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30-25-Queens-Blvd
DevelopmentLoansMultifamilyNew YorkNortheast

Baron Property Group, LargaVista Receive $388.5M in Construction Financing for Queens Multifamily Project

by Taylor Williams

NEW YORK CITY — A partnership between two developers, New York-based Baron Property Group and Miami-based LargaVista Cos., has received $388.5 million in construction financing for a 561-unit multifamily project in the Long Island City neighborhood of Queens. Designed by CetraRuddy, the development will consist of 451 apartments and 110 condos, as well as 21,000 square feet of retail space, that will be housed within a 46-story building at 30-25 Queens Blvd. Starwood Capital Group, Gotham Organization and Blackstone Real Estate Debt Strategies provided the financing, which was co-arranged by Ayush Kapahi of HKS Real Estate Advisors and Anthony Ledesma of DIA Capital Group. Rental and condo residences will feature studio, one- and two-bedroom floor plans. Amenities will include a rooftop pool, basketball and pickleball courts, a content creation and recording studio, fitness center, private outdoor terraces with grilling stations, a solarium with a kitchen, pet spa, coworking lounges and a game room. Completion is slated for 2028.

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1709-Surf-Avenue-Coney-Island
Affordable HousingDevelopmentLoansMultifamilyNew YorkNortheast

BFC Partners Lands $250M Construction Loan for Coney Island Affordable Housing Project

by Taylor Williams

NEW YORK CITY — Locally based developer BFC Partners has landed a $250 million construction loan for 1709 Surf Avenue, a 420-unit affordable housing project on Coney Island. The project marks the third and final phase of a 1,242-unit, three-building affordable housing development along Surf Avenue that is valued at approximately $700 million. Income restrictions across the three buildings range from 30 to 130 percent of the area median income. Project partners include the New York City Department of Housing Preservation and Development, the New York City Housing Development Corp. and Citi Community Capital. Construction is slated for a 2028 completion.

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Leasing ActivityNew YorkNortheastOffice

Tailwind Management Signs 14,000 SF Office Lease in Midtown Manhattan

by Taylor Williams

NEW YORK CITY — Tailwind Management has signed a 14,000-square-foot office lease at 299 Park Avenue, a 1.2 million-square-foot building in Midtown Manhattan. The business consulting firm is relocating from 485 Lexington Ave. Greg Taubin of Savills represented the tenant in the lease negotiations. David Falk, Peter Shimkin, Andy Sachs and Eric Cagner of Newmark, along with internal agents Marc Packman and Clark Briffel, represented the landlord, Fisher Brothers.

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LoansNew YorkNortheastOffice

BBCP Arranges $42.5M CMBS Loan for Refinancing of Long Island Office Portfolio

by Taylor Williams

HAUPPAUGE AND ISLANDIA, N.Y. — Black Bear Capital Partners (BBCP) has arranged a $42.5 million CMBS loan for the refinancing of the 400,000-square-foot Crossroads Office Portfolio on Long Island. The portfolio consists of 13 buildings in Hauppauge and Islandia that were constructed between 1984 and 1989. Tenants include Stifel, Nicolaus & Co., Massachusetts Mutual Life Insurance Co., Flushing Bank and Bankers Conseco. Bryan Manz and Emil DePasquale of BBCP arranged the financing, which carried a 10-year term and a 55 percent loan-to-value ratio, through Morgan Stanley on behalf of the borrower, The Crest Group.

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Leasing ActivityNew YorkNortheastOffice

Newmark Arranges 30,000 SF Office Lease in Midtown Manhattan

by Taylor Williams

NEW YORK CITY — Newmark has arranged a 30,000-square-foot office lease at 1185 Avenue of the Americas in Midtown Manhattan. The tenant, SURMOUNT, a commercial real estate services company focused on net-leased assets, will relocate from 275 Madison Avenue to the entire 30th floor of the building. David Falk, Jason Greenstein and Justin Pollner of Newmark represented the tenant in the lease negotiations. Newmark’s Brian Waterman, Scott Klau, Brent Ozarowski, Kevin Sullivan and David Waterman, alongside internal agents Howard Tenenbaum and Gary Rosen, represented the landlord, SL Green.

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Leasing ActivityNew YorkNortheastOffice

Southern Land Co. Signs 13,000 SF Office Lease at 99 Park Avenue in Midtown Manhattan

by Taylor Williams

NEW YORK CITY — Southern Land Co. has signed a 13,000-square-foot office lease at 99 Park Avenue in Midtown Manhattan. The Nashville-based developer plans to relocate its New York City office from 75 Rockefeller Center to the fourth floor of the 600,000-square-foot building, which is in the midst of a $30 million capital improvement program. Ben Bass and Seth Godnick of JLL represented Southern Land in the lease negotiations. Paul Glickman, Diana Biasotti, Harrison Potter and Kristen Morgan, also with JLL, along with internal agents Craig Panzirer and Alex Radmin, represented the landlord, Global Holdings.

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The-Alary-New-Rochelle
DevelopmentMultifamilyNew YorkNortheast

Allstate Ventures Begins Leasing 28-Story Apartment Building in New Rochelle, New York

by Taylor Williams

NEW ROCHELLE, N.Y. — Regional developer Allstate Ventures has begun leasing The Alary, a 28-story apartment building located north of New York City in New Rochelle. Designed by Fogarty Finger Architects, The Alary represents the final phase of a three-building development known as Westchester Place and offers 315 units in studio, one- and two-bedroom floor plans. Indoor amenities include a fitness center, coworking spaces with private pods and conference rooms, a game room with a wet bar, sports simulator, children’s playroom and a sky lounge with a full-service bar. Outside, residents have access to a rooftop area with a pool, outdoor cinema, barbecue kitchens, fire pits and a dog park. Rents start at $2,150 per month for a studio apartment, and the first move-ins are scheduled to begin in July.

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Leasing ActivityNew YorkNortheastOffice

Tom Ford Fashion Signs 11,118 SF Office Lease in Midtown Manhattan

by Taylor Williams

NEW YORK CITY — Tom Ford Fashion has signed a 10-year, 11,118-square-foot office lease in Midtown Manhattan. The provider of accessories and cosmetics products is taking space on the sixth floor of 500 Park Avenue, an 11-story, 201,000-square-foot building that is now fully leased. David Goldstein, Jarod Stern and Sam Mann of Savills represented the tenant in the lease negotiations. Frank Doyle, Cynthia Wasserberger and Michael Pallas of JLL represented the landlord, SL Green, which acquired the building last winter.

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The-Langdon-Lynbrook-New-York
DevelopmentMultifamilyNew YorkNortheast

Breslin Realty Begins Leasing 201-Unit Multifamily Project in Lynbrook, New York

by Taylor Williams

LYNBROOK, N.Y. — Breslin Realty Development Corp. has begun leasing The Langdon, a 201-unit multifamily project in the Long Island community of Lynbrook. Located at 47 Broadway, The Langdon is a redevelopment of the former Mangrove Feather factory and consists of 55 studios, 111 one-bedroom units and 35 two-bedroom apartments, as well as 2,000 square feet of ground-floor retail space. Amenities include a lobby café, concierge services, rooftop terrace with skyline views, landscaped courtyard, resident lounge with billiards, a fitness center and work-from-home stations. Breslin developed the property in partnership with Fields Grade Development. Construction began in spring 2022. Rents start at approximately $3,000 per month for a studio apartment.

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AcquisitionsMultifamilyNew YorkNortheast

Marcus & Millichap Brokers $10.8M Sale of Historic Brooklyn Apartment Building

by Taylor Williams

NEW YORK CITY — Marcus & Millichap has brokered the $10.8 million sale of a 101-unit historic apartment building located in the Prospect-Lefferts Gardens neighborhood of Brooklyn. The six-story, elevator-served building at 275 Linden Blvd. was originally constructed in 1930. Information on floor plans and amenities was not disclosed. Shaun Riney and Daniel Greenblatt of Marcus & Millichap represented the undisclosed seller in the transaction. Seth Glasser, also with Marcus & Millichap, procured the buyer, a California-based family office.

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