BUFFALO, N.Y. — Community Preservation Partners (CPP) has acquired Ellicott Park Townhomes, a 220-unit affordable housing complex in downtown Buffalo. Built in 1967, the property consists of one-, two- and three-bedroom units that are reserved for households earning 60 percent or less of the area median income. The seller and sales price were not disclosed, but CPP plans to implement a $14.2 million capital improvement program that will be part of a total investment consideration of $54.7 million.
NEW YORK CITY — Locally based brokerage firm GFI Realty has arranged the $4.1 million sale of a 29-unit multifamily building located at 1342 St. Lawrence Ave. in the Soundview neighborhood of The Bronx. Built in 1928, the five-story building houses 23 one-bedroom units and six two-bedroom units.Zachary Fuchs of GFI Realty represented the seller and procured the buyer, both of which were private investors, in the transaction.
NEW YORK CITY — New York City-based development and investment firm Lightstone Group has completed the 303-room Moxy Hotel at 145 Bowery St. on Manhattan’s Lower East Side. Moxy is part of the Marriott family of brands. Designed by Stonehill Taylor and AMA Group, the boutique establishment houses a Japanese restaurant, rooftop bar, piano lounge, subterranean nightclub and a lobby café and bar. Other amenities include coworking spaces and meeting and event rooms.
NEW YORK CITY — Locally based brokerage firm TerraCRG has arranged the $8 million sale of two multifamily buildings totaling 14 units in Brooklyn. The eight-unit building at 277 Humboldt St. is located in the Williamsburg neighborhood, and the six-unit building at 767 Hart St. is located in the Bushwick area. Matthew Cosentino, Rémi Norris and Ronny Zimin of TerraCRG brokered the deals. The sellers were not disclosed. The buyer of both properties was Partners Path.
NEW YORK CITY — Locally based brokerage firm GFI Realty Services has arranged the $5.1 million sale of a 36-unit multifamily property located at 86-21 112th St. in the Richmond Hill area of Queens. The property was built in 1952 and comprises 18 one-bedroom units and 18 two-bedroom units. Ohad Babo and Yosef Magarefteh of GFI Realty represented the seller and procured the buyer, both of which were private investors, in the deal.
COMMACK, N.Y. — The PGA Tour Superstore has signed a 40,000-square-foot retail lease at Mayfair Shopping Center, a 220,000-square-foot development in Commack, located on Long Island. E.J. Moawad of Levin Management Corp. represented the undisclosed landlord in the lease negotiations. Hugh Scullin of Katz & Associates represented the tenant. The store, which will open later this year, will be PGA Tour Superstore’s third in New York.
NEW YORK CITY — Mercy College has signed a 125,522-square-foot lease renewal at 1200 Waters Place in The Bronx. The complex is known as Hutchinson Metro Center and consists of 1.4 million square feet of office, medical, retail, hospitality and academic space. James MacDonald and Sean Heneghan internally represented the landlord, Simone Metro Properties, in the lease negotiations. Bill Cuddy and Greg Maurer-Hollaender of CBRE represented Mercy College, which has been a tenant at Hutchinson Metro Center for more than 20 years.
NEW YORK CITY — A partnership between locally based developer Innovo Property Group and Affinius Capital, which is a partnership between USAA Real Estate and Square Mile Capital Management, has received $334 million in financing for an industrial facility in The Bronx. The financing consists of $250 million in debt from the existing construction lender, Bank OZK, and an $84 million mezzanine loan from PIMCO. The two-story, 1 million-square-foot property at 2505 Bruckner Ave. was delivered in 2022 and features clear heights of 28 to 32 feet, 106 loading doors and 664 interior parking spaces. At the time of the loan closings, the facility was 53 percent leased to an undisclosed, global e-commerce firm.
NEW YORK CITY — MillerKnoll, a family of home décor and furnishing brands, has signed a 15,331-square-foot office lease at 251 Park Avenue South in Manhattan’s Gramercy neighborhood. The 16-story building was originally constructed in 1909. Justin Royce of Cushman & Wakefield represented MillerKnoll in the lease negotiations. Andrew Wiener and Robert Fisher internally represented the landlord, The Feil Organization, which acquired the asset in 2015 and implemented a capital improvement program. Combined with its ground-floor retail space, MillerKnoll now occupies about 60,000 square feet at 251 Park Avenue South.
WEBSTER, N.Y. — The Coca-Cola Co. has announced plans to develop a $650 million production facility for its dairy brand Fairlife in the Central New York community of Webster, just west of Rochester. The 745,000-square-foot facility will source from local milk co-operatives to produce its line of dairy-based beverages before distributing them to retailers across the Northeast U.S. The company expects to break ground on the project this fall, subject to final approvals and due diligence, with the facility slated for operation by the fourth quarter of 2025. The development is expected to create up to 250 new jobs upon completion. “This decision by Fairlife to expand their operations in Monroe County marks the next chapter in New York’s agricultural success story,” says New York Governor, Kathy Hochul. “New York’s dairy industry serves as a crucial economic engine for our state, and this $650 million investment from Fairlife will create jobs and drive economic impact, particularly in the Finger Lakes.” Empire State Development will provide up to $21 million in assistance for the project through the performance-based Excelsior Jobs Tax Credit Program in exchange for job creation commitments. Monroe County is also expected to apply for a $20 million Capital Grant …