HUNTINGTON, N.Y. — Marcus & Millichap has brokered the $8 million sale of a multifamily and retail property in the Long Island community of Huntington. The three-story, 11,000-square-foot property at 356 New York Ave., which was originally built in 1965 and renovated in 2021, comprises nine residential units and three retail spaces. Michael Tuccillo of Marcus & Millichap represented the seller and procured the buyer, both of which requested anonymity, in the transaction.
VALLEY COTTAGE, N.Y. — National Ramp has signed a 109,450-square-foot industrial lease in Valley Cottage, about 30 miles north of New York City. The space is located within Lincoln Logistics Rockland, a distribution facility that features a clear height of 36 feet, 34 dock doors and parking for 123 cars and 41 trailers. James Panczykowski of JLL and Adam Petrillo of Newmark represented the landlord, a partnership between Lincoln Equities and PCCP LLC, in the lease negotiations. National Ramp was self-represented.
NEW YORK CITY — RD Management has subleased 17,363 square feet of office space at 1745 Broadway in Midtown Manhattan. The space spans part of the seventh floor of the 26-story, 780,525-square-foot building. Richard Bernstein, Adam Ardise, Stephen Bellwood, Lei-Lani Keelan and Troy Elias of Cushman & Wakefield represented the sublandlord, Penguin Random House, in the negotiations. Ben Shapiro, Bill Levitsky and Matt Augarten of Newmark represented RD Management. Invesco Real Estate owns 1745 Broadway.
NEW YORK CITY — Novartis has renewed and extended its 15,865-square-foot office lease at 10 Bryant Park in Midtown Manhattan. The deal keeps the Swiss pharmaceutical giant on the entire 12th floor of the building, which was originally constructed in 1902, via a five-year extension. David Stockel of CBRE represented Novartis in the lease negotiations. JLL represented the landlord, Property & Building Corp.
NEW YORK CITY — KS Group and Alma Realty Corp. have received a $300 million construction loan for the development of a mixed-use multifamily project on the East River in the Astoria neighborhood of Queens in New York City. S3 Capital provided the financing. Henry Bodek of Galaxy Capital secured the loan on behalf of KS Group and Alma Realty, two multifamily developers based in Newark and Long Island City, respectively. Upon completion, the development will comprise a 26-story tower and three mid-rise buildings totaling 731 residential units. The development will include affordable housing units with the support of a 421a tax abatement, which provides a period of exemption from real estate taxes to projects that meet specific criteria and include a required percentage of affordable housing. The properties will also feature ground-floor retail space and parking. Amenities will include a rooftop pool with a landscaped roof deck, fitness center, golf simulator, children’s playroom, indoor and outdoor theaters and a business center. The development marks Phase I of a larger, multi-phased project dubbed Astoria Cove, which will be located at 8-01, 4-34 and 5-57 26th Ave. in Queens. YNH Construction will serve as general contractor on the project. Construction is …
NEW YORK CITY — Wells Fargo has provided $231 million in tax-exempt bond financing for Hawthorn Park, a 54-story apartment building located at 160 W. 62nd St. on Manhattan’s Upper West Side. The building houses 339 units, 271 of which are rented at market rates and 68 of which are designated as affordable housing for households earning 50 percent or less of the area median income. According to Apartments.com, Hawthorn Park was built in 2014 and exclusively offers studio apartments with an average size of 500 square feet. Amenities include a fitness center, lap pool and whirlpool, children’s playroom and a tenant lounge with a furnished and landscaped roof deck. The undisclosed borrower will use a portion of the bond proceeds to refinance existing debt.
CHESAPEAKE, VA. AND NEW YORK CITY — Dollar Tree Inc. (NASDAQ: DLTR) has agreed to sell the Family Dollar business segment to Brigade Capital Management LP and Macellum Capital Management LLC for $1 billion. The sales price represents a fraction of the $8.5 billion that Dollar Tree paid for the discount brand in 2015. Family Dollar will remain headquartered in Chesapeake. Family Dollar, which caters to low-income customers with its roughly 8,000 U.S. stores, has struggled in recent years. In March 2024, Dollar Tree unveiled plans to close approximately 970 underperforming Family Dollar stores. After a review of potential alternatives for the Family Dollar business segment, the Dollar Tree leadership team and board of directors determined that a sale of Family Dollar to Brigade and Macellum best unlocks value for Dollar Tree shareholders and positions Family Dollar for future success. “This is a major milestone in our multi-year transformation journey to help us fully achieve our potential,” says Mike Creedon, CEO of Dollar Tree. “We will continue to grow and optimize our Dollar Tree business to maximize value for Dollar Tree associates, customers and shareholders with an enhanced focus on compelling initiatives, including our expanded assortment, significant planned new store …
NEW YORK CITY — Creative design and branding agency Tag Wall has signed a 26,366-square-foot office sublease at 1745 Broadway in Midtown Manhattan. The space spans the entire eighth floor of the 26-story, 780,525-square-foot building. Richard Bernstein, Adam Ardise, Stephen Bellwood, Lei-Lani Keelan and Troy Elias of Cushman & Wakefield represented the sublandlord, Penguin Random House, in the sublease negotiations. Matt Astrachan, Ben Bass, Harrison Potter and Kate Roush of JLL represented Tag Wall. Atlanta-based Invesco Real Estate owns 1745 Broadway.
NEW YORK CITY — A partnership between two locally based developers, Fetner Properties and Lions Group, has begun leasing The Italic, a 50-story apartment building located at 26-32 Jackson Ave. in the Long Island City area of Queens. Designed by SLCE Architects and built by Hunter Roberts Construction Group, the building houses 363 units in studio, one-, two- and three-bedroom units, with 109 residences designated as affordable housing. Amenities include a communal lounge, fitness center, golf simulators, a basketball court, coworking spaces and a rooftop terrace. The building also houses 20,000 square feet of commercial space. Rents start at approximately $3,800 per month for a studio. Construction topped out in December 2023.
NEW YORK CITY — Law firm Knobbe Martens has signed a 27,375-square-foot office sublease at 1745 Broadway in Midtown Manhattan. The space spans the entire 21st floor of the 26-story, 780,525-square-foot building. Richard Bernstein, Adam Ardise, Stephen Bellwood, Lei-Lani Keelan and Troy Elias of Cushman & Wakefield represented the sublandlord, Penguin Random House, in the negotiations. David Berke and Scott Gutnick of Newmark represented Knobbe Martens. Atlanta-based Invesco Real Estate owns 1745 Broadway.
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