NEW YORK CITY — Posh Group Inc. has signed a 11,436-square-foot office lease expansion in Manhattan’s SoHo district. The event manager and brand promoter has effectively doubled its footprint to 22,637 square feet across two full floors at 40 Crosby, a five-story building. KPG Funds owns 40 Crosby, which offers 34,229 square feet of office space and 18,000 square feet of retail space on the ground floor.
CHAPPAQUA, N.Y. — A partnership between two New Jersey-based firms, Atkins Cos. and Denholtz, has completed Phase I of the renovation of Medical Offices at Chappaqua Crossing, a 490,000-square-foot office and healthcare complex located about 30 miles north of Manhattan. Northwell Health’s Northern Westchester Hospital anchors the 59-acre facility, which is located within a larger mixed-use development that formerly housed the headquarters of Reader’s Digest and is known as Chappaqua Crossing. The renovation upgraded the property’s common areas with new LED lighting, ceilings, flooring, lobby furniture, paint/wallpaper and moss wall coverings. In addition, a $6 million upgrade of HVAC systems is currently underway. The partnership acquired the property in April 2023 for $40 million.
NEW YORK CITY — TS Communities, a division of local real estate giant Tishman Speyer, has received $166 million in financing for a 244-unit affordable housing complex in Queens and plans to break ground later this month. The 18-story building will be located within the Edgemere Commons development in the borough’s Far Rockaway neighborhood and follows TS Communities’ development of a 237-unit building that is nearing completion. Units will come in studio, one-, two- and three-bedroom floor plans and will be reserved for renters earning between 40 and 80 percent of the area median income. In addition, 73 units will be set aside as supportive housing. The building will also feature a resident community room, an outdoor space with an adjoining recreation room, a skydeck, onsite parking and laundry facilities, supportive services offices and street-level retail space. Aufgang Architects is designing the project, which is being developed in partnership with the City of New York, as well as with various state housing agencies. A tentative completion date was not announced.
NEW YORK CITY — ShopRite will open a 62,000-square-foot grocery store at Evergreen Plaza in the Great Kills neighborhood of Staten Island. The grocer, which is part of the Wakefern Food Corp. family of brands, is backfilling a space previously occupied by SuperFresh at the 100,000-square-foot center. Joseph Lowry of Levin Management Corp. represented the undisclosed landlord in the lease negotiations. The tenant was self-represented. The opening is slated for the fall.
NEW YORK CITY — Geller & Co. has signed a 45,290-square-foot office lease at 99 Park Avenue in Midtown Manhattan. The financial services and advisory firm will relocate from 909 Third Avenue to the entire 10th floor and a portion of the ninth floor at the 26-story building. Bryan Boisi of Cushman & Wakefield and Stuart Romanoff of Romanoff Realty Services represented the tenant in the lease negotiations. Paul Glickman, Diana Biasotti, Kristen Morgan and Harrison Potter from JLL, along with internal agents Craig Panzirer and Alex Radmin, represented the landlord, Global Holdings.
NEW YORK CITY — A partnership between locally based developer Slate Property Group and RiseBoro Community Partnership has begun leasing a 318-unit affordable housing redevelopment project in Queens. The property, which is known as Baisley Pond Park Residences, is a conversion of the 350-room JFK Hilton Hotel in the borough’s Jamaica neighborhood, which was originally built in 1987 and is located about half a mile from JFK International Airport. The new complex houses studio, one- and two-bedroom units and amenities such as a fitness center, computer lounge and multiple common rooms. Monthly rents will range from $784 for a studio to $1,493 for a two-bedroom apartment. As part of the conversion, the development team replaced all major building and mechanical systems, including new all-electric heating and cooling systems to reduce emissions. Aufgang Architects designed the project, which had a total price tag of about $167 million.
ITHACA, N.Y. — A partnership between Atlanta-based developer PeakMade Real Estate, Chicago-based investment firm Blue Vista Capital Management and real estate-focused family office W5 Group has broken ground on a 518-bed student housing project near Cornell University in western New York. Theory Ithaca will be located along Six Mile Creek in the downtown area and will offer studio, one-, two- and three-bedroom floor plans across 371 units. Amenities will include rooftop terraces, study lounges and a fitness center. Kennedy Wilson is financing construction of the project, which is expected to be complete in advance of the 2027 academic year.
NEW YORK CITY — Property Resources Corp. has completed The Hartby, a 205-unit multifamily adaptive reuse project in Brooklyn. The Hartby is a redevelopment of the former St. John’s College building, which was originally constructed in the borough’s Bedford-Stuyvesant neighborhood in 1870. Units come in studio, one- and two-bedroom floor plans, and 30 percent (62) of the residences are rent-stabilized and have been leased via a lottery system. Amenities include a fitness center, private party room, business center, library, indoor/outdoor lounge, a rooftop deck with barbecue stations, pet spa and an interior courtyard. Property Resources Corp. developed The Hartby in partnership with Avenue Realty Capital. Woods Bagot served as the project architect, with interiors by Alchemy Studio. Market-rate rents start at $3,150 per month for a studio apartment.
NEW YORK CITY — JLL has brokered the $68.5 million sale of a 105-unit apartment building located at 237 11th St. in the Gowanus neighborhood of Brooklyn. Completed in 2017, the 12-story building predominantly houses studio, one- and two-bedroom units, with private balconies/terraces available in select residences. Amenities include a library, fitness center, courtyard and a rooftop deck, and the building also houses 6,264 square feet of commercial space that is fully leased. Jeffrey Julien, Rob Hinckley and Steven Rutman of JLL represented the seller, Trinity Place Holdings, in the transaction and procured the buyer, a partnership between Bluestone Investments and Shel Capital. Michael Shmuely, Michael Zaremski, Robert Tonnessen and John Flynn of JLL arranged $44.5 million in acquisition financing for the deal.
NEW YORK CITY — Bravo Property Trust, a locally based bridge lender, has provided a $36.7 million construction loan for a 78-unit multifamily project in Upper Manhattan. The site is located along Amsterdam Avenue in the Hamilton Heights area, and the building will include ground-floor retail space that is already preleased. Information on floor plans was not disclosed, though 30 percent of the units will be designated as affordable housing. Amenities will include a fitness facility, tenant lounge, coworking space and a landscaped rooftop deck. Henry Bodek and Jonathan Ostroff of Galaxy Capital arranged the loan on behalf of the developer, Artifact Real Estate Developement. A tentative completion date was not disclosed.