AMHERST, N.Y. — Locally based commercial finance and advisory firm Largo Capital has arranged a $28 million loan for the refinancing of a portfolio of eight office properties totaling 350,000 square feet in the upstate New York community of Amherst. Jack Phillips of Largo Capital originated the financing, which was structured with a 10-year term and a fixed interest rate. The name of the locally based borrower and developer was not disclosed.
NEW YORK CITY — Luxury moviegoing concept LOOK Dine-In Cinemas will open an eight-screen theater at 625 West 57th Street in Manhattan. The space spans 25,000 square feet within the 32-story residential building, which is owned by The Durst Organization. The venue will be the first in New York City for LOOK Dine-In Cinemas. Theaters will range in size from 20 to 172 seats to support small screenings and major premieres. Eric Engelhardt, Ashlea Aaron and Karen Rose internally represented the landlord in the lease negotiations. Beth Rosen of RIPCO and Joseph Harbor HWGA Group represented the tenant. An opening date was not disclosed.
NEW YORK CITY — Law firm Pollack, Pollack, Isaac & DeCicco has signed a 16,375-square-foot office lease at 250 Broadway in Lower Manhattan. The 648,000-square-foot building recently underwent a lobby remodel and expansion. Anne Holker, Charles Borrok, Jonathan Fales, Frank Cento, Jonathan Fein and Michelle Mean of Cushman & Wakefield represented the landlord, AmTrust RE, in the lease negotiations. Eric Zemachson of Newmark represented the tenant.
NEW YORK CITY — A partnership between The Community Preservation Corp. and Proto Property Services has received a $100 million loan for the refinancing of Riverdale Osborne Towers, a 525-unit affordable housing complex in Brooklyn. The property comprises four nine-story buildings, a preschool and 10,500 square feet of retail space. The partnership originally acquired the property in 2007 and immediately implemented a $39 million capital improvement program. A portion of the proceeds of this loan, which was originated by Rockport Mortgage Corp. through HUD’s 223(f) program, will also be used to fund renovations of kitchens and bathrooms and preserve the property’s affordability status.
ROCHESTER, N.Y. — Locally based commercial finance and advisory firm Largo Capital has arranged the sale of a 53-unit multifamily property in the upstate New York city of Rochester. The sales price was $9.7 million. The property offers two-bedroom townhomes and was fully occupied at the time of sale. Kevin Coscia of Largo Capital brokered the deal. The buyer and seller were not disclosed.
NEW YORK CITY — Serendipity Labs, a provider of flexible workspace solutions, will open a 41,000-square-foot space at 205 East 42nd Street, a 532,000-square-foot building in Midtown Manhattan. The lease term is 10 years. The space encompasses three floors and can support up to 450 desks and 100 people. Robert Becker and Lauren Ferrentino internally represented the landlord, The Durst Organization, in the lease negotiations. Michael Berman of JLL represented Serendipity Labs. An opening date was not disclosed.
By Rod Olivero, senior director at Getzler Henrich It appears that the hybrid workforce is here to stay, leaving the future of traditional office space largely unknown. As return-to-office policies continue to evolve, an increasing number of companies are either embracing, or adjusting to, the reality that accommodating some level of remote workforce is now an inevitability. When workers packed up their laptops and work documents and walked out of their offices in March 2020 in compliance with U.S. stay at home mandates, few employer/tenants, landlords or lenders could have imagined what would ensue. The state of the workforce today isn’t merely a function of employees not wanting to return to an office environment on either a full- or part-time basis. In more cases than one might imagine, companies are coming to realize that they can, in fact, operate effectively and with great efficiency under some level of remote worker scenario. Collectively, these businesses occupy tens of millions of square feet of office space in some of the nation’s most historically valuable urban real estate markets. Regardless of their motivation, as more companies embrace or acquiesce to the reality of remote work, companies have started to shrink their physical footprint …
WHITESTONE, N.Y. — Cushman & Wakefield has brokered the $12.1 million sale of a 4.6-acre industrial outdoor storage site in Whitestone, located north of Queens. The site, which is also zoned to support 121,882 square feet of industrial development, comprises six lots that are leased to 12 tenants on short-term bases. Daniel Abbondandolo, Robert Kuppersmith and Joegy Raju of Cushman & Wakefield represented the undisclosed seller in the transaction. Brian Sarath, also with Cushman & Wakefield, represented the buyer, Top Rock Holdings.
NEW YORK CITY — Locally based brokerage firm Ariel Property Advisors has negotiated the $6.7 million sale of a 22-unit multifamily property in the Pelham Bay area of The Bronx. The seven-story building offers one-, two- and three-bedroom units, includes 11 parking spots and was fully occupied at the time of sale. Daniel Mahfar, Jason Gold and Victor Sozio of Ariel Property Advisors brokered the deal. The buyer and seller were not disclosed.
NEW YORK CITY — Wells Fargo has provided $288 million in financing for North Cove, a 611-unit affordable housing project in Manhattan’s Inwood neighborhood. The financing includes $155 million in debt that backs city-issued, tax-exempt bonds, as well as $133 million in equity that was generated through the purchase of tax credits. The borrower and developer is a partnership between Joy Construction Corp. and Maddd Equities. Units will be restricted to households earning between 27 and 110 percent of the area median income, and roughly 15 percent (94) of the residences will be reserved for formerly homeless residents. The development will include 60,000 square feet of commercial space and offer amenities such as outdoor picnic areas, community recreation rooms and various supportive services. Lastly, as part of the project, the city has donated an adjacent parcel for the construction of a waterfront park.