NEW YORK CITY — Locally based brokerage firm TerraCRG has negotiated the $42.5 million sale of a multifamily development site located at 575 Grand St. in the Williamsburg neighborhood of Brooklyn. The site spans 27,500 square feet and half a city block and can support up to 110,000 buildable square feet. Daniel Lebor and Dan Marks of TerrraCRG represented the undisclosed buyer in the transaction. The seller was also not disclosed.
NEW YORK CITY AND AUSTIN, TEXAS — CBRE Investment Management and facility operator William Warren Group have acquired a 64-property self-storage portfolio for $588 million. Austin-based World Class Holdings was the seller. The self-storage portfolio includes over 4.1 million rentable square feet across 10 states including Texas, Ohio, Illinois, Colorado, Missouri, Mississippi, Tennessee, Indiana, New York and Nevada. The properties include a total of 28,601 units. The self-storage properties will now operate under the StorQuest brand. The facilities were previously operated by Great Value Storage. The assets are primarily single-story drive-up units. The portfolio was 82 percent leased at the time of sale. “We expect these assets to add significant value to our investment stack given the high demand for self-storage facilities across multiple markets and end-users amid the pandemic,” says Justin Shanahan, deputy portfolio manager for CBRE Investment Management. “This specific portfolio offered a unique opportunity to acquire a diverse collection of facilities in various states that have strong population demographics. We believe that the portfolio is well-positioned to continue its robust leasing momentum and yield long-term profitability.” With this transaction, CBRE Investment Management, a New York City-based global real estate assets investment management firm and affiliate of Dallas-based …
SARATOGA SPRINGS, N.Y. — Commercial finance and advisory firm Axiom Capital Corp. has arranged a $13.5 million loan for the refinancing of a 63-unit multifamily property in the upstate New York city of Saratoga Springs. The unnamed property includes 5,423 square feet of commercial space. Axiom Capital arranged the nonrecourse loan, which was structured with a 10-year term and a fixed interest rate, on behalf of the undisclosed borrower. The direct lender was also undisclosed.
NEW YORK CITY — Avison Young has negotiated the $10.5 million sale of a 15,540-square-foot office and retail building located at 206 Spring St. in Manhattan’s So District. The five-story building houses tenants such as Korean restaurant The Woo and cosmetic dentistry firm SoHo Smile. James Nelson, Brandon Polakoff, Eric Karmitz and Bradley Rothschild of Avison Young represented the seller, locally based investment firm Corigin, in the transaction. The team also procured the undisclosed buyer.
NEW YORK CITY — Marcus & Millichap has brokered the $9.6 million sale of a 28,000-square-foot civic building located at 555 Remsen Ave. in the East Flatbush neighborhood of Brooklyn. Jakub Nowak and Thomas Brennan represented the undisclosed seller in the transaction. Yossi Hackner of Sapphire Realty represented the buyer, a religious institution that also requested anonymity.
NEW YORK CITY — Locally based lender Lightstone Capital has provided a $52 million loan for the refinancing of a portfolio of two Manhattan office buildings totaling approximately 152,000 square feet. The buildings are located at 28 W. 36th St. and 32-36 W. 39th St. in the Midtown South neighborhood and respectively total 66,000 and 86,000 square feet. Both properties include ground-floor retail space, and the second building is being converted from an office rental to condo usage, with sales set to begin in the third quarter. The borrower was R&B Realty Group.
NEW YORK CITY — Commercial finance and advisory firm Axiom Capital Corp. has arranged a $25 million loan for the refinancing of an 86,931-square-foot shopping center in the College Point area of Queens. The grocery-anchored property sits on an eight-acre site. The first building was constructed in 1992 and totals 77,649 square feet. The second building was delivered in 2019-2020 and spans 9,282 square feet. An undisclosed life insurance company provided the loan to a commercial investor that also requested anonymity.
ALBANY, N.Y. — Massachusetts-based WS Development has acquired Stuyvesant Plaza, a 240,000-square-foot shopping center in Albany that houses more than 60 retailers and restaurants. The property was originally built in 1959. The seller was an entity doing business as Stuyvesant Plaza Inc. The new ownership plans to implement a value-add program.
NEW YORK CITY — Greystone has provided a $9.7 million loan for the refinancing of a 24-unit multifamily portfolio in the Williamsburg neighborhood of Brooklyn. The properties were originally built between 2006 and 2008 and offer one-, two- and three-bedroom units. The nonrecourse loan carries a 10-year term and a 30-year amortization schedule, with two years of interest-only payments and a 74 precent loan-to-value ratio. Jason Yuen of Greystone originated the financing.
ITHACA, N.Y. — Locally based healthcare provider Cayuga Health has purchased a 108,000-square-foot space at The Shops at Ithaca Mall in upstate New York. The provider has occupied the space since March 2020 as a COVID-19 testing center. Cayuga Health plans to consolidate some of its existing practices into this location, as well as to lease out some of the space to new vendors. The seller was a partnership that includes two Long Island-based investment firms, Mason Asset Management and Namdar Realty Group.