New York

Innovo Property Group Tops Out 900,000 SF Industrial Project in Queens

by Taylor Williams February 22, 2023

NEW YORK CITY — New York City-based development and investment firm Innovo Property Group (IPG) has topped out The Borden Complex, a 900,000-square-foot industrial project in the Long Island City area of Queens. The development will feature elevated truck courts and a vertical parking structure, as well as purpose-built film studio space. IPG acquired the site, which previously housed the warehouse of online grocer FreshDirect, in January 2019 with Atalaya Capital Management and Nan Fung Group for $75 million. Construction began in July 2022, and the development team is targeting a spring 2024 completion. Eastdil Secured arranged construction financing for the project through Starwood Property Trust and J.P. Morgan. Starwood also originally provided $155 million in project financing in early 2021.

February 22, 2023

Leasing Activity New York Northeast Office

evoJets Signs 3,982 SF Office Lease in Manhattan’s Gramercy Park Neighborhood

by Taylor Williams February 22, 2023

NEW YORK CITY — Private aviation services provider evoJets has signed a 3,982-square-foot office lease at 220 E. 23rd St. in Manhattan’s Gramercy Park neighborhood. The 13-story building was originally constructed in 1921 and is known as the Media Arts Building. Bill Korchak, Edward DiTolla and Henry Warner of JLL represented the landlord, A. Shalom Realty & Management Co., in the lease negotiations. Peter Johnson and Leah Zafra from Avison Young represented the tenant.

February 22, 2023

Acquisitions Connecticut Industrial New York Northeast Pennsylvania Top Stories

Centerbridge Partners, GIC Real Estate Agree to Acquire INDUS Realty Trust for $868M

by Kristin Harlow February 22, 2023

NEW YORK CITY — Affiliates of Centerbridge Partners LP and GIC Real Estate Inc. have entered into an agreement to acquire INDUS Realty Trust Inc. (Nasdaq: INDT) in an all-cash transaction valued at approximately $868 million. Participating members of INDUS’ board of directors have unanimously approved the deal. Under the terms of the merger agreement, INDUS stockholders will receive $67 per share in cash. That figure represents a premium of 17 percent to the company’s closing stock price on Nov. 25, the date of Centerbridge’s initial public announcement that it intended to issue a takeover offer with GIC to acquire INDUS. “The transaction delivers immediate and significant value to our stockholders, and we believe it validates the quality of the platform and portfolio we have built over INDUS’ long history,” says Michael Gamzon, president and CEO of INDUS. INDUS, a New York City-based industrial REIT, owns 42 buildings totaling roughly 6.1 million square feet in Connecticut, Pennsylvania, North Carolina, South Carolina and Florida. The deal is expected to close this summer and is subject to customary closing conditions. Upon completion of the transaction, INDUS’ common stock will no longer be listed on Nasdaq and INDUS will become a privately held …

February 22, 2023

Loans New York Northeast Retail

Berkshire Bank Provides $36.1M in Financing for Shopping Center in Poughkeepsie, New York

by Taylor Williams February 21, 2023

POUGHKEEPSIE, N.Y. — Berkshire Bank has provided $36.1 million in financing for The Shoppes at South Hills, a 512,218-square-foot shopping center located north of New York City in Poughkeepsie. Tenants at the property include grocer ShopRite, At Home, Ashley Furniture, Hobby Lobby and Christmas Tree Shops. The borrower, a partnership between Acadia Realty Trust and DLC Management, will use the proceeds to refinance and reposition the center. The nonrecourse loan carried a five-year term and a fixed interest rate. Mike Tepedino and Stephen Van Leer of JLL arranged the financing.

February 21, 2023

Loans New York Northeast Office

Largo Capital Arranges $28M Loan for Refinancing of Office Portfolio in Amherst, New York

by Taylor Williams February 21, 2023

AMHERST, N.Y. — Locally based commercial finance and advisory firm Largo Capital has arranged a $28 million loan for the refinancing of a portfolio of eight office properties totaling 350,000 square feet in the upstate New York community of Amherst. Jack Phillips of Largo Capital originated the financing, which was structured with a 10-year term and a fixed interest rate. The name of the locally based borrower and developer was not disclosed.

February 21, 2023

Leasing Activity New York Northeast Retail

LOOK Dine-In Cinemas to Open Eight-Screen Theater in West Manhattan

by Taylor Williams February 20, 2023

NEW YORK CITY — Luxury moviegoing concept LOOK Dine-In Cinemas will open an eight-screen theater at 625 West 57th Street in Manhattan. The space spans 25,000 square feet within the 32-story residential building, which is owned by The Durst Organization. The venue will be the first in New York City for LOOK Dine-In Cinemas. Theaters will range in size from 20 to 172 seats to support small screenings and major premieres. Eric Engelhardt, Ashlea Aaron and Karen Rose internally represented the landlord in the lease negotiations. Beth Rosen of RIPCO and Joseph Harbor HWGA Group represented the tenant. An opening date was not disclosed.

February 20, 2023

Leasing Activity New York Northeast Office

Law Firm Signs 16,375 SF Office Lease at 250 Broadway in Lower Manhattan

by Taylor Williams February 20, 2023

NEW YORK CITY — Law firm Pollack, Pollack, Isaac & DeCicco has signed a 16,375-square-foot office lease at 250 Broadway in Lower Manhattan. The 648,000-square-foot building recently underwent a lobby remodel and expansion. Anne Holker, Charles Borrok, Jonathan Fales, Frank Cento, Jonathan Fein and Michelle Mean of Cushman & Wakefield represented the landlord, AmTrust RE, in the lease negotiations. Eric Zemachson of Newmark represented the tenant.

February 20, 2023

Affordable Housing Loans Multifamily New York Northeast

Partnership Receives $100M Loan for Refinancing of Brooklyn Affordable Housing Complex

by Taylor Williams February 17, 2023

NEW YORK CITY — A partnership between The Community Preservation Corp. and Proto Property Services has received a $100 million loan for the refinancing of Riverdale Osborne Towers, a 525-unit affordable housing complex in Brooklyn. The property comprises four nine-story buildings, a preschool and 10,500 square feet of retail space. The partnership originally acquired the property in 2007 and immediately implemented a $39 million capital improvement program. A portion of the proceeds of this loan, which was originated by Rockport Mortgage Corp. through HUD’s 223(f) program, will also be used to fund renovations of kitchens and bathrooms and preserve the property’s affordability status.

February 17, 2023

Acquisitions Multifamily New York Northeast

Largo Capital Arranges Sale of 53-Unit Multifamily Property in Rochester, New York

by Taylor Williams February 15, 2023

ROCHESTER, N.Y. — Locally based commercial finance and advisory firm Largo Capital has arranged the sale of a 53-unit multifamily property in the upstate New York city of Rochester. The sales price was $9.7 million. The property offers two-bedroom townhomes and was fully occupied at the time of sale. Kevin Coscia of Largo Capital brokered the deal. The buyer and seller were not disclosed.

February 15, 2023

Leasing Activity New York Northeast Office

Serendipity Labs to Open 41,000 SF Flexible Office Space in Midtown Manhattan

by Taylor Williams February 15, 2023

NEW YORK CITY — Serendipity Labs, a provider of flexible workspace solutions, will open a 41,000-square-foot space at 205 East 42nd Street, a 532,000-square-foot building in Midtown Manhattan. The lease term is 10 years. The space encompasses three floors and can support up to 450 desks and 100 people. Robert Becker and Lauren Ferrentino internally represented the landlord, The Durst Organization, in the lease negotiations. Michael Berman of JLL represented Serendipity Labs. An opening date was not disclosed.

February 15, 2023

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