New York

Meridian Capital Arranges $30M Acquisition Loan for Multifamily Property

by Amy Works March 25, 2015

RYE, N.Y. — Meridian Capital Group has arranged $30 million in financing for the acquisition of The Highlands at Rye, a multifamily property located in Rye. The seven-year loan, provided by a regional balance sheet lender, features a fixed rate, two years of interest-only payments, a 30-year amortization schedule and a five-year extension option. The borrower is the Kessner family. Located at 131-151 Purchase St., the two-building property features 108 residential units and 7,600 square feet of commercial space. Tal Bar-Or of Meridian Capital arranged the financing.

March 25, 2015

Multifamily New York Northeast

Marcus & Millichap Brokers $1.6M Apartment Building Sale in Brooklyn

by Amy Works March 25, 2015

NEW YORK CITY — Marcus & Millichap has brokered the sale of an apartment building, located at 355 Stockholm St. in Brooklyn. The six-unit property sold for $1.6 million. Shaun Riney, Dan Greenblatt and Thomas Shihadeh of Marcus & Millichap’s Brooklyn office represented the seller, a private investor, while Said Boukhalfa, also of Marcus & Millichap, represented the buyer, a fund manager, in the transaction.

March 25, 2015

Loans Multifamily New York Northeast Seniors Housing

KeyBank Arranges $93.75M Loan for New York Seniors Housing Portfolio

by Amy Works March 24, 2015

LONG ISLAND, N.Y. — KeyBank Real Estate Capital has provided $93.75 million in Fannie Mae loans to finance a portfolio of four assisted-living communities in Long Island. The borrower was NorthStar Healthcare Income Inc., which acquired the 570-unit portfolio in September of 2014. The portfolio includes The Arbors at Bohemia, The Arbors at Islandia, The Arbors at Hauppauge and The Arbors at Westbury, located in Jericho, N.Y. The properties are 100 percent leased to Arcadia Management Inc. Monique Bimler of KeyBank arranged the financing.

March 24, 2015

Multifamily New York Northeast

Federal Capital Partners, Horizon Land Co. Buy 2,413-Site Manufactured Housing Portfolio

by Amy Works March 24, 2015

VICTOR, N.Y. — Federal Capital Partners (FCP) and Horizon Land Co. has acquired an 11-community, 2,413-site manufactured housing portfolio in Western New York. The companies purchased the portfolio for $88 million from an undisclosed buyer. The portfolio includes Gypsum Mills, a 560-site community in Victor. M&T Bank provided senior debt financing for the acquisition. The acquisition brings FCP/Horizon’s total manufactured housing holdings to a 32 communities with approximately 5,600 sites.

March 24, 2015

Multifamily New York Northeast Retail

GFI Realty Services Brokers $8.9M Sale of Mixed-Use Property in Brooklyn

by Amy Works March 24, 2015

NEW YORK CITY — GFI Realty Services has arranged the sale of a corner mixed-use building in the Dyker Heights section of Brooklyn. Located at 910 81st St., the multifamily and retail property sold for $8.9 million, or $182,000 per residential unit. The four-story walk-up features 43 residential units and two retail spaces. Ben Katz of GFI Realty Investment Sales represented the undisclosed seller, while Erik Yankelovich, also of GFI, represented the buyer, a local investor, in the transaction.

March 24, 2015

Multifamily New York Northeast

Kalbridge Associates Sells Manhattan Multifamily Portfolio for $26M

by Amy Works March 23, 2015

NEW YORK CITY — Kalbridge Associates, a joint venture of The Kalikow Group and Waterbridge Capital, has sold three adjoining multifamily buildings located at 113-117 Elizabeth St. in the Nolita section of Manhattan. A.D. Real Estate Investors purchased the 30-unit portfolio for $26 million. Each five-story building features 10 apartments in a mix of two- and three-bedroom layouts. Alex Heydt of TOWN Residential represented the seller, while Joe Messina and Stephen Ferrara, also of TOWN, represented the buyer in the transaction.

March 23, 2015

Multifamily New York Northeast

Eastern Consolidated Brokers $21M Sale of Apartment Building in Queens

by Amy Works March 23, 2015

NEW YORK CITY — Eastern Consolidated has arranged the sale of an apartment building, located at 71-13 60th Lane in the Ridgewood section of Queens. Viking Management purchased the property for $21 million from Bonjour Capital. The 45,800-square-foot building features a mix of one-, two- and three-bedroom units, game room, resident lounge, children’s playroom and a furnished roof deck. Eric Goldberg, Keith Pollock and Eliska Krausova of Olsham Law provided legal counsel for the seller, while Stephen O’Connell of Smith, Gambrell & Russell served as legal counsel for the buyer in the transaction.

March 23, 2015

Multifamily New York Northeast

Cushman & Wakefield Brokers $42M Sale of Two Residential Towers in NYC

by Amy Works March 20, 2015

NEW YORK CITY — Cushman & Wakefield has brokered the sale of two residential towers located at 4101 and 4113 Broadway in Manhattan’s Washington Heights neighborhood. The two 12-story towers, totaling 126,005 square feet of commercial space and 125 residential units, sold for $42 million, or $333 per square foot, in an all-cash transaction. The properties feature a mix of 63 one-bedroom units, 36 two-bedroom units and 24 three-bedroom units, as well as seven ground-floor commercial units. Robert Shapiro and Bob Knakal of Cushman & Wakefield handled the transaction. The names of the buyer and seller were not released.

March 20, 2015

Loans Mixed-Use New York Northeast

Meridian Capital Group Arranges $160M Loan for Two Mixed-Use Properties in NYC

by Amy Works March 19, 2015

NEW YORK CITY — Meridian Capital Group has arranged $160 million in refinancing for two adjacent mixed-use properties in New York City’s Financial District. Drew Anderman of Meridian secured the five-year loan, which was provided by a balance sheet lender, for the borrower, The Moinian Group. The assets are located at 90 and 110 John St. and consist of a 29-story building with 221 residential units and 121,000 square feet of office space and a four-story property with 66,000 square feet of office, retail and garage space, as well as 150,000 square feet of additional air rights. The borrower plans to utilize the loan to pay off existing mortgage and construct a new residential tower.

March 19, 2015

New York Northeast Office Retail

NYC LPC Approves Repositioning Plans for 281 Park Avenue South in NYC

by Amy Works March 19, 2015

NEW YORK CITY — The New York City Landmarks Preservation Commission (LPC) has approved RFR’s plans to reposition and redevelop 281 Park Avenue South in New York City. Formerly known as Church Mission House, the six-story, 45,000-square-foot building will undergo a renovation to modify the storefronts and create retail space on the second floor and a dedicated entry for a single office tenant. Redesigned by MdeAS Architects, the building will feature 6,700 rentable-square-foot office floor plates, marble mosaic flooring, stained glass windows, wood wainscoting, plaster ornamentation and a copper and terracotta roof. RFR is a fully integrated real estate investment firm based in New York City with a core focus on select urban markets in the United States and Germany.

March 19, 2015

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