New York

Eastern Consolidated Arranges $10M Sale of Mixed-Use Property in NYC

by Amy Works December 16, 2015

NEW YORK CITY — Eastern Consolidated has arranged the sale of a mixed-use building located at 157 E. 55th St. in New York’s Midtown East district. Goldie Moss Irrevocable Trust sold the 5,700-square-foot property to 157E55 Owner LLC for $10 million. The property features two vacant full-floor apartments on the top two levels and Darbar Grill, a popular restaurant, on the lower two levels. Additionally, the building features substantial air rights allowing for approximately 20,000 square feet of residential uses and 30,000 square feet of commercial or community facility space. Brian Ezratty and Scott Ellard of Eastern Consolidated represented the seller and procured the buyer in the sale.

December 16, 2015

Multifamily New York Northeast

Marcus & Millichap Brokers $1.3M Sale of Apartment Building in Ridgewood, N.Y.

by Amy Works December 16, 2015

RIDGEWOOD, N.Y. — Marcus & Millichap has arranged the sale of an apartment building located at 2048 Gates Ave. in Ridgewood. The six-unit rental property sold for $1.3 million. Shaun Riney, Thomas Shihadeh and George Koncilja of Marcus & Millichap’s Brooklyn office represented the seller, an individual/personal trust, and the buyer, a limited liability company, in the transaction. The property was fully occupied at the time of sale.

December 16, 2015

Industrial Market Reports New York Northeast Northeast Market Reports

NY Capital Region: The Industrial Market is Firing on All Cylinders

by Jaime Lackey December 16, 2015

In the Capital Region, an industrial/warehouse market with a little over 63 million square feet of space (spread over a 10-county area), vacancy rates have returned to pre-recession levels. It has been a long and steady climb out of a deep recessionary market, which hit this sector of the market the hardest during 2009. During that time, vacancy rates were hovering around the 11 percent mark. In the second quarter of this year, the regional vacancy rate stood at 7.3 percent. Compare this figure to the fourth quarter of 2014, when the vacancy rate was 8.9 percent. As a region, we are again enjoying the absorption of industrial space, as some regional operators expand and some new faces enter the market. We are constantly examining and reviewing the market to understand the current activity, and to anticipate and prepare for the coming trends and changes. So what has lead to the Capital District’s industrial/warehouse market recovery? Several factors are responsible. First and foremost, the overall recovery of both the national and local economies has played a significant role in our industrial recovery. According to the Bureau of Labor Statistics, the unemployment rate in the United States stood at 5.3 percent …

December 16, 2015

Multifamily New York Northeast

Marcus & Millichap Arranges $1.3M Sale of Multifamily Property in Woodside, N.Y.

by Amy Works December 15, 2015

WOODSIDE, N.Y. — Marcus & Millichap has brokered the sale of an apartment building located at 37-35 64th St. in Woodside. The six-unit property sold for $1.3 million. Shaun Riney, Michael Salvatico and Aryaan Azarbarzin of Marcus & Millichap’s Brooklyn office represented the seller, an individual/private trust, and the buyer, a limited liability company, in the transaction.

December 15, 2015

Loans Multifamily New York Northeast

Ready Capital Closes $8.4M Bridge Loan for Two Multifamily Buildings in Brooklyn

by Amy Works December 14, 2015

NEW YORK CITY — Ready Capital Structured Finance has closed an $8.4 million bridge loan for the acquisition, renovation and stabilization of two vacant multifamily buildings located at 157-159 Wythe Ave. in Brooklyn’s Williamsburg neighborhood. The borrower was Brooklyn Standard Properties. Totaling 8,500 square feet, the three-story buildings feature ground-floor retail space. The assets will undergo a gut renovation, including an extension of the ground floor for commercial use and the addition of one story for residential use. The loan features advances up to 75 percent loan-to-cost, a two-year term with two extension options, along with a funding facility to provide for all future capital expenses and tenant improvement and leasing commissions. Jim Saros of Marcus & Millichap’s Brooklyn office represented the seller, an estate, in the sales transaction.

December 14, 2015

Multifamily New York Northeast

Eastern Consolidated Arranges $27M Sale of Two Multifamily Properties in Chelsea

by Amy Works December 10, 2015

NEW YORK CITY — Eastern Consolidated has brokered the sale of two multifamily properties located in the Chelsea neighborhood of Manhattan. Skyland Management LLC sold the properties to 117 West 15th Street LLC and 119 West 15th Street LLC for $27 million, or $1,085 per square foot. Totaling 25,330 square feet, the properties include a five-story walk-up at 117 W. 15th St. and a six-story walk-up at 119 W. 15th St. The assets feature a total of 40 units in a mix of studio, one-, two- and three-bedroom layouts. Steven Zimmerman and Gabriel Saffioti of Eastern Consolidated represented the seller and buyer in the transaction.

December 10, 2015

Multifamily New York Northeast

SL Green Sells Stake in Multifamily Building in Brooklyn

by Amy Works December 8, 2015

NEW YORK CITY — SL Green Realty Corp. is selling its 90 percent stake in the residential condominium property at 248-252 Bedford Ave. in Brooklyn. The 72-unit multifamily building, which was owned in partnership with Magnum Real Estate Group, has a gross market valuation of $55 million, or $1,242 per square foot, excluding the retail portion of the property. The transaction is expected to close in the first quarter of 2016. SL Green acquired its interest in the 44,279-square-foot property, along with 12 townhomes, for $54.9 million in 2012. The company has since sold off the 12 townhomes for gross sales totaling $25.5 million. SL Green will retain its interest in the building’s street-level retail condominium, which comprises 51,470 square feet.

December 8, 2015

Loans New York Northeast Office

Newmark Holdings Receives $100M Refinancing for Manhattan Office Building

by Amy Works December 8, 2015

NEW YORK CITY — Newmark Holdings has received $100 million in refinancing for 560 Broadway, a six-floor, 122,454-square-foot office building in Manhattan’s Soho neighborhood. The funding will be used for a major capital improvement plan that will reposition and upgrade the property. The property, which Newmark Holdings purchased in 1986, is currently 100 percent occupied with a tenant roster that includes Converse, Dean & Deluca and Lerer Hippeau Ventures. The funding was provided by TD Bank and BNY Mellon.

December 8, 2015

Multifamily New York Northeast

Westbridge Realty Group Brokers $4.2M Sale of Multifamily Property in Queens

by Amy Works December 8, 2015

NEW YORK CITY — Westbridge Realty Group has arranged the sale of a newly constructed multifamily property located at 64-64 Wetherole St. in the Rego Park neighborhood of Queens. The seven-story, 10,465-square-foot building features eight residential apartments. The property was delivered vacant with a 421-a tax abatement in place. Steven Westreich and Hen Vaknin of Westbridge Realty brokered the off-market transaction, which closed for an undisclosed sum. The names of the buyer and seller were not released.

December 8, 2015

Loans New York Northeast Office Retail

Ready Capital Closes $9.9M Bridge Loan for Mixed-Use Property in NYC

by Amy Works December 4, 2015

NEW YORK CITY — Ready Capital Structured Finance has closed a $9.9 million value-add loan on a leasehold interest for a mixed-use retail and office property at 313-315 W. 125th St. and an adjacent undeveloped land parcel located at 316 W. 126th St. in Harlem. Proceeds of the loan will be used for the acquisition, renovation and stabilization of the vacant 27,145-square-foot mixed-use property and the 4,166-square-foot land parcel. The loan features a two-year term with a one-year extension. The property is one block from the Apollo Theater and a variety of retailers, including Old Navy, Banana Republic Factory Store and DSW.

December 4, 2015

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