NEW YORK CITY — Locally based private equity firm Madison Realty Capital has provided a $90 million construction loan for a mixed-use project that will be located in the Flushing area of Queens. The development will comprise 150 residential condos, 202 hotel rooms, 23,000 square feet of ground-floor and below-grade retail space and 300 parking spaces. All of these uses will be housed in two adjoined buildings rising 16 and nine stories that will be set on a retail podium and will total 263,151 square feet. Residential floor plans will come in studio, one-, two- and three-bedroom formats, and amenities will include a fitness center and outdoor terraces and courtyards. The borrower and developer is an entity doing business as 37 Ave Richouse LLC. A construction timeline was not disclosed.
NEW YORK CITY — Sage Realty, a division of The William Kaufman Organization, will undertake a $53 million renovation of 767 Third Avenue, a 40-story, 320,000-square-foot office building in Manhattan. Capital improvements will include a facelift of the lobby and the revamping and introduction of new and existing amenity spaces. Upon full completion of the project in the first quarter of 2023, tenants will have access to a café, lounge, library, catering kitchen, sculpture garden and a salon meeting room. Touchless mechanisms and other features that promote wellness will also be installed throughout the property. FXCollaborative led the redesign of the lobby, and Fogarty Finger designed the amenity spaces.
NEW YORK CITY — A joint venture between Trinity Church Wall Street, Norges Bank Investment Management and Hines has topped out 555 Greenwich, a 16-story office building in Lower Manhattan. Designed by COOKFOX Architects, the 270,000-square-foot building, which is located in the Hudson Square neighborhood, will include ground-floor retail space and 33,000 square feet of outdoor amenity space via 11 terraces. Completion is slated for 2023.
NEW YORK CITY — Social media platform Praxis has signed a 7,462-square-foot office lease at 446 Broadway in Manhattan. The lease term is five years, and the space encompasses the entire third floor. Greg Herman of Cushman & Wakefield represented Praxis in the lease negotiations. David Malawer of Newmark represented the landlord, KPG Funds. The building is now fully leased.
NEW YORK CITY — Los Angeles-based Parkview Financial has provided a $92 million construction loan for a 215,379-square-foot office building that will be located at 1498-1538 Coney Island Avenue in Brooklyn’s Midwood neighborhood. The project will include 51,000 square feet of retail space and a 267-space automated parking structure. Construction is underway and expected to be complete in October 2023. Between the office and retail components, the building is 30 percent preleased. Aaron Birnbaum and Elliott Kunstlinger of Meridian Capital Group arranged the loan through Parkview on behalf of the borrower, an affiliate of locally based developer Baruch Singer.
NEW YORK CITY — Mount Sinai Health System has signed a 17,464-square-foot lease for a new cardiology office at 373 Park Avenue South in Manhattan’s Flatiron District. The lease term is 10 years. The 12-story building spans 110,000 square feet and was originally constructed in the early 1900s. Leonard Zimmerman of Hemsley Spear represented the tenant in the lease negotiations. Kate Goodman represented the landlord, ATCO Properties & Management, on an internal basis.
NEW YORK CITY — Locally based brokerage firm Alpha Realty has negotiated the sale of four multifamily properties totaling 133 units that are located in various boroughs of New York City. The properties sold for a combined price of $16.6 million. Lev Mavashev and Yehuda Leser of Alpha Realty represented the sellers and the buyer, a locally based, family-owned management firm, in the transactions. All the parties involved requested anonymity.
LAKE GROVE, N.Y. —Wegmans will open a 100,000-square-foot store in Lake Grove, the regional grocer’s first on Long Island. Wegmans has entered into an agreement to purchase 8.5 acres of the 28-acre DSW Plaza, which is owned by Prestige Properties & Development. A timeline for construction and opening has not yet been determined. Founded in 1916, Wegmans operates 106 stores in seven states, with new stores planned to open in Virginia, Delaware and Manhattan within the next two years.
BUFFALO, N.Y. — Concord Summit Capital, a Miami-based financial intermediary, has arranged a $70 million bridge loan for the refinancing of Phase I of Heron Pointe Apartments, a 376-unit multifamily community in Buffalo. The borrower, Buffalo-based Rane Property Management, will use proceeds from the three-year, nonrecourse loan to pay off construction debt from the 232-unit first phase of the development. Construction of the 144-unit second phase is underway and is slated to be complete in the third quarter. Heron Pointe features one-, two- and three-bedroom units and amenities such as a clubhouse with a coffee room and fitness center, a pool, dog park and a playground. Kevin O’Grady, David Larson, Keegan Burger and Daniel Rojo of Concord Summit Capital arranged the loan through TPG, a San Francisco-based private equity firm previously known as Texas Pacific Group.
NEW YORK CITY — Standard Security Life Insurance Co. of New York has signed an 11,314-square-foot office lease at 488 Madison Avenue in Manhattan. Known as The Look Building, 488 Madison Avenue was originally constructed in 1949, rises 24 stories and spans 447,000 square feet. Scott Gutnick of Newmark represented the tenant, which will relocate from 485 Madison Avenue, in the lease negotiations. David Turino represented the landlord, The Feil Organization, on an internal basis.