New York

BOLD Charter Plans 81,590 SF School in The Bronx

by Taylor Williams April 6, 2023

NEW YORK CITY — BOLD Charter School will open an 81,590-square-foot facility in the Crotona East Park neighborhood of The Bronx. BOLD Charter has entered into a leasehold condominium arrangement with the landowner, an entity doing business as 1472 Boston Partners LLC, which will construct the eight-story building. This structure allows the nonprofit educational organization to take advantage of its tax-exempt status by committing to leasing the land for a minimum of 30 years; the leasehold term in this case is 39 years. The school will be able to support roughly 800 students in grades K through 8 and will feature 27 classrooms, a gym and a rooftop play area. Lindsay Ornstein, Stephen Powers and Casey Noel of OPEN Impact Real Estate, along with Thomas Hines of Transwestern, represented BOLD Charter School in the leasehold condominium negotiations. Nick Zweig of Locations CRE represented the landowner. The school is expected to open in time for the 2025-2026 academic year.

April 6, 2023

Hospitality Loans New York Northeast

Affinius Capital Provides $110M Loan for Refinancing of Manhattan’s Arlo Midtown Hotel

by Taylor Williams April 5, 2023

NEW YORK CITY — Affinius Capital, which is a partnership between USAA Real Estate and Square Mile Capital Management, has provided a $110 million loan for the refinancing of the 488-room Arlo Midtown hotel in Manhattan. The boutique hotel is located on 38th Street between Eighth and Ninth avenues, adjacent to Times Square, and offers both traditional guestrooms and suites, as well as several onsite food-and-beverage options. The borrower was Quadrum Global, a development and investment firm with offices in New York City and Miami.

April 5, 2023

Acquisitions New York Northeast Retail

Cushman & Wakefield Arranges Sale of Two Retail Centers Totaling 416,544 SF Near Buffalo

by Taylor Williams April 5, 2023

HAMBURG, N.Y. — Cushman & Wakefield has arranged the sale of two adjacent retail centers totaling 416,544 square feet in Hamburg, a southern suburb of Buffalo. The first center, BJ’s Plaza, is anchored by BJ’s Wholesale Club and was fully leased to 10 tenants at the time of sale. Home Depot anchors the second property, McKinley Milestrip, which was 94 percent leased to 20 tenants at the time of sale. The centers comprise 176,045 and 240,499 square feet, respectively. Gary Gabriel, David Bernhaut, Brian Whitmer, Frank DiTommaso and Max Helfman of Cushman & Wakefield, in association with Ben Borruso of Pyramid Brokerage Co., represented the seller, a joint venture between DRA Advisors and DLC Management Corp. New York City-based Northpath Investments acquired the properties for an undisclosed price.

April 5, 2023

Leasing Activity New York Northeast Office

Law Firm Signs 119,000 SF Office Lease in Midtown Manhattan

by Taylor Williams April 5, 2023

NEW YORK CITY — Law firm Wilson Sonsini Goodrich & Rosati has signed a 119,000-square-foot office lease at 31 W. 52nd St., a 768,000-square-foot building in Midtown Manhattan. The lease term is 16.5 years. The firm will occupy floors five through nine, the first four of which are currently occupied by law firm Clifford Chance on a lease that expires in June 2024. The ninth floor is currently vacant. New York City-based Paramout Assets owns the building.

April 5, 2023

Acquisitions New York Northeast Retail

Cushman & Wakefield Brokers $22M Sale of Retail Property in East Hampton, New York

by Taylor Williams April 4, 2023

EAST HAMPTON, N.Y. — Cushman & Wakefield has brokered the $22 million sale of a two-story, 5,000-square-foot retail property in the Long Island community of East Hampton. Jordan Sutton, Robert Shapiro, Dan Abbondandolo and Victor Little of Cushman & Wakefield represented the two private investors who sold the asset in the transaction. Luxury retailer Louis Vuitton Moët Hennessy acquired the property, which is currently leased to jewelry and accessories retailer Cartier.

April 4, 2023

Healthcare Leasing Activity New York Northeast

Meeting House Lane Signs 11,778 SF Healthcare Lease Renewal in Southampton, New York

by Taylor Williams April 4, 2023

SOUTHAMPTON, N.Y. — Meeting House Lane Medical Practice has signed an 11,778-square-foot healthcare lease renewal in the Long Island community of Southampton. Dan Oliver of Newmark represented the landlord, New York-based BEB Capital, in the lease negotiations. David Leviton of JLL represented the tenant, which has committed to the space for an additional 10 years.

April 4, 2023

Acquisitions Healthcare New York Northeast

Jacobson Properties Negotiates Sale of 17,380 SF Medical Office Building in Albany, New York

by Taylor Williams April 3, 2023

ALBANY, N.Y. — New York-based brokerage firm Jacobson Properties has negotiated the sale of a 17,380-square-foot medical office building in Albany. St. Peter’s Health Partners occupies the building and also operates a hospital about three miles away. A partnership of four limited liability companies sold the asset to a healthcare REIT for approximately $5.2 million, with all parties requesting anonymity. Lisa Menin of Jacobson Properties brokered the deal.

April 3, 2023

Leasing Activity New York Northeast Office

Seedtag Advertising Signs 5,909 SF Office Lease in Manhattan’s NoMad District

by Taylor Williams April 3, 2023

NEW YORK CITY — Seedtag Advertising has signed a 5,909-square-foot office lease at 13-15 W. 27th St. in Manhattan’s NoMad district. Seedtag will move into the entire third floor of the 11-story building, which recently underwent a capital improvement progam, at an undisclosed date. Sebastian Infante and Jamie Katcher of Raise Commercial Real Estate represented the tenant in the lease negotiations. Michael Heaner, Elliot Warren and Grant Greenspan of Kaufman Organization represented the landlord.

April 3, 2023

Company News Industrial New York Northeast Self-Storage Top Stories Utah Western

Extra Space Storage Agrees to Acquire Life Storage for $12.7B

by Taylor Williams April 3, 2023

SALT LAKE CITY AND BUFFALO, N.Y. — Extra Space Storage Inc. (NYSE: EXR), a Salt Lake City-based REIT, has entered into a definitive agreement to acquire Buffalo-based REIT Life Storage (NYSE: LSI) in an all-stock transaction. According to multiple news outlets including The Wall Street Journal and Reuters, the deal is valued at $12.7 billion. The combined portfolio will yield the largest self-storage operation in the country, with over 3,500 locations spanning over 264 million square feet that serve more than 2 million customers. In announcing the deal, executives of both REITs noted that combining their respective platforms creates opportunities to maximize value for shareholders via additional scaling of third-party management services and access to elevated levels of joint-venture equity and bridge-loan debt for future developments and acquisitions. Under the terms of the agreement, Life Storage shareholders will receive roughly nine-tenths of a share of Extra Space common stock for each share of Life Storage stock that they own. At closing, Extra Space and Life Storage shareholders are expected to own approximately 65 percent and 35 percent of the combined company, respectively. The boards of directors of both companies have unanimously approved the transaction, and the deal is expected to …

April 3, 2023

Affordable Housing Development Multifamily New York Northeast

Durst Organization Completes Lease-Up of 70-Story Apartment Tower in Queens

by Taylor Williams March 31, 2023

NEW YORK CITY — The Durst Organization has completed the lease-up of SVEN, a 70-story apartment tower in Queens. Designed by Handel Architects, the building is the borough’s second tallest and houses 958 units, including 288 income-restricted residences, as well as 50,000 square feet of amenities. Leasing began in January 2021, and the building’s market-rate residences are now fully occupied. Finback Brewery will also open a microbrewery and taproom at SVEN later this year.

March 31, 2023

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