New York

JLL Arranges $49M Acquisition Loan for Brooklyn Industrial Development Site

by Taylor Williams February 14, 2022

NEW YORK CITY — JLL has arranged a $49 million loan for the acquisition of a two-acre industrial development site in Brooklyn. The borrower, a partnership between Turnbridge Equities and Dune Real Estate Partners LP, plans to develop an 80,000-square-foot facility at the site using a portion of the proceeds from this loan. The project will also include 92,000 square feet of covered and rooftop parking space. Christopher Peck and Peter Rotchford of JLL arranged the loan through Starwood Property Trust.

February 14, 2022

Acquisitions Multifamily New York Northeast

CBRE, Newmark Broker Sale of 156-Unit Deerfield Place Apartment Complex in Utica, New York

by Taylor Williams February 14, 2022

UTICA, N.Y. — CBRE and Newmark have brokered the sale of Deerfield Place, a 156-unit apartment complex located in the upstate New York community of Utica. The property was built in 2016 and offers amenities such as a pool, resident lounge, fitness center, conference room and a dog park. Jeff Dunne and Eric Apfel of CBRE, in conjunction with Gene Pride and Jamie Thelwell of Newmark, represented the seller, New York-based United Group of Cos., in the transaction. The quartet also procured the buyer, an undisclosed, publicly traded REIT.

February 14, 2022

Leasing Activity New York Northeast Office

Bentex Group Signs 48,881 SF Office Lease in Manhattan

by Taylor Williams February 14, 2022

NEW YORK CITY — Bentex Group, a consortium of companies that provides electronics, pet supplies and home décor products, has signed a 48,881-square-foot office lease at 34 W. 33rd St. in Manhattan. The 12-story building was originally constructed in 1908. David Levy and Brett Maslin of Adams & Co. represented the landlord, Arcade Building Associates, in the lease negotiations. Michael Beyda of Benchmark Properties represented the tenant.

February 14, 2022

Loans Multifamily New York Northeast

Ready Capital Closes $16.5M Acquisition Loan for Multifamily Asset in New York City

by Taylor Williams February 11, 2022

NEW YORK CITY — Locally based direct lender Ready Capital has closed a $16.5 million loan for the acquisition, renovation and stabilization of an 81-unit multifamily property in the Murray Hill submarket of New York City. The nonrecourse, interest-only loan carried a 36-month term, floating interest rate and two extension options. Upon acquisition, the undisclosed sponsor will execute a sale-leaseback of the ground and implement a capital improvement plan to renovate units and upgrade common areas.

February 11, 2022

Development Multifamily New York Northeast Seniors Housing

Chelsea Senior Living Completes Expansion Project in Yaphank, New York

by Taylor Williams February 11, 2022

YAPHANK, N.Y. — Chelsea Senior Living has completed an assisted living and memory care expansion project at The Chelsea at Brookhaven, located in the Long Island hamlet of Yaphank. The number of units was not disclosed. While the community’s independent living portion has been open for the past two years, the assisted living and memory care building next door recently received licensing approval from the state.

February 11, 2022

Leasing Activity New York Northeast Retail

Hobby Lobby to Open 42,768 SF Store at Staten Island Mall

by Taylor Williams February 11, 2022

NEW YORK CITY— Hobby Lobby will open a 42,768-square-foot store within a former Babies ‘R’ Us store at The Crossing, a strip center that is part of Staten Island Mall. The store, which is scheduled to open in the first quarter of 2023, will be the Oklahoma-based retailer’s first in New York City. Brian Katz and Daniel DePasquale of Katz & Associates, along with Graeme Keith of The Keith Corp., represented Hobby Lobby in its site selection and lease negotiations. Alex Varon represented the landlord, Brookfield Properties, on an internal basis.

February 11, 2022

Acquisitions Multifamily New York Northeast Student Housing

Harrison Street Buys Majority Stake in Upstate New York Student Housing Community

by Taylor Williams February 10, 2022

ROCHESTER, N.Y. — Harrison Street has acquired a majority ownership interest in APEX, a student housing community located across the street from the Rochester Institute of Technology in upstate New York. The seller, Michaels, has retained a 2 percent ownership in the property and will continue to oversee operations. The community offers one-, two-, four- and five-bedroom units. Shared amenities include an e-sports arena, outdoor fire pits, a virtual reality studio, electric car charging stations, dual hot tubs, ingenuity labs and a pet spa.

February 10, 2022

Development New York Northeast

Moinian Group Breaks Ground on 200,000 SF Spec Office Project in Manhattan

by Taylor Williams February 9, 2022

NEW YORK CITY — Locally based developer The Moinian Group has broken ground on The Hudson Arts Building, a 200,000-square-foot speculative office project in Manhattan. The project was originally announced in February 2020, but construction was delayed, making it Manhattan’s first office building to be developed on a speculative basis since the COVID-19 pandemic began. Designed by Studios Architecture, the 10-story building will be located across the street from the Hudson River in the Chelsea neighborhood. The building will offer a lounge area, fitness center, dog park, dedicated bicycle room and shower area and 15,250 square feet of outdoor amenity space, including a 12,400-square-foot rooftop terrace. The development team expects the first tenants to be able to take occupancy by early 2024. JLL will market the property for lease.

February 9, 2022

Acquisitions Industrial New York Northeast

Realterm Acquires Two Warehouses Totaling 307,275 SF in Blauvelt, New York

by Taylor Williams February 9, 2022

BLAUVELT, N.Y. — Global logistics operator Realterm has acquired two warehouses totaling 307,275 square feet within Hudson Crossing Industrial Park in Blauvelt, about 30 miles north of Manhattan. The building at 200-400 Oritani Road sits on 21.8 acres and totals 175,775 square feet, and the building at 100 Oritani Road spans 131,500 square feet and is situated on 10.2 acres. Both warehouses feature a combination of drive-in and dock-high loading positions. Brian Fiumara of CBRE brokered the deal on behalf of the undisclosed seller. The sales price was also not disclosed.

February 9, 2022

Industrial Loans New York Northeast Self-Storage

Talonvest Capital Arranges $27.4M Loan for Refinancing of Brooklyn Self-Storage Facility

by Taylor Williams February 9, 2022

NEW YORK CITY — Talonvest Capital Inc., a California-based boutique financial advisory firm, has arranged a $27.4 million loan for the refinancing of a self-storage facility located at 2727 Knapp St. in Brooklyn. Kim Bishop, Jim Davies, David DiRienzo, Tom Sherlock and Thalia Tovar of Talonvest Capital arranged the nonrecourse financing through an undisclosed investment management fund on behalf of the borrower, a partnership between Clark Investment Group, Metro Storage LLC and Goodfriend Self-Storage. The loan carried a three-year term, floating interest rate and two 12-month extension options.

February 9, 2022

Newer Posts

Older Posts