New York

JPMorgan Plans 60-Story Global Headquarters in Midtown Manhattan

by Julia Sanders April 15, 2022

NEW YORK CITY — JPMorgan has unveiled plans to build 270 Park Avenue, a 60-story skyscraper rising 1,388 feet in Midtown Manhattan, for the financial firm’s new global headquarters. Construction is scheduled for completion by the end of 2025. 270 Park Avenue replaces a previous building, which was designed in the late 1950s for about 3,500 employees. The new project will feature 2.5 million square feet of flexible and collaborative space. The asset will offer 2.5 times more outdoor space on the ground level of Park and Madison avenues, with wider sidewalks and a large public plaza. The office tower will also include a food hall, health and wellness center, communal spaces, HVAC filtration systems and a conference center. The property will be fully powered by renewable energy sourced from a New York State hydroelectric plant and will operate on net zero carbon emissions. The asset will include technology to help it run efficiently, including intelligent building systems that use sensors, AI and machine learning systems to adapt to energy needs; advanced water storage and reuse systems to reduce water usage by more than 40 percent; and automatic solar shades connected to HVAC systems for greater energy efficiency. JPMorgan is …

April 15, 2022

Affordable Housing Loans Multifamily New York Northeast

Merchants Capital Provides $104M in Financing for Manhattan Affordable Housing Community

by Taylor Williams April 15, 2022

NEW YORK CITY — Merchants Capital has provided $104 million in financing for Harlem River Houses I and II, a 690-unit affordable housing community located between West 151st and West 153rd streets in Manhattan. The buildings were constructed in the mid-1930s and were added to the National Register of Historic Places in 1979. The financing structure consists of a straight-to-permanent New York City Housing Development Corp. (NYCHDC) loan crafted by the NYCHDC, Freddie Mac and Merchants Capital. The borrower, a joint venture between the Settlement Housing Fund and West Harlem Group Assistance, will use a portion of the proceeds to fund capital improvements and preserve affordability. Upon completion of the renovation, the property will offer 693 apartments across eight residential buildings that will house more than 1,400 residents Renovations will include upgrades to apartments, common areas and elevators, as well as security and heating systems. Upgrades in units will include new kitchens, bathrooms, floors and appliances, along with updates to windows and building exteriors. Sidewalks, gardens and sculptures within the property grounds will be restored, and new playgrounds, benches and activity spaces will be installed. Additionally, all electrical, mechanical and plumbing systems will be renovated or replaced.

April 15, 2022

Acquisitions Multifamily New York Northeast

JLL Brokers Sale of 302-Unit Vitagraph Apartments in Brooklyn

by Taylor Williams April 15, 2022

NEW YORK CITY — JLL has brokered the sale of The Vitagraph, a 302-unit apartment community located in the Midwood neighborhood of Brooklyn. Constructed in 2019, the eight-story building features one-, two- and three-bedroom apartments with high-end finishes, in-unit washers and dryers and private terraces. Amenities include an indoor and outdoor kids’ play area, courtyard, 24-hour doorman service, business center, fitness center and a rooftop patio. Jeffrey Julien, Steven Rutman, Ethan Stanton, Rob Hinckley, Brendan Maddigan and Stephen Palmese of JLL represented the seller, New York City-based developer Northlink Capital, in the transaction. The buyer was a partnership between The Dermot Co., Principal Real Estate Investors and Dutch pension fund PGGM.

April 15, 2022

Leasing Activity New York Northeast Office

Avison Young Negotiates 41,937 SF Office Sublease at 195 Broadway in Manhattan

by Taylor Williams April 15, 2022

NEW YORK CITY — Avison Young has negotiated a 41,937-square-foot office sublease at 195 Broadway in downtown Manhattan. Lattice, a consulting firm focused on improving company cultures, will sublease the space at the 11-story building from Namely, a provider of human resources software. Brooks Hauf, Peter Johnson and Leah Zafra of Avison Young, along with Bryan Emanuel and John Diepenbrock of Raise Commercial Real Estate, represented the sublessee in the negotiations. Steve Rotter, Brett Harvey, Justin Haber and Kyle Riker of JLL represented the sublessor.

April 15, 2022

Loans Multifamily New York Northeast

MetLife Provides $70M Loan for Refinancing of Manhattan Apartment Tower

by Taylor Williams April 14, 2022

NEW YORK CITY — MetLife Investment Management has provided a $70 million permanent loan for the refinancing of 21 West Street, a 33-story apartment tower in Manhattan’s Financial District. The pet-friendly property offers 293 units in one-, two- and three-bedroom formats and amenities such as a fitness center, rooftop deck, community lounge with a playroom and catering kitchen and a 24-hour lobby attendant. Jonathan Schwartz, Adam Schwartz, Aaron Appel, Keith Kurland, Michael Ianno and Triston Stegal of Walker & Dunlop arranged the financing on behalf of the borrower, locally based owner-operator Rose Associates. The 12-year loan was structured with a fixed rate and interest-only payments for the entire term.

April 14, 2022

Loans New York Northeast Retail

Cronheim Mortgage Arranges $13M Loan for Refinancing of Long Island Retail Property

by Taylor Williams April 13, 2022

WOODBURY, N.Y. — New Jersey-based Cronheim Mortgage has arranged a $13 million loan for the refinancing of a 55,000-square-foot retail property on Long Island. Located along the Jericho Turnpike in the community of Woodbury, the property is fully occupied by grocer Stop & Shop. Andrew Stewart and Dev Morris of Cronheim Mortgage arranged the 10-year, nonrecourse loan, which carried a fixed interest rate and four years of interest-only payments. The borrower was full-service firm Woodpath Associates LLC. Texas-based Aurora National Life Assurance Co. provided the loan.

April 13, 2022

Development Multifamily New York Northeast

Breslin Realty to Develop 201-Unit Multifamily Project in Lynbrook, New York

by Taylor Williams April 12, 2022

LYNBROOK, N.Y. — Breslin Realty Development Corp. will build The Langdon, a 201-unit multifamily project that will be located in the Long Island community of Lynbrook. Located at 47 Broadway, the new development will replace the former Mangrove Feather factory, which has been vacant for 15 years. The Langdon will consist of 55 studios, 111 one-bedroom units and 35 two-bedroom apartments, as well as 2,000 square feet of ground-floor retail space and onsite parking for 205 vehicles. Construction is expected to begin within 60 days and to be complete in summer 2023. Lee Spiegelman, Mark DeLillo, Marc Schulder and Felipe Marin of BlueGate Partners arranged construction financing for the project, which carries a total price tag of $109 million, according to the debt placement team.

April 12, 2022

Civic Leasing Activity New York Northeast

Museum of Women to Open 25,000 SF Venue at 480 Broadway in Manhattan

by Taylor Williams April 12, 2022

NEW YORK CITY — The Museum of Women will open a 25,000-square-foot venue at 480 Broadway in Manhattan’s SoHo neighborhood. The museum will offer 14 interactive exhibits, as well as a commissary and gift shop. The short-term lease agreement will expire in January 2023. Richard Skulnik, Lindsay Zegans and Ben Sabin of RIPCO Real Estate represented the landlord, KPG Funds, in the lease negotiations. Josh Berger of Norman Bobrow & Co. represented the tenant.

April 12, 2022

Acquisitions Multifamily New York Northeast

JLL Negotiates $146M Sale of Long Island Apartment Community

by Taylor Williams April 11, 2022

LINDENHURST, N.Y. — JLL has negotiated the $146 million sale of The Wel, a 260-unit apartment community located in the Long Island community of Lindenhurst. Built in 2021, The Wel offers studio, one-, two- and three-bedroom units with an average size of 916 square feet. Residences are furnished with stainless steel appliances, stone countertops and individual washers and dryers. Amenities include a pool, fitness center, coworking space, game room, rooftop lounge, fire pits, a dog wash station and landscaped courtyards. Jose Cruz, Steve Simonelli, Andrew Scandalios, Michael Oliver, Kevin O’Hearn and Jason Lundy of JLL represented the seller, a joint venture between Tritec Real Estate Co. and an affiliate of Rockwood Capital, in the transaction. The buyer was Fairfield Properties.

April 11, 2022

Acquisitions Industrial New York Northeast Self-Storage

Storage Post Acquires Self-Storage Facility in Staten Island

by Taylor Williams April 11, 2022

NEW YORK CITY — Storage Post, an Atlanta-based self-storage owner-operator, has acquired a newly built facility located at 600 Richmond Terrace on Staten Island. The number of units was not disclosed, but the property spans approximately 148,000 square feet of net rentable climate-controlled space. The seller and sales price were also not disclosed.

April 11, 2022

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