NEW YORK CITY — Thor Retail Advisors has arranged a lease for 15,800 square feet at 279 McKibbin St. in Brooklyn’s Bushwick neighborhood. California-based Blue Bottle Coffee will use the space to operate a coffee roasting warehouse and Tartine baking facility for its New York area operations, as well as a café and bakery. The facility features 20-foot ceilings and more than 150 feet of frontage. Matthew Seigel of Thor Retail Advisors brokered the transaction. Terms of the lease were not released.
NEW YORK CITY — BRP Companies and its development partners have opened Macedonia Plaza, an affordable housing complex located at 37-08 Union St. in the Flushing neighborhood of Queens. The 14-story, 161,760-square-foot property features 143 affordable rental apartments, with 27 studios, 58 one-bedroom apartments, 55 two-bedroom units, two three-bedroom apartments and one super unit. The property also features 9,000 square feet of retail space, which will be occupied by Tree of Life NY grocery store. The project team includes African Methodist Episcopal Church, New York City Department of Housing Preservation and Development (HPD), New York City Housing Development Corp. (HDC), Capital One and Hudson Housing Capital. The total development cost of the project was $49.8 million. HDC provided an initial $26.4 million in tax-exempt bonds to finance construction, $9.6 million of which is a permanent source of funding, as well as $9.3 million in corporate reserves through its Low-Income Affordable Marketplace Program. HPD provided $6.3 million in city capital funding and $1.9 million in federal HOME funding. Hudson Housing Capital provided $18.5 million in tax credit equity leveraged from qualifying Low Income Housing Tax Credits, and BRP Companies provided $4.2 million in funding for the project.
NEW YORK CITY — Abro Management has acquired Hudson East, a multifamily rental building located at 223-237 East Sixth St. in New York City’s East Village. The 92,000-square-foot property sold for $60 million. Originally built in 1997, the six-story property features 86 rental units, with rents ranging from $4,950 to $6,300 per month. Aaron Jungreis and Devin Cohen of Rosewood Realty Group represented the buyer in the transaction. The name of the seller was not released.
NEW YORK CITY — TOWN Residential has arranged the purchase of a retail/office building located at 734 Broadway in New York City’s NoHo district. 734 Broadway Acquisitions LLC purchased the 19,000-square-foot property for an undisclosed price. The five-story property features 6,500 square feet of usable retail space and four floors of office space totaling 12,500 square feet. The buyer plans to renovate the property, which was vacant at the time of acquisition. Jonathan Butwin and Scott Dweck of TOWN Residential represented the buyer in the transaction. The name of the seller was not released.
NEW YORK CITY — Marcus & Millichap has brokered the sale of a multifamily property located at 26 Fort Charles Place in New York City’s Marble Hill neighborhood. The 20-unit apartment property sold for $2.9 million. Peter Von Der Ahe, Scott Edelstein, Seth Glasser and Rafi Moskowitz of Marcus & Millichap’s Manhattan office represented the seller and buyer, both private investors, in the transaction.
LONG BRANCH, N.J. — Pennrose Properties, along with Long Branch Housing Authority and Maestro Community Development Corp., have opened the final phase of Woodrow Wilson Commons, an affordable, mixed-income rental community in Long Branch. The residential community features 173 apartments and townhomes. The first two phases, totaling 122 units, received LEED Gold certification, and the 51 final-phase units have the new ENERGY STAR 3.0 designation. Designed by Wallace Roberts & Todd, the property features one-, two-, three- and four-bedroom units with open layouts and large windows. All units feature fully equipped kitchens with ENERGY STAR appliances; spacious closets; ceramic tiled baths; washer and dryer hook-ups; and resident-controlled heating and central air conditioning. Woodrow Wilson Commons’ last phase is the first development in the state to be completed using a 9 percent Low Income Housing Tax Credit as part of Federal Community Development Block Grant Disaster Recovery Funds given to the state as part of the Hurricane Sandy relief effort.
NEW YORK CITY — TerraCRG has brokered the sale of a development site located at 88-92 Linden Blvd. in the Prospect Lefferts Gardens neighborhood of Brooklyn. Brookland Capital acquired the site for $6.5 million from INK Property Group. The site offers approximately 48,000 square feet of buildable air rights. Brookland Capital plans to develop a 66-unit rental and condominium property on the site. The 60,500-square-foot property will feature one- and two-bedroom units, ranging from 620 to 800 square feet, a gym, roof deck and 33 parking spots. Matt Cosentino, Peter Matheos and Eric Satanovsky of TerraCRG represented both parties in the transaction.
New York City multifamily has historically been a darling of the real estate industry — and for good reason. It is arguably the most sought-after investment product type within commercial real estate investment’s most targeted city. It is the perfect demographic storm on the demand side: two-thirds of the population rent versus own; the population is arguably the best educated and includes the highest income generators in the nation; and the market continues to exhibit vast growth in household creation and population. Not to mention, the supply side is both geographically and politically constrained. These limitations are further exacerbated by very high costs to build. However, even with the dual push of supply and demand continuing to be in investors’ favor citywide, there are some areas that are softening. Two areas that seem to be softening are luxury condominiums in Manhattan and rental product in Long Island City (Queens) and the downtown Brooklyn area. Manhattan Luxury Condo Sales Slowing Manhattan is often a trendsetter that is months and years ahead of the rest of the country when it comes to real estate trends, and the return of the luxury condominium market is a prime example of this. Some 2,500 units were …
NEW YORK — Extell Development Co. has acquired the remaining residential development rights at City Point, a 1.9 million-square-foot mixed-use project in downtown Brooklyn, for $115.5 million. The price works out to about $217 per buildable square foot. The sellers were Acadia Realty Trust and Washington Square Partners, co-developers of City Point. City Point’s third phase, a 21,500-square-foot parcel, will be Extell’s first residential development in Brooklyn. The company plans to develop a 665,000-square-foot tower, located on Willoughby Street, with 600,000 square feet of residential space and 65,000 square feet of commercial space at the base of the building. Acadia and Washington Square will retain the commercial portion of the development upon completion in 2020. Construction is slated to begin in 2017.
NEW YORK CITY — Marcus & Millichap has brokered the sale of a 6,385-square-foot land parcel located at 71-74 Parsons Blvd. in the Kews Gardens section of Queens. The asset sold for $2.5 million. The 67-foot by 83-foot parcel offers a floor area ratio of 2.43 for a residential development and a floor area ratio of 4.8 for a development that includes a community facility. Steven Siegel and Michael Kook of Marcus & Millichap’s Manhattan office represented both the seller, a bank/financial institution, and the buyer, a developer, in the transaction.