New York

Wells Fargo Provides $288M in Financing for Manhattan Affordable Housing Project

by Taylor Williams February 13, 2023

NEW YORK CITY — Wells Fargo has provided $288 million in financing for North Cove, a 611-unit affordable housing project in Manhattan’s Inwood neighborhood. The financing includes $155 million in debt that backs city-issued, tax-exempt bonds, as well as $133 million in equity that was generated through the purchase of tax credits. The borrower and developer is a partnership between Joy Construction Corp. and Maddd Equities. Units will be restricted to households earning between 27 and 110 percent of the area median income, and roughly 15 percent (94) of the residences will be reserved for formerly homeless residents. The development will include 60,000 square feet of commercial space and offer amenities such as outdoor picnic areas, community recreation rooms and various supportive services. Lastly, as part of the project, the city has donated an adjacent parcel for the construction of a waterfront park.

February 13, 2023

Acquisitions Multifamily New York Northeast

Ariel Property Advisors Negotiates $8.6M Sale of Bronx Multifamily Portfolio

by Taylor Williams February 13, 2023

NEW YORK CITY — Locally based brokerage firm Ariel Property Advisors has negotiated the $8.6 million sale of The St. Ann’s Portfolio, a collection of six multifamily buildings in The Bronx. The buildings total 82 residential units and four commercial spaces and are located in the Mott Haven neighborhood. Heritage Affordable Communities purchased the portfolio from Castellan Real Estate Partners. Victor Sozio, Shimon Shkury, Jason Gold and Daniel Mahfar of Ariel Property Advisors brokered the deal.

February 13, 2023

Acquisitions New York Northeast Retail

Marcus & Millichap Brokers $11.3M Sale of Net-Leased Retail Property on Long Island

by Taylor Williams February 13, 2023

WOODBURY, N.Y. — Marcus & Millichap has brokered the $11.3 million sale of a 4,875-square-foot retail property in the Long Island community of Woodbury that is net leased to Chase Bank. The newly constructed building is located at 7920 Jericho Turnpike. Alan Lipsky and Barry Wolfe of Marcus & Millichap represented the seller, an entity doing business as 7940 Woodbury Partners LLC, in the transaction. The buyer was KIT Realty Inc. John Horowitz of Marcus & Millichap assisted in closing the deal as the broker of record.

February 13, 2023

Development New York Northeast Retail

Samson’s Stages Underway on $400M TV, Movie Studio Facility in Brooklyn

by Taylor Williams February 10, 2023

NEW YORK CITY — Samson’s Stages, which provides studio rental services for the TV and movie industries, is underway on construction of a $400 million facility in the Red Hook neighborhood of Brooklyn. The site at 744 Clinton St. currently houses the operations of Sunshine Lighting. Designed by BIG-Bjarke Ingels Group, Samson’s Stages Red Hook will total 330,000 square feet and comprise eight stages, green terraces, onsite parking, a lobby and a café. The project will also include the redevelopment of a portion of the waterfront and the construction of a new public park. A tentative completion date was not disclosed.

February 10, 2023

Leasing Activity New York Northeast Office

Kyndryl Inc. Signs 26,212 SF Office Lease in Rye Brook, New York

by Taylor Williams February 10, 2023

RYE BROOK, N.Y. — Kyndryl Inc., a provider of IT infrastructure services, has signed a five-year, 26,212-square-foot office lease at 2 International Drive in Rye Brook, located north of Manhattan in Westchester County. The tenant, which was formerly part of IBM, has moved in to its space on the second floor. Patrick Murphy, Winston Schromm and Kevin McCarthy of Cushman & Wakefield represented Kyndryl Inc. in the lease negotiations. Peter Duncan and Dana Pike internally represented the landlord, George Comfort & Sons.

February 10, 2023

Leasing Activity New York Northeast Retail

Ann Sacks to Open 20,000 SF Studio, Showroom in Queens

by Taylor Williams February 9, 2023

NEW YORK CITY — Ann Sacks, a provider of tile, mosaic and stone products, will open a 20,000-square-foot studio and showroom in Queens. The retailer plans to debut its new space at The Cardinal Building, which is located in the Long Island City area, in about six months. James Ferrigno of JLL represented the landlord, a partnership between Kaufman Organization and True North, in the lease negotiations. Tyler Clutts of Cresa represented Ann Sacks.

February 9, 2023

Leasing Activity New York Northeast Office

Polsinelli PC Signs 13,129 SF Office Lease Expansion at 600 Third Avenue in Manhattan

by Taylor Williams February 9, 2023

NEW YORK CITY — Law firm Polsinelli PC has signed a 13,129-square-foot office lease expansion at 600 Third Avenue, a 575,254-square-foot building in Manhattan. The tenant, which also extended its lease by 10 years to run through 2036, now occupies 52,516 square feet across the entire 33rd, 40th, 41st and 42nd floors. David Berkey internally represented the landlord, L&L Holding Co., in the lease negotiations. Kevin McLennan, Ian Murphy and Silvio Petriello of CBRE represented Polsinelli PC.

February 9, 2023

Leasing Activity New York Northeast Office

JLL Negotiates 45,000 SF Office Lease in The Bronx

by Taylor Williams February 8, 2023

NEW YORK CITY — JLL has negotiated a 45,000-square-foot, 20-year office lease at 2100 Bartow Ave. in The Bronx. The 180,000-square-foot building was constructed in 1988. Al Gutierrez and Ian Ceppos of JLL represented the landlord, Prestige Properties, in the lease negotiations. Mark Boisi and Stephen Bellwood of Cushman & Wakefield, along with Neil Lipinski of Lipinski Real Estate represented the tenant, United Federation of Teachers. The tenant plans to take occupancy of its new space this fall.

February 8, 2023

Acquisitions Hospitality New York Northeast

Hawkins Way, Vardë Acquire 655-Room Hotel in Midtown Manhattan

by Taylor Williams February 7, 2023

NEW YORK CITY — A joint venture between Hawkins Way Capital and Vardë Partners has acquired a 655-room hotel located at 525 Lexington Ave. in Manhattan’s Midtown East neighborhood. The 35-story, 406,261-square-foot building, which was shuttered at the time of sale, was originally constructed in 1922 and most recently housed a Marriott-branded operation. Jeffrey Davis, Gilda Perez-Alvarado, Stephany Chen and Bob Knakal of JLL represented the seller, global investment firm Deka Immobilien, in the transaction.

February 7, 2023

Loans Multifamily New York Northeast

Largo Capital Arranges $30M Loan for Refinancing of Buffalo Multifamily Portfolio

by Taylor Williams February 7, 2023

BUFFALO, N.Y. — Largo Capital, a locally based commercial finance and advisory firm, has arranged a $30 million loan for the refinancing of a portfolio of 11 multifamily properties totaling 789 units in Buffalo. The portfolio was 99 percent occupied at the time of sale. Ned Perlman of Largo Capital originated the financing. The borrower and direct lender were not disclosed.

February 7, 2023

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