New York

Howard Hughes Corp. Receives Municipal Approval for $850M Mixed-Use Project in Manhattan’s Seaport District

by Taylor Williams January 3, 2022

NEW YORK CITY — The Howard Hughes Corp. (NYSE: HHC) has received approval from the City of New York for the development of an $850 million mixed-use project in Manhattan’s Seaport District. The 26-story building at 250 Water St. will house office, retail and multifamily uses, with the housing component comprising 80 percent market-rate and 20 percent affordable units. The residential element of the project will also include for-sale and for-rent units. More specifically, current plans for the 324-foot-tall building call for 270 multifamily units to be developed above five stories of office and retail space. The site currently houses a parking lot that spans a full city block. Skidmore, Owings & Merrill is the architect of the project, which was originally announced in October 2020. The Dallas-based developer estimates that the project will generate more than $1 billion in economic impact, including the creation of more than 3,000 construction and permanent jobs. Howard Hughes Corp. plans to begin remediation of the site this year, with the commencement of vertical construction to occur after that process is completed. “This project will play a vital role in New York City’s recovery through the creation of a new mixed-income rental building, office …

January 3, 2022

Acquisitions New York Northeast Office

Boston Properties Acquires Midtown Manhattan Office Building for $300M

by Taylor Williams December 23, 2021

NEW YORK CITY — Boston Properties (NYSE: BXP) has acquired 350 Park Avenue South, a 450,000-square-foot office building in Midtown Manhattan. Enterprise Asset Management sold the 20-story building for approximately $300 million. The new ownership plans to implement a capital improvement program to enhance building systems, work suites and common areas. Boston Properties also secured a $220 million loan for the refinancing of the existing debt attached to the property.

December 23, 2021

Loans Multifamily New York Northeast

Ariel Property Advisors Arranges $5.5M Construction Loan for Bronx Multifamily Project

by Taylor Williams December 23, 2021

NEW YORK CITY — Locally based firm Ariel Property Advisors has arranged a $5.5 million construction loan for a 24-unit multifamily project in the Morrisania neighborhood of The Bronx. Matt Dzbanek and Matt Swerdlow of Ariel Property Advisors arranged the loan. The borrower was an international family office, and the direct lender was a local debt fund. Both of those parties involved in the transaction requested anonymity.

December 23, 2021

Loans Multifamily New York Northeast

HAP Investments Receives $76.7M Loan for Refinancing of East Harlem Multifamily Portfolio

by Taylor Williams December 22, 2021

NEW YORK CITY — Locally based investment and development firm HAP Investments has received a $76.7 million loan for the refinancing of a portfolio of three multifamily buildings totaling 160 units in East Harlem. The buildings are located at 2338 Second Ave., 329 Pleasant Ave. and 2211 Third Ave. Allegiant Real Estate Capital provided the three-year loan, specific terms of which were not disclosed.

December 22, 2021

Development Loans New York Northeast Office

L&L Holding Receives $911.4M in Financing for 47-Story Office Project in Midtown Manhattan

by Taylor Williams December 21, 2021

NEW YORK CITY — Locally based developer L&L Holding Co. has received $911.4 million in financing for 425 Park Avenue, a 47-story office building that is nearing completion in Midtown Manhattan. L&L Holding, which is developing the building in partnership with BentallGreenOak and Tokyu Land Corp., will use the proceeds to retire existing construction debt and fund the final stages of development, including lease-up costs. Global asset management firm Citadel has already committed to roughly half of the space as the 670,000-square-foot building’s anchor tenant. Additional tenants include Wafra Capital Partners, Hellman & Friedman and Medical Properties Trust. Michael Tepedino and Michael Gigliotti of JLL arranged the financing through a consortium of lenders led by Blackstone Real Estate Debt Strategies.

December 21, 2021

Development Multifamily New York Northeast

Cammeby’s, Rybak to Develop 499-Unit Multifamily Property on Coney Island

by Taylor Williams December 21, 2021

CONEY ISLAND, N.Y. — A joint venture between two locally based firms, Cammeby’s International Group and Rybak Development, will build a 499-unit multifamily property on Coney Island. The property, which will house 40,368 square feet of commercial space, will be developed as part of the Neptune/Sixth mixed-use redevelopment. Units will come in one-, two- and three-bedroom formats, with 30 percent of the residences to be designated as affordable housing. Demolition work is underway at the site, and vertical construction is scheduled to begin in the second quarter of 2022.

December 21, 2021

Acquisitions Company News New York Northeast Office Retail Top Stories

American Finance Trust to Acquire Shopping Center Portfolio for $1.3B, Sell Office Assets as Part of Corporate Rebrand

by John Nelson December 21, 2021

NEW YORK CITY — American Finance Trust Inc. (NASDAQ: AFIN) has entered into a definitive agreement to acquire a portfolio of 81 retail centers from CIM Real Estate Finance Trust, a REIT managed by Los Angeles-based CIM Group. The transaction is valued at $1.32 billion. The 9.5 million-square-foot portfolio comprises power retail and grocery-anchored shopping centers, as well as two single-tenant properties. The weighted average lease term of the portfolio is five years, according to CIM. The names and locations of the retail properties were not disclosed. The transaction price comprises primarily cash considerations, as well as $53.4 million in AFIN’s stock and additional considerations based on performance metrics achieved in the first 180 days after closing. The transaction is scheduled to close in the first quarter of 2022. “This immediately accretive off-market transaction represents a unique value creation opportunity,” says Michael Weil, CEO of AFIN. “We are adding significant scale while further enhancing our best-in-class portfolio with pandemic-tested assets on accretive terms.” For CIM Real Estate Finance Trust, the sale repositions the REIT’s retail portfolio to 437 credit-leased retail properties with a weighted average lease term of 10.8 years. The remaining portfolio totals 13.2 million square feet across 45 …

December 21, 2021

Acquisitions New York Northeast Office Top Stories

CBRE Negotiates $1B Sale of Hudson Commons Office Tower in Manhattan

by Taylor Williams December 20, 2021

NEW YORK CITY — CBRE has negotiated the $1 billion sale of Hudson Commons, a 697,958-square-foot office tower located at 441 Ninth Ave. in Manhattan. The 25-story building, which is a redevelopment of a warehouse, occupies a full city block in between 34th and 35th streets at the nexus of the Hudson Yards and Manhattan West neighborhoods. The building includes 16,000 square feet of ground-floor retail space. The seller, a partnership between locally based developer Cove Property Group and Boston-based The Baupost Group, acquired the warehouse in 2016. The partnership added 18 stories as part of the office conversion project. Other building features include 16,000- to 50,000-square-foot floor plates and 14- to 28-foot ceiling heights. A CBRE team comprising Darcy Stacom, Bill Shanahan, Doug Middleton and Alana Bassen represented the seller in the transaction. The buyer was Los Angeles-based CommonWealth Partners. At the time of sale, Hudson Commons was about 75 percent leased, with fitness provider Peloton and rideshare giant Lyft serving as the anchor tenants. The property features 30,000 square feet of amenities, including a conference facility, multiple tenant lounges, a bike room and 14 separate outdoor terraces. “This transaction is a bellwether for the resurgence of the office …

December 20, 2021

Healthcare Loans New York Northeast

Excelsior Orthopaedics Refinances 114,250 SF Healthcare Portfolio Near Buffalo

by Taylor Williams December 17, 2021

AMHERST AND ORCHARD PARK, N.Y. — Excelsior Orthopaedics has refinanced a portfolio of four healthcare properties totaling 114,250 square feet near Buffalo with a $35.2 million loan. Specifically, the portfolio comprises three medical office buildings in Amherst and a surgery center in Orchard Park. The buildings were constructed between 2008 and 2016 and are 100 percent owner-occupied. Daniel Turley, Anthony Sardo and Brannan Knott of JLL arranged the seven-year, fixed-rate loan through Northwest Savings Bank.

December 17, 2021

Affordable Housing Loans Multifamily New York Northeast

MF1 Capital Provides $100M Refinancing for Brooklyn Affordable Housing Portfolio

by Taylor Williams December 16, 2021

NEW YORK CITY — Direct lender MF1 Capital has provided a $100 million loan for the refinancing of a portfolio of eight affordable housing properties totaling 317 units in various areas of Brooklyn. Abe Katz and Jon Kushner of Walker & Dunlop arranged the financing on behalf of the borrower, Iris Holdings Group, a national developer of affordable housing. A portion of the proceeds will be used to fund capital improvements.

December 16, 2021

Newer Posts

Older Posts