New York

Blackstone Agrees to Acquire Resource REIT in $3.7B Cash Deal

by Taylor Williams January 24, 2022

NEW YORK CITY AND PHILADELPHIA — Blackstone Real Estate Income Trust Inc. (BREIT) has agreed to acquire Resource REIT, a publicly registered, non-traded REIT based in Philadelphia, for $3.7 billion in an all-cash transaction. Under the terms of the deal, BREIT will acquire all of the outstanding shares of common stock of Resource REIT for $14.75 per share, including the assumption of existing debt. The transaction is expected to close in the second quarter. Resource REIT’s portfolio currently consists of 42 garden-style apartment communities totaling more than 12,600 units across 13 states, including Arizona, Colorado, Florida, Georgia and Texas. “This transaction represents a continuation of our high-conviction investing in top-quality multifamily communities in growth markets across the country,” says Asim Hamid, senior managing director at Blackstone. “We intend to capitalize on our expertise, scale and management practices to ensure these properties are well maintained and provide an exceptional experience for residents.” Lazard Frères & Co. LLC is acting as exclusive financial advisor to Resource REIT, and DLA Piper LLP is acting as the firm’s legal counsel. BofA Securities, BMO Capital Markets Corp., Eastdil Secured Advisors LLC and RBC Capital Markets LLC are acting as financial advisors to BREIT. Simpson Thacher …

January 24, 2022

Development Loans Multifamily New York Northeast

Parkview Financial Funds $66M Construction Loan for Brooklyn Multifamily Project

by Taylor Williams January 21, 2022

NEW YORK CITY — Los Angeles-based Parkview Financial has funded a $66 million construction loan for a 131-unit multifamily project that will be located at 57 Caton Place in Brooklyn. About 25 percent (33) of the units will be reserved as affordable housing. Residences will come in studio, one-, two- and three-bedroom formats, and amenities will include a fitness center, game room and coworking space. The borrower is an affiliate of locally based developer Aview Equities. Gene Kaufman Architect is designing the project, and Jun’s Construction Inc. is the general contractor. Completion is slated for January 2024.

January 21, 2022

Development New York Northeast Retail

Federal Realty to Undertake $75M Redevelopment of Long Island Shopping Center

by Taylor Williams January 19, 2022

HUNTINGTON STATION, N.Y. — Federal Realty Investment Trust (NYSE: FRT) will undertake a $75 million redevelopment of Huntington Shopping Center, a 21-acre shopping center in the Long Island community of Huntington Station. Enhancements to the center will include updated facades; reconstructed parking lots; new landscaping and walkways; the development of two pad sites; and the addition of outdoor seating areas. In addition, Whole Foods Market will open a new store as part of the redevelopment. The center currently houses tenants such as PetSmart, Ulta Beauty and Michaels, all of which will remain open during construction. The site will span 277,000 square feet upon completion of the redevelopment, which is slated for 2024.

January 19, 2022

Affordable Housing Loans Multifamily New York Northeast

Greystone Provides $59.5M Acquisition Loan for Staten Island Affordable Housing Property

by Taylor Williams January 19, 2022

NEW YORK CITY — Greystone has provided a $59.5 million bridge loan for the acquisition of Seaview Estates, a 316-unit affordable housing property in Staten Island. The property offers amenities such as landscaped courtyards, a fitness center and onsite laundry facilities. Miryam Reinitz-Kops of Greystone originated the 24-month, interest-only loan on behalf of the borrower, locally based investment and management firm Iris Holdings Group. Information about specific income restrictions was not disclosed.

January 19, 2022

Leasing Activity New York Northeast Office

Suffolk County Social Services Signs 38,555 SF Office Lease in Riverhead, New York

by Taylor Williams January 19, 2022

RIVERHEAD, N.Y. — The Suffolk County Department of Social Services has signed a 38,555-square-foot office lease at East End Commons, a 187,528-square-foot shopping center located in the Long Island community of Riverhead. The tenant will occupy a portion of a 108,720-square-foot building previously occupied by Kmart. Nick Dries and Randall Briskin of The Feil Organization negotiated the 20-year lease. BJ’s Wholesale Club anchors the center.

January 19, 2022

Acquisitions Development Hospitality Multifamily New York Northeast

Emmut Properties Acquires Excelsior Hotel in Manhattan for $80M, Plans Multifamily Conversion

by Taylor Williams January 18, 2022

NEW YORK CITY — Locally based investment firm Emmut Properties has acquired the 126-room Excelsior Hotel, located at 45 W. 81st St. in Manhattan, for $80 million. The new ownership plans to convert the property, which was built in the 1920s but has been closed since April 2020, into a 134-unit multifamily building. Chinmay Bhatt, Noam Franklin and Cody Kirkpatrick of Berkadia arranged acquisition financing through Franklin BSP Realty Trust for the deal.

January 18, 2022

Leasing Activity New York Northeast Office

Feil Organization Signs Four New Tenants to Long Island Office Building

by Taylor Williams January 17, 2022

LEVITTOWN, N.Y. — The Feil Organization has signed a quartet of new leases totaling approximately 12,000 square feet at 3601 Hempstead Turnpike, a, 95,450-square-foot office building in the Long Island hamlet of Levittown. The property was built in 1970 and renovated in 2008-2009. Timothy Parlante of The Feil Organization represented the landlord in the lease negotiations. The new tenants include private equity firm Phoenix Capital Partners, which inked a deal for 1,900 square feet, and Independent Physical Exam Referrals, which agreed to lease 2,892 square feet. In addition, City Property USA NY signed a lease for 5,829 square feet. Move-ins will occur later this year.

January 17, 2022

Development Multifamily New York Northeast

Grubb Properties to Develop 173-Unit Multifamily Project in Hempstead, New York

by Taylor Williams January 14, 2022

HEMPSTEAD, N.Y. — Charlotte, N.C.-based Grubb Properties, in partnership with First Street Capital, will develop a 173-unit multifamily project within a Qualified Opportunity Zone in the Long Island community of Hempstead. Grubb Properties will operate the community, which will include 2,500 square feet of commercial space, under its Link brand. About 10 percent (17) of the units will be designated as affordable housing. Construction is scheduled to begin in the third quarter, and initial occupancy is slated for the third quarter of 2024. Grubb Properties is also underway on Link-branded projects in Manhattan’s Financial District and in the Long Island City area of Queens.

January 14, 2022

Acquisitions Industrial New York Northeast

Realterm Acquires 130,000 SF Warehouse in Queens

by Taylor Williams January 14, 2022

NEW YORK CITY — Global logistics operator Realterm has acquired a 130,000-square-foot warehouse located in the Maspeth neighborhood of Queens. The building, which has 15 loading positions, sits on 5.2 acres at 50-35 56th Road, roughly five miles from LaGuardia Airport. The property was fully leased at the time of sale. Eastdil Secured represented the undisclosed seller in the transaction. Isaac Ilkhanov of Stelth Group represented Realterm.

January 14, 2022

Acquisitions Multifamily New York Northeast

CIM Group Sells Brooklyn Apartment Community for $220M

by Taylor Williams January 13, 2022

NEW YORK CITY — Los Angeles-based investment firm CIM Group, in partnership with locally based developer LIVWRK, has sold a 320-unit apartment community located at 85 Jay St. in Brooklyn’s Dumbo neighborhood for $220 million. The community is part of a larger development that includes 407 for-sale condos, 140,000 square feet of retail space that is anchored by a 77,000-square-foot Life Time Fitness and a 660-space parking garage. New York City-based RXR Realty purchased the rental complex. CIM Group has retained ownership of the condos and retail space.

January 13, 2022

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