New York

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

Acquisitions Multifamily New York Northeast Top Stories

A&E Real Estate Acquires Apartment Tower in Manhattan from Equity Residential for $266M

by John Nelson April 11, 2022

NEW YORK CITY — A&E Real Estate, a private multifamily investment and management firm based in New York City, has purchased 140 Riverside Boulevard, a luxury 354-unit apartment tower on the Upper West Side of Manhattan. Equity Residential (NYSE: EQR), a multifamily REIT based in Chicago, sold the 28-story community for $266 million. Darcy Stacom and Ryan Silber of CBRE represented Equity Residential in the sale. Built in 2002, the apartment tower features controlled access, a doorman, fitness center, interior courtyard, multiple tenant lounges, onsite management, package services, storage space and concierge services. The property is situated opposite Riverside Park South, a New York City park that fronts the Hudson River. Additionally, the community includes commercial space currently leased to New York Cat Hospital, a veterinarian’s clinic, and Dwight School, a private school catering to pre-K and kindergarten students. “140 Riverside Boulevard is a stand-out in the New York market, situated both waterfront and park-front with direct access to the Hudson River Park system,” says Stacom. “The property has been meticulously maintained and is truly excellent real estate — as this transaction validates.” Founded in 2011, A&E Real Estate began with the acquisition of a 49-unit apartment community in Brooklyn. …

April 11, 2022

Development Multifamily New York Northeast

Ekstein Tolbert Underway on $76M Mixed-Income Housing Project in Brooklyn

by Taylor Williams April 8, 2022

NEW YORK CITY — Locally based firm Ekstein Tolbert Development is underway on construction of a $76 million multifamily project located at 1333 Broadway in Brooklyn’s Bushwick neighborhood. The 20-story, 107-unit building will ultimately house three levels of commercial space and a unit mix that comprises 30 percent affordable units and 70 percent market-rate apartments. Amenities will include a gym, package handling room and onsite laundry facilities. JLL arranged an undisclosed amount of construction financing through Santander Bank on behalf of Ekstein Tolbert. In addition, JLL negotiated the sale of a majority equity stake in the project to private equity firm Standard Real Estate Investments.

April 8, 2022

Acquisitions Multifamily New York Northeast Student Housing

Champion Real Estate Buys Student Housing Community Near Syracuse University for $65M

by Taylor Williams April 7, 2022

SYRACUSE, N.Y. — Champion Real Estate Co. has purchased Campus Hill Apartments, a 715-bed student housing community near Syracuse University, for $65 million. The property offers fully furnished units across 51 buildings. The community will be rebranded Victory at Syracuse and is set to undergo renovations imminently. Victory House Syracuse LLC, a subsidiary of Champion, will oversee community upgrades, including fresh paint and the addition of vinyl plank flooring, new cabinetry, quartz countertops, stainless steel appliances and modern fixtures. Ken Wellar and Douglas Sitt of Rittenhouse Realty represented Champion and the undisclosed seller in the transaction.

April 7, 2022

Development Healthcare New York Northeast Retail

Simone Development Acquires Medical Office, Retail Complex in The Bronx for $32M

by Taylor Williams April 7, 2022

NEW YORK CITY — Locally based investment firm Simone Development has acquired Triangle Plaza Hub, a 50,000-square-foot medical office and retail complex located in the Mott Haven neighborhood of The Bronx. The sales price was $32 million. Triangle Plaza Hub was built in 2015 and was 97 percent leased at the time of sale, with grocer Fine Fare and Sun River Health serving as the anchor tenants. Other tenants include DaVita, Dunkin’, Boston Market and VistaSite Eyecare. Steven Rutman, Rob Hinckley, Karl Brumback, Andrew Scandalios and Madison Warwick of JLL represented the seller, Triangle Equities, in the transaction.

April 7, 2022

Development Loans New York Northeast Retail

JLL Arranges $230M Loan for Refinancing of Lionsgate Studios Yonkers

by Taylor Williams April 5, 2022

YONKERS, N.Y. — JLL has arranged a $230 million loan for the refinancing of Lionsgate Studios Yonkers, a 500,000-square-foot film production studio located on the northern outskirts of New York City. Proceeds will retire construction debt that financed Phase I of the studio’s development, which was completed in January. The borrower, a partnership between Connecticut-based National Resources and Great Point Capital Management, a media investment fund based in the United Kingdom, is also planning a $500 million expansion. When complete, the studio will house 11 soundstages — eight 20,000-square-foot stages, two 10,000-square-foot stages and a 30,000 square-foot stage — and will be the largest modern-built film and television production campus in the Northeast. The property will also include parking for more than 750 cars and 100 trucks. Michael Zaremski, Michael Shmuely, John Flynn and Jimmy Cochran of JLL arranged the five-year loan.

April 5, 2022

Leasing Activity New York Northeast Office

TPG Architecture Signs 40,431 SF Office Lease Renewal in Midtown Manhattan

by Taylor Williams April 5, 2022

NEW YORK CITY — TPG Architecture has signed a 40,431-square-foot office lease renewal at 132 West 31st Street in Midtown Manhattan’s Penn Plaza district. The lease term is seven years. The property was built in the 1920s and recently renovated to feature an upgraded lobby, meeting rooms and elevators, as well as new food and beverage concepts. Mitchell Konsker, Matthew Astrachan, Kyle Young and Thomas Swartz of JLL represented the landlord, Vanbarton Group, in the lease negotiations. CBRE’s Mark Ravesloot, Michael Monahan and William Iacovelli represented the tenant.

April 5, 2022

Leasing Activity New York Northeast Office

Sigma Computing Signs 15,500 SF Office Lease in Midtown Manhattan

by Taylor Williams April 4, 2022

NEW YORK CITY — Sigma Computing Inc., a provider of data analytics software, has signed a 15,500-square-foot office lease at Zero Irving, a 21-story building in Midtown Manhattan. The tenant will occupy space on the ninth floor of the for five years. Jeff Rodgers, Stephen Cisarik and Brent Ozarowski of Newmark represented Sigma Computing in the lease negotiations. JLL represented the landlord, a partnership between RAL Development and Junius Real Estate Partners.

April 4, 2022

Acquisitions Industrial New York Northeast Self-Storage

Storage Post Buys Four New York Self-Storage Facilities Totaling 3,900 Units

by Taylor Williams April 1, 2022

NEW YORK — Atlanta-based self-storge investment firm Storage Post has acquired four facilities totaling 3,900 units in the New York City area. Specifically, the properties, which span more than 370,000 gross square feet, are located in Garden City, Floral Park, Huntington Station and Yorktown Heights. Storage Post has operated the facilities on behalf of the seller, an undisclosed institutional investor, since 2016 and will continue to do so following the change in ownership.

April 1, 2022

Newer Posts

Older Posts