors secured the financing for the undisclosed borrower.

August 3, 2016

Mixed-Use Multifamily New York Northeast Office Restaurant Retail

Allianz Real Estate to Acquire $420M Stake in Manhattan’s 10 Hudson Yards Tower

by Amy Works August 2, 2016

NEW YORK CITY — Allianz Real Estate has acquired a 44 percent stake — an investment of approximately $420 million — in 10 Hudson Yards, located on Manhattan’s west side. The tower is the first building completed in Related Cos. and Oxford Properties Group’s mixed-use Hudson Yards development. A limited partnership that includes Allianz, Related Cos., Oxford and institutional investors advised by J.P. Morgan Asset Management now own the property. 10 Hudson Yards is 94 percent leased to a variety of tenants, including Coach, L’Oreal USA, SAP and Boston Consulting Group. The planned mixed-use development will feature more than 17 million square feet of commercial and residential space, with more than 100 shops, a collection of restaurants, approximately 4,000 residences, cultural space, 14 acres of public open space and a 750-seat public school. Paul Meyer of Mayer Brown provided legal counsel to Allianz on the transaction.

August 2, 2016

New York Northeast Office

The Rosenblum Companies Sells Office Park in New York for $14.5M

by Amy Works August 2, 2016

ALBANY, N.Y. — The Rosenblum Companies has completed the sale of Corporate Plaza, an eight-building office park located along Washington Avenue Extension in Albany. Cass Hill Development Cos. acquired the asset for $14.5 million. Totaling 150,000 square feet, the plaza is 96 percent leased to 25 corporate, state and nonprofit tenants. The properties are located at 260, 264, 254, 250, 240 and 286 Washington Ave. Ext., 7 Executive Centre Drive and 14 Columbia Circle Drive.

August 2, 2016

Loans New York Northeast Retail

Vanbarton Group Receives $67.5M Acquisition Loan for a 31,210 SF Retail Condo in Manhattan

by Amy Works August 1, 2016

NEW YORK CITY — An affiliate of Vanbarton Group has received $67.5 million in acquisition financing for The Astor retail condominium located at 2139-2157 Broadway in Manhattan. Cushman & Wakefield arranged the floating-rate financing, which was provided by an affiliate of Mesa West Capital. The 31,210-square-foot property is at the base of the The Astor, a 12-story luxury residential complex. The condo features 18,902 square feet of ground-floor space and 12,308 square feet of basement-level space. The property is 100 percent leased to nine commercial tenants, including Barneys New York, Lululemon, Stuart Weitzman, Papyrus and L’Occitane. Steve Kohn, Alex Hernandez and Alex Lapidus of Cushman & Wakefield arranged the financing for the borrower.

August 1, 2016

New York Northeast Retail

Whole Foods Market to Anchor Mixed-Use Development at One Wall Street

by Amy Works August 1, 2016

NEW YORK CITY — Macklowe Properties has partnered with Whole Foods Market to anchor One Wall Street, a residential redevelopment in downtown Manhattan. A three-story 44,000-square-foot Whole Foods Market will anchor the 155,000-square-foot retail portion of the redevelopment. The store is slated to open in late 2018. Designed by Robert A.M. Stern Architects, the retail component will feature 22-foot ceilings. The full renovation of the Ralph Walker-designed Art Deco tower will include a restoration of the iconic three-story Hildreth Meier-designed Red Room into a showroom.

August 1, 2016

Multifamily New York Northeast

The Rosenblum Companies Breaks Ground on $23M Mixed-Use Residential Project in New York

by Amy Works July 29, 2016

TROY, N.Y. — The Rosenblum Companies has broken ground at 501 Broadway in Troy for the development of a $23 million mixed-use loft apartment project. The historic renovation of the former Troy Record newspaper building and the construction of a complementary new addition will bring 101 new apartments and ground-floor retail space to downtown Troy. Construction is slated to take 18 months. Redmark Realty is handling the leasing of the retail space.

July 29, 2016

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