NEW YORK CITY — Seattle-based lender Columbia Pacific Advisors has provided a $36 million loan for the refinancing of an industrial property located along the Hudson River in The Bronx. The property is a 480,000-square-foot outdoor storage yard that is situated on a 14-acre site. The borrower is locally based developer Dynamic Star. Will Nelson led the transaction for Columbia Pacific Advisors.
NEW YORK CITY — Locally based brokerage firm Ariel Property Advisors has negotiated the $22.5 million sale of a 96-unit multifamily building located in the Morris Heights area of The Bronx. Constructed in 2004, the building rises 13 stories and spans 93,430 square feet. The unit mix comprises one studio, 22 one-bedroom apartments and 73 two-bedroom residences. Daniel Mahfar, Victor Sozio and Shimon Shkury of Ariel Property Advisors brokered the deal. The buyer and seller were not disclosed.
NEW YORK CITY — Locally based private equity firm Urban Standard Capital has funded a $6.2 million construction loan for a multifamily project in Brooklyn’s Crown Heights neighborhood that will comprise 10 residential units and one commercial space. The six-story building’s residential units will have an average size of 970 square feet, and the commercial component will span 1,300 square feet. Isaac & Stern is the project architect. The borrower is Avdoo & Partners Development.
NEW YORK CITY — SVB Securities, an investment bank specializing in the healthcare and technology sectors, has signed a 68,183-square-foot office lease expansion at 1301 Avenue of the Americas in Midtown Manhattan. The tenant now occupies 139,176 square feet at the 1.7 million-square-foot building, which is owned by locally based investment firm Paramount Group Inc. (NYSE: PGRE).
ISLIP, N.Y. — A public-private partnership between The Town of Islip, Suffolk County and JLL has unveiled plans for Midway Crossing, a $2.8 billion mixed-use project that will be located on Long Island. The Long Island Regional Planning Council approved the project, which will be the largest commercial or residential development on Long Island in the last 50 years, on the evening of Thursday, May 12. Midway Crossing will span approximately 2.7 million square feet across 179 acres. Plans currently call for a variety of uses, including life sciences, healthcare and hospitality, as well as a convention center and traditional retail, restaurant and entertainment space. The development team expects these uses to collectively generate more than $4.5 billion in annual economic impact upon completion. The location is near Long Island MacArthur Airport, as well as the Ronkonkoma Station of the Long Island Rail Road (LIRR), establishing Midway Crossing as a multimodal transit hub. Under the current development plan, the airport and train station would be connected via an 1,800-foot corridor. The development team also plans to make various infrastructural improvements at the airport that could have as much as $1.9 billion in additional economic impact. Beyond the economic benefits, the …
NEW YORK CITY — Locally based firm Midwood Investment & Development has acquired Candela Tower, a 158-unit apartment building in Manhattan’s West Village area, for $102 million. Named after its designer, Rosario Candela, the 20-story building was originally constructed in 1931 and includes 6,721 square feet of retail space. Cushman & Wakefield’s Adam Spies, Adam Doneger and Marcella Fasulo represented the seller, BlackRock, in the deal. MetLife Investment Management provided $63.5 million in acquisition financing to Midwood, which plans to upgrade the unit interiors and amenity spaces.
NEW YORK CITY — Locally based nonprofit JT Tai & Co. Foundation has sold a portfolio of two multifamily buildings totaling 105 residential and commercial spaces in Manhattan’s East Midtown neighborhood. The four-story building at 959-961 Second Ave. consists of 10 apartments and two commercial units, and the six-story property at 246 E. 46th St. comprises 81 residential units and 12 commercial spaces. Bob Knakal, Clint Olsen, Jonathan Hageman, Eddie Shuai, Stephen Godnick and Jacob Russell of JLL represented JT Tai & Co. in the transaction. The buyer was a locally based private investor who plans to renovate the properties.
NEW YORK CITY — Locally based brokerage firm GFI Realty Services has negotiated the $19.9 million sale of a 143-unit multifamily building located in the Westchester Village area of The Bronx. The six-story building at 2501 Tratman Ave. was originally constructed in 1928 and houses 39 studios, 54 one-bedroom apartments, 45 two-bedroom units and five three-bedroom apartments. Zachary Fuchs and Matt Sparks of GFI represented the seller, the Sacchetti Family, in the transaction. Moshe Gelbstein and Joseph Landau, also of GFI Realty, represented the buyer, an undisclosed local investor.
NEW YORK CITY — Mulligan Security, a provider of technology-based security services, has signed a 9,087-square-foot office lease at 7 Penn Plaza in Manhattan. The lease term is 10 years. Originally constructed in 1921, the 17-story, 411,000-square-foot building sits at the nexus of the Chelsea and Hell’s Kitchen neighborhoods. David Hollander and David Katz of CBRE represented Mulligan Security in the lease negotiations. David Turino represented the landlord, The Feil Organization, on an internal basis. Mulligan plans to relocate from its current space at 2 Penn Plaza in August.
GARDEN CITY, N.Y. — Midwood Investment & Development has sold Whole Foods at Westbury, a 55,109-square-foot shopping center located in the Long Island community of Garden City, for $65.3 million. Whole Foods Market anchors the property, which is also home to a 4,818-square-foot, freestanding pad site occupied by HSBC Bank and Bond Vet. Jim Galbally, Chris Angelone, Jose Cruz, Christopher Munley, Andrew Scandalios, Colin Behr and J.B. Bruno of JLL represented Midwood in the disposition of the property to an undisclosed private family investment firm.