REBusinessOnline

JLL Brokers $61.5M Sale of Development Site in Brooklyn’s Dumbo Area

NEW YORK CITY — JLL has brokered the $61.5 million sale of a development site located at 29 Jay St. in the Dumbo neighborhood of Brooklyn. At the time of sale, the site housed a 21,000-square-foot industrial building.The property offers a maximum development potential of more than 200,000 square feet that can be zoned for residential or commercial construction. Details of the buyer’s redevelopment plans for the property were not disclosed. Bob Knakal, Stephen Palmese and Brendan Maddigan of …

Gap, Macy’s, Kohl’s to Furlough Most Employees as Stores Remain Closed During COVID-19 Pandemic

SAN FRANCISCO, NEW YORK CITY AND MENOMONEE FALLS, WIS. — Prominent retailers Gap Inc., Macy’s Inc. and Kohl’s have announced separately that they’re planning to furlough a majority of employees at their stores and some distribution centers beginning this week in response to the COVID-19 outbreak. Combined, the total number of affected employees is nearly 290,000, according to the Los Angeles Times. The three retailers have extended their temporary store closures indefinitely to stop …

Four Seasons New York Offers All 368 Rooms Free to Medical Workers Treating Coronavirus

NEW YORK CITY — The Four Seasons Hotel New York in Manhattan has made all of its 368 rooms available free of charge to medical workers including doctors, nurses and other personnel treating patients in the epicenter of the novel coronavirus, COVID-19, according to a statement by New York Gov. Andrew Cuomo. The hotel industry has suffered a severe decline in demand due to “stay at home” orders and travel restrictions nationwide, according to recent data from CBRE. The Los Angeles-based …

Avison Young Negotiates $16.7M Sale of Office Building in Manhattan’s Tribeca Neighborhood

NEW YORK CITY — Avison Young has negotiated the $16.7 million sale of a seven-story office building in the Tribeca neighborhood of Manhattan. The 13,667-square-foot building is located at 177 Franklin St., between Greenwich and Hudson streets and was 80 percent leased at the time of sale. The flagship store of watch retailer Shinola occupies the ground floor. James Nelson and Charles Kingsley led an Avison Young team that represented the seller, Bedrock Real Estate Partners. The buyer was …

Apollo Electric Acquires Office Condo in Manhattan’s Chelsea Neighborhood for $3.6M

NEW YORK CITY — Apollo Electric has acquired a 5,650-square-foot office condo in the Chelsea neighborhood of Manhattan for $3.6 million. The suite includes the entire fifth floor of a seven-story building, which is located at 127 W. 24th St. The building was constructed in 1904. Brock Emmetsberger, Ryan Kossoy and Reed Waggoner of JLL represented the seller, a private owner. The team also procured Apollo as the

Report: Elmhurst Hospital in Queens Dedicates All 545 Beds to COVID-19 Treatment

NEW YORK CITY — The Elmhurst Hospital in Queens has dedicated all of its 545 beds to treatment of COVID-19 patients, according to a report by The New York Times. The building owner, NYC Health + Hospitals, has begun transferring patients who are not suffering from the disease caused by the novel coronavirus to other medical facilities. Other efforts to increase the number of hospital beds in the city include FEMA’s ongoing conversion of Javits Convention Center into a field hospital and a …

Muss Development Acquires Multifamily Building in Scarsdale, New York, for $29.2M

SCARSDALE, N.Y. — Muss Development has acquired The Glass House, a 51-unit multifamily building in Hartsdale, a northern suburb of New York City. Also known as GlassHouse 250, the property is located at 250 South Central Ave. and features one- and two-bedroom floor plans, a fitness center, two theater rooms and a 95-space parking facility. Itan Rahmani and Jacob Stavsky of Venture Capital Properties LLC represented Muss Development in the transaction. Elana Tsyganko, Max Kostikov and Richard …

Avison Young Negotiates $10.2M Sale of Leasehold Interest of Office Building in Harlem

NEW YORK CITY — Avison Young has negotiated the $10.2 million sale of the leasehold interest of a newly constructed office building in the Harlem neighborhood of Manhattan. The four-story property, which is located at 286 Lenox Ave., carries a 99-year ground lease. The property was fully leased at the time of sale to tenants including Wells Fargo, Child Mind Institute and Visiting Nurse Service. James Nelson and Brent Glodowski led an Avison Young team that represented the undisclosed …

FEMA, U.S. Army to Convert Javits Convention Center in Manhattan Into 2,000-Bed Field Hospital to Treat Coronavirus Patients

NEW YORK CITY — The Federal Emergency Management Agency (FEMA) and the U.S. Army Corps. of Engineers (USACE) have begun a rapid conversion of the 1.8-million-square-foot Javits Convention Center in Manhattan into a 2,000-bed field hospital to treat coronavirus patients, according to a statement from New York Gov. Andrew Cuomo. FEMA is constructing four 250-bed temporary hospitals in the main showroom of the center, each approximately 40,000 square feet in size. A staff of 320 FEMA workers …

JLL Brokers $13.8M Sale of Two Multifamily Properties in Manhattan

NEW YORK CITY — JLL has brokered the $13.8 million sale of two multifamily buildings in the Lennox Hill neighborhood of Manhattan. The five-story building at 1364 York Ave. is a 9,180-square-foot property that features 18 residences and two ground-floor retail spaces totaling 608 square feet, which are occupied by Orlando News and Jamil Liquors. The five-story building at 1368 York Avenue is a 11,191-square-foot property that features 19 residences and two ground-floor retail spaces totaling …

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