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LoansNew YorkNortheastRetail

Cronheim Arranges $75M in Financing for Retail Power Center in Middletown, New York

by Taylor Williams

MIDDLETOWN, N.Y. — New Jersey-based financial intermediary Cronheim Mortgage has arranged $75 million in financing for Orange Plaza, an 811,272-square-foot retail power center in Middletown, about 75 miles northwest of New York City. Walmart, Home Depot, Kohl’s and Burlington are the anchor tenants at Orange Plaza, and Ross Dress for Less, Marshalls, Staples and Old Navy are the junior anchors. Brandon Szwalbenest, Andrew Stewart and Dev Morris of Cronheim arranged the financing through an undisclosed insurance company on behalf of the owner, National Realty & Development Corp.

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LoansMultifamilyNew YorkNortheast

Greystone Provides $16M Agency Loan for Refinancing of Long Island Multifamily Property

by Taylor Williams

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.

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AcquisitionsMultifamilyNew YorkNortheast

Marcus & Millichap Brokers $7.5M Sale of Multifamily Property in Midtown Manhattan

by Taylor Williams

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.

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IndustrialLeasing ActivityNew YorkNortheast

Reliable Sprinkler Signs 44,000 SF Industrial Lease in Valley Cottage, New York

by Taylor Williams

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.

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AcquisitionsCivicNew York

St. John’s University Sells Staten Island Campus to Wagner College

by Taylor Williams

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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LoansMixed-UseNew YorkNortheast

JLL Arranges $58M Loan for Refinancing of Brooklyn Mixed-Use Building

by Taylor Williams

NEW YORK CITY — JLL has arranged a $58 million loan for the refinancing of 1333 Broadway, a mixed-use property in the Bushwick neighborhood of Brooklyn. Completed in April, the 20-story, 97,526-square-foot building houses 74 market-rate apartments, 32 affordable apartments and 29,000 square feet of commercial space. Peter Rotchford, Rob Hinckley and Robert Tonnessen of JLL arranged the loan through Barings on behalf of the borrower, a joint venture between Ekstein Development Group and Standard Real Estate Investments.

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Leasing ActivityNew YorkNortheastOffice

Howden Signs 31,519 SF Office Lease in Midtown Manhattan

by Taylor Williams

NEW YORK CITY — Howden has signed a 31,519-square-foot office lease in Midtown Manhattan. The global insurance brokerage firm is taking space on the 53rd floor at One Five One, a 1.8 million-square-foot tower located at 151 W. 42nd St. Sheena Gohil, Bob Rosenthal and Jack Senske of Colliers represented Howden in the lease negotiations. Tom Bow, Rocco Romeo and Nora Caliban represented the landlord, The Durst Organization, on an internal basis.

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Leasing ActivityNew YorkNortheastOffice

Cushman & Wakefield Negotiates 14,000 SF Office Lease in Midtown Manhattan 

by Taylor Williams

NEW YORK CITY — Cushman & Wakefield has negotiated a 14,000-square-foot office lease at 685 Third Avenue in Midtown Manhattan. The tenant, law firm Gallet Dreyer & Berkey LLP, will occupy the 28th floor of the 31-story tower, which recently underwent renovations. Garrett Varricchio, Mark Weiss and Michael Montesi of Cushman & Wakefield represented the law firm in the lease negotiations. BGO, the institutional investment firm formerly known as Bentall Green Oak, owns the building.

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Leasing ActivityNew YorkNortheastOffice

NormAI Signs 64,313 SF Office Lease at One World Trade Center in Lower Manhattan

by Taylor Williams

NEW YORK CITY — NormAI, which provides legal and compliance services, has signed a 64,313-square-foot office lease at One World Trade Center in Lower Manhattan. The space spans the entire 60th floor and part of the 61st floor. Scott Bogetti, James Wenk and Kirill Azovtsev of Savills represented NormAI in the lease negotiations. David Falk, Peter Shimkin, Hal Stein, Nathan Kropp and Paige Raisides of Newmark, along with internal agents Eric Engelhardt, Karen Rose and Sayo Kamara, represented the landlord, The Durst Organization, which developed the building in partnership with The Port Authority of New York and New Jersey.

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Leasing ActivityNew YorkNortheastOffice

Council Advisors Renews 17,685 SF Office Headquarters Lease in Midtown Manhattan

by Taylor Williams

NEW YORK CITY — Council Advisorshas renewed its 17,685-square-foot office headquarters lease in Midtown Manhattan. The consulting firm signed a 10-year extension for its space at 685 Third Avenue, a 651,000-square-foot, newly renovated building. Daniel Horowitz, Jeffrey Peck, Roi Shleifer, Jacob Stern and Max Mond of Savills represented the tenant in the lease negotiations. Paul Amrich, Neil King, Meghan Allen, Anthony Manginelli and Brooke Dewing of CBRE represented the landlord, institutional investment firm BGO.

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