NEW YORK CITY — Locally based brokerage firm Spur House Partners has negotiated the sale of an apartment building in Manhattan’s East Village area that was originally built in 1930 and consists of four four-bedroom units and ground-floor retail space. Shlomo Gelernter of Spur House Partners represented the buyer, Highpoint Property Group, in the transaction. Jay Bernstein of Besen Partners represented the seller, an entity doing business as 166 1st Avenue Realty Group.
NEW YORK CITY — Commercial finance and advisory firm Axiom Capital Corp. has arranged a $6 million loan for the refinancing of an 18,694-square-foot medical office building in Queens. The property is located at the intersection of Queens Boulevard and 56th Avenue, directly across the street from Queens Mall. Axiom Capital arranged the nonrecourse loan, which was structured with a 10-year term and a fixed interest rate, on behalf of the undisclosed borrower. The direct lender was also undisclosed.
NEW YORK CITY — Locally based brokerage firm TerraCRG has negotiated the $41.8 million sale of a portfolio of four rent-stabilized multifamily buildings totaling 246 units in Brooklyn’s Midwood neighborhood that were built in the 1940s. The unit mix consists of four studios, 77 one-bedroom apartments, 100 two-bedroom residences and 25 three-bedroom units. Ofer Cohen, Matt Cosentino, Daniel Lebor, Isaiah Thomas and Ben Robbins of TerraCRG represented the undisclosed seller in the transaction. The buyer was also not disclosed. The deal traded at a sub-5 percent cap rate.
NEW YORK CITY — J.P. Morgan has provided a $99.8 million acquisition loan for a portfolio of 11 multifamily properties totaling 361 units in Manhattan. The properties total 208,917 square feet. Gideon Gil, Lauren Kaufman, Zachary Kraft and Sebastian Sanchez of Cushman & Wakefield arranged the financing on behalf of the borrower, HUBB NYC Properties. Adam Spies, Doug Harmon and Adam Doneger, also of Cushman & Wakefield, brokered the sale of the portfolio. The seller was not disclosed.
NEW YORK CITY — JLL has negotiated the $15.5 million sale of a 27-unit multifamily building at 2647-2649 Broadway on Manhattan’s Upper West Side. The seven-story building includes two retail spaces totaling 4,250 square feet. Hall Oster, Teddy Galligan and Braedon Gait of JLL represented the seller, an undisclosed private investor that owned the property for 35 years, in the transaction. The buyer was New York-based investment management firm Aulder Capital.
NEW YORK CITY — Red Bull has signed a 17,585-square-foot office lease at 5 Little West 12th St. in Manhattan’s Meatpacking District for its new East Coast headquarters. The energy drink provider plans to relocate from 218 West 18th Street to the 82,000-square-foot building in the third quarter. David Falk, Daniel Levine and Jason Greenstein of Newmark represented the landlord, British investment firm EPIC, in the lease negotiations. Cushman & Wakefield’s David Mainthow represented Red Bull.
ORCHARD PARK, N.Y. — The Buffalo Bills have reached an agreement with New York State and Erie County for a new $1.4 billion football stadium in Orchard Park, a southeast suburb of Buffalo that is also home to the team’s current arena, Highmark Stadium. According to New York State, the new stadium represents the largest construction project in the history of Western New York. The National Football League (NFL) and the Bills have committed to providing a combined $550 million for the project, while New York Gov. Kathy Hochul plans to advance a $600 million proposal to the state budget. Erie County will contribute $250 million. NFL owners on Monday approved the deal, which keeps the team in Buffalo for another 30 years. “While there are a few more yards to go before we cross the goal line, we feel our public-private partnership between New York State, Erie County led by county executive Mark Poloncarz and the NFL will get us there,” say Terry and Kim Pegula, owners of the Buffalo Bills. The agreement details the construction of a new stadium with a minimum of 60,000 seats in Orchard Park to be designed and constructed by the Bills. The team …
ROCHESTER, N.Y. — Aptitude Development has broken ground on The Marshall at Rochester, a 494-bed student housing community located near the Rochester Institute of Technology in upstate New York. The six-building property will offer units with bed-to-bath parity. Shared amenities will include a pool and hot tubs, individual and group study areas, an e-sports gaming lounge and a fitness center. Lecesse Construction is the general contractor for the project, which is set for completion in summer 2023. Landmark Properties will manage the community.
NEW YORK CITY — Locally based brokerage firm TerraCRG has negotiated the $42.5 million sale of a multifamily development site located at 575 Grand St. in the Williamsburg neighborhood of Brooklyn. The site spans 27,500 square feet and half a city block and can support up to 110,000 buildable square feet. Daniel Lebor and Dan Marks of TerrraCRG represented the undisclosed buyer in the transaction. The seller was also not disclosed.
NEW YORK CITY AND AUSTIN, TEXAS — CBRE Investment Management and facility operator William Warren Group have acquired a 64-property self-storage portfolio for $588 million. Austin-based World Class Holdings was the seller. The self-storage portfolio includes over 4.1 million rentable square feet across 10 states including Texas, Ohio, Illinois, Colorado, Missouri, Mississippi, Tennessee, Indiana, New York and Nevada. The properties include a total of 28,601 units. The self-storage properties will now operate under the StorQuest brand. The facilities were previously operated by Great Value Storage. The assets are primarily single-story drive-up units. The portfolio was 82 percent leased at the time of sale. “We expect these assets to add significant value to our investment stack given the high demand for self-storage facilities across multiple markets and end-users amid the pandemic,” says Justin Shanahan, deputy portfolio manager for CBRE Investment Management. “This specific portfolio offered a unique opportunity to acquire a diverse collection of facilities in various states that have strong population demographics. We believe that the portfolio is well-positioned to continue its robust leasing momentum and yield long-term profitability.” With this transaction, CBRE Investment Management, a New York City-based global real estate assets investment management firm and affiliate of Dallas-based …