NEW YORK CITY — Butterfield Market will open a 10,000-square-foot grocery store in Queens. The space is located on the ground floor of RISE LIC, an apartment complex in the borough’s Long Island City area with more than 100 units. Charles Rapuano of Winick Realty Group represented the tenant in the lease negotiations. Thomas Galo, also with Winick Realty Group, represented the landlord, a joint venture between The Davis Cos., SB Development and Hazelton Capital. An opening date has not yet been established.
NEW YORK CITY — Discount retailer Five Below has debuted a 9,500-square-foot store at Parkchester, a mixed-use development located in the central part of The Bronx. A 170,000-square-foot Macy’s anchors the retail portion of the development, which also features office and residential units. Olshan Properties owns Parkchester and was self-represented in the lease negotiations. JLL represented Five Below.
NEW YORK CITY — Macy’s Inc. (NYSE: M) has announced plans to close 150 of its namesake department stores over the next three years. According to the retail giant, these stores represent 25 percent of the company’s gross square footage as of fiscal year-end 2023 but only account for 10 percent of sales. (Macy’s fiscal 2023 ended Feb. 3, 2024.) Macy’s anticipates closing approximately 50 stores by the end of fiscal year 2024, the locations of which have not been disclosed, though CNBC reports some are located in California, Florida, Hawaii and Virginia. Other elements of the retailer’s real estate optimization strategy, which it is naming “A Bold New Chapter” in its investor materials, includes reinvesting in its remaining 350 stores. “Over the past several years, we have taken proactive actions to fortify our operations, including strengthening our balance sheet, managing expenses and tightening inventory controls,” says Adrian Mitchell, chief operating officer and chief financial officer of Macy’s. “The dedicated work of our teams delivered a solid close to 2023 and provides a strong foundation for us to execute A Bold New Chapter.” As part of the plan, Macy’s will open at least 30 Bluemercury stores, the company’s smaller footprint …
NEW YORK CITY — Cushman & Wakefield has negotiated a 45,689-square-foot office lease at 1180 Avenue of the Americas in Midtown Manhattan. The tenant, nonprofit organization SelfHelp Community Services, will occupy the entire second and third floors of the 398,937-square-foot building. Mark Boisi, Bryan Boisi, Michael Baraldi and Harry Blair of Cushman & Wakefield represented the landlord, Northwood Investors, in the lease negotiations. Thomas Hines of Transwestern, along with Stephen Powers, Lindsay Ornstein and Alex Smith of OPEN Impact Real Estate, represented the tenant.
NEW YORK CITY — ENT & Allergy Associates has signed an 8,200-square-foot lease renewal and expansion in the Flushing area of Queens. The provider is expanding from 1,800 to 10,000 square feet at the 37,421-square-foot retail and medical center located at 35-30 Francis Lewis Blvd. Jonathan Serko of Cushman & Wakefield represented the tenant in the lease negotiations. Miles Mahony of RIPCO Real Estate represented the locally based landlord, Simone Development Cos.
TROY, N.Y. — United Group of Cos. has received construction financing from Berkshire Bank for City Station North, a $42 million mixed-use project in Troy, located just outside of Albany. The project represents the fourth phase of the larger City Station development that began in 2009. The latest phase will feature 87 one- and two-bedroom apartments and Class A amenities, 40,000 square feet of office space that will be the future home of United Group’s headquarters and 154 covered and surface parking spaces. Project partners include QPK Design, Colliers Engineering & Design and Franco Construction Services. Completion is slated for late 2025.
NEW YORK CITY — San Francisco-based mortgage banking firm Gantry has arranged a $9 million Fannie Mae acquisition loan for a 23-unit apartment building located at 47 E. Seventh St. in Manhattan’s East Village. According to LoopNet Inc., the five-story building was constructed in 1930. Patrick Barkley and Chad Metzger of Gantry arranged the 10-year loan, which features seven years of interest-only payments, through Walker & Dunlop. The borrower was an undisclosed private investor that acquired the asset via a 1031 exchange.
NEW YORK CITY — The American National Standards Institute (ANSI), which oversees the development of voluntary consensus standards, has signed a 22,819-square-foot office lease at 1180 Avenue of the Americas in Midtown Manhattan. The nonprofit organization will occupy the entire 10th floor of the 398,937-square-foot building. Mark Boisi, Bryan Boisi, Michael Baraldi and Harry Blair of Cushman & Wakefield represented the landlord, Northwood Investors, in the lease negotiations. Michael Burgio, also with Cushman & Wakefield, represented ANSI.
NEW YORK CITY — Marcus & Millichap has brokered the $41 million sale of a portfolio of five multifamily buildings in Manhattan’s East Village area totaling 73 apartments and six commercial spaces. The buildings primarily house market-rate units. Joe Koicim, Logan Markley, Matthew Berger and Zan Colin of Marcus & Millichap represented the seller, Kushner Cos., in the transaction. The buyer was not disclosed.
NEW YORK CITY — Cushman & Wakefield has arranged a $75 million construction loan for a 157-unit multifamily project that will be located at 255 E. 39th St. in the Manhattan’s Murray Hill neighborhood. The 20-story building will include 4,687 square feet of commercial space as well as an affordable housing component. Gideon Gil, Lauren Kaufman, Zachary Kraft and Cecelia Galligan of Cushman & Wakefield arranged the financing through J.P. Morgan and First Citizens Bank on behalf of the borrower and developer, Brause Realty. Completion is slated for late 2025.