NEW YORK CITY — London-based real estate brokerage firm Savills has completed its $1.1 billion acquisition of global advisory firm and real estate investment bank firm Eastdil Secured. The transaction was first announced in March, and the new company will be rebranded as Eastdil Secured Savills. Under the terms of the agreement, Savills purchased all of the equity of Eastdil, which has its U.S. headquarters in New York City. Eastdil Secured will continue to operate its existing business model within Savills Group, serving as the company’s global real estate investment bank and maintaining headquarters in New York City, Southern California and London. Eastdil’s other 21 offices will be rolled into the Savills network, which spans approximately 42,000 employees across 70 countries.
NEW YORK CITY — A joint venture between locally based developer Lonicera Partners, New York-based investment firm Rabina and Boston-based owner-operator The Davis Cos. has begun leasing a 43-story apartment tower at 55 Willoughby St. in downtown Brooklyn. Designed by Colberg Architecture and known as House 55, 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. Rents start at $3,950 for a studio apartment.
NEW YORK CITY — A partnership between A.M. Property Holding Corp., Axonic Capital and Platinum Properties is underway on the renovation of 11 Bryant Park Plaza, a 22-story office building in Midtown Manhattan. Designed by Spectorgroup, the renovation will involve the upgrading of existing office suites and the repositioning of upper-level floors to feature tenant amenities. The project team will also upgrade the lobby and elevators. Demolition work on the building’s top two floors is nearly complete, and renovations will be delivered in phases over of the second half of this year and early next year.
NEW YORK CITY — Locally based brokerage firm Ariel Property Advisors has arranged the $15.7 million sale of a multifamily development site in the Gowanus area of Brooklyn. The site is an assemblage of the parcels at 418 4th Ave., 416 4th Ave., 246 7th St. and 244A 7th St. and can support 57,640 buildable square feet of new product. Sean Kelly, Stephen Vorvolakos and Nicole Daniggelis of Ariel represented the undisclosed seller in the transaction. The buyer was private investor Abraham Waldman.
SYRACUSE, N.Y. — A joint venture between two New York-based firms, Brooklyn-based BFC Partners and SAA Canopy Group, will undertake the $269 million renovation and expansion of Parkside Commons, a 10-building affordable housing development in Syracuse. The project calls for upgrades to all 200 units that are housed within six buildings at Parkside Commons, as well as the ground-up development of two new buildings that will house 193 units. Information on income restrictions was not disclosed. Completion of the renovations and new buildings are slated for early and late 2028, respectively. To finance the project, the joint venture has received a $116 million construction loan from the Urban Investment Group at Goldman Sachs. In addition, New York State Homes and Community Renewal has issued federal and state Low-Income Housing Tax Credits for the project, which are expected to generate a combined $101.6 million in equity through sale to investors. The financing also includes “assortment of low-interest loans and subsidies.” “Parkside Commons has received the necessary subsidy and financing for the long-awaited redevelopment of the campus, which marks an important milestone for our community and for the residents of Parkside Commons,” says Syracuse Mayor Sharon Owens. “This housing redevelopment investment addresses …
NEW YORK CITY — National construction firm JT Magen has completed a 42,000-square-foot office project in Midtown Manhattan that is a build-to-suit for auction house Bonhams. Bonhams is relocating from a 32,000-square-foot space at 580 Madison Avenue to the four-story space at 111 W. 57th St., which will serve as the company’s new flagship location. Gensler served as the project architect.
CENTRAL ISLIP, N.Y. — Greystone has provided a $16 million Fannie Mae DUS (Delegated & Underwriting Servicing) loan for the refinancing of Coventry Village, a 94-unit multifamily property in the Long Island community of Central Islip. Built in 1975 and renovated in 2011, Coventry Village is a two-building, garden-style complex that offers one- and two-bedroom units. Robert Meehan of Greystone originated the five-year, nonrecourse loan, which carries a fixed interest rate, on behalf of the undisclosed owner.
NEW YORK CITY — Marcus & Millichap has brokered the $7.5 million sale of a multifamily property in the Times Square submarket of Midtown Manhattan. The two-building, 12,675-square-foot property at 140-142 W. 46th St. houses six market-rate apartments, five rent-stabilized apartments and a 5,200-square-foot vacant restaurant space. Colton Traynham, Matt Fotis and Michael Weinstein of Marcus & Millichap represented the seller and procured the buyer, both of which requested anonymity, in the transaction.
VALLEY COTTAGE, N.Y. — Reliable Sprinkler has signed a 44,000-square-foot industrial lease in Valley Cottage, about 35 miles north of New York City. The distributor of fire protection products is taking space within Lincoln Logistics Rockland, a facility that features a clear height of 36 feet, 34 dock doors and parking for 123 cars and 41 trailers. Newmark represented the landlord, a partnership between Lincoln Equities Group and PCCP LLC, in the lease negotiations. JLL represented Reliable Sprinkler.
NEW YORK CITY — St. John’s University has sold its Staten Island Campus to Wagner College, whose main campus is located about a quarter of a mile away. The sales price was not disclosed, but the asking price was $35 million. The campus was originally the home of Notre Dame College, an independent women’s college that was established in the 1930s and was consolidated with St. John’s University in 1971. St. John’s completed a planned, two-year phase-out of academic operations at the campus in 2024. Arthur Mirante, David Carlos, Michael Bertini and Mark Todrys of Savills brokered the deal.
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