NEW YORK CITY — JLL has negotiated an 18,800-square-foot office lease in Midtown Manhattan. The tenant, private equity firm Christofferson, Robb & Co., will relocate from 720 Fifth Ave. to two full floors at the 27-story building located at 680 Fifth Ave. David Kleiner, Carlee Palmer and Margaux Kelleher of JLL represented the landlord, the family of Josef Buchmann, in the lease negotiations. David Falk and Eric Cagner of Newmark represented the tenant.
By Francis Greenburger, founder, chairman & CEO, Time Equities Inc. The recent changes to New York laws regarding rent-stabilized apartments, included in the 2024 budget legislation and signed into law by Gov. Kathy Hochul, are a step in the right direction. Unfortunately, the step is so small that the effect will be the same as standing still. Much of the initial commentary on 2024 housing law updates was about the so-called “good cause eviction” provisions, which have little to do with eviction but are instead a rebranding of rent control. In 2019, the legislature made significant changes to the rules governing rent-stabilized apartments. Most legislators who voted for this bill undoubtedly hoped to help New York State meet its affordable housing needs, but the opposite has happened. Thousands of low-cost, rent-stabilized apartments have since become vacant and remain so. Many of these apartments were occupied by tenants or families for 40 years or more. Apartments require capital investments periodically, and expectations for housing change dramatically over long periods. Renovating these units to meet modern standards requires significant investment, often mandated by housing code. Until the changes, building owners were willing to make these investments because they were permitted to increase …
NEW YORK CITY — Marcus & Millichap has brokered the $6 million sale of a 48-unit apartment building in Brooklyn’s Bensonhurst neighborhood. The six-story building at 7920 19th Ave., which according to LoopNet Inc. was originally constructed in 1931, houses one- and two-bedroom units. John Brennan and Bryan Ellis of Marcus & Millichap represented the seller and procured the buyer, both of which were local limited liability companies that requested anonymity, in the transaction.
NEW YORK CITY — Developer Lendlease has topped out 1 Java Street, an 834-unit waterfront multifamily project in Brooklyn’s Greenpoint neighborhood. Designed by architecture firm Marvel, the development comprises five interconnected buildings across a full city block. In addition, 1 Java Street will house 13,000 square feet of retail and restaurant space, and 30 percent of the units will be reserved as affordable housing. A syndicate of lenders led by Bank of America provided $360 million in construction financing for the project, which Lendlease is developing in partnership with Australian pension fund Aware Super and will include the construction of an 18,000-square-foot waterfront park. Construction began in spring 2023. Completion is slated for 2026.
NEW YORK CITY — Loeb Enterprises has signed an 18,056-square-foot office lease renewal in Midtown Manhattan. The venture capital firm will continue to house its corporate headquarters across the sixth and seventh floors of 712 Fifth Avenue, a 52-story, 545,000-square-foot building. Anthony Dattoma of CBRE represented Loeb Enterprises in the lease negotiations. Paramount Group owns the building.
NEW YORK CITY — Affinius Capital has provided a $98 million loan for the refinancing of The Northern I and II, a 193-unit multifamily complex located in the Astoria neighborhood of Queens. Northern I is a nine-story structure with 64 units, and Northern II is a 10-story building with 129 units. Both properties offer a mix of studio, one- and two-bedroom apartments, and the complex also houses 4,300 square feet of retail space. Amenities include a rooftop deck, fitness center with a yoga studio, private theater, onsite laundry facilities and a coworking lounge. Henry Bodek of Galaxy Capital arranged the loan through Affinius Capital on behalf of the borrower, Goose Property Management.
NEW YORK CITY — Global alternative investment firm Investcorp has purchased a portfolio of five industrial buildings totaling 435,000 square feet on Long Island. The buildings are scattered across the Suffolk County communities of Bayshore, Bayport and Ronkonkoma. Buildings range in size from 33,000 to 128,600 square feet and comprise single-story warehouse, cold storage and manufacturing facilities with clear heights ranging from 18 to 40 feet. Four of the buildings were fully leased to single tenants at the time of sale, and the fifth was recently vacated and will be redeveloped. Gary Gabriel, Kyle Schmitt, Ryan Larkin, Bill Baunack, Seth Zuidema and Tom DeLuca of Cushman & Wakefield represented the seller, a partnership between Metropolitan Realty Associates and TPG Angelo Gordon, in the transaction.
KINGSTON, N.Y. — CBRE has negotiated the $36.5 million sale of two retail buildings in Kingston, about 100 miles north of New York City. The buildings are located within Hudson Valley Plaza and are leased to Lowe’s and Sam’s Club, both of which have been tenants at the 673,000-square-foot shopping center since 1996. Jeffrey Dunne, David Gavin and Travis Langer of CBRE represented the seller, United Hampshire REIT US, in the transaction and procured an undisclosed institutional investment firm as the buyer.
NEW YORK CITY — A partnership between locally based investment firm Alchemy Ventures and S & A Capital Group, which is a Hong Kong-based family office, has purchased a seven-unit apartment building in Manhattan for $12.5 million. The five-story building at 251 Church St. is located in the Tribeca neighborhood and consists of six four-bedroom units and one two-bedroom unit, as well as two ground-floor restaurant spaces. Maurice Suede, Eric Roth and Brett Seigel of Newmark represented the partnership and the undisclosed seller in the transaction.
NEW YORK CITY — Greystone has provided a $10.1 million Fannie Mae loan for the refinancing of The Count, a 27-unit apartment building located at 168 W. 136th St. in Harlem. The midrise building features a virtual doorman, rooftop terrace and a penthouse-level lounge/coworking space. Avi Kozlowski of Greystone originated the loan, which was structured with a fixed interest rate, 30-year amortization schedule and interest-only payments for the first two years of the five-year term. The borrower was Haussmann Development.