BINGHAMTON, N.Y. — A subsidiary of Dallas-based Leon Capital Group has provided an equity investment for The Marshall Binghamton, a 516-unit student housing project in upstate New York. The amount was not disclosed, but Leon Capital provided the funds in conjunction with another equity investment in a multifamily property in Nashua, New Hampshire. Combined, the two equity investments total roughly $19 million. The project, which is under construction and slated for a May 2027 delivery, is adjacent to the State University of New York Binghamton campus. The sponsor is Aptitude Development.
Center for Justice Innovation Signs 34,300 SF Office Lease Expansion, Extension in Midtown Manhattan
NEW YORK CITY — The Center for Justice Innovation has signed a 34,300-square-foot office lease expansion and extension at 520 Eighth Avenue in Midtown Manhattan. The nonprofit organization has been a tenant at the 26-story building since 1999 and is relocating from three non-contiguous floors to a portion of the 18th floor and the entire 19th floor via a 20-year extension. Stephen Powers and Jake Cinti of OPEN Impact Real Estate represented the tenant in the lease negotiations. Matthew Mandell represented the landlord, GFP Real Estate, on an internal basis.
NEW YORK CITY — JLL has negotiated the $31 million sale of Kingswood Center, a 226,130-square-foot mixed-use property in Brooklyn’s Midwood neighborhood. Kingswood Center is a three-story building that includes retail space that is anchored by T.J. Maxx in addition to a 257-space parking garage. Ethan Stanton, Michael Mazzara and Brendan Maddigan of JLL represented the seller, Midland Loan Services, in the transaction. Scott Aiese and Alex Staikos, also with JLL, arranged acquisition financing on behalf of the buyer, Bridges Development Group.
NEW YORK CITY — Marcus & Millichap has brokered the $16.6 million sale of 312 Bowery, a 22-unit apartment building in Manhattan’s NoHo neighborhood. The five-story building, which includes a 3,900-square-foot commercial space that is leased to an art gallery, was originally constructed in 1920 and converted to residential use in 2004. John Stewart and Dylan Torey of Marcus & Millichap represented the seller, Bremen House Inc., in the transaction and procured the buyer, Allied Realty & Development Corp.
NEW YORK CITY — Northmarq has arranged a $15 million loan for the refinancing of the 34,949-square-foot Atlantic Plaza Shopping Center in Queens. The center, which is located in the borough’s Ozone Park neighborhood, was built in 1984 and is home to tenants such as Bravo Supermarkets, Lenox Hill Radiology, Four Leaf Federal Credit Union and Dunkin’. Robert Delitsky and Keith Braddish of Northmarq arranged the loan through an undisclosed commercial bank on behalf of the owner, Schuckman Realty Inc.
NEW YORK CITY — Locally based brokerage firm Ariel Property Advisors has negotiated the $45 million sale of Hudson View II and III, a four-building affordable housing portfolio in Upper Manhattan. The building are located at 520 W. 145th St., 528 W. 145th St., 1704 Amsterdam Ave. and 502-504 W. 145th St. and comprise 129 Section 8 residential units and 11 retail spaces. Victor Sozio, Shimon Shkury and Remi Mandell of Ariel represented the undisclosed seller in the transaction. The name and representative of the buyer were also not disclosed.
WATERLOO, N.Y. — Marcus & Millichap has brokered the $5.3 million sale of Tops Plaza at Seneca Falls, a 122,799-square-foot shopping center in Waterloo, about 40 miles west of Syracuse. Built on 34 acres in 1960, the center comprises 12 units and was fully leased at the time of sale. Tenants include Tops Market and AutoZone. Joseph French and Kodi Traver of Marcus & Millichap represented the seller and procured the buyer, both of which requested anonymity, in the transaction.
CARLE PLACE, N.Y. — The U.S. Department of War has signed a 10-year, 23,600-square-foot office lease in Carle Place, located on Long Island. The space is located within the 320,000-square-foot, newly repositioned building at 1 Old Country Road, and the federal cabinet plans to take occupancy early next year. Kelly Koukou of Lee & Associates represented the landlord, DBD Realty Group, in the lease negotiations. Ralph Guiffre, Vince Lamatta and Richard Freel of CBRE represented the tenant.
Tishman Speyer Returns to Manhattan’s Chrysler Building With 150-Year Ground Lease, $235M Investment
NEW YORK CITY — Tishman Speyer has entered into a 150-year ground lease agreement for the Chrysler Building, with plans to invest $235 million in restorations to the landmark Manhattan office tower at 405 Lexington Ave. New York City-based Tishman Speyer is joined in the transaction by multiple global institutional partners, with the Public Sector Pension Investment Board (PSP Investments) serving as lead investor. Ground-rent fees, which have not been disclosed, will be paid to the landowner, The Cooper Union for the Advancement of Science and Art, a private college in New York’s East Village. Opening in 1930, the 1.3 million-square-foot, 77-story tower was built to house the Chrysler Corp. and features decorative elements inspired by automobile parts, including eagle gargoyles modeled after the hood ornament on the 1929 Plymouth. Tishman Speyer and its partners will use 100 percent equity to finance the ground lease and redevelopment. Plans call for new amenities on the 61st floor featuring a lounge with outdoor access and food-and-beverage offerings. Fitness, wellness and meeting spaces will be situated in the building’s underground arcade, which connects to Grand Central Terminal and Manhattan’s subway system. The renovation investment will also cover restoration of the façade and the …
NEW YORK CITY — Ariel Property Advisors has arranged the $11 million sale of a mixed-use development site in the Gowanus area of Brooklyn. The transit-served site at 604 Union St. formerly housed the Dinosaur Bar-B-Que restaurant and can support 41,406 square feet of buildable product. Sean Kelly, Stephen Vorvolakos and Nicole Daniggelis of Ariel brokered the deal. The buyer, Zelig Weiss, and seller, Simon Vays, are both local developers and investors.
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