New York

Wells Enterprises Unveils Plans for $425M Expansion of Upstate New York Ice Cream Plant

by Taylor Williams July 24, 2024

DUNKIRK, N.Y. — Wells Enterprises, an Iowa-based ice cream manufacturer whose brands include Blue Bunny, Halo Top and Blue Ribbon Classics, has unveiled plans for a $425 million expansion of its plant in Dunkirk, located along Lake Erie in upstate New York. Wells Enterprises anticipates that the initiative, which was originally budgeted for $250 million in capital investment, will bring about 270 new jobs to the local economy. In addition, the project is expected to more than quadruple the facility’s current production output and lay the groundwork for future growth and innovation. Construction is underway, and products should begin rolling off the new lines by August 2025.

July 24, 2024

Industrial Loans New York Northeast

Eastern Union Arranges $12M Loan for Refinancing of Brooklyn Industrial Building

by Taylor Williams July 24, 2024

NEW YORK CITY — Eastern Union has arranged a $12 million loan for the refinancing of a 35,210-square-foot industrial building in the Williamsburg area of Brooklyn. The single-story building was originally constructed in 1931 and includes warehouse and office space as well as onsite parking. David Brody of Eastern Union arranged the loan, which was structured with a five-year term, a 65 percent loan-to-value ratio and a fixed interest rate of 6.54 percent. The borrower and direct lender were not disclosed.

July 24, 2024

Leasing Activity New York Northeast Office

CBRE Extends 180,000 SF Office Lease at 200 Park Avenue in Midtown Manhattan

by Taylor Williams July 22, 2024

NEW YORK CITY — CBRE has extended its 180,000-square-foot office lease at 200 Park Avenue in Midtown Manhattan through 2036. The Dallas-based real estate giant has been a tenant at the 58-story, 3.1 million-square-foot building, which recently underwent a $200 million capital improvement program, since the late 1980s. The owner, Irvine Co. Office Properties, has also appointed CBRE as the building’s new leasing agent and property manager. CBRE will also establish a branded space on the lobby level that will be exclusively used by the company’s employees, clients and colleagues visiting from other offices.

July 22, 2024

Loans New York Northeast Retail

Red Oak Capital Holdings Funds $8.6M Acquisition Loan for Upstate New York Shopping Center

by Taylor Williams July 19, 2024

IRONDEQUOIT, N.Y. — Red Oak Capital Holdings has funded an $8.6 million bridge loan for the acquisition of Irondequoit Plaza, a 205,000-square-foot shopping center located near Rochester. Built on 21 acres in 1980 and last renovated in 2005, the center was roughly 95 percent leased at the time of sale to tenants such as Citizens Bank, Dollar Tree, Dunkin’ and Big Lots. Polaris Funding arranged the debt through Red Oak on behalf of the sponsor, Sky Capital Group, which also purchased the adjacent Wegmans supermarket. That property is not collateralized by the loan, which was structured with a three-year term and a 65.6 percent loan-to-value ratio. Michael Cleeman of Cleeman Realty Group represented Sky Capital Group in the purchase of the Wegmans store, which totals 102,337 square feet. Sam Seelenfreund, also with Cleeman Realty, represented the undisclosed seller in the Wegmans deal. The combined purchase price was $16.5 million.

July 19, 2024

Development Loans Mixed-Use New York Northeast

Bayview PACE Provides $7M in Financing for Adaptive Reuse Project in Hudson, New York

by Taylor Williams July 19, 2024

HUDSON, N.Y. — Bayview PACE has provided $7 million in C-PACE financing for an adaptive reuse project in Hudson, about 35 miles south of Albany. Pocketbook Hudson is a conversion of the historic Pocketbook knitting mill factory dating to the 1890s into a 70,000-square-foot mixed-use property. Now under construction, the $42 million project will include a 40-room hotel, wellness center, lounge, restaurant, bar and café, as well as spaces devoted to artwork, affordable retail and nonprofit offices. Bayview’s long-term C-PACE financing for Pocketbook’s energy and resiliency components was facilitated with Energy Improvement Corp., the New York State nonprofit that administers C-PACE.

July 19, 2024

Development Multifamily New York Northeast

Skyline Developers Tops Out 97-Unit Multifamily Project in Midtown Manhattan

by Taylor Williams July 18, 2024

NEW YORK CITY — New York City-based Skyline Developers has topped out a 97-unit multifamily project at 18 W. 55th St. in Midtown Manhattan. Designed by Morris Adjmi Architects, the building rises 25 stories and spans 152,000 square feet, including 10,000 square feet of amenities and 5,265 square feet of retail space. Construction began in mid-2023, and delivery is slated for 2025. Goldman Sachs financed construction of the project.

July 18, 2024

Acquisitions Industrial New York Northeast

Realterm Acquires Industrial Outdoor Storage Facility in Valley Cottage, New York

by Taylor Williams July 18, 2024

VALLEY COTTAGE, N.Y. — Maryland-based investment firm Realterm has acquired an industrial outdoor storage facility in Valley Cottage, located just across the New York-New Jersey border. The 37,560-square-foot facility was built on a 5.4-acre site in 2009 and consists of a seven-bay, drive-thru maintenance facility, a concrete storage yard and office spaces. Realterm plans to implement a value-add program. The seller was not disclosed.

July 18, 2024

Development Industrial New York Northeast

Sagard Real Estate Breaks Ground on 332,000 SF Warehouse on Staten Island

by Taylor Williams July 17, 2024

NEW YORK CITY — Sagard Real Estate, the Denver-based firm formerly known as EverWest Real Estate Investors, has broken ground on 1 Nassau Place, a 332,000-square-foot warehouse on Staten Island. The site is located less than a mile from State Route 440, and the design calls for two points of ingress/egress. The building will feature a clear height of 36 feet, 60 dock doors, 175 car parking spaces, rooftop solar panels and an ESFR sprinkler system. Delivery is slated for late 2025.

July 17, 2024

Acquisitions Multifamily New York Northeast

Marcus & Millichap Brokers $29M Sale of Manhattan Multifamily Portfolio

by Taylor Williams July 17, 2024

NEW YORK CITY — Marcus & Millichap has brokered the $29 million sale of a portfolio of three multifamily buildings totaling 59 units in Manhattan’s East Village neighborhood. The buildings at 129 Second Ave. and 36 Saint Marks Place all rise six stories and house 10 retail spaces between them. Joe Koicim, Logan Markley, Zan Colin and Matt Berger of Marcus & Millichap represented the seller, Jonis Realty, in the transaction and procured the buyer, Ryco Capital. Both parties are locally based.

July 17, 2024

Leasing Activity New York Northeast Office

JLL Negotiates 75,825 SF Office Lease in Midtown Manhattan

by Taylor Williams July 16, 2024

NEW YORK CITY — JLL has negotiated a 75,825-square-foot office lease at 245 Park Avenue in Midtown Manhattan. The tenant, Tradeweb Markets (NASDAQ: TW), will occupy the entire 29th and 30th floors of the 1.8 million-square-foot building. David Kleiner, Michael Berg, Will McGarry and Finley Burger of JLL represented the tenant in the lease negotiations. Patrick Murphy, Bruce Mosler, Tara Stacom, Harry Blair, Ron LoRusso, Justin Royce, Pierce Hance and Will Yeatman of Cushman & Wakefield represented the landlord, SL Green.

July 16, 2024

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