NEW YORK CITY — JLL has arranged a $60.5 million acquisition loan for a portfolio of two multifamily buildings totaling 93 units in the Williamsburg area of Brooklyn. The buildings at 227 and 456 Grand St. were constructed between 2009 and 2014 and house a mix of market-rate, rent-stabilized and affordable housing units, as well as 22,700 square feet of retail space. Michael Zaremski and Clayton Ross of JLL arranged the loan through New York-based private equity firm Prospect Ridge Advisors on behalf of the owner, locally based developer Delshah Capital.
NEW YORK CITY — Locally based owner-operator Domain Cos. is nearing completion of Majestic, a 255-unit apartment building in Brooklyn’s Gowanus neighborhood. Designed by Handel Architects with interiors by GoodRich Design, Majestic will offer studio, one-, two- and three-bedroom units, 25 percent of which will be set aside as affordable housing. Amenities will include a landscaped roof terrace, an indoor–outdoor fitness center and a courtyard garden. Domain topped out the 10-story building over the summer, and the opening is set for next year.
NEW YORK CITY — Fenwick & West has signed an 18,200-square-foot office lease expansion in Manhattan’s Flatiron District. The expanded space covers the entire 13th floor at 902 Broadway, and the law firm now occupies 72,800 square feet across four floors at the building, which was originally constructed in 1911. David Kleinhandler and Ken Rapp of CBRE represented Fenwick & West in the lease negotiations. The landlord, Koeppel Rosen, was self-represented.
TUXEDO, N.Y. — Related Cos. has begun leasing a 336-unit apartment community in Tuxedo, located in the Hudson Valley region. Designed by Aurae, the residences are part of The Village at Tuxedo Reserve, a mixed-use town center that anchors the 1,200-acre Tuxedo Reserve master-planned community. Units come in one- and two-bedroom floor plans, and amenities include a pool, fitness center, basketball, squash tennis and pickleball courts, a dog park, playground, coworking space, resident lounges and direct access to hiking and biking trails.
NEW YORK CITY — The New York City School Construction Authority (SCA) will open a 54,245-square-foot STEAM (Science, Technology, Engineering, Arts & Mathematics) school in The Bronx. The space will span two floors within Hutchinson Metro Center, a 361,857-square-foot mixed-use property in the borough’s Morris Park area that is owned by Simone Development Cos. The school is currently operating within a temporary space on Mercy University’s Bronx campus, serving about 100 students from local high schools.
NEW YORK CITY — Related Cos. is underway on an affordable housing preservation and expansion project at Tribeca Park, a 27-story, 396-unit mixed-income housing building in Lower Manhattan. Related Cos. developed Tribeca Park in 1999 via a ground lease with The Battery Park City Authority (BPCA), and the contract has been amended to preserve 81 units as affordable to households earning up to 50 percent of the area median income (AMI) and to add 20 new units affordable to households earning up to 130 percent of AMI. These new affordability protections will run through 2069 and increase the proportion of income-restricted units with Tribeca Park from 20 percent to 25 percent.
POUGHKEEPSIE, N.Y. — Marcus & Millichap has brokered the $4.5 million sale of a portfolio of three mixed-use properties in Poughkeepsie, located north of New York City. The 28,990-square-foot portfolio consists of a mixed-use building with four commercial spaces and eight residential units, a 15-unit residential building with a commercial space and a five-unit residential structure. Brian Kaplan and John Horowitz of Marcus & Millichap represented the seller, an entity doing business as GSP One LLC, in the transaction.
NEW YORK CITY — Northwind Group, a Manhattan-based real estate private equity firm and debt fund manager, has provided two loans totaling $427 million for a pair of office-to-residential conversion projects in New York City. In the first deal, Northwind funded a $208 million loan for the partial conversion of 141 Willoughby Street, a 24-story 355,000-square-foot office building in downtown Brooklyn. The borrower, a joint venture between Capstone Equities and BH3 Fund Advisors, plans to redevelop the office space on floors eight through 23 into 239 apartments. Ownership plans to maintain office usage across the first seven floors of 141 Willoughby, which was originally constructed in 2023 but never occupied. Future residents will have access to amenities such as a fitness center, entertainment lounge, coworking space, wellness center, golf simulator, sports court, games room and a children’s playroom, along with landscaped terraces on the 10th and 20th floors and a full-time attended lobby. Lastly, the new ownership of 141 Willoughby, which has rebranded the building as 385 Gold, will maintain separate entrances and exits between the office and residential components. An expected completion date was not announced. “[The building at] 141 Willoughby Street was designed to an institutional standard, …
NEW YORK CITY — SL Green Realty Corp. (NYSE: SLG) has sold 110 Greene Street, a 223,000-square-foot office building in Lower Manhattan, for $226 million. The 13-story building was originally constructed as two structures by New York City merchant Charles “Broadway” Rouse between 1908 and 1920 and later combined into a single structure that is known locally as The SoHo Building. Tenants include Avoro Capital, Birkenstock and apparel retailer UNTUCKit. Gary Phillips, Will Silverman and Carly Shoulberg of Eastdil Secured Savills advised SL Green on the transaction. The buyer was not disclosed.
NEW YORK CITY — McDermott Will & Schulte has signed a 150,000-square-foot office lease in Midtown Manhattan. The global law firm will occupy the entirety of floors 31 through 37 at 343 Madison Avenue, a 46-story, 930,000-square-foot building that is currently under construction. The firm’s footprint will encompass some 330 offices and will include an outdoor terrace. Occupancy is slated for fall 2029. BXP, the REIT formerly known as Boston Properties, owns 343 Madison. No third-party brokers were involved in the lease negotiations.
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