NEW YORK CITY — JLL has negotiated a 14,198-square-foot office lease expansion at 101 Park Avenue in Midtown Manhattan. The tenant, Pennsylvania-based Incline Equity Partners, is taking additional space on the 47th floor and now occupies 32,198 square feet within the 49-story, 1.3 million-square-foot building. Alexander Chudnoff, Nick Francic, Harrison Potter and Kate Roush of JLL represented the tenant in the lease negotiations. John Cefaly and Nicholas Dysenchuk of Cushman & Wakefield represented the landlord, H.J. Kalikow & Co.
NEW YORK CITY — Douglaston Development has broken ground on a 277-unit affordable housing project that will be located in the Bedford Park neighborhood of the Bronx. The building at 2868 Webster Ave. will rise 12 stories and is backed by $190 million in financing from a variety of sources. Units will come in studio, one-, two- and three-bedroom floor plans and will be reserved for households earning up to 70 percent of the area median income. Sixty units will be set aside as supportive housing. The project represents the second phase of a two-phase development that also includes a 188-unit seniors housing complex that opened in fall 2023. Levine Builders, the general contracting affiliate of Douglaston Development, will construct the community. Construction is expected to be complete in 2027.
NEW YORK CITY — Global alternative investment manager Canyon Partners has signed a 22,000-square-foot office lease at 1345 Avenue of the Americas in Midtown Manhattan. The space is located on the 28th floor, and the lease term is 11 years. Cynthia Wasserberger and Michael Pallas of JLL represented the tenant in the lease negotiations. Howard Fiddle, Peter Turchin, Gregg Rothkin, Ben Joseph, Bill Iacovelli and Charles Laginestra of CBRE, along with internal agents Marc Packman and Clark Briffel, represented the landlord, Fisher Brothers.
NEW YORK CITY — The Federal Deposit & Insurance Corp. (FDIC) has signed a 147,543-square-foot office lease in Midtown Manhattan. The FDIC is relocating from the Empire State Building to the 44-story building at 1166 Avenue of the Americas via a 10-year lease for the entire eighth, ninth and 10th floors, as well as part of the seventh floor. Connor Faught and Sheena Gohil of Colliers represented the FDIC in the lease negotiations. Paul Glickman, Diana Biasotti, Cynthia Wasserberger and Christine Colley of JLL, along with internal agents Jeffrey Sussman and Matt Pynn, represented the landlord, Edward J. Minskoff Equities.
NEW YORK CITY — CBRE has arranged $98 million in acquisition financing for a portfolio of 26 multifamily buildings totaling 80 units in the Prospect Heights area of Brooklyn. The portfolio also includes 32 retail spaces totaling roughly 40,000 square feet. Shamir Seidman, Judah Hammer and Jeff Feldman of CBRE arranged the financing, which includes capital for future building improvements, through Derby Copeland Capital. The borrowers were private investors Michael and Ed Ostad.
TARRYTOWN, N.Y. — Progressive Insurance has signed a 10,487-square-foot office lease in Tarrytown, a northern suburb of New York City. The space is located at 560-580 White Plains Road, a two-building, 306,475-square-foot development. Matthew Lisk, Tara Long and Steve Baker of Cushman & Wakefield represented the undisclosed landlord in the lease negotiations. Glenn Walsh and Larry Ruggieri of Newmark represented Progressive.
TARRYTOWN, N.Y. — The Cookware Co. has signed a 17,368-square-foot office lease in Tarrytown, a northern suburb of New York City. The space is located at 560-580 White Plains Road, a two-building, 306,475-square-foot development. Matthew Lisk, Tara Long and Steve Baker of Cushman & Wakefield represented the undisclosed landlord in the lease negotiations. Craig Ruoff of Colliers represented the tenant.
By Maya Khan, managing director, CBIZ Between the pandemic and the advent of hybrid work, it’s been a challenging stretch for the New York City office market. But savvy investors see skies clearing as interest rates come down and more employers call workers back to the office. The stabilizing market also offers new opportunities for office-to-residential conversions, thanks to recently enacted state and city incentives. In fact, office buildings sold for such purposes accounted for 50 percent of all development sales in Manhattan in the first half of 2024, according to data from Ariel Property Advisors. In what follows, we’ll take a deeper dive into those trends and look at how some New York real estate leaders who spoke at CBIZ’s “Manhattan to Main Street” panel are taking advantage of the current environment. The event, held in the fall of 2024, focused on the trillions of dollars in commercial real estate debt that is set to mature before 2028 and broader economic factors influencing the New York real estate market; it drew 85 attendees from the local real estate community. Opportunity on the Upswing It’s no secret that the Big Apple’s office sector has taken a beating in the past …
WINDHAM, N.Y. — CooperWynn Capital, a Utah-based firm that provides capital advisory services for the hospitality industry, has arranged a $19.5 million loan for the refinancing of Wylder Windham Resort, a 110-room hotel located about 50 miles southwest of Albany. Built in the 1880s and most recently renovated in 2022, the hotel offers various lodge-style accommodations and amenities such as a heated outdoor pool, fitness center, pickleball courts, onsite food-and-beverage options and both indoor and outdoor meeting/event spaces. CooperWynn Capital arranged the nonrecourse, floating-rate loan through Formida Capital on behalf of the owner, Wilder Hotels.
HAUPPAUGE, N.Y. — Premier Care Industries has signed a 56,500-square-foot industrial lease in the Long Island community of Hauppauge. The provider of wet wipes will use the space at 100 Marcus Blvd., which according to LoopNet Inc. was constructed in 1971 and totals 151,847 square feet, as its new logistics warehouse. JLL represented Premier Care Industries and the landlord, BEB Capital, in the lease negotiations.