NEW YORK CITY — Ariel Property Advisors has arranged an $8.7 million loan for the refinancing of a retail and hospitality portfolio in Manhattan’s Theater District. The fully occupied portfolio consists of two properties, both of which feature bars/restaurants that are owned and operated by the undisclosed borrower. In addition, the second property has a boutique hotel occupying floors three through six that is leased to a third-party operator. The direct lender and addresses of the property were also not disclosed. Ben Schlegel, Matt Swerdlow, Christoffer Brodhead and Rhea Vivek of Ariel originated the three-year loan.
NEW YORK CITY — State of Play Hospitality, an entertainment retail operator, has signed a 10,700-square-foot retail lease at 31 Union Square West in Manhattan with plans to open a Flight Club venue. Spanning the ground floor and basement of the property, the facility will offer darts-focused games with food-and-beverage options. Scheduled to open in 2025, this marks the ninth North America location for the brand. Blue Water Grill restaurant previously occupied the space.
NEW YORK CITY — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has arranged a $50 million loan for a 12-story, 144,000-square-foot office and retail property in Manhattan’s SoHo neighborhood. The newly renovated building spans a full city block from Broadway to Crosby Street in between Houston and Prince streets. Matthew Polci, Steven Buchwald and Rachael Krawiecki of IPA originated the loan through a partnership between Maxim Capital Group, Sabal Investment Holdings and GDS Brightstar. The borrower was a partnership between London-based Chelsfield Group and RAM Holdings.
WEST COXSACKIE, N.Y. — Regional investment firm Winstanley Enterprises has purchased Prime Logistics Center, a 333,386-square-foot industrial property in West Coxsackie, about 25 miles south of Albany. The 30.7-acre site is located within a larger industrial park, and the building previously housed the distribution operations of grocer Save A Lot. Building features include 61 loading docks, two drive-in doors and parking for 77 trailers and 216 passenger vehicles. The seller and sales price were not disclosed. Winstanley plans to make capital improvements and rebrand the property as Mid-Hudson Logistics Center.
HEMPSTEAD, N.Y. — Los Angeles-based PCCP has provided a $36 million senior loan for the acquisition of The Hub Shopping Center, a 248,569-square-foot retail property that sits on a 28-acre site in the Long Island community of Hempstead. The borrower was New York City-based Agus Holdings. Tenants at the center, which was 99 percent leased at the time of sale, include The Home Depot, Stop & Shop, Old Navy and AT&T. The seller and sales price were not disclosed.
NEW YORK CITY — Marcus & Millichap has brokered the $8.2 million sale of a 10-unit apartment building in Brooklyn. The five-story building at 29 Willow St. is located in the Brooklyn Heights area and was originally constructed in 1900. Shaun Riney and Michael Salvatico of Marcus & Millichap represented the seller and procured the buyer, both of which were private investors who requested anonymity, in the transaction.
NEW YORK CITY — Blackstone (NYSE: BX) has signed a 250,644-square-foot office headquarters lease expansion and extension at 345 Park Avenue in Midtown Manhattan. The private equity giant will soon occupy more than 1 million square feet across 28 floors at the 44-story, 1.9 million-square-foot building and has added an additional five years to its term. The extension will keep Blackstone, which originally took 70,000 square feet at 345 Park Avenue in 1988, in the building through 2034. Peter Riguardi, Joe Messina, Jessica Berkey, William McGarry, Hale King, Cynthia Wasserberger and Carlee Palmer of JLL, along with Jonathan Mechanic and Jen Yashar of Fried Frank, represented Blackstone in the lease negotiations. Tom Keating, Rob Steinman and Kevin Daly represented the landlord, Rudin, on an internal basis.
NEW YORK CITY — The École, an independent French-American bilingual school, will open a 46,000-square-foot elementary and middle school at 123 E. 23rd St. in Midtown Manhattan. The school will occupy a portion of the ground floor and the entire second and third floors of the 12-story building and will also have its own entrance. Michael Berger of Colliers brokered the lease negotiations. Williams Equities owns the building. The school is expected to open in advance of the fall 2025 semester.
VALHALLA, N.Y. — Westchester Medical Center Health Network has broken ground on The Critical Care Tower, a $220 million healthcare project that will be located on the provider’s campus in Valhalla, about 30 miles north of Manhattan. Dubbed the “Tower to Heal,” the five-story, 162,000-square-foot building will be situated adjacent to Westchester Medical Center’s main tower and will house 128 private patient rooms. The project is expected to create almost 800 construction jobs and about 125 permanent jobs. Completion is slated for 2026.
NEW YORK CITY — Charles Schwab & Co. (NYSE: SCHW) has signed a 23,000-square-foot office lease renewal in Midtown Manhattan. The financial services and advisory giant has been a tenant at the 45-story, 1.1 million-square-foot building at 1133 Avenue of the Americas since 2014, and this deal keeps the company on the 37th floor for another 11 years. Schwab was self-represented in the lease negotiations. Tom Bow, Rocco Romeo and Nora Caliban represented the landlord, The Durst Organization, on an internal basis.