NEW YORK CITY — Affinius Capital has provided a $226 million loan for the refinancing of 55 House, a 43-story apartment tower in downtown Brooklyn. The building houses 295 residences — 206 market-rate apartments and 89 affordable housing units — as well as 3,500 square feet of retail space. Units come in studio, one-, two- and three-bedroom floor plans, and amenities include a fitness center, rooftop terrace, lounge, media room and coworking space. The project was announced in June 2023, and leasing launched earlier this year. The borrower is a joint venture between locally based developer Lonicera Partners and New York-based investment firm Rabina.
GARDEN CITY, N.Y. — The New York State Unified Court System has signed a 16,000-square-foot office lease in the Long Island community of Garden City. The space is located on the third floor of Garden City Center, a 200,000-square-foot building that offers amenities such as a conference center, fitness center, café and a tenant lounge. Ralph Guiffre of CBRE represented the tenant in the lease negotiations. Andrew Wiener and Robert Fisher represented the landlord, The Feil Organization, on an internal basis.
AMITYVILLE, N.Y. — JLL has arranged a $154.2 million loan for the refinancing of Greybarn Amityville, a 335-unit apartment community located on Long Island’s South Shore. Developed in phases between 2016 and 2020, Greybarn Amityville comprises 269 market-rate units and 66 workforce housing units in one- and two-bedroom floor plans. Amenities include a pool, fitness center, private workspaces, resident lounge and a community garden, and the community also houses 37,737 square feet of ground-floor retail space that is home to tenants such as Starbucks and True North Urgent Care. Peter Rotchford, Andrew Scandalios and Clayton Ross of JLL arranged the loan through Los Angeles-based PCCP on behalf of the owner, Rechler Equity Partners.
NEW YORK CITY — Marx Realty has begun the $68 million repositioning of 430 Park Avenue, a 19-story, 300,000-square-foot office building in Midtown Manhattan. The project will involve a redesign of the lobby and the introduction of indoor and outdoor amenities, including a parlor, library, golf simulator lounge and an indoor/outdoor bar. Studios Architecture is designing the project, which will also include the installation of new custom artwork. Lobby work has commenced, and work on pre-built suites will begin before the end of the month. Construction on amenity spaces will begin in February 2027, with completion expected for the summer.
NEW YORK CITY — Northwind Group, a Manhattan-based real estate private equity firm and debt fund manager, has provided a $231 million construction loan for an office-to-residential conversion project in Manhattan. The borrower is joint venture between Metro Loft Management and David Werner Real Estate Investments, and the building in question is 675 Third Avenue, a 32-story, 337,000-square-foot tower in the Midtown East submarket. The conversion could add as many as 450 new apartments to the local supply, inclusive of a 25 percent affordable housing component. The joint venture, which acquired the building last spring, has tapped Gensler and Collaborative Construction Management as project partners. A construction timeline was not announced.
NEW YORK CITY — Nashville-based brokerage firm Matthews has negotiated the $12 million sale of 101 Bowery, a hospitality building in Manhattan’s Chinatown district that was formerly housed the New World Hotel. The building is a five-story, 13,260-square-foot, single-room occupancy (SRO) structure that comprises an owner-occupied ground-floor retail space and four vacant floors that are designated for lodging use. Stephen Dadourian of Matthews represented the seller, a local family, in the transaction. The buyer was not disclosed.
COMMACK, N.Y. — New Jersey-based intermediary Cronheim Mortgage has arranged $30.5 million in financing for the 221,000-square-foot Mayfair Shopping Center in Commack, located on Long Island. Built in 1958, the center was 99 percent leased at the time of sale. Lidl, Planet Fitness and PGA Tour Superstore are the anchors, and other tenants include Gap, Sephora, J.Crew Factory, H&R Block, Tropical Smoothie Café and MyGym. Allison Villamagna and Andrew Stewart of Cronheim represented the seller in the disposition of the center and simultaneously arranged the loan through Voya Investment Management on behalf of the buyer, New York-based REIT Brixmor Property Group.
NEW YORK CITY — A partnership between California-based private equity firm Hawkins Way Capital and global investment firm Värde Partners has acquired a student housing property in Manhattan’s East Village for $28 million. According to StreetEasy, the building at 81 E. Third St. was built in 2003, rises 13 stories and features 45 units. Information on floor plans and amenities was not disclosed. The partnership acquired the building, which can also support traditional multifamily usage, in an off-market transaction. The seller was not disclosed.
NEW YORK CITY — JLL has brokered the $23.5 million sale of a mixed-use development site in Brooklyn. The 26,730-square-foot site at 1150 Broadway is located at the nexus of the borough’s Bedford-Stuyvesant and Bushwick neighborhoods and is zoned for the development of apartments, retail space and/or community facilities. Brendan Maddigan, Steve Rutman, Mike Mazzara and Ethan Stanton of JLL represented the seller, A-PLUS International Realty, in the transaction. The buyer, a partnership between Brooklyn-based YS Developers and Rabsky Group, did not disclose specific development plans for the site.
GARDEN CITY, N.Y. — Stark Office Suites has expanded its coworking space in the Long Island community of Garden City. The provider of flexible workspace solutions now occupies 14,553 square feet within the building at 1225 Franklin Ave. The space features furnished private offices, professional receptionist services and conference room access. Stark now operates 11 coworking facilities in New York and two in Connecticut.
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