New York

Deutsche Bank Provides $77.4M Acquisition Loan for Manhattan Multifamily Complex

by Taylor Williams April 11, 2023

NEW YORK CITY — Deutsche Bank Wealth Management has provided a $77.4 million acquisition loan for The Collection at Mercedes House, a 162-unit multifamily complex in Manhattan. The property’s one-, two- and three-bedroom units occupy the 22nd through 32nd floors of the building at 540 W. 54th St., which is known as Mercedes House. Residents have access to The Mercedes Club, an 80,000-square-foot amenity center that houses a full-service health club, resident lounges and workspaces, a day spa, outdoor pool and a specialty grocery store. Gideon Gil, Lauren Kaufman and Dale Braverman of Cushman & Wakefield, along with Meridian Capital’s Rael Gervis and Elliott Kunstlinger, arranged the loan on behalf of the borrower, a partnership between Empire Capital Holdings and Namdar Realty Group.

April 11, 2023

Acquisitions Hospitality New York Northeast

Muroff Hospitality Arranges Sale of 40-Room Hotel in Utica, New York

by Taylor Williams April 11, 2023

UTICA, N.Y. — Boutique brokerage firm Muroff Hospitality Group has arranged the sale of a two-story, 40-room Econolodge hotel located just off Exit 31 of I-90 in the upstate New York community of Utica. The sales price was $1.5 million. Mitch Muroff of Muroff Hospitality Group represented the buyer and seller, both of which were limited liability companies, in the transaction.

April 11, 2023

Leasing Activity New York Northeast Office

CBRE Negotiates 8,367 SF Office Lease in Manhattan’s Flatiron District

by Taylor Williams April 11, 2023

NEW YORK CITY — CBRE has negotiated an 8,367-square-foot office lease at 61 W. 23rd St. in Manhattan’s Flatiron District. The seven-story building was originally constructed in 1887 and most recently renovated in 2021. Paul Amrich, Neil King, Alexander Golod and Meghan Allen of CBRE represented the landlord, Taconic Partners, in the lease negotiations. The representative of the tenant, The Action Network, a media company that covers the business of sports gambling, was not disclosed.

April 11, 2023

Acquisitions Multifamily New York Northeast

Green Courte Partners Buys Two Manufactured Housing Communities Totaling 341 Sites in Rochester

by Taylor Williams April 10, 2023

ROCHESTER, N.Y. — Chicago-based investment firm Green Courte Partners has purchased East Avenue and Forest Lawn, two manufactured housing communities totaling 341 sites in the upstate New York city of Rochester. The transaction effectively serves as an expansion of the neighboring property, Penfield Farms, which totals 375 sites. Associated Bank provided an undisclosed amount of acquisition financing for Greene Court Partners, which plans to use a portion of the proceeds to fund capital improvements. The seller was not disclosed.

April 10, 2023

Leasing Activity New York Northeast Office

Securitas Security Signs 19,500 SF Office Lease in Midtown Manhattan

by Taylor Williams April 7, 2023

NEW YORK CITY — Securitas Security Services USA has signed a 19,500-square-foot office lease at 498 Seventh Avenue in Midtown Manhattan. The company will relocate from 1412 Broadway to the 14th floor of the 25-story, 960,000-square-foot building in the fourth quarter. Andrew Conrad and Matt Coudert internally represented the landlord, George Comfort & Sons, which owns the building in partnership with Loeb Partners Realty and JR AMC, in the lease negotiations. David Opper and Eddie Sisca of CBRE represented the tenant.

April 7, 2023

Industrial Loans New York Northeast

Triangle Equities Completes $136M Recapitalization of Queens Industrial Facility

by Taylor Williams April 6, 2023

NEW YORK CITY — New York-based investment and development firm Triangle Equities has completed the $136 million recapitalization of Terminal Logistics Center, a 184,747-square-foot industrial facility located in the Jamaica area of Queens. The recapitalization includes a $75 million loan from H.I.G. Realty Credit Partners and $61 million in new equity from Goldman Sachs Asset Management and Triangle Equities itself. Geoff Goldstein, Max Herzog, Andrew Scandalios, Rob Hinckley, Tyler Peck and Nicco Lupo of JLL represented the joint venture between Goldman Sachs and Triangle Equities in the transaction. Terminal Logistics Center offers immediate proximity to JFK International Airport and features 36-foot clear heights and multiple levels of truck courts with parking for up to 53 trailers. Construction began in 2020, and the facility is expected to be available for occupancy by the end of the second quarter.

April 6, 2023

Civic Development New York Northeast

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

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