New York

Love Funding Secures $9.1M in Refinancing for Affordable Seniors Housing Property in Brooklyn

by Amy Works January 12, 2016

NEW YORK CITY — Love Funding has secured a $9.1 million loan for the refinancing of the Scheuer House of Coney Island, an affordable seniors housing property located in Brooklyn. Situated on 1.3 acres, the high-rise property features 197 age-restricted studio and one-bedroom apartments, 98 percent of which are Section 8 Units. Additionally, the property is within walking distance to the Coney Island boardwalk and amusement park. The borrower, JASA, will use the loan to renovate and upgrade the building. Planned enhancements include elevator upgrades, new kitchens, bathroom refurbishments, renovations of community common spaces and flood risk prevention measures. Laura Saull-Smith of Love Funding arranged the loan for the borrower through the U.S. Department of Housing and Urban Development’s 223(f) program.

January 12, 2016

Mixed-Use Multifamily New York Northeast Retail

Ariel Property Advisors Arranges $7M Sale of Development Site in East Harlem

by Amy Works January 12, 2016

NEW YORK CITY — Ariel Property Advisors has brokered the sale of a 50-foot wide vacant lot at 1655 Madison Ave. in Manhattan’s East Harlem neighborhood. The property sold for $7 million, or $391 per buildable square foot. The site is zoned R7-2/C1-5, which provides as-of-right approximately 17,887 buildable square feet for mixed-use development or 24,375 buildable square feet with the inclusion of a community facility bonus. Victor Sozio, Shimon Shkury, Michael Tortorici, Matthew Gillis and Josh Berkowitz of Ariel Property Advisors represented the seller, a private investor, while Michelle Abramov of Highcap Group represented the buyers, a private group of international investors, in the transaction.

January 12, 2016

Industrial New York Northeast

Cushman & Wakefield Arranges $11.9M Sale of Industrial Site in Brooklyn

by Amy Works January 11, 2016

NEW YORK CITY — Cushman & Wakefield has brokered the sale of an industrial site located at 102 Sandford St. in Brooklyn’s Bedford-Stuyvesant neighborhood. American Almond Products sold the property, which served as its national headquarters, sold for $11.9 million, or $409 per square foot, in an all-cash transaction. The 37,500-square-foot property features a 29,125 square feet of factory and warehouse space and approximately 8,375 buildable square feet for additional development. Michael Amirkhanian of Cushman & Wakefield handled the transaction. The name of the buyer was not released.

January 11, 2016

Affordable Housing Loans Multifamily New York Northeast

KeyBank Provides $6.1M Construction Loan for Affordable Housing Property in Syracuse

by Amy Works January 11, 2016

SYRACUSE, N.Y. — KeyBank has provided a $6.1 million construction loan to Harbor Street Lofts LLC, an entity sponsored by the Sutton Real Estate Cos. in partnership with Bentham Foundation. Proceeds of the loan were used toward the acquisition and rehabilitation of a four-story, historic industrial building in Syracuse’s Westside neighborhood. The borrower is transforming the property into a 40-unit mixed-income apartment property. Lynne Callis-Wilson of Key’s Community Development Lending arranged the financing for the borrower.

January 11, 2016

Loans Multifamily New York Northeast

Cushman & Wakefield Closes $53.2M Construction Loan for Residential Complex in Harlem

by Amy Works January 8, 2016

NEW YORK CITY — Cushman & Wakefield has arranged the closing of a $53.2 million construction loan for a property at 2341-2349 Adam Clayton Powell Jr. Blvd. in Manhattan’s Harlem neighborhood. The construction loan will finance the development of The Renny, a mixed-income residential rental complex set to open in 2017. The lender was Santander Bank. Preston Flammang of Cushman & Wakefield handled the transaction. The name of the borrower was not released.

January 8, 2016

New York Northeast Retail

Kimco Realty Corp. Sells 80,000 SF Retail Power Center in New York for $12M

by Amy Works January 8, 2016

MIDDLETOWN, N.Y. — Kimco Realty Corp. has sold Galleria at Crystal Run, an 80,000-square-foot retail power center located at 1100-1300 N. Galleria Drive in Middletown, for $12 million. An undisclosed buyer acquired the property for $12 million free and clear of existing debt in an all-cash 1031 exchange transaction. As an outparcel to the 1.2 million-square-foot Galleria at Crystal Run Mall, the property is fully leased to Best Buy and Christmas Tree Shops. Jose Cruz, Kevin O’Hearn, Michael Oliver and Steve Simonelli of HFF represented the seller in the transaction.

January 8, 2016

New York Northeast Office Retail

Savanna Closes on Acquisition of 135,000 SF Office/Retail Building in Harlem

by Amy Works January 7, 2016

NEW YORK CITY — Savanna has closed on the acquisition of a 135,000-square-foot office and retail building located at 1825 Park Ave. in Harlem’s 125th Street corridor. Giscombe Realty Corp. sold the property for an undisclosed price. The 12-story building is adjacent to the Harlem 125th Street station on the Metro North train line and one block from the 4, 5 and 6 subway lines. Savanna has a comprehensive capital improvement program slated for the property that will reposition the building as an institutional-quality property in Harlem’s supply-constrained office market. Jack Bick and Erik Otema of S. Charatan Realty represented the seller in the transaction. Laurie Grasso and Anthony Bonan of Hunton & Williams provided legal counsel for Savanna.

January 7, 2016

Mixed-Use Multifamily New York Northeast Retail

TerraCRG Arranges $2.2M Sale of Mixed-Use Building in Brooklyn

by Amy Works January 6, 2016

NEW YORK CITY — TerraCRG has arranged the sale of a mixed-use building located at 128-130 Cortelyou Road in Brooklyn’s Kensington neighborhood. Sugar Hill Capital Partners acquired the two-story, eight-unit building for $2.2 million, or approximately $316 per square foot. The property features five ground-floor commercial units and three three-bedroom units on the upper level. Additionally, the property features approximately 4,800 buildable square feet as of right. Adam Hess, Sam Shalumov, Eddie Setton and Kirill Galperin of TerraCRG were the sole brokers in the transaction.

January 6, 2016

Industrial New York Northeast Office

Heritage Equity Partners, Rubenstein Partners to Develop 480,000 SF Project in Brooklyn

by Amy Works January 5, 2016

NEW YORK CITY — Heritage Equity Partners and Rubenstein Partners are co-developing 25 Kent Avenue, a 480,000-square-foot project in Brooklyn. The ground-up property will be Brooklyn’s first speculative commercial building in 40 years. Designed by Gensler and HWKN, the building will feature office and light industrial space for creative arts, makers and technology firms. While site preparation is underway, the project has entered the official land use review process known as Uniform Land Use Review Procedure (ULURP) with construction slated to begin later this year.

January 5, 2016

Mixed-Use New York Northeast Office Retail

Joint Venture Buys 48,000 SF Loft Building in NYC’s Flatiron District

by Amy Works January 5, 2016

NEW YORK CITY — Manhattan-based George Comfort & Sons Inc. has partnered with ASB Capital Management to acquire a 48,000-square-foot mixed-use building at 7 W. 18th St. in Manhattan’s Flatiron District for an undisclosed price. The fully occupied nine-story building is tenanted by homenature, a home furnishing retailer, on the ground floor and a variety of office tenants on the upper floors. The name of the seller was not released.

January 5, 2016

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