NEW YORK CITY — Lightstone has topped out Moxy Williamsburg, a 216-room hotel in Brooklyn. Designed by Stonehill Taylor, the property will offer amenities such as a fitness center, coworking spaces, meeting and event rooms, a rooftop terrace and multiple food and beverage concepts. Leeding Builders Group is managing construction of the project. The opening is set for late 2022.
LONG ISLAND CITY — Locally based developer Tishman Speyer has received a $425 million green bond refinancing for The JACX, a 1.2 million-square-foot office complex in the Long Island City neighborhood of Queens. Built in 2019 and fully leased at the time of closing, The JACX consists of two 26-story office towers connected by a five-story base. According to the developer, the property represents the single largest addition to the supply of office space in Long Island City since the opening of the Citicorp Building in 1990. The development houses more than 50,000 square feet of retail space, including a food hall with nine culinary concepts, a restaurant by chef Dan Kluger and an upscale grocer. Other amenities include a fitness center operated by The Wright Fit, a landscaped public plaza, access to multiple public transit lines and a 175-space bike parking area with showers. MdeAS Architects designed the building to LEED Silver certifications, and environmentally friendly features include a 100,000-gallon stormwater reclamation system and an air filtration system. These assets made the property eligible for the green bond refinancing, which Bank of America originated. The transaction retires existing construction debt with permanent CMBS financing. “Tishman Speyer is dedicated to …
NEW YORK CITY — National investment and development firm Lightstone has topped out Moxy Lower East Side, a 303-room hotel located at the junction of Manhattan’s Little Italy, SoHo and Chinatown neighborhoods. The design team includes master architect Stonehill Taylor, interior design firms Michaelis Boyd and David Rockwell, who designed the restaurant and underground lounge. Other amenities will include a coworking lounge, fitness center and three meeting rooms. Completion is slated for late 2022.
NEW YORK CITY — Newrez LLC, a tech-centric mortgage lending platform, has signed a 25,000-square-foot office lease at 799 Broadway, a 182,000-square-foot building in development at the convergence of Manhattan’s Greenwich Village and Union Square neighborhoods. Josh Kuriloff and Drew Braver of Cushman & Wakefield represented the tenant in the lease negotiations. JLL represented the developer, Columbia Property Trust.
NEW YORK CITY — Brookfield Properties has opened Manhattan West, an eight-acre mixed-use development located on the city’s west side. Manhattan West includes retail, restaurant, residential, office and hospitality uses. The centerpiece of the open-air project, which was designed by Skidmore, Owings & Merrill, is a 2.5-acre public plaza. Retail tenants include Whole Foods Market, The NHL Store, Starbucks Coffee, Peloton Store, City National Bank and Midnight Theatre.
NEW YORK CITY — JLL has arranged the $88.5 million sale of a 76,000-square-foot residential development site located within a Qualified Opportunity Zone in the Long Island City area of Queens. The site is zoned to allow a total buildable area of 444,000 square feet. Bob Knakal, Stephen Palmese, Brendan Maddigan and Jonathan Hageman of JLL represented the seller, an undisclosed private investor, in the transaction. Christopher Peck, Andrew Scandalios, Rob Hinckley, Jeff Julien and Nicco Lupo of JLL arranged an equity partnership with Bridge Investment Group on behalf of the buyer, a joint venture between The Domain Cos., L+M Development Partners and The Vorea Group.
NEW YORK CITY — Cottonwood Group, a Los Angeles-based private equity real estate firm, has provided a $105 million bridge loan for the refinancing of The Six, a newly constructed office building located at 106 W. 56th St. in Manhattan. The 79,214-square-foot building offers a tenant lounge, conference facility and views of Central Park. The borrower was locally based developer Savanna. The transaction is the seventh investment to date through the Cottonwood Real Estate Founders Fund that launched in May. Leo Leyva, Chris Caslin, Robyn Pellegrino, Jennifer Chung and Samantha Epstein of Cole Schotz P.C. represented Savanna in the deal.
NEW YORK CITY — CBRE has negotiated the $63 million sale of a future multifamily development site in the Long Island City area of Queens. The buyer, North Carolina-based Grubb Properties, plans to build a 17-story, 317-unit residential tower with 9,000 square feet of retail space at the 54,000-square-foot site. Demolition permits for the existing two-story building on the site were filed in May. Dan Kaplan and Elli Klapper of CBRE represented the seller, a private real estate family consisting of three limited liability companies, in the transaction. Handel Architects is the architect of record for the project.
NEW YORK CITY — Denver-based investment firm EverWest Real Estate Investors has purchased a 70,500-square-foot warehouse in Queens from Wharton Industrial for $57.2 million. The rear-load facility features a clear height of 30 feet and is situated on a 2.9-acre site in the Maspeth neighborhood. Mo Beler, Aaron Appel, Jonathan Schwartz, Adam Schwartz, Keith Kurland and Michael Diaz of Walker & Dunlop represented Wharton Industrial in the deal. Stephen Feinberg represented EverWest on an internal basis. The property was fully leased to multiple local food distributors at the time of sale.
NEW YORK CITY — Charlotte, N.C.-based Grubb Properties will develop 8 Carlisle, a 50-story apartment building that will be located in Manhattan’s Financial District. Grubb Properties acquired the site from New York-based Pink Stone Capital Group, which purchased it in 2011 and helped assemble the air rights and construction permits as Grubb’s development service partner. In addition to 22,000 square feet of retail space, the property will feature 400 units that will be operated under Grubb’s Link brand, which provides housing geared to renters earning between 60 and 140 percent of area median income (AMI). A construction timeline has not yet been finalized.