New York

Cushman & Wakefield Brokers Sale of 234-Unit New York Apartment Community

by Amy Works October 8, 2014

MALTA, N.Y. — Cushman & Wakefield has brokered the sale of Steeplechase at Malta, a garden-style apartment community in Malta. A privately held real estate firm purchased the 234-unit residential property for an undisclosed price. Constructed in 2006, the property offers a mix of one-, two- and three-bedroom units in 24 buildings. At the time of sale, the community was 98 percent occupied. On-site amenities include a fitness center, pool, clubhouse and jogging and walking trails. The buyer plans to upgrade unit interiors and add amenities. Andrew Merin, David Bernhaut, Gary Gabriel, Brian Whitmer, Ryan Dowd, Michael Byrne, Karen Iman of Cushman & Wakefield, along with Michael DelVecchio and Julie Todd of Cushman & Wakefield’s affiliate Pyramid Brokerage, represented both the seller and the buyer in the transaction.

October 8, 2014

Multifamily New York Northeast

Forest City Enterprises Completes Interest Acquisition in B2 BKLYN

by Amy Works October 7, 2014

NEW YORK CITY — Forest City Enterprises Inc. has completed the acquisition of the interest of its equity partner, Arizona State Retirement System (ASRS), in B2 BKLYN. Located in Pacific Park Brooklyn, the modular apartment building features 363 residential units. The buyout of ASRS’s equity interest to date, for which Forest City paid $40.5 million, removes B2 BKYLN from the $400 million residential development fund between ASRS and Forest City. Additionally, the company assumed ASRS share of the debt on B2. Work recently ceased on the project when the construction contractor, Skanska USA, shut down construction at the property and closed the factory being used to build the modular units. The project is now the subject of litigation between the company and Skanska.

October 7, 2014

Mixed-Use New York Northeast Office

GHP Office Realty Buys Two Buildings in Yorktown

by Amy Works October 7, 2014

YORKTOWN, N.Y. — GHP Office Realty has acquired two properties totaling 351,811 square feet of mixed-use space in Yorktown. The 209,000-square-foot property at 2649 Strang Blvd. is occupied by ENT & Allergy Associates, Hudson Valley Hematology, North Shore-Long Island JHS, Northern Westchester County Dental, Hudson Valley Oral Surgery and Dialysis Clinic Inc. The one-story, 142,811-square-foot building at 2651 Strang Blvd. is home to Mercy College’s Yorktown campus. In total the buildings are 40 percent occupied. Andrew Greenspan, Jamie Schwartz, Mike Cinicolo, Andrea Lofaro and Harrison Lyss provided in-house representation for GHP Office Realty in the transaction. Elizabeth Smith of Goldberg Weprin Finkel Goldstein LLP provided legal counsel and Jim Maloney of The Great American Title Company provided title services for GHP. Additional details of the transaction were not released.

October 7, 2014

Mixed-Use Multifamily New York Northeast

Rosewood Realty Group Brokers $18.4M Sale of Mixed-Use Property

by Jaime Lackey October 6, 2014

NEW YORK CITY — Rosewood Realty Group has brokered the sale of a six-story mixed-use building located at 183-187 Avenue C in Manhattan’s Alphabet City neighborhood. Darwin Management sold the 24,534-square-foot building to Nader Shalom, a private investor, for $18.4 million. Built in 1910, the property features 43 residential units and three commercial units, which are occupied by Cafetico, a dry cleaner and a bodega. Additionally, the building features 1,090 square feet of air rights. Aaron Jungreis of Rosewood Realty Group represented both the buyer and seller in the deal.

October 6, 2014

Loans Multifamily New York Northeast

Meridian Capital Arranges $18.4M Loan for Residential Cooperative

by Amy Works October 2, 2014

NEW YORK CITY — Meridian Capital Group has negotiated $18.4 million in refinancing for the residential cooperative portion of Lincoln Towers on West End Avenue in New York City. The 29-story property, which is part of the Lincoln Towers condo, totals 444 units and 32 parking spots. Meridian has arranged financing for six of the eight buildings that are part of the Lincoln Towers complex. The 30-year self-liquidating loan, which was provided by a life insurance company, features a 4.44 percent fixed rate. Steve Geller and Nicoletta Pagnotta of Meridian Capital Group’s New York City’s headquarters brokered the transaction.

October 2, 2014

New York Northeast Retail

Microsoft Inks Deal for Flagship Store in Manhattan

by Amy Works October 2, 2014

NEW YORK CITY — Microsoft Corp. has signed a lease for its first Manhattan flagship store at 677 Fifth Ave. in New York City. Microsoft will occupy the entire ground through fourth floors, as well as a portion of the lower level of the building. Andrew Kahn, Jonathan Scibilia and Jesse Hutcher of Cushman & Wakefield represented the landlord, 677 Fifth Avenue Corp., in the deal. Richard Hodos of CBRE represented Microsoft.

October 2, 2014

Multifamily New York Northeast

Rosewood Realty Brokers $5.1M Sale of Crown Heights Apartment Building

by Amy Works October 2, 2014

NEW YORK CITY — Rosewood Realty Group has brokered the sale of 1539 Park Place in Brooklyn’s Crown Heights neighborhood. 1539 Park Place LLC purchased the property, which was built in 1910, for $5.1 million. Located between Buffalo and Rochester avenues, the four-story, 34,975-square-foot building features 34 residential units. Aaron Jungreis of Rosewood Realty Group represented the buyer, while David Berger, also of Rosewood Realty, represented the seller, Park 1539 Realty LLC, in the transaction.

October 2, 2014

New York Northeast Office

Wendel to Expand, Relocate Offices to Centerpointe Corporate Park

by Amy Works October 2, 2014

WILLIAMSVILLE, N.Y. — Wendel, a design and construction firm, has signed a lease to expand and relocate its Amherst, N.Y., corporate headquarters to Centerpointe Corporate Park in Williamsville. The design firm will occupy approximately 37,000 square feet at 375 Essjay Road in Centerpointe Corporate Park, Ciminelli’s flagship corporate park. Wendel expects to take occupancy in April 2015. This relocation will expand the firm’s office space by 10,000 square feet. Timothy Malchow of Ciminelli Real Estate Corp. represented the owner, Centerpointe Corporate Holdings LLC, in the transaction.

October 2, 2014

Loans Multifamily New York Northeast Office

Meridian Capital Arranges $228.5M Construction Loan for Flatotel Conversion

by Amy Works October 1, 2014

NEW YORK CITY — Meridian Capital Group has arranged $228.5 million in construction financing for the condominium conversion of the former Flatotel hospitality property in New York City. A partnership between Chetrit Group and Clipper Equity plan to convert the asset, which is located at 135West 52th St., into a five-story boutique office condominium and a 37-floorluxury residential condominium property. The 55,000-square-foot office component will be located on floors two through seven and approximately 109residential units will span floors eight through 47. The total project is estimated to cost $300 million. Aaron Birnbaum and Emanuel Westfried of Meridian’s New York City headquarters negotiated the two-year, non-recourse, interest-only loan, which features a floating LIBOR-based interest rate and a one-year extension option.

October 1, 2014

Multifamily New York Northeast

JV Acquires Brooklyn Multifamily Property for $17.5M

by Amy Works October 1, 2014

NEW YORK CITY — A joint venture partnership between The Kalikow Group and MKRO I LLC, an equity venture fund between Massey Knakal and RiverOak Investment Corp., has acquired a six-story multifamily building located at 68 Richardson St. in Brooklyn’s Williamsburg neighborhood. The partnership purchased the asset for $17.5 million from Dabby Investments. Located near McCarren Park, the 32,500-square-foot property features 24 residential units and one ground-floor commercial space. The new owner plans to renovate the building’s façade and common areas, as well as the individual apartment units.

October 1, 2014

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