New York

Newmark Arranges $150M Construction Loan for Manhattan Mixed-Use Project

by Taylor Williams April 20, 2023

NEW YORK CITY — Newmark has arranged a $150 million construction loan for a 351,000-square-foot mixed-use project at 4650 Broadway in Manhattan’s Inwood neighborhood. Designed by Handel Architects, the 20-story building will house 222 residential units that will come in studio, one- and two-bedroom formats, with 30 percent of the apartments subject to income restrictions. Residential amenities will include a fitness center, lounge, screening room and a children’s play area. In addition, 4650 Broadway will house 120,000 square feet of commercial space. Jordan Roeschlaub, Dustin Stolly and Chris Kramer of Newmark arranged the loan through Banco Inbursa on behalf of the borrower and developer, Philadelphia-based Arden Group. Construction is slated for a 2025 completion.

April 20, 2023

Acquisitions New York Northeast Office

IAC Acquires Land Under Manhattan Headquarters Office for $80M

by Taylor Williams April 19, 2023

NEW YORK CITY — IAC, a holding company of media and digital assets whose brands include The Daily Beast and Investopedia, has acquired the land on which its 10-story headquarters office at 555 West 18th St. in Manhattan is situated. The sales price was $80 million. Designed by architect Frank Gehry, the building was completed in 2007. Eric Michael Anton and Steven Siegel of Institutional Property Advisors, a division of Marcus & Millichap, brokered the deal. The name of the entity that sold the land was not disclosed.

April 19, 2023

Acquisitions New York Northeast Retail

IPA Negotiates Sale of 153,151 SF Shopping Center in Yorktown Heights, New York

by Taylor Williams April 19, 2023

YORKTOWN HEIGHTS, N.Y. — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has negotiated the sale of The Shoppes at Jefferson Valley Mall, a 153,151-square-foot shopping center in Yorktown Heights. Built in 1983, the center is located about 40 miles north of Manhattan on a 12-acre site that is adjacent to Jefferson Valley Mall. Formerly anchored by Sears and now anchored by 24 Hour Fitness, the property was 24 percent leased at the time of sale. Joseph French Jr. and Kodi Traver of IPA represented the undisclosed seller and procured the buyer, a New York-based private investor, in the transaction.

April 19, 2023

Hospitality Loans New York Northeast

Cronheim Mortgage Arranges $47M Loan for Refinancing of Manhattan Hotel

by Taylor Williams April 19, 2023

NEW YORK CITY — New Jersey-based intermediary Cronheim Mortgage has arranged a $47 million loan for the refinancing of Hyatt House New York, a 150-room hotel in Manhattan’s Chelsea neighborhood. Beau Williams of Cronheim’s hospitality capital markets group led a team that arranged the five-year, fixed-rate loan on behalf of the borrower, locally based investment firm Lexin Capital. An undisclosed, New York-based bank provided the debt.

April 19, 2023

Acquisitions New York Northeast

Cushman & Wakefield Brokers $4M Sale of Commercial Development Site in Medford, New York

by Taylor Williams April 19, 2023

MEDFORD, N.Y. — Cushman & Wakefield has brokered the $4 million sale of a 552,341-square-foot commercial development site in the Long Island community of Medford. The 12.6-acre site comprises two lots that can support a range of uses, including industrial or storage. Daniel Abbondandolo and Rob Cullen of Cushman & Wakefield represented the sellers, Mary Spina Realty Inc. & Philip Spina Realty Inc., in the transaction. David Pennetta and Stephen Cadorette, also with Cushman & Wakefield, represented the buyer, Blue Sky Endeavors.

April 19, 2023

Leasing Activity New York Northeast Restaurant Retail

Golfzon Social to Open 18,000 SF Entertainment Center in Brooklyn

by Taylor Williams April 19, 2023

NEW YORK CITY — Golfzon Social, an entertainment concept that centers on golf simulation, will open an 18,000-square-foot center at 11 Hoyt, a 57-story residential development in Brooklyn by Tishman Speyer. The venue will offer 16 hitting bays, screens for watching live sports, a chef-driven menu, craft cocktails and beers and an onsite professional for private lessons. Don Cafero of JLL represented Golfzon Social in its site selection and lease negotiations. Tishman Speyer was self-represented. The opening is scheduled for the fall.

April 19, 2023

Acquisitions Multifamily New York Northeast

Stav Equities, Invictus Arrange $3.7M Sale of Multifamily Development Site in Brooklyn

by Taylor Williams April 18, 2023

NEW YORK CITY — Locally based brokerage firms Stav Equities LLC and Invictus Property Advisors have arranged the $3.7 million sale of a multifamily development site at 48 Somers St. in the Bedford-Stuyvesant area of Brooklyn. The site is approved for the construction of a seven-story building that will house 24 apartments, a community center and a retail space. Jacob Stavsky of Stav Equities and Andrew Levine, Josh Lipton and Jax Hindmarch of Invictus, represented both undisclosed parties in the transaction.

April 18, 2023

Leasing Activity New York Northeast Retail

VITAL to Open 45,000 SF Fitness Center at Essex Crossing in Manhattan

by Taylor Williams April 18, 2023

NEW YORK CITY — VITAL, a full-service fitness and climbing gym, will open a 45,000-square-foot facility at Essex Crossing, a mixed-use development on Manhattan’s Lower East Side. The three-story facility will offer bouldering, yoga, cycling, open weightlifting, fitness classes and climbing instruction. The opening is slated for spring 2024. A joint venture between Taconic Partners, L+M Development Partners, BFC Partners, The Prusik Group and Goldman Sachs Asset Management owns Essex Crossing.

April 18, 2023

Leasing Activity New York Northeast Office

Law Firm Signs 17,862 SF Office Lease in Midtown Manhattan

by Taylor Williams April 18, 2023

NEW YORK CITY — Law firm Cohen Clair Lans Greifer & Simpson LLP has signed a 17,862-square-foot office lease at 919 Third Ave. in Midtown Manhattan. The lease term is 10 years. The 47-story, 1.5 million-square-foot building was originally constructed in 1970 and recently underwent a capital improvement program. Robert Alexander, Ryan Alexander, Emily Chabrier, Taylor Callaghan, Alex D’Amario and Nicole Marshall of CBRE represented the landlord, SL Green, in the lease negotiations. Craig Reicher and James Ackerson, also with CBRE, represented the tenant.

April 18, 2023

Acquisitions Multifamily New York Northeast

JLL Negotiates $20M Sale of Manhattan Multifamily Portfolio

by Taylor Williams April 17, 2023

NEW YORK CITY — JLL has negotiated the $20 million sale of a portfolio of three contiguous multifamily buildings totaling 36 units in Manhattan. The buildings, which are located across from the Port Authority bus terminal at 321-325 W. 42nd St. and include ground-floor retail space, were constructed in the 1920s. An undisclosed private investor who had owned the portfolio for 25 years sold the assets to Aya Acquisitions. Bob Knakal and Jonathan Hageman of JLL brokered the deal.

April 17, 2023

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