New York

Madison Realty Provides $81M Loan for Level Hotel Mixed-Use Project in Brooklyn

by Amy Works January 7, 2015

NEW YORK CITY — Madison Realty Capital (MRC) has provided Zelig Weiss with $81 million in financing for the development of 55 Wythe Avenue in Brooklyn’s Williamsburg neighborhood. The project will be a 22-story, 260,000-square-foot mixed-use property that features retail, restaurant and commercial space, as well as a 183-room Level Hotel. The development will bring 40,000 square feet of retail space, a public rooftop garden, office space on the lower levels, and a Level Hotel with a banquet hall and pool deck. MRC initially provided Zelig Weiss with $18.35 million in acquisition financing for the site in May 2014. Andy Nemeroff and Michael Nemeroff of Imperial Capital Co. and Joel Friedman of Nationwide Realty represented the borrower in the transaction.

January 7, 2015

Hospitality Loans New York Northeast

HFF Arranges $32M Loan for Development of Boutique Hotel in Manhattan

by Amy Works January 7, 2015

NEW YORK CITY — HFF has arranged $32 million in non-recourse financing for the development of a 200-key boutique hotel in Manhattan’s Bowery neighborhood. Located at 223-225 Broadway, the hotel will include rooftop amenity space and restaurant and music space with entrances on Bowery and Freeman Alley. The hotel is slated for completion in 2015/2016. HFF worked on behalf of the borrower, a joint venture between Omnia Group and Northwind Group, to secure the loan through a global asset management company. Jay Marshall, Christopher Peck and Sam Nidenberg of HFF represented the borrower in the transaction.

January 7, 2015

Multifamily New York Northeast

Gaia Real Estate Sells Brooklyn Apartment Building for $13M

by Amy Works January 7, 2015

NEW YORK CITY — Gaia Real Estate has completed the sale of an apartment building located at 11 Spencer Court in Brooklyn’s Bedford-Stuyvesant neighborhood. Persam White LLC purchased the 13-story residential property for $13 million. The 23-unit property features a mix of studio, two-bedroom and duplexes, private elevators, floor-to-ceiling windows, terraces, a gym and a lounge-style roof top deck with views of the Manhattan skyline.

January 7, 2015

New York Northeast Office

RFR Holding LLC Acquires 281 Park Avenue South in NYC’s Midtown South

by Amy Works January 6, 2015

NEW YORK CITY — RFR Holding LLC, along with Real Estate Capital Partners, has acquired 281 Park Avenue South, a landmark building formerly known as the Church Mission House in Midtown South. RFR purchased the six-story, 45,000-square-foot building from the Federation of Protestant Welfare Agencies for $50 million. Following upgrades that will include new storefronts, mechanical systems and a new office lobby with entrance on 22nd Street, the building will be repositioned as a showpiece for a single office user requiring 28,000 to 40,000 square feet. The building features approximately 6,700-square-foot rentable floor plates, ceiling heights up to 20 feet, a cooper and terra-cotta roof, marble mosaic flooring, stained glass windows, wood wainscoting and plaster ornamentation.

January 6, 2015

Multifamily New York Northeast

GFI Realty Services Brokers $25.7M Sale of Brooklyn Multifamily Building

by Amy Works January 6, 2015

NEW YORK CITY — GFI Realty Services has brokered the sale of a multifamily building located at 115 Ocean Ave. in Brooklyn’s Prospect Lefferts Gardens section. The 89-unit building sold for $25.7 million, or $290,000 per unit or $295 per square foot. Erik Yankelovich of GFI represented the seller, a local investor, and the buyer, a local family, in the transaction.

January 6, 2015

Industrial New York Northeast

Kalmon Dolgin Affiliates Brokers $14M Sale of Two Warehouses in Queens

by Amy Works January 6, 2015

NEW YORK CITY — Kalmon Dolgin Affiliates has brokered the sale of two interconnecting warehouses at 33-33 and 33-35 11th St. on the border of Astoria and Long Island City in Queens. JPRG Holdings purchased the properties, which total 57,400 square feet, for $14 million. The property features 19-foot ceilings, frontage along three streets, multiple loading docks and heavy power. Additionally, there is 1,700 square feet of parking on the lot. Prior to the sale, the building was used as the main warehouse for Operative Cake, a baked goods wholesale business. Grant Dolgin and Dmitri Gourianov of Kalmon Dolgin Affiliates represented the seller in the transaction, 33-11 Associates Partnership and Jacobson Realty Corp. Hentze Dor Realty represented the buyer in the deal.

January 6, 2015

Multifamily New York Northeast

Ariel Property Advisors Arrange $85.5M Sale of Bronx Multifamily Portfolio

by Amy Works January 5, 2015

NEW YORK CITY — Ariel Property Advisors has arranged the sale of the Morrisania multifamily portfolio, a 17-building portfolio located in the Morrisania section of the Bronx. The 676-unit portfolio, which includes one vacant lot, sold for $85.5 million. The 17 buildings total 674,565 gross square feet and are clustered in an area between 165th and 169th streets and Sheridan and Clay avenues. Shimon Shkury, Victor Sozio, Michael Tortorici, Scot Hirschfield and Jason Gold of Ariel Advisors represented the seller, a developer and multifamily operator, and procured the buyer, an affordable housing operator, in the transaction. The new ownership plans to maintain the affordability of the portfolio, which consists of Project Based Section 8 buildings operating under HAP agreements.

January 5, 2015

Multifamily New York Northeast

Marcus & Millichap Brokers $15.5M Sale of Manhattan Apartment Building

by Amy Works January 5, 2015

NEW YORK CITY — Marcus & Millichap has brokered the sale of an apartment building, located at 974 Saint Nicholas Ave. in Manhattan’s Washington Heights neighborhood. The asset sold for $15.5 million, or $330,000 per unit. Located between 159th and 160th streets, the six-story property features 33 market-rate units, 13 rent-stabilized apartments and one rent-controlled unit. Recent renovations to the building include new parapets, new elevator and mechanicals, new stone flooring through the common areas, new hallway lighting and a full roof replacement. Additionally, the units have been upgraded with new wood floors, new plumbing and electrical, stainless steel appliances and granite countertops. Peter Von Der Ahe, Scott Edelstein, Seth Glasser and Rafi Moskowitz of Marcus & Millichap’s Manhattan office represented both the seller and the buyer in the transaction.

January 5, 2015

Multifamily New York Northeast

Broad Street Development Buys Residential Portfolio in NYC for $178.5M

by Amy Works December 23, 2014

NEW YORK CITY — Broad Street Development, along with investment partner Crow Holdings, has acquired a two-building residential portfolio for $178.5 million. The portfolio includes 298 and 304 Mulberry Street, which offer a total of 182 apartments and 11,825 square feet of ground-floor retail space with full frontage on both Houston and Mulberry streets and an on-site parking garage. The seller was Boston-based GID Investment Advisors LLC. The partnership will immediately begin a $3.5 million renovation campaign, including aesthetic and operational improvements. Planned improvements include the installation of new windows, new roof and roof decks, the redesign and renovation of the lobbies, modernization of interior areas and upgrades to individual homes, including kitchen and bathrooms.

December 23, 2014

New York Northeast Office

MMCC Closes $29.6M Acquisition Loan for International Corporate Center in New York

by Amy Works December 23, 2014

RYE, N.Y. — Marcus & Millichap Capital Corp. (MMCC) has arranged a $29.6 million acquisition loan for International Corporate Center in Rye. Located at 555 Theodore Fremd Ave., the 168,499-square-foot office building was built in 1990. The 10-year, fixed-rate CMBS loan features five years of interest-only, a 30-year amortization schedule, a 4.32 percent rate and a 75% loan-to-value rate. Christopher Marks of MMCC arranged the financing for the undisclosed borrower.

December 23, 2014

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