NEW YORK CITY — Marcus & Millichap has brokered the sales of two properties in Brooklyn totaling $7.6 million. In the first transaction, a private investor acquired an 80-foot by 90-foot development site located at 242-248 Newkirk Ave. in Brooklyn. The site, which offers 30,497 buildable square feet, sold for $4 million. The site has approved plans for a seven-story, 45-unit apartment building. Derek Bestreich, Steve Reynolds and Thomas Reynolds of Marcus & Milichap represented the seller, a private investor, and the buyer in the transaction. In the second deal, a private investor purchased an eight-unit apartment property, located at 592 Vanderbilt Ave. in Brooklyn, for $3.6 million. Bestreich, Lucien Sproviero and Adam Lobel of Marcus & Millichap represented the seller, a private investor, and the buyer in the sale.
NEW YORK CITY — Ariel Property Advisors has arranged the sale of a multifamily property located at 161 E. 96th St. in Manhattan. Encore Manhattan LLC acquired the 9,160-square-foot property from a private investor for $6.5 million. The five-story building features 19 large studio apartments. Additionally, the property offers significant future development potential as R104 zoning providing approximately 25,230 buildable square feet as-of-right, or 16,070 square feet of air rights over the existing structure. Michael Tortorici, Howard Raber, Shimon Shkury, Victor Sozio and Matthew Gillis of Ariel Properties Advisors represented the seller and procured the buyer in the transaction.
NEW YORK CITY — The Port Authority of New York and New Jersey and The Durst Organization have announced that One World Trade Center is ending the year by reaching a major milestone of leasing 2 million square feet of Class A office space. The 1,776-foot tall tower reached this milestone with the signing of two new leases for pre-built space on the property’s 84th floor: a 12,000-square-foot transaction with SHVO, an international developer of luxury residential, hospitality and mixed-use projects; and a 10,000-square-foot lease with Juno Lab, a sharing economy venture. One World Trade Center now includes a roster of 24 tenants in a variety of business sectors, including media, technology, financial services and advertising. The landlord, The Durst Organization, was represented in-house by Karen Kuznick, along with Tara Stacom, Justin Royce, Barry Zeller, Connor Daugstrup and Peter Trivelas of Cushman & Wakefield. Elliott Warren of the Kaufman Organization represented Juno Lab in the transaction, while SHVO was represented in-house.
NEW YORK CITY — Equicap has arranged $5 million in permanent financing for a mixed-use property located in the Chinatown section of New York City. The 20-unit property features four retail units and 16 apartments. The borrower, a large not-for-profit, plans to renovate and re-tenant the retail portion of the property. Daniel Hilpert of Equicap negotiated the five-year loan at a 3.25 percent interest rate.
SODUS AND WILLIAMSON, N.Y. — KeyBank has provided a $3.9 million letter of credit to SWIIRD Preservation LLC, an entity owned by CB Emmanuel Realty LLC. Located in Sodus and Williamson, the affordable housing properties total 96 one-bedroom apartments. Ninety-four of the 96 residences will utilize NYC HCR project-based rental assistance vouchers, keeping the units affordable to low-income senior and special needs residents for at least 15 years. Joe Eicheldinger of KeyBank’s Community Development Lending arranged the financing, which was used to rehab the properties.
NEW YORK CITY — Maefield Development has acquired the leasehold interest in the DoubleTree Hotel, located at 1568 Broadway in Times Square. Sunstone Hotel Investors sold the 468-room asset for an undisclosed price. The acquisition is part of a planned redevelopment of the property into a premier cultural, entertainment, retail and hospitality experience. The redevelopment will include a renovated luxury hotel, prime street-front retail and entertainment space, a large high-resolution LED screen, and the restoration and enhancement of the Palace Theatre. Construction is slated to begin in the first half of 2017.
NEW YORK CITY — Eastern Consolidated has brokered the sale of a 70,000-square-foot office building located at 22-24 W. 38th St. in Midtown. Dalan Management acquired the asset for $43.5 million. The 12-story property features ground-floor retail space. Ron Solarz and Nataliya Stemakh of Eastern Consolidated represented the seller, 22 West 38th Street Associates LLC, while Ben Tapper, also of Eastern Consolidated, represented the buyer in the transaction. Gary Meese of Eastern Consolidated served as analyst for the deal.
MAMARONECK, N.Y. — Houlihan-Parnes Realtors has secured a $1.6 million first mortgage loan for a retail building located at 587-621 E. Boston Post Road in Mamaroneck. The seven-year, non-recourse loan has a 3.75 percent fixed-interest rate with interest-only payments for two years and a 30-year amortization schedule. The 15,270-square-foot building features 12 retailers. Bryan Houlihan and Mike O’Neill of Houlihan-Parnes arranged the financing through a local bank for the undisclosed borrower.
EAST MEADOW, N.Y. — Breslin Realty has arranged a lease at 1740 Hempstead Turnpike in East Meadow for The Greene Turtle Sports Bar & Grille. The newly constructed 6,500-square-foot free-standing restaurant will be the franchise’s second Long Island location. The Greene Turtle Sports Bar & Grille offers American comfort food with an emphasis on local, regional and national sports. Judy Pascucci of Beslin Realty negotiated the lease transaction.
NEW YORK CITY — Icon Realty Management has sold two six-story, fully renovated apartment buildings in the East Village to a South Carolina-based investor for $20 million, or $1 million per unit. Located at 326-328 E. Fourth St., the properties feature two two-bedroom units, 15 three-bedroom units, one four-bedroom unit and two five bedroom apartments. Each apartment features hardwood floors, stainless steel appliances, oak-paneled walls, Carrera marble countertops, recessed lighting, marble bathrooms and exposed brick. Additionally, all units have self-contained heating and air conditioning systems and in-unit washers/dryers. Peter Von Der Ahe, Joe Koicim, David Lloyd and Corey Isdaner of Marcus & Millichap’s Manhattan office represented the seller, while Von Der Ahe, Koicim, Isdaner and Sean Lefkovits, also of Marcus & Millichap, procured the buyer in the transaction.