HARRISON, N.Y. — Locally based brokerage firm Alpha Realty has negotiated the $21.5 million sale of Harrison Playhouse Lofts, a 36-unit apartment complex located north of New York City. The site formerly housed a movie theater, and the complex features one-, two- and three-bedroom units, as well as 5,000 square feet of retail space. Lev Mavashev and Shai Egison of Alpha Realty represented the seller, Verco Properties, in the off-market deal. The duo also procured an undisclosed, locally based private investor as the buyer.
NEW YORK CITY — Financial technology firm iCapital has signed a 59,228-square-foot office lease expansion at One Grand Central Place in Manhattan. The company’s total footprint at the building now spans 141,224 square feet across six floors. Lauren Crowley Corrinet, Al Golod and Christopher Hogan of CBRE represented iCapital in the lease negotiations. Erik Harris, Neil Rubin, Scott Klau and William Cohen of Newmark, along with internal agent Jordan Berger, represented the landlord, Empire State Realty Trust.
NEW YORK CITY — Newmark has arranged $175 million in debt and equity financing for Park 53, a 129,000-square-foot boutique office building in Midtown Manhattan. The financing consists of a $120 million acquisition loan and $55 million in equity from Acres Capital. The 20-story building was originally constructed in 1991 as the New York City headquarters of Santander Bank. The borrower, a joint venture between ZG Capital Partners and Rialto Capital Management, plans to upgrade the lobby and elevators, activate outdoor gathering spaces and add two amenity centers. Dustin Stolly, Jordan Roeschlaub, Daniel Fromm, Eden Abraham and Michael Dorfman led the transaction for Newmark.
FARMINGVILLE, N.Y. — BRP Cos. has begun construction of The Arboretum at Farmingville, a 292-unit multifamily project that will be located on Long Island. The development, which will span 62 acres and is set to be complete in spring 2025, will offer apartments, lofts, townhouses and single-family homes. Lastly, the property will include 7,500 square feet of space for amenities such as a pool, clubhouse, fitness center, yoga rooms, walking trails and picnic areas. BRP Cos. is developing the project in partnership with funds managed by BlackRock Alternative Investors. Rob Hinckley, Geoff Goldstein, Jeffrey Julien and Nicco Lupo of JLL arranged $91 million in floating-rate construction financing through Santander Bank for the project and advised on the equity portion of the capital stack.
NEW YORK CITY — Berkley Insurance Co. has signed a 60,000-square-foot office lease renewal at 757 Third Avenue, a 504,953-square-foot building in Midtown Manhattan. The new lease term is eight years, and the space spans the 10th and 11th floors. The 26-story building offers tenant amenities such as a lounge, full kitchen, pantry, coffee bar, wellness club and conference space. Mitchell Konsker, Clark Finney, Simon Landmann and Lance Yaskinsky of JLL represented the landlord, institutional investment firm BentallGreenOak, in the lease negotiations. Tom Gibson of Newmark represented the tenant.
NEW YORK CITY — CBRE has brokered the $415 million sale of 160 Riverside Boulevard, a 455-unit multifamily building on Manhattan’s Upper East Side. The building sits between West 67th and West 68th streets and overlooks the Hudson River. According to Apartments.com, the property offers studio, one-, two- and three-bedroom units that range in size from 498 to 1,797 square feet and amenities such as a fitness center, clubhouse, package handling system and a playground. Darcy Stacom led a CBRE team that represented the seller, Equity Residential, in the transaction. The buyer was locally based investment firm A&E Real Estate. Square Mile Capital Management provided $285.8 million in acquisition financing for the deal.
NEW YORK CITY — Newmark has arranged a $61.2 million acquisition loan for a portfolio of three multifamily properties totaling 94 units in Manhattan’s Chelsea neighborhood. The pre-war buildings are located at 301 W. 22nd St., 300 W. 21st St. and 229 W. 20th St. Dustin Stolly, Jordan Roeschlaub, Daniel Fromm, Dan Morin and Andrew Harwood of Newmark arranged the loan through Slate Asset Management on behalf of the borrower, Slate Property Group. The new ownership plans to upgrade unit interiors and modernize the buildings’ façades, lobbies and common areas.
NEW YORK CITY — German discount grocer Lidl will open a 35,000-square-foot grocery store at Queens Place Mall, located in the borough’s Elmhurst neighborhood. The grocer will backfill a space previously occupied by Designer Shoe Warehouse, whose lease expires in August. Diana Boutross, Ian Lerner and Alan Schmerzler of Cushman & Wakefield represented the landlord, Madison International Realty, in the lease negotiations. Kenneth Schuckman of Schuckman Realty represented Lidl, which plans to open its store within the 440,000-square-foot mall in the first quarter of 2024.
NEW YORK CITY — A joint venture between two New York City-based firms, DRA Advisors and KPR Centers, has sold 16 grocery-anchored shopping centers totaling roughly 1.5 million square feet that are located throughout the Northeast and Mid-Atlantic region. The sale occurred in conjunction with the joint venture’s acquisition of 33 grocery-anchored shopping centers throughout the region from Cedar Realty Trust for $879 million. The centers were sold to Baltimore-based Klein Enterprises, Kimco Realty Trust and an affiliate of KPR Centers for undisclosed amounts. Chris Angelone of JLL represented the seller in this transaction. The joint venture intends to hold and manage the remaining centers acquired from Cedar Realty Trust, which currently have a collective occupancy rate of 93 percent.
WEST HAVERSTRAW, N.Y. — An affiliate of locally based investment and management firm Northeast Capital Group has purchased Samsondale Plaza, a 156,185-square-foot shopping center in West Haverstraw, about 35 miles north of New York City, for $26.5 million. Anchored by grocer Stop & Shop, the property also houses tenants such as Dollar Tree, Advance Auto, Sports Clips and Sally Beauty Supply. Jose Cruz, J.B. Bruno, Steve Simonelli, Michael Oliver, Kevin O’Hearn, Austin Pierce and Andrew Scandalios of JLL represented the seller, a joint venture between investment and development firm Mark Holdings and Connecticut-based Paragon Realty Group, in the transaction.