New York

United Group of Cos. Receives Construction Financing for Mixed-Use Project Near Albany

by Taylor Williams February 23, 2024

TROY, N.Y. — United Group of Cos. has received construction financing from Berkshire Bank for City Station North, a $42 million mixed-use project in Troy, located just outside of Albany. The project represents the fourth phase of the larger City Station development that began in 2009. The latest phase will feature 87 one- and two-bedroom apartments and Class A amenities, 40,000 square feet of office space that will be the future home of United Group’s headquarters and 154 covered and surface parking spaces. Project partners include QPK Design, Colliers Engineering & Design and Franco Construction Services. Completion is slated for late 2025.

February 23, 2024

Loans Multifamily New York Northeast

Gantry Arranges $9M Agency Acquisition Loan for Manhattan Apartment Building

by Taylor Williams February 23, 2024

NEW YORK CITY — San Francisco-based mortgage banking firm Gantry has arranged a $9 million Fannie Mae acquisition loan for a 23-unit apartment building located at 47 E. Seventh St. in Manhattan’s East Village. According to LoopNet Inc., the five-story building was constructed in 1930. Patrick Barkley and Chad Metzger of Gantry arranged the 10-year loan, which features seven years of interest-only payments, through Walker & Dunlop. The borrower was an undisclosed private investor that acquired the asset via a 1031 exchange.

February 23, 2024

Leasing Activity New York Northeast Office

ANSI Signs 22,819 SF Office Lease in Midtown Manhattan

by Taylor Williams February 23, 2024

NEW YORK CITY — The American National Standards Institute (ANSI), which oversees the development of voluntary consensus standards, has signed a 22,819-square-foot office lease at 1180 Avenue of the Americas in Midtown Manhattan. The nonprofit organization will occupy the entire 10th floor of the 398,937-square-foot building. Mark Boisi, Bryan Boisi, Michael Baraldi and Harry Blair of Cushman & Wakefield represented the landlord, Northwood Investors, in the lease negotiations. Michael Burgio, also with Cushman & Wakefield, represented ANSI.

February 23, 2024

Acquisitions Multifamily New York Northeast

Marcus & Millichap Brokers $41M Sale of Manhattan Multifamily Portfolio

by Taylor Williams February 22, 2024

NEW YORK CITY — Marcus & Millichap has brokered the $41 million sale of a portfolio of five multifamily buildings in Manhattan’s East Village area totaling 73 apartments and six commercial spaces. The buildings primarily house market-rate units. Joe Koicim, Logan Markley, Matthew Berger and Zan Colin of Marcus & Millichap represented the seller, Kushner Cos., in the transaction. The buyer was not disclosed.

February 22, 2024

Development Loans Multifamily New York Northeast

Cushman & Wakefield Arranges $75M Construction Loan for Manhattan Multifamily Project

by Taylor Williams February 21, 2024

NEW YORK CITY — Cushman & Wakefield has arranged a $75 million construction loan for a 157-unit multifamily project that will be located at 255 E. 39th St. in the Manhattan’s Murray Hill neighborhood. The 20-story building will include 4,687 square feet of commercial space as well as an affordable housing component. Gideon Gil, Lauren Kaufman, Zachary Kraft and Cecelia Galligan of Cushman & Wakefield arranged the financing through J.P. Morgan and First Citizens Bank on behalf of the borrower and developer, Brause Realty. Completion is slated for late 2025.

February 21, 2024

Acquisitions Industrial New York Northeast

Metropolitan Realty Associates Buys Cold Storage Facility in Bayport, New York for $12.6M

by Taylor Williams February 21, 2024

BAYPORT, N.Y. — Metropolitan Realty Associates (MRA) has purchased a 75,000-square-foot cold storage facility in the Long Island community of Bayport for $12.6 million. Commercial baker Europastry formerly occupied the facility at 33 Rajon Road, which was originally built in 1986, according to LoopNet Inc. Building features include a clear height of 40 feet, 35,000 square feet of freezer space, 11 loading docks and two drive-in doors. Nick Gallipoli of Cushman & Wakefield represented the undisclosed seller in the transaction. Doug Omstrom of JLL represented MRA, which has subsequently inked a 15-year, full-building lease with Bakery Processing Solutions.

February 21, 2024

Acquisitions Multifamily New York Northeast

Marcus & Millichap Brokers $9M Sale of Queens Apartment Building

by Taylor Williams February 21, 2024

NEW YORK CITY — Marcus & Millichap has brokered the $9 million sale of a 43-unit apartment building located in the Astoria neighborhood of Queens. The six-story, 34,000-square-foot building was originally constructed in 1941 and houses studio and one-bedroom units. Louis Zarif, Shaun Riney and Sean Fopeano of Marcus & Millichap represented the seller and procured the buyer, both of which were private investors that requested anonymity, in the transaction.

February 21, 2024

Leasing Activity New York Northeast Office

Dimension Renewable Energy Signs 11,054 SF Office Lease in Midtown Manhattan

by Taylor Williams February 21, 2024

NEW YORK CITY — Dimension Renewable Energy has signed an 11,054-square-foot office lease at 825 Third Avenue in Midtown Manhattan. The solar energy provider is leasing the entire 18th floor of the 530,000-square-foot building, which recently underwent a $150 million capital improvement program. Greg Maurer-Hollaender and James Ackerson of CBRE represented the tenant in the lease negotiations. Tom Bow, Ashlea Aaron and Bailey Caliban represented the landlord, The Durst Organization, on an internal basis.

February 21, 2024

Affordable Housing Loans Multifamily New York Northeast

Merchants Capital Provides $348M Agency Loan for Rehabilitation of Brooklyn Affordable Housing Complex

by Taylor Williams February 20, 2024

NEW YORK CITY — Merchants Capital has provided a $348 million Fannie Mae loan for the rehabilitation of Reid Park Rock, an affordable housing development in Brooklyn that houses approximately 3,500 people across 87 buildings. The financing complements a $635.6 million Permanent Affordability Commitment Together (PACT) initiative from the New York City Housing Authority. The sponsor, a partnership between BRP Cos., Fairstead and Urbane, will not only execute the renovations but also deliver enhanced social services programs and handle property management responsibilities.

February 20, 2024

Development Industrial New York Northeast Top Stories

GlobalFoundries Plans $11.6B Expansion of Semiconductor Manufacturing Plant in Upstate New York

by John Nelson February 20, 2024

MALTA, N.Y. — GlobalFoundries (NASDAQ: GFS), a leading semiconductor manufacturer headquartered in Upstate New York, plans to invest a total $11.6 billion over the next 10 years to expand its Fab 8 manufacturing base in Malta, a city north of Albany in Saratoga County. The investment includes an expansion of its existing facility and the development of a new 358,000-square-foot plant. GlobalFoundries says the investment will triple its capacity to manufacture semiconductors, with the ultimate goal of producing 1 million semiconductor wafers per year at its Malta campus at full operation. The planned enhancements will create more than 1,500 direct jobs and 9,000 indirect construction jobs over the next 10 years, according to the office of New York Gov. Kathy Hochul. Concurrently, GlobalFoundries will receive $1.5 billion in direct funding from the U.S. Department of Commerce as part of the U.S. CHIPS and Science Act, a law ratified by U.S. President Joe Biden in Aug. 2022. The company will use the federal government funding in the Malta projects, as well as for enhancements planned at GlobalFoundries’ Fab 9 facility in Essex Junction, Vt. Also known as computer chips, semiconductors are an essential element of nearly all electronic and computing devices, including …

February 20, 2024

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