DEER PARK AND HAUPPAGE, N.Y. AND RANDOLPH, MASS. — A joint venture between regional investment firm Pacer Partners and New York City-based Drake Real Estate Partners has purchased three industrial buildings totaling approximately 63,000 square feet. Two of the single-tenant buildings are located on Long Island in the communities of Deer Park and Hauppage, and the third is located in the southern Boston suburb of Randolph. Thomas Didio Jr. of JLL arranged acquisition financing for the transaction through ConnectOne Bank. The seller was not disclosed.
MENLO PARK, CALIF. AND NEW YORK CITY — BowX Acquisition Corp. (NASDAQ: BOWX), a special purpose acquisition company (SPAC) has completed its purchase of WeWork and will take the company public with an initial public offering (IPO) on Thursday, Oct. 21. Silicon Valley-based BowX originally announced its plan to acquire WeWork, which will trade on the New York Stock Exchange under the ticker symbol “WE” in March of this year in a deal that was then valued at $9 billion. “With a strong leadership team in place and new platform offerings that will leverage WeWork’s decade of expertise and proprietary technology, we can’t imagine a business better equipped to lead continued growth in the flexible space market,” said Vivek Ranadive, the CEO and chairman of BowX Acquisition Corp. who also owns the NBA’s Sacramento Kings. “While the pandemic has created many uncertainties, flexibility is here to stay and WeWork has the space and technology to power this global shift.” WeWork opened its first concept more than a decade ago in New York City, where the pioneering coworking office firm is also headquartered, and first announced its intent to go public in August 2019. Subsequent investigation into the company’s financials revealed …
NEW YORK CITY — HAP Investments, a New York City-based residential and commercial developer, has sold its equity stake in The Maverick, a $506 million multifamily project at 215-225 W. 28th St. in Manhattan’s Chelsea neighborhood that is nearing completion. HAP Investments sold its interest, the value of which was not disclosed, to Daiwa House Texas, a subsidiary of Japanese homebuilder Daiwa House Group and the firm’s joint venture partner on the project. The Maverick spans 312,500 square feet across two 20-story buildings and features a mix of 87 one- to four-bedroom condos and 112 rental units. Residences are furnished with custom white oak cabinetry and marble countertops, and amenities include a fitness center with a sauna, a rooftop deck and a children’s play area. The development team expects the buildings to receive temporary certificates of occupancy in January. About a quarter of the condo residences have already been sold. HAP Investments will remain onboard to manage the property.
NEW YORK CITY — Cushman & Wakefield (NYSE: CWK) and Greystone have announced a strategic joint venture to deliver advisory services and capital solutions to existing, joint and new clients of both firms nationwide. Under the terms of the agreement, Cushman & Wakefield will make a strategic investment of $500 million to acquire a 40 percent stake in Greystone’s agency, HUD and servicing businesses. Greystone intends to use the capital to create new product offerings. The joint venture transaction is slated to close in the fourth quarter of 2021, subject to customary closing conditions. Greystone is a multifamily lender focused on bridge, Fannie Mae DUS, Freddie Mac Optigo and HUD loans. The joint venture will allow Cushman & Wakefield to access a broader range of debt products for property acquisition, refinancing, rehabilitation and new construction. “We’re excited to offer a new integrated capability to our investor clients with more direct access to Greystone’s balance sheet and capital solutions, including debt financing with Fannie Mae, Freddie Mac and HUD,” says Andrew McDonald, Cushman & Wakefield’s chief executive, Americas. This investment expands Cushman & Wakefield’s presence in the multifamily sector. In early 2020, the firm acquired Pinnacle Property Management Services LLC, the …
NEW YORK CITY — Rosewood Realty Group has negotiated the $24.5 million sale of a portfolio of seven multifamily buildings in The Bronx. The first property at 45 E. Moshulu Parkway North in the Norwood area was built in 1926 and totals 71 units. The second complex at 501 W. 147th St. in Hamilton Heights was constructed in 1930 and comprises 33 apartments and four commercial spaces. Lastly, the asset at 741-745 E. 217th St. in Olinville was built in 2005 and totals 21 units. Aaron Jungreis, Ben Khakshoor and Alex Fuchs of Rosewood Realty represented both the buyer, a private family, and the seller, Ron Rettner, in the deal.
NEW YORK CITY — Avison Young has brokered the $15.5 million sale of two apartment buildings in New York City’s East Village neighborhood. The 10-unit building at 164 First Ave. includes three retail spaces and sold for $10.4 million, while the four-story property at 218 E. Ninth St. fetched a price of $5.1 million. Brandon Polakoff, James Nelson, Eric Karmitz and Ryan McGuirl of Avison Young represented the seller of 218 East 9th Street. Polakoff and McGuirl also handled the sale of 164 First Avenue. The buyers in both deals were not disclosed.
NEW YORK CITY — Oxford Property Group and Spire Group will develop a 62-unit multifamily project at 2893-95 Valentine Ave. in the Riverdale neighborhood of The Bronx. The 12-story, 50,000-square-foot building will offer outdoor parking, a laundry room, community room and a landscaped outdoor garden area. Construction is expected to be complete in January 2024.
NEW YORK CITY — Locally based construction firm Omnibuild has delivered the Hyatt Place New York Chelsea Hotel, a 510-room property located at 140 W. 24th St. in Manhattan. Developed by Magna Hospitality Group and designed by Gene Kaufman Architects, the hotel rises 45 stories and spans 173,000 square feet. The hotel also features a glass staircase to the hotel’s mezzanine space, a second-floor terrace bar area and a guest breakfast pantry. The second-floor terrace area includes a wall opening/glass hanger door leading to the bar, which includes a retractable enclosure system to ensure year-round use.
NEW YORK CITY — Locally based landlord SL Green Realty Corp. (NYSE: SLG) has completed the redevelopment of 410 10th Avenue, a 640,000-square-foot office building in Midtown Manhattan. The 20-story building was originally constructed in 1927 as the Master Printer’s Building, named for its ability to support printing presses. New York-based MdeAS led the design of the redevelopment, including a lobby relocation, addition of an adjacent garden and new windows, updating of retail storefronts, a full façade restoration and a refresh of office space. During construction, the building was purchased by The 601W Cos., but SL Green continued to oversee the redevelopment.
COHOES, N.Y. — KeyBank has provided $18.7 million in financing for Erie Point, a 40-unit affordable housing project in Cohoes, a suburb of Albany. The financing consists of $8.3 million in Low-Income Housing Tax Credit (LIHTC) equity and a $10.4 million construction loan. Half the units will be supported by an Empire State Supportive Housing Initiative to provide supportive housing for households earning 50 percent or less of the area median income (AMI). Eight units will be rented to households earning 30 percent or less of AMI, and the remaining units will be restricted to renters who make 60 percent or less of AMI. The borrower and developer of the eight-building project is The Community Builders. Kelly Frank and Ryan Olman of KeyBank structured the financing. The capital stack also includes a $2.3 million permanent loan from Community Preservation Corp.