New York

Slate Property Group Acquires 296-Unit Affordable Housing Complex in Queens

by Taylor Williams July 11, 2023

NEW YORK CITY — Locally based investment firm Slate Property Group has acquired Queenswood Apartments, a 296-unit affordable housing complex in the borough’s Corona neighborhood. The two-building complex, which was constructed in 1990, was facing imminent expiration of its affordability mandate. Slate has secured a 40-year extension of that mandate with the NYC Housing Development Corp. and the NYC Department of Housing Preservation & Development. Under the new agreement, 35 units will be reserved for renters earning 30 percent or less of the area median income (AMI); eight residences will be earmarked for households earning 50 percent or less of AMI; 230 units will be restricted for tenants making 80 percent or less of AMI; and 22 apartments will be set aside for those making 100 percent or less of AMI.

July 11, 2023

Acquisitions Hospitality New York Northeast

Global Holdings Buys 190-Room Mondrian Park Avenue Hotel in Manhattan

by Taylor Williams July 11, 2023

NEW YORK CITY — Global Holdings Management Group has purchased Mondrian Park Avenue, a 190-room boutique hotel in Manhattan’s NoMad neighborhood. The hotel’s accommodations include rooms with queen and king beds as well as several different types of suites. Mondrian Park Avenue also houses several food-and-beverage establishments, including a rooftop bar. The sales price were not disclosed.

July 11, 2023

Affordable Housing Development Multifamily New York Northeast

Tishman Speyer to Develop 237-Unit Affordable Housing Complex in Queens

by Taylor Williams July 10, 2023

NEW YORK CITY — Locally based real estate giant Tishman Speyer will develop a 237-unit affordable housing complex in the Far Rockaway area of Queens. Units will come in studio, one-, two- and three-bedroom floor plans, with the majority (201) reserved for renters earning between 30 and 80 percent of the area median income. The remaining 36 apartments will provide supportive housing for formerly homeless individuals. The project will also include 8,000 square feet of retail space and 7,500 square feet of community center space. Completion is scheduled for 2025.

July 10, 2023

Loans New York Northeast Retail

Progress Capital Arranges $42.5M Loan for Refinancing of Manhattan Retail Property

by Taylor Williams July 10, 2023

NEW YORK CITY —New Jersey-based financial intermediary Progress Capital has arranged a $42.5 million loan for the refinancing of Bridgemarket, a 100,000-square-foot retail property located at the intersection of East 59th Street and First Avenue in Manhattan. Tenants at Bridgemarket include Gustavino’s, T.J. Maxx, Ship Essentials and Trader Joe’s. Brad Domenico of Progress Capital arranged the loan on behalf of the borrower, MADD Equities. The direct lender was not disclosed.

July 10, 2023

Development Loans Multifamily New York Northeast Seniors Housing

KeyBank Provides $21M in Financing for Affordable Seniors Housing Project in Morrisville, New York

by Taylor Williams July 10, 2023

MORRISVILLE, N.Y. — KeyBank has provided $21 million in financing for Community View Apartments, a 61-unit affordable housing project that will be located in Morrisville, about 30 miles southeast of Syracuse. The financing consists of a $9 million construction loan and $12 million in Low-Income Housing Tax Credit equity. Residences will serve renters age 55 and above that earn between 30 and 60 percent of the area median income. Roughly a third of the units will target individuals that were either formerly or are currently at risk of homelessness or have physical disabilities. John Paul Vachon and Kate De La Garza of KeyBank structured the financing. The sponsor is Christopher Community Inc., a nonprofit based in Syracuse.

July 10, 2023

Development Loans Mixed-Use New York Northeast Top Stories

Partnership Receives $297M in Financing for Second Phase of The Peninsula Mixed-Use Project in The Bronx

by Taylor Williams July 10, 2023

NEW YORK CITY — A partnership between Gilbane Development Co., Hudson Cos. and MHANY Management Inc. has received $297 million in financing to develop the second phase of The Peninsula, a mixed-use project in the Hunts Point neighborhood of The Bronx. Construction of Phase II is scheduled to begin later this summer and to be complete in 2026. Phase II of The Peninsula will consist of 359 affordable housing units across two buildings, a 50,000-square-foot public plaza, open green space, a 155-space parking garage and a 20,000-square-foot community center. The site spans a full city block and formerly housed the Spofford Juvenile Detention Center. WXY Studios is the lead architect for the project. The majority (312) of the residences will be reserved for households earning 60 percent or less of the area median income, and the remainder will be set aside for renters that were formerly homeless. Units will come in studio, one-, two- and three-bedroom floor plans. Residential amenities will include a fitness center, children’s play area, tenant lounge and outdoor terraces. The development team is now accepting resident applications. Phase I of the development was completed in 2022 and comprises 183 affordable housing units, a 14,000-square-foot cultural arts …

July 10, 2023

Industrial Leasing Activity New York Northeast

Strides Pharma Signs 57,197 SF Industrial Lease in Pearl River, New York

by Taylor Williams July 7, 2023

PEARL RIVER, N.Y. — Strides Pharma Inc. has signed a 57,197-square-foot industrial lease in Pearl River, located along the New York-New Jersey-border. The Indian pharmaceutical manufacturer will occupy the entirety of two buildings within Hudson Valley iCampus, a 207-acre development. James Schroeder of JLL represented Strides Pharma in the lease negotiations. Robert Lella, Sheena Gohil and Charles Hatfield of Colliers, along with internal agent Jamie Schwartz, represented ownership.

July 7, 2023

Loans New York Northeast Office

Tishman Speyer, Silverstein Receive $330M Refinancing for Midtown Manhattan Office Building

by Taylor Williams July 6, 2023

NEW YORK CITY — A partnership between Tishman Speyer and Silverstein Properties has received a $330 million loan for the refinancing of 11 West 42nd Street, a 960,000-square-foot office building in Midtown Manhattan. Originally constructed in 1927, the 32-story building was 99 percent leased at the time of the loan closing. Tenants include Michael Kors, Citizen’s Bank & Trust, New York University and Kohn Pederson Fox. Bank of America served as the senior lender, and Taconic Capital provided mezzanine financing. Dustin Stolly, Jordan Roeschlaub, Nick Scribani, Chris Kramer, Issa Abbassi and Holden Witkoff of Newmark arranged the debt, which was structured with a five-year term and a fixed interest rate, on behalf of ownership.

July 6, 2023

Healthcare Loans New York Northeast Office

JLL Arranges $17.5M Loan for Refinancing of Office, Healthcare Buildings in White Plains, New York

by Taylor Williams July 6, 2023

WHITE PLAINS, N.Y. — JLL has arranged a $17.5 million loan for the refinancing of two office and healthcare buildings totaling 218,372 square feet in White Plains, located north of New York City in Westchester County. The adjacent buildings were 86.5 percent leased at the time of the loan closing and offer amenities such as a renovated café, childcare facility and a fitness center. Michael Klein, Max Custer and Benjamin Morgenthal of JLL arranged the five-year, fixed-rate loan through Centreville Bank on behalf of the borrower, Northpath Investments.

July 6, 2023

Acquisitions Multifamily New York Northeast

Rosewood Realty Arranges $86.7M Sale of Historic Dunbar Apartments in Harlem

by Taylor Williams June 30, 2023

NEW YORK CITY — Locally based brokerage firm Rosewood Realty Group has arranged the $86.7 million sale of Dunbar Apartments, a 538-unit historic apartment community in Harlem. The 10-building complex was constructed in 1928 and occupies a full city block. Locally based developer Fairstead sold the asset to private investor Isaac Herskovitz. Aaron Jungreis, Ben Khakshoor and Alex Fuchs of Rosewood, along with Steven Vegh of Westwood Realty Associates, brokered the deal, which traded at a cap rate of 7.67 percent. MF1 Capital provided $83 million in acquisition financing.

June 30, 2023

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