New York

Development Multifamily New York Northeast

LCOR Tops Out 463-Unit Multifamily Project on Coney Island

by Taylor Williams May 30, 2023

NEW YORK CITY — Locally based developer LCOR has topped out 1515 Surf Avenue, a 463-unit multifamily project in Brooklyn’s Coney Island area. Designed by STUDIO V Architecture, the building will offer one- and two-bedroom units and amenities such as an outdoor pool, landscaped courtyard, fitness center, an indoor basketball court, multiple tenant lounges and coworking spaces. Approximately 30 percent (139) of the residences will be reserved as affordable housing. The building will also house 11,000 square feet of retail space. LRC Construction is the general contractor for the project, completion of which is slated for early 2024.

May 30, 2023

Development Industrial New York Northeast

Bristol Group Nears Completion of 178,124 SF Spec Industrial Project on Long Island

by Taylor Williams May 26, 2023

COMMACK, N.Y. — San Francisco-based developer Bristol Group is nearing completion of a 178,124-square-foot speculative industrial project in the Long Island community of Commack. The property features a clear height of 36 feet, 31 dock-high loading doors, two drive-in ramps, 205 car parking spaces and 16 trailer parking stalls. The site can also support future expansion or additional parking requirements. Full delivery is slated for June. JLL is marketing the property for lease.

May 26, 2023

Leasing Activity New York Northeast Retail

Lidl to Open 34,484 SF Grocery Store at Glen Oaks Shopping Center in Queens

by Taylor Williams May 26, 2023

NEW YORK CITY — German discount grocer Lidl will open a 34,484-square-foot store at Glen Oaks Shopping Center in Queens. Ken Schuckman of Schuckman Realty represented Lidl in the lease negotiations. Randall Briskin represented the landlord, The Feil Organization, on an internal basis. The store, which is scheduled to open sometime next year, will be Lidl’s third in the borough.

May 26, 2023

Acquisitions Hospitality New York Northeast

JLL Brokers Sale of 75 Percent Interest in Mandarin Oriental New York Hotel

by Taylor Williams May 24, 2023

NEW YORK CITY — JLL has brokered the sale of a 75 percent interest in the Mandarin Oriental New York hotel. The monetary value of the stake was not disclosed, but multiple outlets that cover the hospitality industry reported that the percentage equated to roughly $98 million. The hotel, which opened in 2003 and totals 244 rooms, occupies floors 35 through 54 of Deutsche Bank Center at Columbus Circle. Amenities include a pool, spa, fitness center, meeting space and an onsite bar and lounge. Gilda Perez-Alvarado, Jeffrey Davis and Stephany Chen of JLL represented the undisclosed seller in the transaction. The buyer was Reliance Industries Ltd.

May 24, 2023

Leasing Activity New York Northeast Office

Cushman & Wakefield Negotiates 41,854 SF Office Sublease in Manhattan’s Financial District

by Taylor Williams May 24, 2023

NEW YORK CITY — Cushman & Wakefield has negotiated a 41,854-square-foot office sublease at 195 Broadway in Manhattan’s Financial District. Peter Trivelas and Gary Ceder of Cushman & Wakefield represented the sublandlord, real estate services firm Orchard Technologies, in the lease negotiations. Laura Pomerantz, Ethan Silverstein and Theodora Livadiotis, also with Cushman & Wakefield, represented the subtenant, an undisclosed digital media startup that is taking space on the building’s 26th floor.

May 24, 2023

Acquisitions Affordable Housing Multifamily New York Northeast

CPP Acquires 220-Unit Affordable Housing Complex in Downtown Buffalo

by Taylor Williams May 23, 2023

BUFFALO, N.Y. — Community Preservation Partners (CPP) has acquired Ellicott Park Townhomes, a 220-unit affordable housing complex in downtown Buffalo. Built in 1967, the property consists of one-, two- and three-bedroom units that are reserved for households earning 60 percent or less of the area median income. The seller and sales price were not disclosed, but CPP plans to implement a $14.2 million capital improvement program that will be part of a total investment consideration of $54.7 million.

May 23, 2023

Acquisitions Multifamily New York Northeast

GFI Realty Arranges $4.1M Sale of Bronx Multifamily Building

by Taylor Williams May 23, 2023

NEW YORK CITY — Locally based brokerage firm GFI Realty has arranged the $4.1 million sale of a 29-unit multifamily building located at 1342 St. Lawrence Ave. in the Soundview neighborhood of The Bronx. Built in 1928, the five-story building houses 23 one-bedroom units and six two-bedroom units.Zachary Fuchs of GFI Realty represented the seller and procured the buyer, both of which were private investors, in the transaction.

May 23, 2023

Development Hospitality New York Northeast

Lightstone Group Completes 303-Room Moxy Hotel on Manhattan’s Lower East Side

by Taylor Williams May 19, 2023

NEW YORK CITY — New York City-based development and investment firm Lightstone Group has completed the 303-room Moxy Hotel at 145 Bowery St. on Manhattan’s Lower East Side. Moxy is part of the Marriott family of brands. Designed by Stonehill Taylor and AMA Group, the boutique establishment houses a Japanese restaurant, rooftop bar, piano lounge, subterranean nightclub and a lobby café and bar. Other amenities include coworking spaces and meeting and event rooms.

May 19, 2023

Acquisitions Multifamily New York Northeast

TerraCRG Arranges $8M Sale of Two Multifamily Buildings in Brooklyn

by Taylor Williams May 18, 2023

NEW YORK CITY — Locally based brokerage firm TerraCRG has arranged the $8 million sale of two multifamily buildings totaling 14 units in Brooklyn. The eight-unit building at 277 Humboldt St. is located in the Williamsburg neighborhood, and the six-unit building at 767 Hart St. is located in the Bushwick area. Matthew Cosentino, Rémi Norris and Ronny Zimin of TerraCRG brokered the deals. The sellers were not disclosed. The buyer of both properties was Partners Path.

May 18, 2023

Acquisitions Multifamily New York Northeast

GFI Realty Services Arranges $5.1M Sale of Queens Multifamily Property

by Taylor Williams May 17, 2023

NEW YORK CITY — Locally based brokerage firm GFI Realty Services has arranged the $5.1 million sale of a 36-unit multifamily property located at 86-21 112th St. in the Richmond Hill area of Queens. The property was built in 1952 and comprises 18 one-bedroom units and 18 two-bedroom units. Ohad Babo and Yosef Magarefteh of GFI Realty represented the seller and procured the buyer, both of which were private investors, in the deal.

May 17, 2023

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