NEW YORK CITY — Locally based brokerage firm Ariel Property Advisors has arranged the $16 million sale of a 47-unit apartment building located at 153 Norfolk St. on Manhattan’s Lower East Side. The six-story, elevator-served building houses one- and two-bedroom units. Michael Tortorici and Shimon Shkury of Ariel Property Advisors represented the buyer in the transaction. Michael DeCheser and Bryan Hurley of Cushman & Wakefield represented the seller. Both parties requested anonymity.
NEW YORK CITY — Foot Locker will close more than 400 underperforming stores as part of its “Lace Up” plan, which was announced during a recent call with investors. According to Tony Aversa, senior vice president of global store development, the move is part of a strategy to manage portfolio risk by way of strategic closures. The New York City-based shoe retailer currently operates 2,700 stores, which will be reduced to approximately 2,400 by 2026, a number that also reflects the planned addition of stores in new formats. Despite the closures, Foot Locker intends to increase its aggregate brick-and-mortar footprint by roughly 10 percent to 14.5 million square feet by 2026. Foot Locker will also shift to a focus on off-mall stores, with the goal of having off-mall locations comprise more than 50 percent of its real estate portfolio by 2026.
NEW YORK CITY — Northmarq has arranged a $26 million loan for the refinancing of an 11-story, 90-unit apartment complex in East Harlem. Chuck Cotsalas and Robert Delitsky of Northmarq arranged the financing though Nationwide Life Insurance Co. on behalf of the undisclosed borrower. The loan carried a 20-year term, 25-year amortization schedule and a fixed interest rate of 5.4 percent.
NEW YORK CITY — Walker & Dunlop’s capital markets team has arranged $94 million in construction financing for the development of College Point Logistics Center in the College Point neighborhood of Queens, just across Flushing Bay from LaGuardia International Airport. A joint venture between Wildflower Ltd. and Drake Real Estate Partners is developing the project, with construction costs estimated at $146 million. College Point Logistics Center will be a ground-up warehouse and structured parking facility. The property will feature 81,000 square feet of rentable industrial space, as well as 160,000 square feet of enclosed parking across two floors and 68,000 square feet of surface-level parking. Wildflower designed the project with ground-floor warehouse space and multi-story parking to maximize the project’s efficiency and meet the needs of modern industrial and logistics tenants. College Point Logistics Center is located alongside the Whitestone Expressway, making it accessible to LaGuardia and John F. Kennedy International Airports, the New York and Atlantic Railways and the Red Hook Container Terminal. Development of the facility is scheduled for completion in the second quarter of 2024. Jonathan Schwartz, Aaron Appel, Mo Beler, Ari Hirt and Triston Stegall led the Walker & Dunlop team in securing the floating-rate loan on behalf of …
BRIGHTON, N.Y. — Whole Foods Market will open a 50,000-square-foot store in the upstate New York community of Brighton on April 12. The location at 2740 Monroe Ave. will be the first in the Rochester area for the Texas-based grocer. The store will offer more than 500 locally sourced items and will feature full-service meat and seafood counters, a bakery, prepared foods section, a selection of more than 200 craft beers.
NEW YORK CITY — A partnership between two locally based investment firms, RFR and Waterfall Asset Management, has acquired a 33,000-square-foot retail condo located at 2139–2159 Broadway in Manhattan. The space comprises seven suites, several of which are currently vacant, and is situated within The Astor residential building on the Upper West Side. The seller and sales price were not disclosed.
UTICA, N.Y. — Axiom Capital Corp. has arranged $25.3 million in construction-to-permanent financing for a three-story, 76,393-square-foot medical office building that will be located in the upstate New York community of Utica. The facility will house lab, imaging and private practice office space, as well as a pharmacy, ambulatory surgery center and onsite parking. The loan was structured with a 10-year term and two years of interest-only payments. The direct lender and borrower were not disclosed.
HAUPPAUGE, N.Y. — JLL has negotiated the sale of Hauppauge Plaza, a 34,919-square-foot shopping center on Long Island. At the time of sale, the center was fully leased to tenants such as Dollar Tree, Moe’s Southwest Grill, Duck Donuts and Jersey Mike’s Subs. Christopher Munley, Jim Galbally, Jose Cruz, Colin Behr, J.B. Bruno and Andrew Scandalios of JLL represented the seller, New Jersey-based Heidenberg Properties, in the transaction. New York-based Serota Properties acquired the center for an undisclosed price.
NEW YORK CITY — Newmark has arranged the $248 million refinancing of The Biltmore, a 51-story apartment tower in Manhattan’s Midtown West neighborhood. The borrower was a partnership between institutional investment firm BentallGreenOak and locally based developer Slate Property Group. Built in 2003, The Biltmore consists of 464 apartments and 47,397 square feet of commercial space. Units feature studio, one- and two-bedroom floor plans with quartz countertops, custom cabinetry and individual washers and dryers. Amenities include a fitness center with a yoga studio; rooftop terrace with entertainment areas; library with private conference rooms; communal dining room; and a game lounge. The Biltmore’s commercial space houses an array of food and beverage purveyors, convenience-oriented retailers, boutique fitness concepts and a medical office user. The property recently underwent a renovation that upgraded the lobby, amenity spaces and elevator systems. Ownership plans to use a portion of the newly issued proceeds to fund further capital improvements. Jordan Roeschlaub, Dustin Stolly, Nick Scribani and Chris Kramer of Newmark arranged the financing through two New York City-based firms, Square Mile Capital and Clarion Partners. “The multifamily market in New York City has been a strong performer despite the headwinds over the past few years and …
NEW YORK CITY — Elevate Research Properties, the life sciences subsidiary of locally based investment and development firm Taconic Partners, will open a 200,000-square-foot facility at 309 E. 94th St. on Manhattan’s Upper West Side. The facility will be named Iron Horse Labs after Yankees legend Lou Gehrig. Taconic Partners is developing the property, which will house both lab and research and development space, as well as multiple loading bays and outdoor terraces, in partnership with Nuveen Real Estate and Flatiron Equities. Iron Horse Labs is expected to open in mid- to late-2025.