New York

IRG Purchases 2 Million SF Pfizer Campus in Pearl River, N.Y.

by Amy Works November 20, 2015

PEARL RIVER, N.Y. — Industrial Realty Group (IRG) has acquired the more than 2 million-square-foot Pfizer campus in Pearl River, located 20 miles north of Manhattan. IRG plans to transform the 200-acre campus into a dynamic mixed-use, multi-tenant campus, which will bring businesses and job opportunities to Rockland County. The acquisition includes approximately 38 buildings of laboratory, manufacturing, office and support buildings. Pfizer will retain and operate 500,000 square feet and lease back approximately 1.2 million square feet from IRG. Terms, including sales price, of the acquisition were not released. IRG plans to transform the 2 million-square-foot Pfizer campus in Pearl River, N.Y., into a mixed-use, multi-tenant campus.

November 20, 2015

Indiana Midwest New York Northeast Retail

Stan Johnson Co. Brokers Sale of Two Grocery Stores Totaling $15.3M

by Amy Works November 20, 2015

LOCKPORT, N.Y., AND KOKOMO, IND. — Stan Johnson Co. has arranged the sale of two grocery stores located in Lockport and Kokomo for a combined $15.3 million. Bluejay Management LLC acquired the 55,000-square-foot Tops Markets at 3945 Lockport-Olcott Road in Lockport and the 55,264-square-foot Marsh Supermarket at 208 E. Southway Blvd. in Kokomo. Josh Pardue of Stan Johnson Co. represented the seller, Fields Realty, in the transaction.

November 20, 2015

Loans Mixed-Use Multifamily New York Northeast Retail

Silver Arch Capital Partners Closes $8M Loan for Mixed-Use Properties in NYC

by Amy Works November 20, 2015

NEW YORK CITY — Silver Arch Capital Partners, a private lender, has closed an $8 million first mortgage loan secured by two mixed-use properties in New York City. The borrowers, Mooney House LLC and 127 Mott Street LLC, will use the loan proceeds to pay off an existing mortgage, renovate the properties and fund reserves and closing costs. The properties are 18 Bowery/1-7 Pell St., which features four residential apartments and two ground-level commercial spaces in two buildings; and 127 Mott St., which consists of 12 residential units and one commercial space in two buildings. Both properties were acquired in 2014 and have undergone more than $375,000 in capital improvements. Additionally, each property has more than 6,000 square feet of excess development rights.

November 20, 2015

Loans Multifamily New York Northeast

Greystone Secures $9.5M Loan for 527-Unit Co-op in Queens

by Amy Works November 19, 2015

NEW YORK CITY — Greystone has closed a $9.5 million loan for the refinancing of Rego Park Gardens, a cooperative apartment building in Queens. Andrew Ellis of Greystone and Peter Grazide of Total Real Estate Finance Solutions arranged the loan for the undisclosed borrower. The loan includes a 15-year term with a 30-year amortization schedule. Located in the Elmhurst neighborhood of Queens, Rego Park Gardens features 527 multifamily units. This loan is the company’s first Freddie Mac Fast-Track Co-op Early Lock loan.

November 19, 2015

Multifamily New York Northeast

Six Sigma NYC Acquires Site for Condo Development in Manhattan for $54.7M

by Amy Works November 18, 2015

NEW YORK CITY — Six Sigma NYC has acquired Tuck-It-Away Storage Center at 517 W. 29th St. in Manhattan’s Chelsea neighborhood for $54.7 million. The buyer, a boutique design and build firm, plans to redevelop the 100-foot by 100-foot site into a luxury condominium property. Six Sigma NYC focuses on delivering amenities, finishes and quality the push the upper limits of the what is available in today’s market. The company’s current projects include 449 Washington Street, 56 Walker Street and 435 W. 19th Street in New York City. Stephen Ferrara of TOWN Residential represented the buyer in the transaction. The name of the seller was not released.

November 18, 2015

Multifamily New York Northeast Seniors Housing

Picone Construction Continues Renovations at The Amberleigh in Williamsville, N.Y.

by Amy Works November 18, 2015

WILLIAMSVILLE, N.Y. — Picone Construction is continuing the renovations at The Amberleigh, a seniors housing community located at 2330 Maple Road in Williamsville. Renovations include the conversion of existing space to 49 assisted-living residential units on the second and third floors, along with 16 memory care units on the first floor. Additionally, a new entry will be constructed, which includes a free standing porte-cochere and asphalt drop-off drive. The entry and first floor will include a reception area, waiting/lounge area, offices, conference room, new elevator, salon, activity room, dining room, craft room, private dining rooms, toilet rooms, staff lounge, laundry room, storage rooms and a secured fenced-in courtyard. The second and third floor common areas will include offices, toilet rooms, laundry rooms, living rooms and storage rooms. Each of the three floors will also include a nurse’s station with a hydrotherapy room. Foit-Albert Associates is the architect of record and Buffalo Engineering PC is the mechanical and electrical engineer for the project.

November 18, 2015

Mixed-Use Multifamily New York Northeast Retail

JV Acquires Brooklyn Development Site for $50M

by Amy Works November 17, 2015

NEW YORK CITY — A partnership between Adam America, Slate Property Group and China Vanke has acquired a development site, located at 10 Nevins in downtown Brooklyn, for $50 million. The site is approved for plans to develop a mixed-used project with 184 residential units and ground-floor retail space. Ofer Cohen and Melissa Warren of TerraCRG were the sole brokers in the transaction. The name of the seller was not released.

November 17, 2015

Loans Multifamily New York Northeast

Eastern Consolidated Arranges $22M in Financing for Acquisition of Development Site in Brooklyn

by Amy Works November 16, 2015

NEW YORK CITY — Eastern Consolidated has arranged $22 million in bridge financing for developers Slate Property Group and Meadow Partners to acquire a development site at 570 Fulton St. in downtown Brooklyn. The financing package includes a $15 million first mortgage from Bank of the Ozarks and $7 million of mezzanine debt from RCG Longview. The developers plan to build a mixed-use project on the site, which is zoned for 72,000 buildable square feet as-of-right. Purchased from SCO Family Services, the site includes a 26,395-square-foot, three-story building with ground-floor retail and offices on the upper floors. The existing structure was delivered vacant. Adam Hakim, Sam Zabala and James Murad of Eastern Consolidated handled the financing.

November 16, 2015

Loans Multifamily New York Northeast

National Cooperative Bank Originates More Than $60M in Loans for 21 NYC Cooperatives

by Amy Works November 16, 2015

NEW YORK CITY — National Cooperative Bank (NCB) originated more than $60 million in new loans during October for 21 New York area properties. Harley Seligman secured $23.2 million in new financing, including a $13.5 million first mortgage and a $1 million line of credit for Maple Plaza Housing Development Fund Corp., a 154-unit co-op at 1911-1929 Madison Ave. in Manhattan. Seligman also arranged $3.4 million in financing for Tara Close Apartments Corp., a 99-unit co-op at 77 Carpenter Ave. in Mount Kisco, N.Y.; and he arranged a $1 million first mortgage and $800,000 line of credit for Gramatan Court Apartments Inc., a 27-unit co-op at 23-25 Sagamore Road in Bronxville, N.Y. Edward Howe III arranged nearly $22 million in loans, including a $7 million first mortgage and $500,000 line of credit for an 84-unit co-op at 711 Shore Road in Long Beach, N.Y.; a $4 million first mortgage and $500,000 line of credit for Linden Hill No. 2 Cooperative Corp., a 384-unit co-op at 142-14/142-20 26th Ave. in Flushing; and a $4 million first mortgage and $1 million line of credit for Grinnell Housing Development Fund Corp., an 81-unit co-op at 800 Riverside Drive in Manhattan. Additionally, Mindy Goldstein arranged …

November 16, 2015

Multifamily New York Northeast

Cushman & Wakefield Brokers $3.4M Sale of Brooklyn Multifamily Property

by Amy Works November 16, 2015

NEW YORK CITY — Cushman & Wakefield has arranged the sale of a multifamily property located at 267 Ninth St, between Fourth and Fifth avenues in Brooklyn’s Park Slope neighborhood. The four-story building sold for $3.4 million, or $514 per square foot, in an all-cash transaction. The 6,612-square-foot property features eight rent-stabilized apartments. Aaron Warkov and Winfield Clifford of Cushman & Wakefield handled the transaction. The names of the seller and buyer were not released.

November 16, 2015

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