New York

Brooklyn Navy Yard Development Corp. Unveils Plans for Building 77

by Amy Works November 13, 2015

NEW YORK CITY — Brooklyn Navy Yard Development Corp. has unveiled its plans for Building 77, a $140 million renovation of a 1 million-square-foot industrial building at the Brooklyn Navy Yard. The repositioned property will feature a ground-floor public food hall, space for food manufacturing and a collaboration hub for the growing base of businesses in the area. Upon completion, the renovated building will increase overall employment at the Yard by more than 40 percent, creating 3,000 manufacturing and innovation jobs. Completion is slated for early 2017.

November 13, 2015

Loans Multifamily New York Northeast

First Niagara Provides $6.4M Construction Loan for Multifamily Development in Rochester

by Amy Works November 13, 2015

ROCHESTER, N.Y. — First Niagara Financial Group Inc. has provided a $6.4 million construction loan to Conifer Realty LLC for the development of Market Apartments at Corpus Christi. Located on East Main Street in Rochester’s Market neighborhood, the affordable housing development, which is tailored for local artists, will feature 42 energy-efficient apartments, including one- and two-bedroom units; art studio and work space; and plans to add a rehearsal space for musicians in a neighboring building. Additionally, the property is located within walking distance to public transportation and retailers. Conifer-LeChase Construction, a partnership between Conifer and LeChase Construction Services, is serving as general contractor for the project.

November 13, 2015

Mixed-Use Multifamily New York Northeast Retail

Cushman & Wakefield Brokers $7.3M Sale of Upper East Side Mixed-Use Building

by Amy Works November 13, 2015

NEW YORK CITY — Cushman & Wakefield has arranged the sale of a mixed-use property located at 1481 York Ave. on Manhattan’s Upper East Side. The five-story building sold for $7.3 million, or $980 per square foot, in an all-cash transaction. The 7,500-square-foot property features one commercial unit and eight apartments, of which five are free market and three are rent stabilized. The five free-market units were delivered vacant. The property also offers 11,250 square feet of unused air rights. Thomas Gammino Jr. and Brett Weisblum of Cushman & Wakefield negotiated the transaction. The names of the buyer and seller were not released.

November 13, 2015

Multifamily New York Northeast

Foxgate Opens Sales for Phase II Luxury Condos at Foxgate at Islip

by Amy Works November 12, 2015

CENTRAL ISLIP, N.Y. — Foxgate has opened sales for the second phase of luxury condominiums at Foxgate at Islip, a 184-unit condo community located in Central Islip. The second phase adds 46 two-bedroom residences, which are currently under construction, to the community. Each unit features full-size appliances, including a natural gas range, refrigerator, microwave and washer/dryer, as well as high-efficiency central air conditioning and clean-burning natural-gas, forced-air heating. On-site amenities include a fully equipped gym, multi-purpose lounge, heated outdoor in-ground pool, spacious patios and scenic walking paths. Prices for the two-bedroom condos range from $270,000 to $290,000. The 40-unit first phase sold out in October.

November 12, 2015

Multifamily New York Northeast

Ariel Property Advisors Arranges $7.3M Sale of Two Contiguous Multifamily Properties in the Bronx

by Amy Works November 12, 2015

NEW YORK CITY — Ariel Property Advisors has brokered the sale of two contiguous multifamily properties, located at 2070 and 2074 Arthur Ave. in the Tremont section of the Bronx. The five-story properties sold for $7.3 million, or $163 per square foot or $136,389 per unit. The properties feature a total of 53 residential units across 42,256 square feet. Victor Sozio, Scot Hirschfield, Jason M. Gold and Marko Agbaba of Ariel Property Advisors represented the seller, King Penguin Opportunity Fund, and procured the buyer, a private investor, in the transaction.

November 12, 2015

Mixed-Use Multifamily New York Northeast Retail

Silvershore Properties Acquires Mixed-Use Property in Queens for $10.6M

by Amy Works November 11, 2015

NEW YORK CITY — Silvershore Properties has acquired a mixed-use building located at 1071 Cypress Ave. in the Ridgewood neighborhood of Queens for $10.6 million. The 33,500-square-foot property features 39 rent-stabilized residential apartments and five mom-and-pop stores, totaling 5,000 square feet. Cypress Realty LCC sold the property, which it originally purchased in 1986. No brokers were involved in the transaction.

November 11, 2015

Multifamily New York Northeast

Bottom Line Construction Breaks Ground for Residential Building in West Harlem

by Amy Works November 10, 2015

NEW YORK CITY — Bottom Line Construction & Development LLC has broken ground for Baldwin Park, a boutique residential building at 306 W. 148th St. in West Harlem. The six-story property will feature six floor-through condominiums featuring two bedrooms, two baths, balconies and stainless steel appliances, as well as a rooftop deck. APEX Building Group is serving as general contractor, while financing was provided by 100 Miles Fund managed by Procida Funding & Advisors. The property is slated for a summer 2017 occupancy.

November 10, 2015

Multifamily New York Northeast

Onex Real Estate Partners Launch Sales for Grand Two at Sky View Parc in Flushing

by Amy Works November 9, 2015

NEW YORK CITY — Onex Real Estate Partners has launched sales for Grand Two, the second building within The Grand at Sky View Parc in Flushing, Queens. Currently under construction, the 258-condo Grand Two is the second phase of the three buildings that will comprise The Grand at Sky View Parc. Designed by Peter Clewes and architectsAlliance, the residential units feature top-of-the-line finishes, floor-to-ceiling windows, balconies, washers/dryers, stainless steel Bosch appliances, quartz countertops and spa-like bathrooms. The property will feature a mix of studios, one-, two- and three-bedroom condos, ranging in size from 470 to 2,050 square feet with pricing ranging from $493,000 to more than $2 million. Upon build out, the development will bring a total of 750 additional homes and amenities to the mixed-use development. On-site amenities will include a 24-hour staffed lobby and concierge, a five-acre landscaped rooftop garden, and basketball court and tennis courts. During its opening weekend, Grand Two made $85 million in condominium sales.

November 9, 2015

Mixed-Use Multifamily New York Northeast Retail

Eastern Consolidated Arranges $8M Sale of SoHo Mixed-Use Property

by Amy Works November 9, 2015

NEW YORK CITY — Eastern Consolidated has arranged the sale of a five-story, mixed-use property located at 61 Sullivan St. in SoHo. The Estate of Leo Rabkin sold the building for $8 million, or $1,470 per square foot, to a private investor experienced in townhouse conversions. The property consists of 5,474 square feet above grade; four floor-through, free-market residential rental apartments; ground-floor retail space; a 500-square-foot private garden; and 3,000 square feet of unused development rights. R. Stuart Gross, Peter Carillo and Jonathan Schwartz of Eastern Consolidated represented the seller, while Azita Aghravi, also of Eastern Consolidated, represented the buyer in the transaction. Chris Matousek of Eastern Consolidated served as analyst on the deal.

November 9, 2015

Loans New York Northeast Office

First Niagara Provides $3.5M in Financing for New Bivona Child Advocacy Center in Rochester

by Amy Works November 6, 2015

ROCHESTER, N.Y. — First Niagara Financial Group Inc. has provided $3.5 million in financing to Bivona Child Advocacy Center in Rochester. The financing includes construction and permanent loans, as well as a historic tax credit investment in the rehabilitation of the non-profit’s new location at The Skalny Building, previously known as the Old Stone Warehouse. Located at 1 Mount Hope Ave., the 30,000-square-foot building will house many of the non-profit’s partner agencies, including law enforcement, Child Protective Services, prosecutors, medical professionals, social workers, therapists and advocates. NH Architecture provided architectural services and CP Kelly & Associates served as general contractor for the project, which opened in September.

November 6, 2015

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