LATHAM, N.Y. — Berkadia has closed a $15.4 million refinancing loan for Latham Crossing, a retail property located in Latham. The 10-year, fixed-rate loan, which was provided by a conduit lender, features a 30-year amortization schedule with 2 years of interest-only payments, a 75 percent loan-to-value ratio and 1.25 times debt-service coverage. Located at 609 Troy Schenectady Road, the 100,000-square-foot center is fully occupied by a variety of tenants, including PetSmart and Staples. John DiCrocco of Berkadia’s New York City office arranged the financing for the undisclosed borrower.
MELVILLE, N.Y. — NorthMarq Capital has arranged $10.8 million in refinancing for a 111,700-square-foot office building located at 425 Broad Hollow Road in Melville. The five-year loan features a 30-year amortization schedule. Ernest DesRochers and Charles Cotsalas of NorthMarq arranged the financing through a national bank for the undisclosed borrower.
NEW YORK CITY — Super Fi Emporium has purchased 12,000 square feet of retail space at HAP Investment’s residential building located at 2211 Third Ave. in East Harlem for an undisclosed price. The buyer plans to open a supermarket in the ground-floor retail space of the 120,000-square-foot rental project, which will feature 78,000 square feet of residential space, 12,000 square feet of commercial space, 5,000 square feet of parking and 700 square feet of community facility space. Faith Consolo, Joseph Aquino and Arthur Maglio of Douglas Elliman represented the seller, HAP Investment, and buyer in the transaction.
NEW YORK CITY — The Brodksy Organization has opened City Tower, the market-rate residential component of downtown Brooklyn’s City Point development, for leasing. Located at 10 City Point Place, the 48-story property features 440 studio, one- and two-bedroom residential units, beginning on the 20th floor. The units feature 5-inch wide oak plank flooring throughout the living areas and kitchens, custom cabinetry and recessed lighting in the kitchen. On-site amenities include more than 23,000 square feet of indoor and outdoor spaces, including a basketball court, health club, residents’ lounge with café, a green terrace on the 18th floor and a sky terrace on the 43rd floor. Additional amenities include a 24/7 doorman, bicycle storage and a business center. Designed by COOKFOX, the property is slated to achieve LEED Silver certification. Pricing starts at $2,450 per month for a studio, $3,000 per month for a junior one-bedroom, $3,300 per month for a one-bedroom and $4,500 per month for a two-bedroom apartment. City Tower is part of City Point, a 1.8 million-square-foot retail, commercial and residential property in downtown Brooklyn being developed by Washington Square Partners and Acadia Realty Trust.
NEW YORK CITY — Marcus & Millichap has arranged the sale of a mixed-use property located at 1208 Nostrand Ave. in Brooklyn. The 7,128-square-foot asset sold for $2.2 million. Derek Bestreich, Erik Rodriguez and Seth Schiffman of Marcus & Millichap’s Brooklyn office represented the seller, a private investor, and secured the buyer, a limited liability company, in the transaction.
Seven years after the worst recession this country has seen since the Great Depression, New York City is riding high again. Manhattan has emerged as a vital center for global retail activity where we continue to see dynamic growth — driven by its economic fundamentals, urban migration, and its cultural and lifestyle attractions. Gone are the days when suburban expansion sounded the death knell for high street retail. Since 2010, in the near-aftermath of the economic collapse and for the first time in decades, urban cores are growing at a faster rate than their suburban counterparts. Eighty percent of Americans now live in urban areas, and retailers and property owners in New York City and around the world are scrambling to adapt. Millennials represent 24 percent of the overall U.S. population and are leading this urban charge. They want to live close to work. They’re driven by technology — and they demand an omni-channel retail experience that integrates smartphone and tablet use with a personalized, service-oriented, in-store approach. And importantly, it’s estimated they will represent nearly 30 percent of U.S. retail spending — the total of which was $4.6 trillion this year — by 2020. Manhattan also continues to benefit …
NEW YORK CITY — Construction has topped out for 252 East 57th Street, a 65-story condominium tower in New York City. Developed by World Wide Group and Rose Associates, the tower has reached its highest point of more than 700 feet. Designed and constructed by SOM, DeSimon, Flack + Kurtz, SLCE Architects and Lend Lease LMB Inc., the tower features a curved glass façade that amplifies the residential surface areas and offers views of Manhattan, Central Park and the East River. Upon completion the tower will feature 93 condominiums in two-, three-, four- and five-bedroom configurations. On-site amenities include a gated porte-cochere and a residents’ club with a terrace, pool and spa. Occupancy is slated for late 2016, with residences starting at $4.5 million.
NEW YORK CITY — Anbau, a developer of luxury residential properties, has broken ground for Citizen360, a condominium property located at 360 E. 89th St. in Manhattan’s historic Yorkville neighborhood. Designed by The SHoP Architects, the 34-story building will feature 84 residences in a mix of one, two-, three- and four-bedroom layouts ranging from 900 to 4,500 square feet. On-site amenities include a lobby with green space, a fitness center with yoga and training studios, an entertainment suite with adjoining screening room, private resident lounges, multi-media studio, art studio and children’s playroom. Additional building services include a 24-hour doorman and indoor, on-site parking services for purchase. Sales for the residences are slated to start this fall.
NEW YORK CITY — Besen & Associates has brokered the sale of a four-building multifamily portfolio located in the Bronx for $4.5 million, or $121 per square foot. The 36,918-square-foot portfolio consists of four walk-up apartment buildings located at 723 Oakland Place, 2078 Vyse Ave., 2408 Webster Ave. and 2420 Webster Ave. The portfolio contains 34 apartments and 177 rooms. Amit Doshi and Richard Torres of Besen & Associates represented the seller, Prana Investments, and procured the undisclosed buyer in the transaction.
NEW YORK CITY — Cushman & Wakefield has brokered the sale of a mixed-use loft building located at 9 E. 16th St. in the Ladies’ Mile Historic District of Manhattan. The seven-story, elevator-serviced building sold for $30 million, or $978 per square foot. The 30,680-square-foot property features 15 large loft units, of which 12 are fair market and three are rent stabilized, and one ground-floor commercial unit, which is currently occupied by a restaurant. Paul Smadbeck, John Ciraulo, Rob Stufano and Craig Waggner of Cushman & Wakefield brokered the all-cash transaction. The names of the seller and buyer were not released.