New York

RXR Inks 700,000 SF Office Lease Expansion, Extension at 450 Lexington Avenue, Announces $300M Renovation

by Taylor Williams August 16, 2023

NEW YORK CITY — RXR has inked a 700,000-square-foot office lease extension and expansion with global law firm Davis Polk & Wardwell LLP at 450 Lexington Avenue in Midtown Manhattan. The tenant has re-committed to the 40-story building, which was originally constructed in 1991, for the next 25 years and is taking an additional 30,000 square feet of space. The firm’s footprint now spans 23 floors. In conjunction with the deal, the locally based landlord also announced a $300 million renovation. Designed by Gensler, the project will include the full modernization of lobbies and the addition of numerous amenities. Renovations will also upgrade other common areas and the anchor tenant spaces. Lewis Miller, Andrew Sussman and Munish Viralam of CBRE represented Davis Polk & Wardwell in the lease negotiations. William Elder and Andrew Ackerman represented RXR on an internal basis.

August 16, 2023

Loans Multifamily New York Northeast

JLL Arranges $233M Construction Loan for Brooklyn Multifamily Project

by Taylor Williams August 15, 2023

NEW YORK CITY — JLL has arranged a $233 million construction loan for the ground-up development of a 569-unit multifamily project in Brooklyn. The site is located at 54 Crown St. in the borough’s Crown Heights neighborhood. Christopher Peck, Geoff Goldstein, Nicco Lupo and Rob Hinckley of JLL arranged the floating-rate loan through Goldman Sachs Asset Management. According to Crain’s New York Business, the borrower was San Francisco-based Carmel Partners. Information on floor plans, amenities and a construction timeline was not disclosed.

August 15, 2023

Acquisitions New York Northeast

Cushman & Wakefield Arranges $22.5M Sale of Manhattan Commercial Building

by Taylor Williams August 14, 2023

NEW YORK CITY — Cushman & Wakefield has arranged the $22.5 million sale of a commercial building located at 500 W. 14th St. in Manhattan’s Meatpacking District. The square footage and specific use of the freestanding, three-story building were not disclosed. Don Yahn, Ian Brooks and Dan Organ of Cushman & Wakefield represented the seller, Hyundai Motor America, in the lease negotiations. The seller was New York City-based Duanco Inc.

August 14, 2023

Acquisitions New York Northeast Retail

Marcus & Millichap Brokers $6.6M Sale of Staten Island Retail Property

by Taylor Williams August 14, 2023

NEW YORK CITY — Marcus & Millichap has brokered the $6.6 million sale of a 17,734-square-foot retail property on Staten Island that is net leased to Pep Boys. The automotive parts retailer has occupied the space at 1941 Forest Ave. for more than 15 years, and the property can support about 30,000 square feet of new development. Scott Plasky of Marcus & Millichap represented the seller and procured the buyer, both of which were private investors that requested anonymity, in the transaction.

August 14, 2023

Affordable Housing Development Multifamily New York Northeast Seniors Housing

Partnership Completes Renovation of 116-Unit Affordable Seniors Housing Complex in Amsterdam, New York

by Taylor Williams August 11, 2023

AMSTERDAM, N.Y. — A public-private partnership between the State of New York and 3D Development Group has completed renovations of New Amsterdam Apartments, a 116-unit affordable seniors housing complex located about 35 miles northwest of Albany. Residences in the 12-story building are reserved for households with incomes at or below 80 percent of the area median income and with at least one household member aged 55 or older. The scope of renovations included asbestos abatement, the modernization of elevators and replacement of fire alarms, as well as the installation of new common doors, energy-efficient hot water boilers, LED light fixtures and cast iron sanitary lines. Unit interiors were also upgraded with Energy Star-rated appliances and fixtures.

August 11, 2023

Acquisitions Net Lease New York Northeast Retail

Boulder Group Arranges $5M Sale of Retail Property Leased to 7-Eleven in Haverstraw, New York

by Taylor Williams August 11, 2023

HAVERSTRAW, N.Y. — The Boulder Group, an Illinois-based brokerage firm, has arranged the $5 million sale of a 3,034-square-foot retail property in Haverstraw, about 35 miles north of Manhattan, that is net leased to 7-Eleven. Randy Blankstein and Jimmy Goodman of The Boulder Group represented the seller, a regional developer, in the transaction. The buyer was a New York-based private investor that acquired the asset via a 1031 exchange. Both parties requested anonymity.

August 11, 2023

Acquisitions Multifamily New York Northeast

Stav Equities Negotiates $2.5M Sale of Vacant Multifamily Property in Brooklyn

by Taylor Williams August 11, 2023

NEW YORK CITY — Locally based brokerage firm Stav Equities LLC has negotiated the $2.5 million sale of a vacant, four-story multifamily property located at 1362 Pacific St. in the Crown Heights area of Brooklyn. Andrew Levine, Josh Lipton and Jax Hindmarch of Invictus Property Advisors collaborated with Jacob Stavsky of Stav Equities LLC to execute the off-market transaction. The buyer and seller were not disclosed.

August 11, 2023

Leasing Activity New York Northeast Office

Verci Signs 6,000 SF Office Lease at 394 Broadway in Manhattan

by Taylor Williams August 11, 2023

NEW YORK CITY — Verci, a social network for New York City residents, has signed a 6,000-square-foot office lease at 394 Broadway in Manhattan’s SoHo neighborhood. Nolan Kagan and Jared Sternberg of The Kaufman Organization represented the tenant, which will occupy the fifth floor as its new headquarters space, in the lease negotiations. Miyad Realty represented the landlord.

August 11, 2023

Catholic-Health-Ambulatory-&-Urgent-Care-at-Centereach

Development Healthcare New York Northeast

Simone Development Cos., Catholic Health Open $47M Healthcare Facility on Long Island

by Taylor Williams August 10, 2023

CENTEREACH, N.Y. — A partnership between a division of Simone Development Cos. and operator Catholic Health has opened a $47 million, multi-specialty healthcare facility in the Long Island community of Centereach. The facility is known as Catholic Health Ambulatory & Urgent Care at Centereach. The site previously housed a 63,000-square-foot retail building that was occupied by Ocean State Job Lot, which continues to own and operate a 36,000-square-foot store adjacent to the property. The facility also offers diagnostic imaging services, an onsite pharmacy and a dedicated suite for gastroenterologists to perform endoscopies. Newman Design served as the project architect.

August 10, 2023

Acquisitions Multifamily New York Northeast

JLL Arranges $10.8M Sale of Two Manhattan Apartment Buildings

by Taylor Williams August 10, 2023

NEW YORK CITY — JLL has arranged the $10.8 million sale of two apartment buildings located at 175-177 East Third St. in Manhattan’s East Village. The five-story, walk-up buildings house a total of 20 one-bedrooms units, two of which have been duplexed with the basement. Hall Oster, Teddy Galligan and Guthrie Garvin of JLL represented the seller, an undisclosed private investor that owned the buildings for 30 years, in the transaction. The buyer was Lockhill Properties.

August 10, 2023

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