New York

Newmark Arranges $515M Refinancing of Midtown Manhattan Office Building

by Taylor Williams July 7, 2026

NEW YORK CITY — Newmark has arranged the $515 million refinancing of 31 West 52nd Street, a 785,000-square-foot office building in Midtown Manhattan. A consortium of lenders that was led by Wells Fargo and included Bank of America, Barclays, Citi, Goldman Sachs and JP Morgan provided the debt, which consists of a $415 million senior mortgage loan, a $40 million B-note and a $60 million mezzanine loan. Jordan Roeschlaub, Adam Spies, Adam Doneger, Nick Scribani, Tim Polglase, Dan Axelson and Jack Fenton of Newmark arranged he fixed-rate debt package on behalf of the borrower, local investment firm Rithm Capital. Cushman & Wakefield’s Gideon Gil, Zach Kraft and Cecelia Galligan also advised on the transaction.

July 7, 2026

Affordable Housing Development Multifamily New York Northeast

Partnership Underway on 320-Unit Affordable Housing Project in Queens

by Taylor Williams July 7, 2026

NEW YORK CITY — A partnership led by L+M Development Partners is underway on construction of a 320-unit affordable housing project in the Rockaway area of Queens. The project will be known as Building D within the 116-acre Arverne East waterfront development and will house 230 rental units and 90 for-sale units, as well as indoor and outdoor amenity spaces. Information on rent restrictions was not disclosed. Other project partners include Urbane Development, The Bluestone Organization, Mega Group Development, Triangle Equities Development Co., New York State Homes and Community Renewal, the New York City Department of Housing Preservation and Development and the New York City Housing Development Corp.

July 7, 2026

Acquisitions Multifamily New York Northeast

Marcus & Millichap Brokers $3.8M Sale of Brooklyn Apartment Building

by Taylor Williams July 6, 2026

NEW YORK CITY — Marcus & Millichap has brokered the $3.8 million sale of a 21-unit apartment building in the Crown Heights neighborhood Brooklyn. Constructed in 1900, the five-story building at 665 St. Marks Ave. offers one- and two-bedroom units, 13 of which are subject to rent restrictions. Matt Fotis of Marcus & Millichap represented the seller, a private investor, in the transaction and procured the buyer, an international partnership. Both parties requested anonymity.

July 6, 2026

Leasing Activity New York Northeast Office

Adaptive Security Signs 51,220 SF Office Sublease in Manhattan’s Financial District

by Taylor Williams July 6, 2026

NEW YORK CITY — Adaptive Security has signed a 51,220-square-foot office sublease in the Financial District of Lower Manhattan. The AI-powered cybersecurity company is taking space formerly leased to BarkBox, an e-commerce firm for the pet products industry, at 120 Broadway. Zev Holzman, Christopher Foerch, Will Demuth and Riley Scanlon of Savills represented the subtenant in the lease negotiations. Ross Zimbalest of CBRE represented the sublandlord. The owner of the building was not disclosed.

July 6, 2026

Acquisitions Multifamily New York Northeast Top Stories

Kennedy Wilson Buys Apartment Community in New York’s Westchester County for $237M

by Taylor Williams July 6, 2026

WEST HARRISON, N.Y. — Kennedy Wilson (NYSE: KW) has purchased Carraway, a 421-unit apartment community in West Harrison, located north of New York City in Westchester County, for $237 million. Kennedy Wilson partnered with Kenedix Inc. and Hulic Co. Ltd. on the acquisition. The seller was not disclosed. The property was 95 percent occupied at the time of sale. Completed in 2021, Carraway houses studio, one- and two-bedroom units with an average size of about 1,000 square feet, as well as onsite parking. Residences are furnished with stainless steel appliances, marble-style kitchen backsplashes, quartz bathroom and kitchen countertops and in-unit washers and dryers. Select residences offer private balconies. Amenities include a pool, fitness center, resident clubroom, private offices and coworking space, a sports simulator, private dining room, chef’s kitchen, pet spa and a children’s playroom. Carraway also features approximately 6,400 square feet of ground-floor retail space. Jose Cruz, Steve Simonelli and Austin Pierce of JLL represented the seller, institutional investors advised by J. P. Morgan Asset Management, in the transaction. JLL also advised Kennedy Wilson in securing acquisition financing for the deal. “Carraway represents a rare opportunity to acquire a high-quality, recently constructed multifamily community in one of the most …

July 6, 2026

Acquisitions Industrial New York Northeast

Marcus & Millichap Brokers $54.2M Sale of Long Island Industrial Portfolio

by Taylor Williams July 2, 2026

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.

July 2, 2026

Leasing Activity New York Northeast Office

Argentic Investment Management Signs 13,000 SF Office Lease in Manhattan’s Flatiron District

by Taylor Williams July 2, 2026

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.

July 2, 2026

Development Multifamily New York Northeast

Partnership Breaks Ground on 213-Unit Multifamily Project in Brooklyn

by Taylor Williams July 1, 2026

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.

July 1, 2026

Acquisitions Multifamily New York Northeast

JLL Negotiates Sale of 200-Unit Apartment Complex in Halfmoon, New York

by Taylor Williams July 1, 2026

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.

July 1, 2026

Industrial Loans New York Northeast

Largo Capital Arranges $17.5M Permanent Loan for Buffalo Industrial Building

by Taylor Williams July 1, 2026

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.

July 1, 2026

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