REBusinessOnline

New York

Madison Realty Capital Provides $16.5M Loan for Hotel Development in Long Island City

NEW YORK CITY — Madison Realty Capital (MRC) has provided a $16.5 million acquisition and construction financing package collateralized by a partially constructed hotel development in Long Island City in Queens. The borrower, an affiliate of Sam Chang’s McSam Hotel Group, purchased 38-04 11th St. and plans to construct a 148-key hotel comprising 55,630 square feet on the site. McSam Hotel Group acquired the site with approvals and a completely built foundation. The borrower plans to..

February 16, 2018

Arbor Realty Trust Funds $41.6M Loan for Skilled Nursing Facility in Syracuse, New York

SYRACUSE, N.Y. — Arbor Realty Trust has funded a $41.6 million bridge loan for the acquisition of James Square Health and Rehabilitation Center, a skilled nursing facility located in Syracuse. Alexander Kaushansky of Arbor Realty Trust arranged the financing for the borrower, VestraCare. The borrower acquired the 440-bed facility from a Chicago-based seller. The buyer plans to appoint a new property administrator, retrain staff, rebrand the community and invest more than $4 million in capital..

February 16, 2018

Charterhouse Development Acquires Retail Property in Cicero, New York, for $2.7M

CICERO, N.Y. — An entity operated by Charterhouse Development Corp. has purchased a retail property located at 7939 Brewerton Road in Cicero. Cicero ECK LLC sold the property for $2.7 million. Rite Aid occupies the 11,180-square-foot property.

February 16, 2018

Progress Capital Arranges $8.2M in Refinancing for Retail Property in the Bronx

NEW YORK CITY — Progress Capital has arranged $8.2 million in refinancing for the former Apple Bank Building at 2526 Grand Concourse in the Bronx. The borrower, Madd Equities, plans to use proceeds of the loan to renovate the street- and basement-level retail spaces at the property. Brad Domenico of Progress Capital secured the financing, which includes a 24-month interest-only payment period.

February 15, 2018

Island Associates Brokers $3.2M Acquisition of Retail Property in Commack, New York

COMMACK, N.Y. — Island Associates has arranged the purchase of a retail property located at 6233 Jericho Turnpike in Commack. An undisclosed buyer acquired the property for $3.2 million. Situated on 1.9 acres, the site was a former car dealership and features a 15,000-square-foot building. The buyer plans to redevelop the property into a retail use. Roger Delisle of Island Associates represented the buyer, while Bruce Nelson of CBRE represented the undisclosed seller in the transaction.

February 14, 2018

Broadway Construction, RXR Realty Top Out 393,000 SF Mixed-Use Project in Brooklyn

NEW YORK CITY — Broadway Construction Group and RXR Realty have topped out 810 Fulton Street, a 12-story residential and retail property in the Fort Greene section of Brooklyn. Slated for completion in 2019, the 393,000-square-foot property will feature 363 apartments, 163 parking spaces, a full amenity suite and 33,000 square feet of ground-floor retail space.

February 13, 2018

Cushman & Wakefield Arranges $23M Sale of Development Site in Queens

NEW YORK CITY — Cushman & Wakefield has brokered the sale of a corner development site located at 141-57 Northern Blvd. in the Flushing neighborhood of Queens. NY EZ Property Holdings LLC acquired the site from 141-57 Northern Boulevard Inc. for $23 million. The 22,663-square-foot lot allows up to 67,989 square feet of mixed-use development. The site currently features a 14,200-square-foot building occupied by a commercial tenant and Bank of America. Stephen Preuss and Stephen Palmese of..

February 13, 2018

SG Blocks to Develop 183,000 SF Workforce Housing Project in Sullivan County, New York

SULLIVAN COUNTY, N.Y. — SG Blocks has been commissioned to design and construct a workforce housing development in Sullivan County. The four-building, 183,000-square-foot property will be designated for low- to middle-income households. The housing development will target employees for a newly built $1.2 billion destination resort that includes an 18-story hotel, casino and entertainment complex with approximately 100,000 square feet of casino floor, an entertainment village, golf course and..

February 12, 2018

Ripco Real Estate Brokers $19.5M Sale of Apartment Complex in Long Island, New York

LONG ISLAND, N.Y. — Ripco Real Estate has arranged the sale of an apartment complex located at 26 Stephen Oval in Long Island’s Glen Cove. The 100-unit garden-style property sold for $19.5 million. Mark Kaplan of Ripco represented the undisclosed buyer and seller in the transaction.

February 12, 2018

Middletown Medical Group Leases 8,413 SF of Medical Office Space in Monticello, New York

MONTICELLO, N.Y. — Middletown Medical Group has signed a lease for 8,413 square feet of medical office space at Thompson Square Shopping Center in Monticello. The combined three-tenant space will be the medical group’s new location. The new location will allow Middletown Medical to consolidate two existing Monticello physician offices. The new facility will offer 20 exam rooms, an X-ray unit, a CAT scan machine and urgent care services. With the addition of Middletown Medical Group, the..

February 12, 2018