REBusinessOnline

GFP Real Estate Acquires 311,000 SF Office, Retail Building in Manhattan

NEW YORK CITY — Locally based investment and development firm GFP Real Estate has acquired 675 Avenue of the Americas (AOA), a 311,000-square-foot office and retail building located in the Flatiron District of Manhattan. Originally constructed in 1901 to house the Adams Dry Goods department store, the Class A property houses the headquarters of several major companies, including Weight Watchers, Nielsen and Trader Joe’s. GFP partnered on the sale with tech firm Guidepoint, which will occupy …

KeyBank Closes $42M in Financing for Renovation of Affordable Housing Property in The Bronx

NEW YORK CITY — KeyBank’s community lending and investment team has closed a $42 million Fannie Mae loan for the Phase II renovation of Twin Parks West, a 311-unit affordable housing property located in The Bronx. A portion of the proceeds will also be used to refinance existing debt on the asset. Tabare Borbon of KeyBank closed the loan, which carried a fixed interest rate, 15-year term, 35-year amortization schedule and five years of interest-only payments. The borrower was a joint …

MRC Provides $30M Loan for Development of Mixed-Use Project in Queens

NEW YORK CITY — Madison Realty Capital (MRC) has provided a $30 million loan for the development of a 17-story mixed-use project in the Flushing neighborhood of Queens. Proceeds will be used to cover various pre-construction costs. The project, located at the former site of the RKO Keith’s Theater, will ultimately feature 269 residential units, 17,000 square feet of retail space, 15,000 square feet of additional communal space and 305 parking spaces. MRC provided the loan to Xinyuan Real …

Cronheim Mortgage Places $30M in Permanent Financing for Retail Center in Pelham Manor, New York

PELHAM MANOR, N.Y. — New Jersey-based Cronheim Mortgage has placed $30 million in permanent financing for Post Road Plaza, a 257,593-square-foot regional shopping center in Pelham Manor, about 20 miles north of Manhattan. Transamerica Financial Life Insurance Co. provided the 15-year loan, which amortizes over 30 years. Post Road Plaza, which was built in the early 1960s, comprises a two-story primary retail strip, a one-story secondary strip and three outparcel buildings. A …

Aries Capital Closes $6.5M CMBS Loan to Refinance Manufacturing Facility in Brooklyn

NEW YORK CITY — Aries Capital LLC, a Chicago-based commercial mortgage and investment banking firm, has closed a $6.5 million CMBS loan for the refinancing of a 16,500-square-foot manufacturing facility in Brooklyn. The property is located at 413 20th St. in the borough’s Greenwood Heights neighborhood and was fully leased at the time of sale to Sedona Marble & Granite, which is also a part owner of the building. Neil Freeman and Brandon Perdeck of Aries Capital handled the transaction …

JLL Negotiates 19,799 SF Office Sublease at Rockefeller Plaza in Manhattan

NEW YORK CITY — JLL has negotiated a 19,799-square-foot office sublease at 1 Rockefeller Plaza in Manhattan on behalf of Quontic Bank, a privately held financial institution. The company will occupy the ninth floor of the 36-story building for the next six years. Tishman Speyer owns the property. Alexander Chudnoff, Benjamin Bass and Harrison Potter of JLL represented Quontic Bank in the lease negotiations. Greg Taubin, Scott Bogetti and Sean Hoffman of Savills Inc. represented the …

RAL Development Completes 324-Room Hotel, Resort Project in Upstate New York

MONTICELLO, N.Y. — Manhattan-based RAL Development Services has completed The Kartrite Resort & Indoor Waterpark, a 324-room hotel and resort located in the Upstate New York city of Monticello. Located about 90 minutes outside New York City at the former site of The Concord Resort, The Kartrite’s signature feature is a two-acre indoor water park, the largest such attraction in the state. The property offers an array of other amenities for children, including a rock climbing wall, ropes …

Starwood Capital to Develop 147,000 SF Mixed-Use Project in Bronx Opportunity Zone

NEW YORK CITY — An affiliate of global private investment firm Starwood Capital Group will develop a 147,000-square-foot mixed-use project within a designated opportunity zone in The Bronx. The 10-story building, located at 425 Westchester Ave., will house office space for a nonprofit organization, ground-floor retail space and a charter school. The project will also feature 11,000 square feet of outdoor amenity space. Construction is scheduled to begin this month. Starwood will focus its …

Pebb Capital, TriArch Real Estate Receive $27.5M Loan for Student Housing Project in Manhattan

NEW YORK CITY— A partnership between Pebb Capital, a private equity firm with offices in Florida and New York, and TriArch Real Estate has received a $27.5 million permanent loan for the development of a 14-story student housing community in the Morningside Heights neighborhood of Manhattan. Construction began on the property in March 2018, with delivery set for fall 2020. The community will serve students at Columbia University. Valley Bank provided the initial construction loan and is now …

Cushman & Wakefield Brokers $7.9M Sale of Commercial Property in Manhattan

NEW YORK CITY — Cushman & Wakefield has brokered the $7.9 million sale of a Manhattan property featuring six residential units and two commercial spaces. The property is located at 833 Lexington Ave. in the Lenox Hill neighborhood. Hunter Moss, Michael Gembecki, Brad Jones, Alessandra Faglione and Austin Fabel represented the seller, SBP Lexington LLC, in the transaction. Additional terms of sale were not

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