Houlihan-Parnes Brokers Sale of 176-Unit Apartment Complex in Monticello, New York

MONTICELLO, N.Y. — Houlihan-Parnes Realtors LLC has brokered the sale of Monticello Meadows Apartments, a 176-unit multifamily complex in Monticello, located about 100 miles northwest of New York City. The complex is situated on nine acres and offers one- and two-bedroom units. Ed Graf of Houlihan-Parnes and Steve Tierney of Rochester law firm Woods Oviatt Gilman LP represented the parties involved in the transaction. The property was 95 percent occupied at the time of sale following the …

L&L Holding Nears Completion of $1B Office Tower at 425 Park Ave. in Manhattan

NEW YORK CITY — Locally based development and investment firm L&L Holding Co. is nearing completion of 425 Park Avenue, an office tower in Midtown Manhattan.Designed by British architecture firm Foster + Partners, the building rises 47 stories and 897 feet, spanning an entire city block. L&L is co-developing the property with Tokyu Land Corp. and will co-manage it with BentallGreenOak. The development is valued at $1 billion, according to the New York Post.The development …

Ready Capital Closes $9.5M Loan for Refinancing of Multifamily, Retail Portfolio in New York City

NEW YORK CITY — Ready Capital has closed a $9.5 million loan for the refinancing of a four-property, 20,000-square-foot multifamily and retail portfolio in the Central Queens submarket of New York City. Proceeds will also be used to renovate and stabilize the portfolio. The borrower and specific loan terms were not

Greystone Provides $59M in HUD-Insured Financing for Affordable Housing Portfolio in Harlem

NEW YORK CITY — Greystone has provided $59 million in HUD-insured financing for a portfolio of three affordable housing properties totaling 143 units in Harlem. Proceeds will be used to preserve the affordability of the Section 8 properties and to take out a $45 million bridge loan previously provided by Greystone for the acquisition of the assets. Leor Dimant of Greystone originated the nonrecourse financing, which carries a fixed interest rate, a 35-year term and a 35-year amortization …

NRP Group Breaks Ground on 179-Unit Workforce Housing Project in New Rochelle, New York

NEW ROCHELLE, N.Y. — The NRP Group has broken ground on Renaissance at Lincoln Park, a 179-unit workforce housing project in New Rochelle, located north of New York City. The project will also includes the construction of a 23,400-square-foot Boys & Girls Club facility that will feature a gym, basketball court, recording studio, demonstration kitchen, administrative offices and other rooms for work and play. The NRP Group is developing the project in partnership with Guion Renaissance …

Alpha Realty Brokers $25M Sale of Multifamily Portfolio in Queens

NEW YORK CITY — Locally based firm Alpha Realty has brokered the $25 million sale of a five-building, 115-unit multifamily portfolio in the Far Rockaway area of Queens. All of the buildings recently underwent full renovation programs that added new roofs and windows, as well as electrical and mechanical systems. Lev Mavashev of Alpha Realty represented the seller and buyer, both of which requested anonymity, in the transaction. The deal traded at a cap rate of 6.8

NYC Retail Market Embraces Hard Change on the Fly

By Kristin Hiller and Taylor Williams Retail and restaurant reopenings this fall gave a modest boost to the New York City retail market in the third quarter. But even with the easing of some operational restrictions, business activity remains diminished in a city known for its hustle and bustle. Both retail tenants and landlords have had to regroup and quickly adapt to the curveballs thrown at them by COVID-19 over the past nine months. While retail and restaurant users in some areas are …

DH Property Holdings Breaks Ground on 370,000 SF Industrial Project in Brooklyn

NEW YORK CITY — DH Property Holdings has broken ground on a 370,000-square-foot industrial project at 640 Columbia St. in Brooklyn. The site spans 4.5 acres and is located in the Red Hook waterfront district. The three-story building will feature 18- to 28-foot clear heights, 130-foot truck court depths, office space and parking for up to 184 vehicles. Ware Malcomb is the project architect, and Suffolk Construction is the general contractor. Completion is slated for the fourth

CIM Group, L+M Development Sell Two Affordable Housing Buildings Totaling 490 Units in Manhattan

NEW YORK CITY — A joint venture between Los Angeles-based CIM Group and L+M Development Partners has sold 265 and 275 Cherry Street, two 26-story Section 8 apartment buildings located on Manhattan’s Lower East Side that total 490 units. The properties were originally built in 1979 and feature one-, two- and three-bedroom units. Amenities include a community room, convenience mart, outdoor courtyards and playgrounds. The buyer was an affiliate of Related Cos. Cushman & Wakefield …

Sinatra & Co. Completes $15M Multifamily Redevelopment Project in Buffalo

BUFFALO, N.Y. — Locally based developer Sinatra & Co. has completed the redevelopment of Mid-City Apartments, a $15 million project that added 50 units and 12,000 square feet of commercial space to the supply in downtown Buffalo. The property was originally constructed as a storage building in 1916 and was subsequently renovated to allow for commercial and residential uses. Sinatra & Co. originally acquired the building in

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