POUGHKEEPSIE, N.Y. — A partnership between Mega Development Group, Ametrine Group and social services provider Mental Health America of Dutchess County has broken ground on Wallace Campus, a $147 million affordable housing redevelopment project in Poughkeepsie, located north of New York City. An adaptive reuse of the site of the former Wallace Department Store, the property will offer 187 units in studio, one-, two- and three-bedroom floor plans that will be reserved for households earning 80 percent or less of the area median income. In addition, the development will have 30 supportive housing units and 22,000 square feet of commercial space. Social services will include home health care management, community education and family support and advocacy. The amenity package will comprise a game room, fitness center, movie screening room, coworking space and a study hall. Financing for the project is supported by New York State Homes & Community Renewal’s federal tax credit program, which is expected to generate $46 million in equity, as well as a range of other public subsidies.
New York
NEW YORK CITY — Trexquant has signed a 23,000-square-foot office lease in Midtown Manhattan. The quantitative finance firm is taking the entire 10th floor at 360 Park Avenue South, a 450,000-square-foot building. Peter Turchin, Gregg Rothkin, Hayden Pascal, Arkady Smolyansky, Ross Zimbalist and Trevor Larkin of CBRE, along with internal agents Andrew Levin and Will Stark, represented the landlord, BXP, in the lease negotiations.
NEW YORK CITY — Hunter Point Capital has signed a 46,000-square-foot office lease in Midtown Manhattan. The independent investment firm is taking the entire 15th and 16th floors at 360 Park Avenue South, a 450,000-square-foot building. Peter Turchin, Gregg Rothkin, Hayden Pascal, Arkady Smolyansky, Ross Zimbalist and Trevor Larkin of CBRE, along with internal agents Andrew Levin and Will Stark, represented the landlord, BXP, in the lease negotiations.
NEW YORK CITY — A partnership between two local firms, owner-operator Slate Property Group and investment firm Avenue Realty Capital, has purchased a 16-unit apartment building in Manhattan’s Tribeca neighborhood for $32 million. The seven-story building at 45 White St. was originally constructed in 1868 as a commercial office and converted to residential use in 2009. Units come in studio, one-, two- and three-bedroom floor plans. Amenities include a fitness center and a children’s playroom. Guthrie Garvin of JLL represented the undisclosed seller in the transaction. The partnership was self-represented. White Oak Real Estate Capital financed the acquisition.
NEW YORK CITY — Brown Advisory has signed a 15-year, 34,748-square-foot office lease in Midtown Manhattan. The global investment manager plans to relocate and expand from its space at the building at 12 E. 49th St. to the entire 27th and part of the 26th floor at 520 Madison Avenue during the fourth quarter. Cynthia Wasserberger, Michael Berg, Bobby Blair and Sofia Bruno of JLL represented the tenant in the lease negotiations. Megan Sheehan and Sam Brodsky internally represented the landlord, Tishman Speyer.
NEW YORK CITY — BrightTower has signed a 13,857-square-foot office lease in Midtown Manhattan. The local investment bank and capital markets advisory firm will relocate and expand from its space at 110 E. 25th St. to the entire 32nd floor of 41 Madison Avenue, a 42-story, 560,000-square-foot building, during the second quarter. Neil King and Alexander Golod of CBRE represented BrightTower in the lease negotiations. Robert Steinman internally represented the landlord, Rudin.
CENTRAL ISLIP, N.Y. — Black Bear Capital Partners (BBCP) has arranged a $39 million loan for the refinancing of Villas at Eastview, a 100-unit apartment complex located in the Long Island community of Central Islip. The property consists of 11 buildings on an 8.6-acre site. Units exclusively come in two-bedroom floor plans and have an average size of 1,295 square feet. Emil DePasquale and Robert Serra of BBCP arranged the loan, which carries a seven-year term, fixed interest rate and a 60 percent loan-to-value ratio, through New York Life Insurance on behalf of the owner, The Crest Group.
NEW YORK CITY — ASAK Solutions Inc., a provider of ground-handling services for the aviation industry, has signed a 16,515-square-foot industrial lease in the Jamaica area of Queens. The facility at 152-15 Rockaway Blvd. will support the company’s ramp and cargo handling business as JFK International Airport. Joseph Hentze Jr. of Cushman & Wakefield represented the tenant in the lease negotiations. Joseph Lagano and Reid Berch of Avison Young represented the landlord, Boston-based Longpoint Partners.
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 70 miles northwest of New York City. Orange Plaza was 94 percent leased at the time of sale to tenants such as Walmart, Home Depot, Kohl’s, Burlington, Ross Dress for Less, Marshalls, Staples and Old Navy. Brandon Szwalbenest, Andrew Stewart and Dev Morris of Cronheim arranged the financing through an undisclosed life insurance company on behalf of the borrower, National Realty & Development. The seven-year loan features a 30-year amortization schedule.
NEW YORK CITY — New York City-based Dwight Capital has provided a $54 million HUD-insured loan for the refinancing of The Amara, a 92-unit apartment building located in the Astoria neighborhood of Queens. Completed in 2024, the six-story building houses studio, one-, and two-bedroom units in addition to 13,790 square feet of ground-floor retail space that is leased to Spear Physical Therapy, restaurant The French Workshop, pizzeria Freddy’s Since 1961 and food hall Wonder Astoria. Keith Hoffman and Jack Tawil of Dwight originated the loan through HUD’s 223(f) program on behalf of the locally based borrower, Tsilo Group.
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