New York

Eastern Union Arranges $62.2M Construction Loan for Brooklyn Mixed-Use Project

by Taylor Williams July 13, 2023

NEW YORK CITY — Locally based financial intermediary Eastern Union has arranged a $62.2 million construction loan for a 162,000-square-foot mixed-use project that will be located in the Prospect Lefferts Gardens neighborhood of Brooklyn. The site at 1730 Bedford Ave. is two blocks from Prospect Park. Plans for the project currently call for 57 apartments and more than 60,000 square feet of retail/commercial space. German discount grocer Lidl has already committed to the project with a 33,000-square-foot store. Invictus Real Estate Partners provided the loan. The borrower is Seventh Street Development Group. Abraham Bergman and Yossi Orzel of Eastern Union originated the financing.

July 13, 2023

Acquisitions Multifamily New York Northeast

Wavecrest Equities Acquires Bronx Multifamily Portfolio for $28M

by Taylor Williams July 13, 2023

NEW YORK CITY — Wavecrest Equities has acquired a portfolio of five multifamily buildings totaling 180 units in the Little Italy area of The Bronx for $28 million. The portfolio includes two retail spaces. Ben Khakshoor and Alex Fuchs of locally based brokerage firm Rosewood Realty Group represented Wavecrest Equities, which also assumed two existing loans totaling $20 million, and the undisclosed seller in the transaction. The deal traded at a cap rate of 5.85 percent.

July 13, 2023

Leasing Activity New York Northeast Office

New York City Agency Signs 640,000 SF Office Lease in Downtown Manhattan

by Taylor Williams July 12, 2023

NEW YORK CITY — An unspecified, New York City agency has signed a 640,000-square-foot office lease at 110 William St. in downtown Manhattan. The 20-year lease essentially brings the 32-story, 928,000-square-foot building, which was originally constructed in 1960, to full occupancy. Hal Stein and Daniel Appel of Newmark, along with Todd Stracci of JLL, represented the landlord, a joint venture between Pacific Oak Capital Advisors and Savanna, in the lease negotiations. Robert Giglio of Cushman & Wakefield and Ellen Israel of JRT Realty Group represented the tenant.

July 12, 2023

Loans Multifamily New York Northeast

BHI Provides $65.3M Construction Loan for Queens Multifamily Project

by Taylor Williams July 11, 2023

NEW YORK CITY — BHI, a full-service commercial bank that is the U.S. division of Israel’s Bank Hapoalim, has provided a $65.3 million construction loan for a 121-unit multifamily project that will be located in the Astoria neighborhood of Queens. The nine-story, waterfront building will include two retail spaces, a community center and onsite parking. The borrower and developer is NuVerse Advisors LLC. Units will come in studio, one-, two- and three-bedroom floor plans. Construction is expected to last about 30 months, putting the project on track for a late 2025 or early 2026 delivery.

July 11, 2023

Acquisitions Affordable Housing Multifamily New York Northeast

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

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