NEW YORK CITY — Empire State Realty Trust Inc. has announced that OnDeck Capital Inc. has expanded its headquarters space by approximately 79,000 square feet at 1400 Broadway by in New York. The company, a platform for small business loans, will now occupy 117,000 square feet within the property. Paul Ippolito of Newmark Grubb Knight Frank represented OnDeck in the lease negotiations, while Keith Cody of ESRT, along with Scott Klau, Erik Harris and Neil Rubin of Newmark Grubb Knight Frank, represented the landlord.
NEW YORK CITY — Cushman & Wakefield has brokered the sale of the Vanguard Retail Portfolio, a three-building portfolio in Queens. The properties, which total 44,858 square feet, were sold in all-cash transactions totaling $23.8 million, or $530 per square foot. The 18-unit, 33,698-square-foot property at 221-02/50 Horace Harding Expressway sold for $17 million. The seven-unit, 8,970-square-foot property, located at 137-67/79 Queens Blvd./138-09 84th Dr., sold for $5.6 million. The third property, located at 138-07/11 Queens Blvd., sold for $1.2 million. Thomas Donovan, Stephen Preuss and Brian Sarath of Cushman & Wakefield negotiated the transaction. The buyer was an undisclosed local investor.
NEW YORK CITY — Acadia Realty Trust is nearing the completion of a $3.7 million capital improvement campaign at five properties located in Brooklyn’s Sheepshead Bay neighborhood. Located at 3780-3858 Nostrand Ave., the properties total more than 70,500 square feet of office and retail space. The capital improvements program includes renovations to the façade, storefronts, vacant office suites, lobbies, elevators and bathrooms. Additional improvements are underway to reopen the below-grade garage to better service tenants and customers. Acadia Realty Trust originally purchased the portfolio in 2012 for $18.5 million.
NEW YORK CITY — Himmel + Meringoff and The Swig Company, co-owners of 1460 Broadway, have selected MdeAS Architects to redevelop and reposition the 16-story mixed-use office tower in New York City. Planned renovations and construction for the 215,000-square-foot building include an office component, renovations to the 35,000-square-foot ground- and lower-ground retail space, a new three-story glass façade, new retail storefronts and a revitalized building entry. Construction for the property’s office component is scheduled to begin in April, and renovation to the retail space is expected to end by 2015.
PORT WASHINGTON, N.Y. — Local voters have approved a $69.9 million construction bond issue for improvements and renovations at the Port Washington Union Free School District in Port Washington. The construction program will encompass seven schools, an administration building and athletic facilities owned by the district. The properties include Paul D. Schreiber Senior High School, Carrie Palmer Weber Middle School, John Philip Sousa Elementary School, Guggenheim Elementary School, John J. Daly Elementary School, South Salem Elementary School, Manorhaven Elementary School. BBS Architects, Landscape Architects and Engineers is providing architectural, interior design, mechanical, electrical and plumbing, civil engineering and site and athletic field design services for the entire project. The improvement and renovation plan is slated to begin this summer. The Port Washington Union Free School District serves grades K-12 with a current enrollment of 4,994 students.
NEW YORK CITY — Eastern Consolidated has arranged the sale of a 17,500-square-foot mixed-use property located at 893 Broadway, also known as 13 East 19th Street, in New York City. The four-story property sold for $35 million, or $2,000 per square foot. As part of the deal, the buyer, Cholla LLC, also acquired the leasehold interest held by Hotel Verite, which occupies 13,500 square feet of the building. The remaining 4,500 square feet is leased to Barn Joo, a Korean-inspired gastropub. The combined total price of $35 million includes both the sale of the property and the leasehold interest in the hotel. Tony Park of PD Properties LLC represented Charles Jung, the seller of the leasehold interest in Hotel Verite in the deal. Adelaide Polsinelli of Eastern Consolidated represented the buyer and the seller, Warman Enterprises LLC, in the transaction.
NEW YORK CITY — Mission Capital Advisors has arranged $29 million in non-recourse acquisition and renovation financing for a commercial loft property located at 2415 Third Ave. in the Mott Haven section of the Bronx. The eight-story, 175,000-square-foot property will undergo a capital improvements program, including upgrades to elevators, bathrooms, windows, corridors and HVAC systems. Additionally the new ownership plans to rebrand the property as the Bruckner Building. Jonathan More, Ari Hirt, Steven Buchwald and David Behmoaras of Missions Capital secured the loan on behalf of a joint venture between Savanna and Hornig Capital Partners.
ISLIP, N.Y. — Rechler Equity Partners has brokered the lease of 54,775 square feet of industrial space at 2004 Orville Dr. North in Islip. Spirit Pharmaceuticals, a wholesaler and distributor of over-the-counter and generic drugs, plans to use the property for packaging, warehouse and distribution space. Additionally, Spirit received a 10-year IDA tax benefit from the city. Ted Stratigos and Amanda Gorozdi of Avison Young represented the tenant in the transaction.
ROME, N.Y. — Houlihan-Parnes Realtors has brokered the sale of Bloomfield Garden Apartments in Rome. Located at 319 E. Bloomfield St., the 160-unit garden-style apartment complex sold for $3.8 million. Ed Graf of Houlihan-Parnes Realtors, along with Steve Tierney of Woods, Oviatt, Gilman LLP, handled the transaction. The names of the buyer and seller were not released.
NEW YORK CITY — Savanna and Hornig Capital Partners has acquired a commercial loft building located at 2415 Third Ave. in the Mott Haven neighborhood of the Bronx for an undisclosed price. The eight-story, 172,000-square-foot building features 22,000-square-foot floor plates with 12-foot ceiling heights. The buyers plan to implement a $12 million capital improvement plan and re-brand the property. DY Realty Services represented the seller, Madhatters Realty, in the transaction. The acquisition was financed by CapitalSource, with Mission Capital as placement agent for the loan.