New York

Joint Venture Acquires Manhattan Site for $65M to Redevelop as Residential Tower

NEW YORK CITY — Sumaida + Khurana and LENY have acquired a vacant commercial building located at 611 W. 56th St. in Manhattan’s West Side for $65 million. The joint venture plans to demolish the existing structure and redevelop the site into a 35-story residential condominium building. Alvaro Siza designed the building, which will feature 80 units ranging from one- to four-bedroom layouts and penthouses. Amenities will include private terraces, a roof garden, sun deck, fitness center and..

September 25, 2017

Pyramid Management Opens New Embassy Suites by Hilton at Destiny USA in Syracuse, New York

SYRACUSE, N.Y. — Pyramid Management, as owner, has opened Embassy Suites by Hilton Syracuse Destiny USA, located at 311 Hiawatha Blvd. W in Syracuse. Situated at Destiny USA, a shopping, dining and entertainment destination, the hotel features 209 suites, 10,000 square feet of flexible meeting space, an indoor heated pool, fitness center, full-service restaurant and 24-hour convenience shop. Aimbridge Hospitality manages the hotel.

September 25, 2017

Empire State Realty Brokers 108,000 SF Office Lease at 1400 Broadway in Manhattan

NEW YORK CITY — Empire State Realty Trust (ESRT) has arranged the lease of three full floors at 1400 Broadway in Manhattan’s Times Square South. International law firm Fragomen, Del Rey, Bernsen & Loewy LLP will occupy the space. The firm currently has more than 40 offices in 20 countries. John Shaunfield, Seth Weinstein and Paul Ippolito of Newmark Knight Frank represented the tenant. Scott Klau, Erik Harris and Neil Rubin of Newmark Knight Frank, along with Keith Cody of ESRT,..

September 25, 2017

Madison International to Acquire 51 Percent Interest in 2.1 MSF Retail Portfolio in NYC

NEW YORK CITY — Madison International Realty and Forest City Realty Trust have signed definitive agreements for Madison’s acquisition of Forest City’s 51 percent interest in a 2.1 million-square-foot retail portfolio. The transaction is valued at $1 billion. Scattered across Manhattan, Brooklyn, Queens, the Bronx, Staten Island and Northern New Jersey, the 12-property portfolio is 95 percent leased. Madison plans to engage Cushman & Wakefield as the third-party property management and..

September 22, 2017

Westbeth Artists Housing Breaks Ground on $40M Renovation Project for Manhattan Multifamily Property

NEW YORK CITY — Westbeth Artists Housing, the New York City Department of Housing Preservation and Development and the Community Preservation Corp. has broken ground on a $40 million renovation project for Westbeth Artists Housing, a multifamily property located in Manhattan’s Greenwich Village. Located at the former Bell Laboratories campus, the property features 384 affordable homes, as well as commercial spaces, for artists. The $40 million project will repair damages from Hurricane..

September 21, 2017

WinnCompanies Completes $19.3M Rehabilitation of Affordable Housing Community in Malone, New York

MALONE, N.Y. — WinnCompanies has completed the $19.3 million rehabilitation of The Trails at Malone, an affordable housing community in Malone. The project included the modernization of the units’ kitchens, bathrooms, wiring, heating and cooling systems, handicapped accessibility, exteriors, community room, playgrounds, security systems and landscaping. The 128-unit property comprises 26 two-story apartment buildings totaling 116,620 square feet. Of the 128 units, 100 are low-income..

September 20, 2017

Seagis Property Group Acquires Three Warehouses in Brooklyn Totaling 135,000 SF

NEW YORK CITY — Seagis Property Group has purchased three warehouse buildings in South Brooklyn in three separate transactions. The properties are a 22,000-square-foot building at 931 Stanley Ave., a 42,500-square-foot building at 1010 Stanley Ave. and a 70,000-square-foot property at 1970 Pitkin Ave. The three buildings were vacant at the time of acquisition and are immediately available for lease. These transactions add to Seagis’ existing portfolio of 40 properties totaling 750,000..

September 19, 2017

Stellar Management Refinances 13-Property Portfolio in New York City with $105M Loan Package

NEW YORK CITY — Stellar Management has refinanced a 13-property portfolio with a $105 million loan package from Capital One. The deal, brokered by GCP Capital Group, includes a five-year term. The portfolio includes properties at 11-15 W. 123rd St., 1061-1071 St. Nicholas Ave., 604 W. 162nd St., 601-609 W. 175th St., 3480-3496 Broadway and 12 E. 32nd St. The refinancing includes more than 600 residential units and as well as commercial and retail space in New York City. Stellar has owned the..

September 18, 2017

CNY Construction Tops Out 22-Story Apartment Building in Manhattan

NEW YORK CITY — CNY Construction, as general contractor, has topped out 21 East 12th, a 22-story apartment building being developed by William Macklowe Co. and Goldman Sachs. Located in Manhattan’s Greenwich Village, the building will feature 51 one-, two-, three- and four-bedroom units, a residents’ lounge, fitness room and garden. Additionally, the property will feature 19,487 square feet of retail space. The project team consists of SLCE Architects and Selldorf Architects. Completion..

September 18, 2017

Online Retailers Find Success With Omni-channel Efforts in New York City

As America’s brick-and-mortar retail sector continues to come to grips with the impact of e-commerce on its long-term future, it is worthwhile to track the progress of the growing number of retailers who have chosen to step away from a web-only platform. These retailers are establishing an omni-channel presence by setting up operations in physical stores, and many are showing signs of success. Many such retailers are choosing to set up shop along the streets of New York City, with its..

September 18, 2017