NEW YORK CITY — Dumbo Market has opened a 13,500-square-foot grocery store in Queens. The store is located within Jasper, a 499-unit apartment community in the borough’s Long Island City neighborhood that features 33,000 square feet of retail space. A partnership between The Domain Cos., LMXD and Bridge Investment Group Holdings LLC owns Jasper.
NEW YORK CITY — A partnership between affordable housing developer Type A Projects and local nonprofit organization BronxWorks has received $255.6 million in construction financing for River Commons, a 328-unit project that will be located in the Concourse area of The Bronx. Construction is expected to begin within the coming weeks. The package includes $91.3 million in both tax-exempt ($64.3 million) and taxable ($27 million) bond financing from the New York City Housing Development Corp. In addition, the New York City Department of Housing Preservation and Development (HPD) is providing more than $100 million in capital through its New Construction Finance program. Capital One also provided a letter of credit on the deal. Additional financing for the project stems from Low-Income Housing Tax Credits that were syndicated by Hudson Housing Capital. Situated on the former site of a former hospital parking lot, River Commons will be a 17-story building that will house 328 affordable and supportive housing units, a 43,000-square-foot public healthcare center that will be operated by New York City Health + Hospitals (H+H) and 6,000 square feet of flexible community space that will be occupied by African Communities Together. The development will also feature a 7,000-square-foot public green …
NEW YORK CITY — A partnership between local owner-operator Slate Property Group and nonprofit supportive housing developer Breaking Ground has acquired the Stewart Hotel in Midtown Manhattan for $255 million with plans to implement an affordable housing conversion. Slate will develop the project, which will convert the 611-room hotel into a 579-unit apartment complex, and Breaking Ground will own and operate the property upon completion. The 31-story hotel, which is located across from Penn Station and closed in 2022, also features a 100-space underground parking garage, 12,000 square feet of ground-floor retail space and 3,500 square feet of ballroom space. All units will be reserved for low-income households and/or formerly homeless individuals, with rents to range from $1,385 to $1,731 per month. Construction is scheduled to begin late next year. As part of the redevelopment, the project team will replace all major utility and mechanical systems, upgrade lighting and merge adjacent hotel rooms into living spaces as needed. New office space will be constructed for onsite social services, and the building will also have full-time security and maintenance staff.
NEW YORK CITY — Berkadia has provided $32.4 million in Freddie Mac financing for The Riverdale Tower, an 89-unit apartment building in The Bronx. The 18-story building was completed in 2024 and offers studio, one- and two-bedroom units that range in size from 400 to 900 square feet, 27 of which are earmarked as affordable housing. Amenities include a fitness center, community room, two patios and a pickleball court. Matt Nihan of Berkadia originated the 10-year, fixed-rate loan, which retires existing construction debt, on behalf of the borrower, Stagg Group. The building was fully occupied at the time of the loan closing.
NEW YORK CITY — Locally based financial intermediary HKS Real Estate Advisors has arranged a $31.7 million loan for the refinancing of a 53-unit apartment building in Brooklyn’s Greenpoint neighborhood. The newly constructed, six-story building at 36 India St. includes two commercial spaces and 27 parking spaces. Andrew Pilchick and Alex Dobosh of HKS arranged the debt through 360 Capital Funding on behalf of the borrower, Navistone Development.
NEW YORK CITY — EQT Partners has signed a 38,358-square-foot office lease expansion in Midtown Manhattan. The global investment organization now occupies 114,562 square feet across the 32nd, 33rd and 34th floors of 245 Park Avenue, a 44-story, 1.8 million-square-foot. Michael Movshovich and Ethan Silverstein of Cushman & Wakefield represented the tenant in the lease negotiations. Bruce Mosler, Harry Blair, Ron LoRusso, Justin Royce and Pierce Hance, also with Cushman & Wakefield, represented the landlord, SL Green.
NEW YORK CITY — Walker & Dunlop Inc. has arranged an $867 million financing package for 111 Wall Street, a 24-story, waterfront office building in Lower Manhattan’s Financial District. The development team, led by borrower InterVest capital partners, a global alternative investment manager based in New York City, plans to convert the fully vacant office building into a 30-story luxury apartment building housing 1,568 rental units. Approximately 25 percent of the units will be designated as affordable housing for residents earning an average of 80 percent of the area median income (AMI), qualifying the project for New York City’s Affordable Housing Conversion Program. Dustin Stolly, Aaron Appel, Adam Schwartz, Keith Kurland, Jonathan Schwartz, Sean Reimer and Sean Bastian of Walker & Dunlop arranged a $778.6 million construction loan through Apollo Global Management, J.P. Morgan Chase & Co. and TYKO Capital. The closing of this financing marks the largest single-building office-to-residential conversion loan in New York City history as well as the country, according to Walker & Dunlop. Walker & Dunlop also advised on the extension of an existing $88.4 million C-PACE loan from Petros that remained in the capitalization, bringing the total financing package to $867 million. “With office vacancies …
NEW YORK CITY — Locally based brokerage firm Ariel Property Advisors has arranged a $6.5 million acquisition loan for a 12,500-square-foot retail building in the Bedford-Stuyvesant area of Brooklyn. The building formerly housed a Rite Aid store. Matthew Dzbanek and Matt Swerdlow of Ariel arranged the five-year bank loan, which carried an interest rate of 6.25 percent. The borrower is an owner and operator of stores of regional grocer Foodtown.
NEW YORK CITY — Walker & Dunlop has arranged a $163.4 million loan for the refinancing of 122 Fifth Avenue, a 278,000-square-foot office building in Manhattan’s Flatiron District. Microsoft and Chime anchor the building, which recently underwent a $107 million capital improvement program, under long-term leases. Aaron Appel, Jonathan Schwartz, Keith Kurland, Adam Schwartz, Jordan Casella, Christopher de Raet and Jack Krentzman of Walker & Dunlop arranged the fixed-rate, interest-only financing through Helaba Bank and Deka-Bank. The borrower is Bromley Cos.
NEW YORK CITY — Bloomberg LP has signed an 11-year, 495,753-square-foot office lease extension at 120 Park Avenue, a 26-story building in Midtown Manhattan. The business media giant, which has been a tenant at 120 Park Avenue since 2011, has committed to occupying 20 floors, as well as lower-level spaces, through 2040. Howard Fiddle, Chris Mansfield and Zachary Weil of CBRE represented Bloomberg in the lease negotiations. Paul Glickman and Diana Biasotti of JLL, along with internal agents Chris Roth, Craig Panzirer and Alex Radmin, represented the landlord, Global Holdings.
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