REBusinessOnline

Brooklyn and Queens: Worthy Alternatives to Overpriced Manhattan Office Market?

New York City is one of the priciest office markets in the world, with Manhattan housing the core business district of the city. The borough has always been the place to be — the ultimate live-work-play destination that houses the big corporations and the talent that recruiters look for. Overall, office asking rents in Manhattan fell only slightly during the third quarter to $74 per square foot, per Cushman & Wakefield, while rents in some submarkets continued to rise. In highly …

Chegg Signs 24,205 SF Office Lease at 31 Penn Plaza in Manhattan

NEW YORK CITY — Education technology company Chegg has signed a 24,205-square-foot office lease at 31 Penn Plaza, an 18-story building in Manhattan. The company is relocating its New York office from 10 East 39th St. to the entire 12th floor of 31 Penn Plaza. The property is located close to 10 subway lines as well as major transportation hubs including Pennsylvania Station, Grand Central Terminal and Port Authority. Scott Brown of Newmark Knight Frank represented Chegg in the lease …

Marcus & Millichap Arranges $4.2M Sale of Industrial Property in Brooklyn

NEW YORK CITY — Marcus & Millichap has arranged the $4.2 million sale of 17-27 Herkimer Place, a 12,825-square foot industrial property in Brooklyn. The property is located near the Nostrand Avenue Station and Flatbush Avenue Station Commuter Rails. Jakub Nowak and Jason Grunberg of Marcus & Millichap represented the seller, a limited liability company. The team also represented the buyer, a private

JBA Equities Arranges $135M Loan for Refinancing of Mondrian Park Avenue Hotel in Manhattan

NEW YORK CITY — JBA Equities has arranged a $135 million loan for the refinancing of the Mondrian Park Avenue hotel in the NoMad district of Manhattan. Journal Hotels manages the 190-room hotel, which opened in October 2017. KeyBank Real Estate Capital provided a $110 million senior mortgage loan and South Korea-based Fidelis Asset Management provided a $25 million mezzanine loan. Jonathan Aghravi, Charles Han and Eli Terry of JBA Equities, along with Tal Bar-or of Lantern Real Estate, …

Terwilliger & Bartone Completes Phase I of 98-Unit Seniors Housing Community on Long Island

HAUPPAUGE, N.Y. — Terwilliger & Bartone Properties has completed Phase I of Cornerstone at Hauppauge, a 98-unit seniors housing project in Hauppauge, located in the central part of Long Island. The community will ultimately offer 68 one-bedroom and 30 two-bedroom units to residents aged 55 and older and a 3,000-square-foot clubhouse with a dining room, library, fitness center and outdoor recreation area. Phase II, which centers on the construction of two-bedroom units, is slated for …

Price Escalation in Other Asset Classes Pushes Investors Toward NYC Retail

The value proposition for retail investment in New York City is reaching new highs amid an arguably overvalued office market and a multifamily market that continues to grapple with onerous new regulations. Rapid price escalations in both of these sectors have played an integral role in spurring additional investor demand for retail as of late. Analysis of Avison Young’s third-quarter property sales report for Manhattan revealed a rare opportunity, as the average price per square foot for …

Greystone Provides $68.5 Loan for Refinancing of Seniors Housing Property in Manhattan

NEW YORK CITY — Greystone has provided a $68.5 million Fannie Mae loan for the refinancing of Capitol Apartments, a Section 8 seniors housing property in Midtown Manhattan. The loan carried a 10-year term, a 30-year amortization period and a fixed interest rate. The borrower, Fifty First Capitol Associates, will use the proceeds to pay yield maintenance, make capital improvements to the property and monetize its existing equity. Originally built in 1925 as a hotel, the property offers 278 …

Senior Lifestyle Corp. Opens The Club at Briarcliff Manor Near New York City

BRIARCLIFF MANOR, N.Y. — Senior Lifestyle Corp. has opened The Club at Briarcliff Manor, a seniors housing community in Briarcliff Manor, a village along the Hudson River located approximately 30 miles north of New York City. The property offers 167 independent living units, 87 assisted living units and 33 memory care units in two interconnected buildings. Apartments range from 605 square feet to 1,040 square feet, with monthly rents starting at $7,350. The site was formerly housed Briarcliff …

Amazon Signs 335,408 SF Office Lease at 410 Tenth Avenue in Manhattan

NEW YORK CITY — Amazon has signed a 335,408-square-foot office lease at 410 Tenth Avenue in Manhattan. Landlord SL Green is currently redeveloping the 638,000-square-foot building, which was previously known as the Master Printers Building,  as a Class A office property at the intersection of Manhattan West and Hudson Yards. The redevelopment will include a redesign of the lobby as well as construction of an 8,000-square-foot roof deck and lounge. The timeline of construction and Amazon’s …

Yard House Signs 19,000 SF Retail Lease at 10 Times Square in Manhattan

NEW YORK CITY — American sports bar chain Yard House has signed a 19,000-square-foot retail lease at 10 Times Square in Manhattan. The restaurant will occupy the entire first and second floors of the building as well as a lower-level space with frontage on Seventh Avenue and West 41st Street. Originally built as the Bricken Textile Building in 1930, the 575,000-square-foot building houses tenants including the offices of apparel retailer One Jeanswear Group Inc, Wellspring Philanthropic Fund …

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