New York

RXR Tops Out 27-Story Multifamily Project in The Bronx

by Taylor Williams October 26, 2022

NEW YORK CITY — Locally based developer RXR has topped out Maven, a 27-story multifamily project in the Mott Haven neighborhood of The Bronx. Designed by CetraRuddy and built by LRC Construction, Maven will feature 200 units, 60 of which will be rent-stabilized, as well as 81 enclosed parking spots and 721 square feet of retail space. Amenities will include rooftop grilling and dining areas, a lounge, game room and landscaped courtyards. The project, which is RXR’s first in The Bronx, is slated for completion next year.

October 26, 2022

Acquisitions New York Northeast Retail

KABR Group Acquires Shopping Center in New York’s Rockland County for $30M

by Taylor Williams October 26, 2022

NEW CITY, N.Y. — New Jersey-based development and investment firm KABR Group has acquired New City Shopping Center, a 125,110-square-foot property located north of New York City in Rockland County, for $30 million. KABR Group acquired the grocery-anchored center, which was 96 percent leased at the time of sale, in partnership with Long Island-based retail operator BTF. Jose Cruz, J.B. Bruno, Kevin O’Hearn, Michael Oliver, Steve Simonelli, Andrew Scandalios and Austin Pierce of JLL represented the undisclosed seller in the transaction.

October 26, 2022

Affordable Housing Loans Multifamily New York Northeast

Barings Provides $11.5M Permanent Loan for Brooklyn Affordable Housing Project

by Taylor Williams October 26, 2022

NEW YORK CITY — Barings has provided an $11.5 million permanent loan for Euclid Glenmore Apartments, a 135-unit affordable housing project in Brooklyn. Upon completion, a date for which was not disclosed, the eight-story building will house units for renters earning 60 percent or less of the area median income. More than half the units will be set aside for formerly homeless families or individuals, and the community will include a dedicated medical support area with childcare services. The borrower is a partnership between Lantern Organization and Mega Contracting Group.

October 26, 2022

Northwell-Medical-Pavilion-ManhattanNorthwell-Medical-Pavilion-Manhattan

Development Healthcare New York Northeast

Lendlease Breaks Ground on 200,000 SF Outpatient Healthcare Facility in Manhattan

by Taylor Williams October 25, 2022

NEW YORK CITY — Global investment and development firm Lendlease has broken ground on Northwell Medical Pavilion, a 200,000-square-foot outpatient healthcare facility that will be located on Manhattan’s Upper East Side. Northwell Health will operate the facility, which will be situated on Third Avenue between East 76th and 77th streets. In addition to oncology treatment, the center will provide cardiac care, neuroscience programming, imaging and lab testing, as well as holistic wellness services, acute and chronic disease management and social work services. Ennead Architects designed the project, which is slated for a late 2025 completion.

October 25, 2022

Acquisitions Multifamily New York Northeast

CBRE Brokers $31M Sale of Multifamily Property in Poughkeepsie, New York

by Taylor Williams October 25, 2022

POUGHKEEPSIE, N.Y. — CBRE has brokered the $31 million sale of Grand Pointe Park, a 156-unit multifamily property located about 80 miles north of Manhattan in Poughkeepsie. Built in 1997, Grand Pointe Park offers one-, two- and three-bedroom units and amenities such as a pool, fitness center, lounge, dog park and a playground. Jeff Dunne, Richard Gatto, Fahri Ozturk, Eric Apfel, Stuart MacKenzie and Zach McHale of CBRE represented the seller, Avanath Capital Management, and procured the buyer, New Jersey-based investment firm Lexington Property Group, in the transaction. The new ownership plans to execute a value-add program.

October 25, 2022

Acquisitions Multifamily New York Northeast

Cushman & Wakefield Arranges $27.2M Acquisition Loan for Long Island Multifamily Property

by Taylor Williams October 24, 2022

LYNBROOK, N.Y. — Cushman & Wakefield has arranged a $27.2 million acquisition loan for Cornerstone Yorkshire, an 80-unit multifamily property located in the Long Island community of Lynbrook. The newly built complex houses a fitness center, clubroom and outdoor grilling and dining areas. John Alascio, Chuck Kohaut and T.J. Sullivan of Cushman & Wakefield arranged the loan on behalf of the borrower, The Birch Group.

October 24, 2022

Lee & Associates New York Northeast Restaurant Retail

Katz & Associates Negotiates Two Retail, Restaurant Leases in Queens

by Taylor Williams October 24, 2022

NEW YORK CITY — Katz & Associates has negotiated two retail leases in Queens. Japanese grocery store Teso Life signed a 6,000-square-foot lease in the Bayside neighborhood, and Filipino fast casual restaurant Jollibee committed to 3,614 square feet at 91-23 Queens Blvd. Daniel DePasquale of Katz & Associates represented the landlords, Paulipark Associates LLC and Midwood, respectively, in both deals. Both concepts will open in 2023.

October 24, 2022

Leasing Activity New York Northeast Office

Financial Software Firm Signs 12,344 SF Office Lease at 260 Madison Avenue in Manhattan

by Taylor Williams October 19, 2022

NEW YORK CITY — 1-800Accountant, which provides virtual accounting software for small businesses, has signed a 12,344-square-foot office lease at 260 Madison Avenue, a 570,000-square-foot building in Midtown Manhattan. Peter Turchin, Gregg Rothkin, Tim Freydberg, Hayden Pascal and Jared London of CBRE represented the landlord, The Sapir Organization, in the lease negotiations. The representative of the tenant was not disclosed.

October 19, 2022

Leasing Activity New York Northeast Office

MGM Studios Signs 50,462 SF Office Lease at 260 Madison Avenue in Manhattan

by Taylor Williams October 18, 2022

NEW YORK CITY — MGM Studios has signed a 50,462-square-foot office lease at 260 Madison Avenue, a 570,000-square-foot building in Midtown Manhattan. Peter Turchin, Gregg Rothkin, Tim Freydberg, Hayden Pascal and Jared London of CBRE represented the landlord, The Sapir Organization, in the lease negotiations. The representative of the tenant was not disclosed.

October 18, 2022

Affordable Housing Loans Multifamily New York Northeast Seniors Housing

Bellwether Enterprise Provides $6.5M Refinancing of Affordable Seniors Housing Property Near Buffalo

by Taylor Williams October 17, 2022

KENMORE, N.Y. — Bellwether Enterprise has provided a $6.5 million HUD-insured loan for the refinancing of Ken-Ton Presbyterian Village, a 150-unit affordable seniors housing property located near Buffalo in the upstate New York community of Kenmore. The borrower was Beechwood Continuing Care. Lundat Kassa and Anthea Martin led the transaction for Bellwether Enterprise.

October 17, 2022

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