NEW YORK CITY — The New York City School Construction Authority has signed a 15,330-square-foot office lease at 1070 Flatbush Ave. in Brooklyn. The academic design-build firm has committed to leasing the entire ground floor for 15 years. Geoff Bailey and Scott Rothstein of RIPCO Real Estate represented the undisclosed landlord in the lease negotiations. Bert Baradian of Cornerstone Group represented School Construction Authority.
NEW YORK CITY — New York City-based Douglaston Development is nearing completion of 3Eleven, a 938-unit multifamily project located at 311 Eleventh Ave. in Manhattan’s West Chelsea neighborhood. The 60-story building houses 703 market-rate apartments and 235 affordable housing units, as well as 60,000 square feet of indoor and outdoor amenity space and 15,000 square feet of retail space. Units come in studio, one- and two-bedroom formats and are furnished with stainless steel appliances and individual washers and dryers. Amenities include an outdoor pool, multiple roof decks, a fitness center, children’s play area, multiple resident lounges, music studios and indoor and outdoor dog runs. Rents start at roughly $4,200 per month for a studio apartment.
AUBURN, N.Y. — Marcus & Millichap has brokered the sale of B&C Storage, a 229-unit self-storage facility in Auburn, about 30 miles west of Syracuse. The facility was originally built on 2.8 acres in 1980 and comprises 24,094 net rentable square feet of non-climate-controlled space. The sale included an adjacent parcel that spans a third of an acre. Luke Dawley, Nathan Coe, Brett Hatcher and Gabriel Coe of Marcus & Millichap represented the buyer and seller, both of which were limited liability companies that requested anonymity, in the transaction. John Horowitz of Marcus & Millichap assisted in closing the deal as the broker of record.
NEW YORK CITY — Northmarq has arranged a $22 million loan for the refinancing of Village Greens Shopping Center, a 75,697-square-foot retail property in Staten Island’s Arden Heights neighborhood. Grocer Key Food anchors the center, which was originally built in 1989, and other tenants include CVS Pharmacy and JP Morgan Chase Bank. Robert Delitsky and Dylan Hamer of Northmarq arranged the fixed-rate loan through insurance giant Nationwide on behalf of the undisclosed borrower.
NEW YORK CITY — Investment and advisory firm Flexpoint Ford will open a 19,522-square-foot office at One Vanderbilt, a 77-story, 1.7 million-square-foot tower in Midtown Manhattan that was developed by locally based real estate giant SL Green. Architect SPECTOR Cos. designed Flexpoint Ford’s space. Cresa and Clune Construction Co. handled the build-out. The project is nearing completion, though a formal opening date was not disclosed.
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.
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.
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.
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.
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.