NEW YORK CITY — Compass Group, an asset management firm focused on Latin American markets, has signed an 8,000-square-foot office lease at 590 Madison Avenue in Manhattan’s Midtown Plaza District. The 43-story, 1 million-square-foot building offers a gym, golf simulator and onsite parking and houses users such as IBM, Morgan Stanley and Aspen Insurance. David Kaplansky of Colliers represented the tenant in the lease negotiations. Stephen Siegel, Evan Haskell, James Ackerson, Taylor Scheinman and Brett Shannon of CBRE, along with internal agent Jeff Sussman, represented the landlord, Edward J. Minskoff Equities Inc.
By Taylor Williams The fervent desire that many Americans have to make up for lost eating, drinking and socializing time has New York City’s food and beverage (F&B) market roaring back to life, prompting tenants to revisit growth plans, landlords to aggressively market their spaces and the brokers who represent the two sides to sharpen their pencils. In mid-August, New York City Mayor Bill de Blasio announced that residents wishing to eat or drink inside a restaurant or bar would have to show proof of receipt of at least one dose of a COVID-19 vaccine. Yet after two months of seeing this policy enforced, local brokers say the mandate has had a minimally adverse impact on business. Consequently, leasing activity, which began rebounding a year ago, is now accelerating in the F&B space. According to data from CBRE, F&B deals accounted for 30 percent of all new retail leases executed in New York City between March 2020 and August 2021. The company’s research team also identified 65 F&B leases throughout New York City in 2021 alone, representing about 33 percent of the total deal volume. Specifically within Manhattan, there were 24 leases executed for F&B concepts in the third quarter …
NEW YORK CITY — Eastdil Secured has arranged $130 million in financing for Eastchester Heights, a 1,416-unit rent-stabilized community located on roughly 15 acres at 3480 Seymour Ave. in The Bronx. The borrower, a partnership between Taconic Partners and Clarion Partners, will use proceeds to refinance existing debt and fund capital improvements. Eastchester Heights was originally built in 1935 and offers amenities such as courtyards, basketball courts, a computer lab and a playground. Residents also have access to services like life coaching, job training and financial counseling. Since acquiring the property in 2007, the partnership has invested more than $50 million in upgrades, including the recent installation of a 200,000-square-foot rooftop solar panel system. Wells Fargo provided the financing.
MASSAPEQUA, N.Y. — JLL has brokered the sale of Southpoint at Massapequa, a 214-unit apartment community on Long Island. Southpoint at Massapequa houses one-, two- and three-bedroom units that average 987 square feet. Select units feature stainless steel appliances, granite countertops, newly renovated kitchens and bathrooms and private balconies/patios. Amenities include a pool, fitness center, bark park and outdoor grilling stations. Steve Simonelli, Jose Cruz, Michael Oliver, Kevin O’Hearn, Andrew Scandalios and Josh Stein of JLL represented the seller, JRK Property Holdings, in the transaction. Fairfield Properties purchased the community for an undisclosed price. Thomas Didio, Jr., Gerard Quinn and Salvatore Buzzerio, also with JLL, arranged $77.3 million in Freddie Mac acquisition financing for the deal. The loan was structured with a fixed interest rate and a 15-year term.
NEW YORK CITY — Locally based investment firm Conway Capital, in partnership with a private family investment group, has acquired a 16-unit multifamily building in the Park Slope area of Brooklyn for $8 million. The new ownership plans to renovate the four-story property at 423 16th St., which was originally built in 1920. Derek Bestreich and Luke Sproviero of Bestreich Realty Group represented the seller, a private investor, in the transaction.
NEW YORK CITY — Ergatta, a health and wellness company known for indoor rowing products and fitness regimens, has signed a 11,185-square-foot office lease at 40 West 25th Street, a 136,226-square-foot building in Manhattan’s Flatiron District. The 12-story building was originally constructed in 1913 and most recently renovated in 2018. Michael Mathias and Sean Hoffman of Savills represented the tenant in the lease negotiations. A joint venture between Kaufman Organization and AXA Insurance owns the property.
NEW YORK CITY — Locally based developer Omni New York LLC has completed Archer Green, a 387-unit affordable housing project in the Jamaica area of Queens. The property includes 70,000 square feet of commercial space, a portion of which is preleased to German discount grocer Aldi. Amenities include a fitness room, outdoor terrace, community lounge, children’s playroom, media and coworking space, package lockers and bike storage space. Information on income restrictions was not disclosed.
NEW YORK CITY — A partnership between Sunrise Senior Living, Houston-based Hines and Welltower (NYSE: WELL) has opened Sunrise at East 56th, a 151-unit high-rise community on Manhattan’s Upper East Side. The property offers assisted living and memory care services. Sunrise is collaborating with Northwell Health for services at the building. SLCE Architects designed the property, and Champalimaud Design created the interiors. The fourth, 11th and 15th floors feature landscaped outdoor terraces and gardens with views of the Manhattan skyline.
NEW YORK CITY — The Port Authority of New York and New Jersey has reached an agreement with a consortium of private financial sponsors to build a 2.4 million-square-foot international terminal that will anchor the south side of John F. Kennedy International Airport (JFK) in New York City. The $9.5 billion project will comprise 23 gates and be built in phases at the airport’s T1, T2 and the former T3 terminals, with groundbreaking anticipated for next year. The port authority expects for the first gates at the new terminal, dubbed New Terminal One, to debut in 2026, with full project completion expected in 2030. The overall development is expected to support 10,000 new jobs, including 6,000 construction jobs. “The time to get large infrastructure projects done is now, and I’m committed to getting JFK’s brand new Terminal One underway and completed as soon as possible,” says New York Gov. Kathy Hochul. The design-build team for the project includes AECOM Tishman and Gensler. The passenger facilities at New Terminal One will feature larger check-in, security and concessions areas. Design elements will include high ceilings, natural light, interior green space and local artwork. Technology that will be supported at the terminal include …
NEW YORK CITY — Walker & Dunlop has arranged a $36 million loan for the refinancing of a 64-unit multifamily property in the Bushwick neighborhood of Brooklyn. Built in 2018, the property consists of 23 studios and 41 two-bedroom apartments with 30 percent of units designated as affordable housing, as well as 14,080 square feet of retail space that is fully leased. Aaron Appel, Michael Diaz, Michael Ianno and Jackson Irwin of Walker & Dunlop arranged the five-year, floating-rate loan through Amherst Capital Management on behalf of the borrower, Cayuga Capital Management.