LONG ISLAND, N.Y. — Marcus & Millichap has brokered the $54.2 million sale of a portfolio of five industrial properties totaling 275,938 square feet on Long Island. Located in Farmingdale, Hicksville and Oceanside, the properties range in size from 28,000 to 100,000 square feet. All were constructed between 1975 and 1985 and include office space. Michael Tuccillo and Anthony Cerrone of Marcus & Millichap represented the seller, Howard Katz Realty & Construction, in the transaction and procured the buyer, Spiegel Associates.
NEW YORK CITY — Argentic Investment Management has signed a 13,000-square-foot office lease in Manhattan’s Flatiron District. The financial services firm will occupy the entire 20th floor the Gramercy Park Building, a 238,000-square-foot structure at 257 Park Ave. S that is now 97 percent leased. Neil Goldmacher, Eric Zemachson and Scott Gutnick of Newmark represented the tenant in the lease negotiations. Andrew Wiener and Robert Fisher represented the landlord, The Feil Organization, on an internal basis.
NEW YORK CITY — A joint venture between Slate Property Group and Thorobird Cos. has broken ground on a 213-unit multifamily project in Brooklyn. Designed by Think! Architecture + Design PLLC, the building will be located on a city-owned site at 570 Eldert Lane in the borough’s Cypress Hills area. Of the 213 units, which will come in one-, two-, three- and four-bedroom floor plans, 66 will be set aside for formerly homeless residents. The remaining units will be reserved for households earning between 40 and 80 percent of the area median income. Completion is slated for summer 2028, with full occupancy planned for 2029.
HALFMOON, N.Y. — JLL has negotiated the sale of The Kensington at Halfmoon, a 200-unit apartment complex located on the northern outskirts of Albany. Built in 2014, the property features one- and two-bedroom units with an average size of 1,228 square feet. Amenities include a pool, fitness center, dog park, movie theater, coffee bar and a resident clubhouse. Steve Simonelli, Jose Cruz and Austin Pierce of JLL represented the seller, Richbell Capital, in the transaction. JLL also arranged an undisclosed amount of acquisition financing for the deal on behalf of the buyer, MLG Capital.
BUFFALO, N.Y. — Locally based financial intermediary Largo Capital has arranged a $17.5 million permanent loan for a 275,000-square-foot industrial building in Buffalo. The building, the address of which was not disclosed, was built in the early 2000s and can support both warehouse and manufacturing uses. The direct lender and borrower were not disclosed. Jack Phillips led the transaction for Largo Capital. The building was fully leased at the time of the loan closing.
By Rebecca Gandour, executive vice president, Buffalo Urban Development Corp. America’s economic engine was once largely fueled by its industrial might, with manufacturing powerhouses found throughout the Midwest and Northeast producing billions of dollars worth of goods. But when factories closed and production moved overseas, many communities were left staring at empty buildings, foreclosed homes and decaying public infrastructure. By losing massive employment anchors, neighborhoods were unable to attract private investments, with developers hesitant to invest in communities that did not provide a clear route to profit. As hesitancy began, the situation grew worse, eroding confidence even further. Unable to fully rely on traditional real estate developers, Buffalo has found opportunities to embrace a nonprofit-led redevelopment for restoring long-overlooked industrial assets and creating conditions where future private investment becomes possible. The Northland Corridor on Buffalo’s East Side in particular demonstrates what can happen when a mission-driven organization is given the flexibility to think long term, assemble funding and prioritize community outcomes to provide financial stability and opportunity. Private developers serve an essential role in urban revitalization, but they also operate under a model that prioritizes profitability and providing returns for investors. In distressed markets, where redevelopment may provide limited promise …
NEW YORK CITY — Sagard Real Estate, the Denver-based firm formerly known as EverWest Real Estate Investors, has completed One Nassau Place, a 331,700-square-foot warehouse on Staten Island. The site is located less than a mile from State Route 440, and the building features a clear height of 36 feet, 60 dock doors, 175 car parking spaces, rooftop solar panels and an ESFR sprinkler system. Construction began in summer 2024. Sagard has tapped Cushman & Wakefield as the leasing agent.
NEW YORK CITY — Marcus & Millichap has brokered the $16 million sale of a development site in the Prospect Heights area of Brooklyn. The 16,500-square-foot site at 863 Dean St. is zoned for residential or mixed-use development. Matt Fotis of Marcus & Millichap represented the seller, a local family, in the transaction, and procured the buyer. Both parties requested anonymity.
NEW YORK CITY — A partnership between Gilbane Development, Blue Sea Development Co. and JASA has completed Linden Grove, a 153-unit affordable seniors housing project in the Bushwick neighborhood of Brooklyn. Residences at the 13-story building are reserved for renters earning 30 to 40 percent of the area median income, with 46 units reserved for formerly unhoused seniors. Amenities include a fitness room, arts and crafts area, laundry room, a rooftop terrace, outdoor dining areas and community gardens.
NEW YORK CITY — PGIM, the global asset management business of Prudential Financial Inc. (NYSE: PRU), has provided a $222 million loan on behalf of Rudin Management Co. for the refinancing of two office buildings in Midtown Manhattan. The refinancing, funded through PGIM’s core lending strategy, includes a $140 million loan for 41 Madison Avenue and an $82 million loan for 641 Lexington Avenue. The fixed-rate, long-term loans were issued to replace and expand on previous debt held on the properties, which total more than 1 million square feet. “These financings reflect continued lender confidence in high-quality office assets located in premier urban markets,” says Justin Levitt, managing director at PGIM. “The properties are exceptionally well-located with strong tenancy, long-term ownership and enduring relevance within the Midtown Manhattan office market.” Situated in the Flatiron District, 41 Madison Avenue spans 42 stories and totals 524,900 square feet. Completed in 1974, the tower is also known as the New York Merchandise Mart, which serves as a global hub for the tableware, housewares and gift industries. Mark’s Off Madison, an Italian restaurant and bakery, is also located at the property. 641 Lexington Avenue, a 32-story, 426,700-square-foot office tower located in the Midtown East Plaza …
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