New York

HFF Arranges $44M Refinancing for Retail Condo in Manhattan

by Amy Works July 28, 2015

NEW YORK CITY — HFF has arranged a $44 million refinancing loan for a fully leased retail condominium located at 611 Avenue of the Americas in Manhattan’s Chelsea neighborhood. The company secured a 15-year, fixed-rate non-recourse loan through Allianz Real Estate of America Inc. on behalf of the US Allianz insurance companies for the borrower, The Parkland Group. Located at the base of a 10-story luxury residential property developed by The Parkland Group, the building features three retail spaces and 41 residences, which were not included in the financing. The 30,000 square feet of retail space is leased to Chase Bank, Duane Reade and Modell’s Sporting Goods. Rob Rizzi and Jennifer Keller of HFF arranged the financing for the borrower.

July 28, 2015

Multifamily New York Northeast

HAP Investments Breaks Ground on 120,000 SF Multifamily Project in East Harlem

by Amy Works July 28, 2015

NEW YORK CITY — HAP Investments has broken ground on a multifamily property at the corner of Third Avenue and E. 121st Street in Manhattan’s East Harlem neighborhood. The company plans to develop a 17,500-square-foot vacant lot into a 120,000-square-foot residential property. The property will feature 78,000 square feet of residential space, 26,000 square feet of commercial space, 5,000 square feet of parking and 1,000 square feet of community facility space. The new project will be an 80/20 rental development with at least 20 percent of the units designated as affordable housing for low-income residents. Karl Fischer Architect PLLC is providing architectural services for the project.

July 28, 2015

New York Northeast

McGraw Hill Financial Agrees to Buy SNL Financial for $2.2B

by Amy Works July 27, 2015

NEW YORK CITY — New York City-based McGraw Hill Financial Inc. (NYSE: MHFI) has agreed to acquire Charlottesville, Va.-based SNL Financial from New Mountain Capital for $2.2 billion. SNL Financial will join McGraw Hill’s roster of subsidiaries, including Standard & Poor’s Rating Services, the S&P Dow Jones Indices and Platts. SNL provides data and analysis on the banking, insurance, energy and real estate industries. This acquisition comes two years after McGraw Hill staked its future on financial services by selling off its publishing business. According to the company, McGraw Hill will finance the transaction by issuing $1.7 billion of long-term debt, and the economic impact will be partly offset by tax benefits with an estimated present value of about $550 million. McGraw Hill Financial’s stock price dropped to $99.54 per share as of late morning Monday in intraday trading, down from $105.58 per share at the close of business on Friday, July 24.

July 27, 2015

Loans New York Northeast

Cushman & Wakefield Closes $104M Loan in Long Island City

by Amy Works July 27, 2015

NEW YORK CITY — Cushman & Wakefield has closed a $104 million loan in the Long Island City neighborhood of Queens. The loan is collateralized by a nine-parcel development site north of One Court Square. The site offers 780,000 buildable square feet potential for residential, office, retail and hotel use. Morris Betesh of Cushman & Wakefield handled the financing. The name of the borrower was not released.

July 27, 2015

Mixed-Use New York Northeast Retail

Silvershore Sells 4,415 SF Mixed-Use Building in SoHo for $9.6M

by Amy Works July 27, 2015

NEW YORK CITY — Silvershore Properties has completed the sale of a mixed-use building located at 19 Howard St. in Manhattan’s SoHo Cast Iron Historic District. The three-story, 4,415-square-foot property sold for $9.6 million, or $2,174 per square foot. The property features additional air rights and was delivered vacant to the undisclosed buyer. Robert Burton of Cushman & Wakefield represented the seller in the transaction.

July 27, 2015

Industrial New York Northeast

TerraCRG Arranges 76,000 SF Lease of Loft Building in Brooklyn

by Amy Works July 27, 2015

NEW YORK CITY — TerraCRG has brokered the lease of 76,000 square feet of loft space at 80 Hudson Ave. in Brooklyn’s Vinegar Hill section. The former Global Storage building features two interior loading docks, two exterior loading docks and eight parking spaces. The tenant, a local developer, has not disclosed plans for the property. Ofer Cohen, Dan Marks, Peter Schubert and Joey Terzi of TerraCRG represented the landlord and the tenant in the deal.

July 27, 2015

Multifamily New York Northeast

Stellar Management, CAMBA Housing Ventures Acquire Castleton Park on Staten Island

by Amy Works July 24, 2015

NEW YORK CITY — Stellar Management and CAMBA Housing Ventures has acquired Castleton Park, an affordable multifamily property located in St. George on Staten Island for an undisclosed sum. With the backing of NYC Housing Development Corp. tax-exempt bonds, the owner plans to launch a $30 million renovation and rehabilitation project for the 40-year-old development, which features 454 apartment units. In collaboration with the NYC Housing Development Corp., NYC Department of Housing Preservation and Development and the U.S. Department of Housing and Urban Development, the development team will be able to maintain long-term affordability for tenants at the property. Construction work is scheduled to begin in August and includes the rehabilitation of the building façade, parking area, elevators and mechanicals, as well as renovations to common areas and each unit’s bathroom and kitchen. The renovation is scheduled to last two years.

July 24, 2015

Loans New York Northeast Retail

EagleBridge Capital Arranges $6M Loan for Brooklyn Retail Property

by Amy Works July 24, 2015

NEW YORK CITY — EagleBridge Capital has arranged $6 million in permanent mortgage financing for a retail building located at 7821 Third Ave. in Brooklyn. Rite Aid Pharmacy and Tutor Time occupy the 19,200-square-foot property. Brian Sheehan and Ted Sidel of EagleBridge secured the financing provided by a leading financial institution.

July 24, 2015

New York Northeast Retail

14,560 SF Walgreens Property Sells for $10.4M in New York

by Amy Works July 23, 2015

SMITHTOWN, N.Y. — Marcus & Millichap has arranged the sale of a Walgreens property located at 10 W. Main St. in Smithtown. Situated on the North Shore of Long Island, the property sold for $10.4 million, or $714 per square foot. Constructed in 2006, the 14,560-square-foot building sits on two acres. Simon Jonna and Raymond Jonna of Marcus & Millichap’s Detroit office represented the seller and procured the buyer in the transaction. J.D. Parker of Marcus & Millichap’s Manhattan office is the broker of record for the deal. The names of the seller and buyer were not released.

July 23, 2015

Industrial New York Northeast Retail

Kalmon Dolgin Affiliates Arranges 50,000 SF Lease in Brooklyn for Koppers Specialty Chocolate Co.

by Amy Works July 23, 2015

NEW YORK CITY — Kalmon Dolgin Affiliates has arranged a 50,000-square-foot lease at Liberty View Plaza in Brooklyn for Koppers Specialty Chocolate Co. The company is relocating from a 30,000-square-foot space in Greenwich Village to the space at 850 Third Ave. in Brooklyn’s Sunset Park neighborhood. As part of the deal, Empire State Development, New York State’s economic development agency, will provide Koppers with up to $556,000 in performance-based Excelsior Jobs Program Tax Credits, as the company agreed to create at least 27 new full-time jobs over the next five years and keep the position through at least 2025. Neil Dolgin and Jeffrey Unger of Kalmon Dolgin Affiliates, along with Howard Kesseler and Jordan Gosin of Newmark Grubb Knight Frank, represented the landlord, Salmar Properties, in the transaction.

July 23, 2015

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