New York

Meridian Capital Arranges $15.5M in Refinancing for NYC Office/Retail Property

by Amy Works February 16, 2015

NEW YORK CITY — Meridian Capital Group has negotiated a $15.5 million mortgage for the refinancing of an office and retail property located in First Avenue in New York City. The borrower is First Broadway Acquisition LLC, an affiliate of Himmel + Meringoff Properties. The seven-year loan, provided by a local commercial bank, features a 3.75 percent fixed-rate and one year of interest-only payments. Allan Lieberman, Jeffrey Berkes and Asher Half of Meridian Capital Group arranged the financing. Located at 1114 First Ave., the 45,000-square-foot building is occupied by Hartstrings, a children’s apparel store, and Memorial Sloan Kettering Cancer Center.

February 16, 2015

Healthcare New York Northeast

18-Acre Land Parcel Sells to Two Pharma Companies for $3.5M in Islip, N.Y.

by Amy Works February 16, 2015

ISLIP, N.Y. — The town of Islip has sold an 18-acre land parcel on Carleton Avenue in Central Islip for a total of $3.5 million. The property was divided and sold to InvaGen Pharmaceuticals and AlphaMed. The buyers plans to relocate and expand operations at the site with two separate facilities — one for manufacturing and distribution and one for bottling, packaging and distribution. The companies will receive substantial financial benefits from Islip’s Industrial Development Agency, enabling InvaGen to construct a 260,000-square-foot facility and AlphaMed to build a 80,000-square-foot facility. InvaGen plans to invest as much as $37 million in its project, which will result in the retention of 390 jobs and the creation of 100 more, while AlphaMed plans to spend nearly $10 million and retain 15 jobs and create an additional 20. InvaGen manufactures a variety of pharmaceuticals for the medical industry, including cardiovascular, anti-inflammatory and anti-diabetic medicines. AlphaMed manufactures and distributes bottles for the pharmaceutical industry.

February 16, 2015

Loans Mixed-Use New York Northeast

Madison Realty Capital Provides $65M Construction Loan for Mixed-Use Project in Brooklyn

by Amy Works February 13, 2015

NEW YORK CITY — Madison Realty Capital has provided $65 million in construction financing for the development of a mixed-use property at 19 Kent Ave. in Brooklyn’s Williamsburg neighborhood. The undisclosed borrower plans to transform the vacant 80,000-square-foot site into a 384,000-square-foot mixed-use building offering retail, office and community facility space. Loan proceeds will be used to retire existing debt and fund future construction costs. The development site comprises four adjacent parcels occupying the entire block from Wythe Avenue to Kent Avenue between North 12th Street and North 13th Street. Current development plans call for a eight-story building offering floors ranging in size from 30,000 to 50,000 square feet.

February 13, 2015

Multifamily New York Northeast

Marcus & Millichap Brokers $1.7M Apartment Building Sale in Brooklyn

by Amy Works February 12, 2015

NEW YORK CITY — Marcus & Millichap has brokered the sale of an apartment building located at 153 Eagle St. in Brooklyn. The six-unit property sold for $1.7 million. Shaun Riley, James Saros and Michael Salvatico of Marcus & Millichap’s Brooklyn office represented the seller and buyer, both of which are private investors, in the transaction.

February 12, 2015

Mixed-Use Multifamily New York Northeast

City Urban Realty, MRC Buy Greenwich Village Mixed-Use Property for $27.5M

by Amy Works February 11, 2015

NEW YORK CITY — City Urban Realty and Madison Realty Capital have acquired a mixed-use residential and commercial property located at 14-16 Fifth Ave. in Greenwich Village. The partnership purchased the asset for $27.5 million from an undisclosed seller. The five-story, 20,219-square-foot building features 18 residential units, two commercial spaces and 52 feet of frontage along Fifth Avenue. The property also features 43,000 square feet of additional residential development rights. The buyers plan to renovate the existing apartments, lease-up vacant units and explore potential redevelopment options for the property. Additional terms of the transaction were not disclosed.

February 11, 2015

Multifamily New York Northeast

Marcus & Millichap Arranges $5.4M Sale of Brooklyn Apartment Building

by Amy Works February 11, 2015

NEW YORK CITY — Marcus & Millichap has arranged the sale of an apartment building located at 729 Lafayette Ave. in Brooklyn. Bart Zimmerman of the Barcel Group purchased the 17-unit property for $5.4 million. Derek Bestreich, Lucien Sproviero and Steve Reynolds from Marcus & Millichap’s Brooklyn office represented the seller, a limited liability company in the transaction.

February 11, 2015

Loans Multifamily New York Northeast

HFF Closes Sale, Arranges Financing for The Montrose in Manhattan’s Murray Hill

by Amy Works February 9, 2015

NEW YORK CITY — HFF has arranged the sale of and financing for The Montrose, a multifamily building located in Manhattan’s Murray Hill. Gaia Real Estate Investments LLC purchased the property for an undisclosed price. Located on 308 East 38th St., the 22-story building offers 97 residential units, a 24-hour attendant, a sundeck with views of the Manhattan skyline and East River, a fitness center and tenant lounge with billiards and a flat-screen television. Built in 2001, the building is currently 100 percent leased. Andrew Scandalios, Eric Anton, Jose Cruz, Jeffrey Julien and Rob Hinckley of HFF represented the seller, while Steven Klein and Christopher Peck, also of HFF, arranged the financing for the transaction.

February 9, 2015

Loans Multifamily New York Northeast

Greystone Bassuk Group Closes $140M Refinancing for Apartment Tower in Brooklyn

by Amy Works February 6, 2015

NEW YORK CITY — Greystone Bassuk Group has closed a $140 million credit enhancement from Helaba Landesbank Hessen-Thüringen under The New York State Housing Finance Agency 80/20 Program for an affiliate of The Dermot Company and Lowe Enterprises Investment Management LLC. The financing was structured with $90 million of 2010 Series A low-floater, tax-exempt bonds; $9 million of 2015 Series A low-floater, tax-exempt bonds; and $41 million of 2015 Series B low-floater taxable bonds issued as permanent financing for 66 Rockwell Place in Brooklyn. Loan proceeds were used to repay Dermot’s existing construction loan and reduce the developer’s equity in the project. Located on the corner of Flatbush Avenue and Rockwell Place, 66 Rockwell is a 42-story apartment building featuring 326 residential units, 7,000 square feet of retail space and 40,000 square feet of garage parking.

February 6, 2015

New York Northeast Office Retail

Meadow Partners Converts 866 United Nations Plaza into Commercial Condo Property in NYC

by Amy Works February 6, 2015

NEW YORK CITY — Meadow Partners, through an affiliate, has converted 866 United Nations Plaza, a 471,000-square-foot office building, into a commercial condominium property containing office, retail and garage space. Located at the base of two 32-story residential towers on 48th Street in New York City, the property offers six 78,000-square-foot floors and units ranging in size from less than 1,000 to more than 50,000 square feet. Additionally, units can be combined and demised to accommodate users of varying sizes. Sale prices range from under $1 million to more than $60 million, depending on unit size, view and floor plan. Built in 1965, the property features two lobbies, 24/7 security, 17-foot travertine walls and polished granite floors, six elevators, a separate service entrance with loading dock and oversized freight elevator, and an underground parking garage. Rudder Property Group is marketing the building, which is managed by Jones Lang LaSalle.

February 6, 2015

New York Northeast Retail

STREAM Capital Partners Brokers $3.2M Sale of Stop & Shop Ground Lease

by Amy Works February 5, 2015

FARMINGVILLE, N.Y. — STREAM Capital Partners has brokered the sale of a property located at 2350 N. Ocean Ave. in Farmingville. The property is under a long-term ground lease to Stop & Shop. A private REIT purchased the property for $3.2 million from a private owner. Jordan Shtulman and Jonathan Wolfe of STREAM Capital Partners represented the seller in the transaction.

February 5, 2015

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