New York

Ariel Property Advisors Brokers $107.5M Sale of Affordable Housing Portfolio in The Bronx

by Taylor Williams December 22, 2022

NEW YORK CITY — Ariel Property Advisors has brokered the $107.5 million sale of a portfolio of four affordable housing properties totaling 477 units in The Bronx. The sale, which also included a 525,000-square-foot development site, involved properties in the Morrisania, High Bridge and Belmont neighborhoods. Victor Sozio, Shimon Shkury, Jason Gold, Daniel Mahfar and Evan Hirsch of Ariel Property Advisors represented the undisclosed seller in the transaction. The buyer was a joint venture between Systima Capital Management, Gilbane Development Co., ELH Management LLC and TerreAlto.

December 22, 2022

Development Multifamily New York Northeast

NREA, Taconic Top Out 33-Story Apartment Building in Midtown Manhattan

by Taylor Williams December 22, 2022

NEW YORK CITY — A partnership between National Real Estate Advisors and Taconic Partners has topped out a 33-story apartment building in Midtown Manhattan. The building at 312 W. 43rd St. is located at the confluence of the Times Square and Hell’s Kitchen neighborhoods and will house 330 apartments and 42,000 square feet of retail space. In addition, the property will offer 28,000 square feet of indoor and outdoor amenities. Handel Architects designed the building, and Triton Construction is serving as the general contractor. Full completion is slated for fall 2024.

December 22, 2022

Acquisitions Hospitality New York Northeast

Muroff Hospitality Negotiates Sale of 73-Room Hotel in Lake George, New York

by Taylor Williams December 22, 2022

LAKE GEORGE, N.Y. — Boutique brokerage firm Muroff Hospitality Group has negotiated the sale of The Lakefront Terrace Resort, a 73-room waterfront resort near Lake George in Upstate New York. The property, which was originally built in 1963 and recently renovated, offers a pool, private beach and a cabana bar and grill. Mitch Muroff of Muroff Hospitality represented the seller, a limited liability company, in transaction. The buyer was also an undisclosed limited liability company that purchased the asset for $7.4 million.

December 22, 2022

Leasing Activity New York Northeast Office

Grimshaw Services USA Signs 18,783 SF Office Lease at 60 Madison Avenue in Manhattan

by Taylor Williams December 22, 2022

NEW YORK CITY — Grimshaw Services USA, a division of British architectural firm Grimshaw, has signed an 18,783-square-foot office lease at 60 Madison Avenue in Manhattan’s Meatpacking District. The tenant plans to take occupancy of the entire fourth floor in the second quarter of next year. Gregg Rothkin, Tim Freydberg, Jared London and Hayden Pascal of CBRE represented the landlord, The Moinian Group, in the lease negotiations. Ken Fishel of LegacyNY represented the tenant.

December 22, 2022

Acquisitions Multifamily New York Northeast Top Stories

Empire State Realty Trust Acquires Multifamily Community in Lower Manhattan for $115M

by Katie Sloan December 22, 2022

NEW YORK CITY — Empire State Realty Trust (NYSE: ESRT) has acquired 298 Mulberry Street, a 96-unit multifamily community located in Manhattan’s NoHo neighborhood, for $115 million. Located at the corner of East Houston and Mulberry streets, the community features ground-floor retail space occupied by CVS/pharmacy. Shared amenities include a 24-hour doorman, fitness center, rooftop terrace and laundry room. All of the building’s units are market-rate rentals and feature walk-in closets and stainless steel kitchen appliances. The seller was a joint venture between Broad Street Development and an affiliate of Crow Holdings Capital. Andrew Scandalios, Rob Hinckley, Jeffrey Julien, Steven Rutman and Jonathan Faxon of JLL represented the seller in the all-cash, 1031 exchange transaction. Empire State Realty is a self-managed REIT that operates a portfolio of office, retail and multifamily properties within Manhattan and the greater New York City area. The company’s stock price closed at $6.90 per share on Wednesday, Dec. 21, down slightly from $8.65 one year ago. New York City-based Broad Street Development is a privately held real estate developer, investor and operator with a focus on office and residential properties. Dallas-based Crow Holdings is a privately owned real estate investment and development firm with $30 billion …

December 22, 2022

Acquisitions Life Sciences New York Northeast

CBRE Brokers $12M Sale of Life Sciences Facility in Orangeburg, New York

by Taylor Williams December 21, 2022

ORANGEBURG, N.Y. — CBRE has brokered the $12 million sale of a 38,400-square-foot life sciences facility located at 25 Corporate Drive in Orangeburg, about 25 miles north of Manhattan. Charles Berger, Elli Klapper, Mark Silverman and Jeremy Wernick of CBRE represented the seller, an entity doing business as 25 Corporate Drive LLC, in the transaction. The team also procured the buyer, Solomon Builders, which acquired the property via a 1031 exchange. At the time of sale, the property was fully leased on a triple-net basis to Scapa North America, a subsidiary of global engineering firm Schweitzer-Mauduit International.

December 21, 2022

Loans New York Northeast Retail

ERG Commercial Arranges $5M Loan for Refinancing of Brooklyn Retail Property

by Taylor Williams December 21, 2022

NEW YORK CITY — Locally based financial intermediary ERG Commercial Real Estate has arranged a $5 million loan for the refinancing of a 13,300-square-foot retail property in Brooklyn’s Bushwick neighborhood. The property at 29 Wyckoff Ave. was originally built as a warehouse in 1931, but the undisclosed borrower recently converted the structure into a retail property with five spaces. Ryan Lewis and Mary Guarino of ERG Commercial originated the loan, which carried a 4 percent fixed interest rate and a 25-year amortization schedule.

December 21, 2022

Leasing Activity New York Northeast Retail

Whole Foods to Open 42,000 SF Store in Manhattan’s Financial District on Jan. 11

by Taylor Williams December 21, 2022

NEW YORK CITY — Whole Foods Market will open a 42,000-square-foot store at 66 Broadway in Manhattan’s Financial District, on Wednesday, Jan 11. The store will feature full-service meat and seafood counters, a coffee bar, bakery, prepared foods section, a selection of more than 200 craft beers and a section devoted to cosmetics and body care products.

December 21, 2022

Leasing Activity New York Northeast Office

WorkFusion Signs 13,327 SF Office Lease at 1450 Broadway in Midtown Manhattan

by Taylor Williams December 21, 2022

NEW YORK CITY — Fintech services firm WorkFusion has signed a 13,327-square-foot office lease at 1450 Broadway in Midtown Manhattan. The tenant will relocate from 48 Wall Street to the entire 19th floor of the 42-story building, which features a fitness center, conference facility and tenant lounges. Val Stobetsky, William McGarry and Michael Pallas of JLL represented WorkFusion in the lease negotiations. Mitchell Konsker, Barbara Winter, Greg Wang, Simon Landmann and Thomas Swart, also with JLL, represented the landlord, ZG Capital. The building is now 90 percent leased.

December 21, 2022

Development New York Northeast Office

SJP Properties, PGIM Complete $15M Renovation of Manhattan Office Building

by Taylor Williams December 20, 2022

NEW YORK CITY — SJP Properties and PGIM Real Estate have completed a $15 million renovation project at 470 Park Avenue, a 300,000-square-foot office building in Manhattan. The multi-year project refreshed the building façade, replaced windows to increase natural lighting, delivered custom buildouts of select suites, upgraded infrastructure, improved sustainability systems and modernized the elevator system. Ownership also added a new tenant lounge and outdoor space for meetings, presentations and conferences and updated the building’s retail space.

December 20, 2022

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