NEW YORK CITY — Los Angeles-based Thorofare Capital has provided a $16.8 million acquisition loan for a 42,500-square-foot office and retail building located at 69-30 Austin St. in Queens. Ross Cumming of Ackman-Ziff Real Estate Capital Advisors placed the financing with Thorofare Capital. The borrower, a partnership between LTNG, Crown Acquisitions and Forest Hills Real Estate Group, plans to use a portion of the proceeds to fund capital improvements.
NEW YORK CITY — Shawmut Design & Construction has signed a 27,015-square-foot office lease at 488 Madison Avenue in Midtown Manhattan. The lease term is 15 years. The 23-story building was originally designed in 1949 and was known as the “The Look Building” for the defunct magazine that was its primary tenant until 1971. David Hollander and Jared Freede of CBRE represented the tenant represented the tenant in the lease negotiations. David Turino represented the landlord, The Feil Organization, on an internal basis.
YONKERS, N.Y. — Hapik, an indoor climbing concept, has opened a 10,000-square-foot gym in Yonkers, located north of New York City. The gym will be located in the Ridge Hill lifestyle center and will feature 50 different auto belay fun climbing walls ranging from beginner to advanced levels, two ropes courses and a snack bar. The gym is the fitness company’s third in the United States and its 25th worldwide, with 15 in France and seven in the United Kingdom.
NEW YORK CITY — Locally based brokerage firm Ariel Property Advisors has arranged the $11.5 million sale of two New York City multifamily buildings. The 10-unit building at 246 W. 108th St. on Manhattan’s Upper West Side sold for $5.8 million, and the 11-unit building at 369 W. 126th St. in Harlem sold for $5.7 million. Shimon Shkury, Victor Sozio, Howard Raber and Mark Anderson of Ariel Property Advisors brokered the first deal. Sozio, James Nestor and Evan Hirsch of Ariel negotiated the second transaction. The buyers and sellers were not disclosed.
NEW YORK CITY — Corporate communications and public relations firm Prosek Partners has signed a 34,000-square-foot office lease at 28 East 28th Street in Manhattan’s Midtown South area. The tenant plans to relocate to the 15th floor of the newly renovated building, which houses a Whole Foods Market on the ground floor, from 105 Madison Avenue in the fourth quarter. Barry Zeller, Jonathan Serko and Barry Garfinkle of Cushman & Wakefield represented the tenant in the lease negotiations. Peter Duncan, Matt Coudert and Alex Bermingham represented the landlord, George Comfort & Sons, which owns the building in partnership with Jamestown and Loeb Partners Realty, on an internal basis.
NEW YORK CITY — Deutsche Bank has provided a $285 million loan for the refinancing of The Offices at Essex Crossing, located on Manhattan’s Lower East Side. The 350,000-square-foot complex is part of the 2 million-square-foot Essex Crossing mixed-use development and is 50 percent leased following a 140,000-square-foot commitment from Verizon last winter. The borrower is Delancey Street Associates, which is a joint venture of Taconic Partners, L+M Development Partners, BFC Partners, The Prusik Group and Goldman Sachs Asset Management. JLL and Walker & Dunlop arranged the financing on behalf of Delancey Street Associates.
NEWBURGH, N.Y. — Castle Lanterra Active Adult, a division of Castle Lanterra, has acquired Reserve at Lakeside, a newly constructed active adult apartment complex in Newburgh. The community consists of one-bedroom units and two-bedroom apartments. Blue Foundry Bank provided acquisition financing. The seller, price and number of units were not disclosed.
NEW YORK CITY — Locally based landlord The Durst Organization will undertake a $150 million redevelopment of 825 Third Avenue, a 40-story office tower in Manhattan that was originally constructed in 1969. The redevelopment will include upgrades of the 544,000-square-foot building’s elevators, windows, lobby and mechanical systems, as well as the addition of new amenities. Upon completion, tenants will have access to a 3,000-square-foot ground-floor lounge with coffee, wine and arcade games. The Durst Organization will also add 15,000 square feet of health and wellness amenities on the second floor and a new terrace on the 12th floor. JP Morgan Chase and Wells Fargo have provided $100 million in financing for the project.
NEW ROCHELLE, N.Y. — JLL has arranged a $105 million loan for the refinancing of 360 Huguenot, a 28-story apartment building located in the downtown area of New Rochelle, a northern suburb of New York City. Built in 2019, the property comprises 252 market-rate apartments, 28 affordable housing units that are reserved for renters earning 80 percent or less of the area median income and 13,538 square feet of retail space. Amenities include a fitness center with a yoga studio, a private indoor/outdoor resident lounge and a valet parking garage. Mike Tepedino, Michael Gigliotti, Kelly Gaines, Jillian Mariutti, Phil Cadorette and Joy Dracos of JLL arranged the loan through Miami-based Rialto Capital Management on behalf of the borrower, New York-based RXR Realty.
NEW YORK CITY — Los Angeles-based Parkview Financial has provided a $70 million loan for the construction and refinancing of a 61,513-square-foot office building in Manhattan’s Greenwich Village area. Approximately 8,000 square feet of that total will be reserved as ground-floor and below-grade retail space. The borrower, Real Estate Equities Corp., acquired the 99-year leasehold interest on the land in 2017 and demolished the existing structures on the site. However, construction delays required the project’s capital stack to be restructured and the original loans underlying the leasehold to be recapitalized. Parkview’s loan includes the refinancing of the existing land loan as well as construction financing. Development has now begun with project completion slated for June 2024.