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303-E.-44th-St.-Manhattan
DevelopmentLoansMultifamilyNew YorkNortheast

S3 Capital Provides $80M in Financing for Midtown Manhattan Multifamily Project

by Taylor Williams

NEW YORK CITY — S3 Capital, the lending arm of New York City-based investment firm Spruce Capital Partners, has provided $80 million in financing for the development of a 131-unit multifamily project that will be located in Midtown Manhattan’s Turtle Bay area. The borrower is local developer David Halberstam. The doorman- and elevator-served building at 303 E. 44th St. will offer studio, one- and two-bedroom units and amenities such as a fitness center, rock climbing wall, rooftop pool, coworking lounge and a clubhouse. A portion of the residences will be earmarked as affordable housing. Sitework is underway, and completion is slated for the third quarter of 2027.

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640-Broadway-Manhattan
AcquisitionsLoansMultifamilyNew YorkNortheast

JLL Brokers $49.5M Sale of Manhattan Apartment Building

by Taylor Williams

NEW YORK CITY — JLL has brokered the $49.5 million sale of 640 Broadway, a nine-story apartment building in Manhattan’s NoHo neighborhood. The building houses loft-style residential units and 4,200 square feet of retail space that is fully leased to tenants such as UPS, Two Hands Café and Van Leeuwen Ice Cream. Steven Rutman, Jeffrey Julien, Rob Hinckley and Ethan Stanton of JLL represented the seller, Acadia Realty Trust, in the transaction, and procured the buyer, a partnership between New York-based investment firm Pamera North America and local operator Targo Capital. Michael Gigliotti, Stephen VanLeer and John Flynn, also with JLL, arranged a $30.5 million acquisition loan for the deal through Citi Private Bank.

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2875-Broadway-Manhattan
LoansMixed-UseNew YorkNortheast

Tremont Realty Capital Provides $34.5M Refinancing for Manhattan Mixed-Use Building

by Taylor Williams

NEW YORK CITY — Tremont Realty Capital, a division of Boston-based investment firm RMR Group, has provided a $34.5 million loan for the refinancing of a mixed-use building on Manhattan’s Upper West Side. The 23,300-square-foot building at 2875 Broadway houses retail and healthcare uses. Tremont funded the floating-rate loan, which has a two-year initial term with three one-year extension options, through its affiliate, Seven Hills Realty Trust (NASDAQ: SEVN). Meridian Capital Group arranged the debt on behalf of the sponsor, a partnership between TPG Angelo Gordon and Premier Equities.

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AcquisitionsIndustrialNew YorkNortheastSelf-Storage

JLL Brokers Sale of 598-Unit Self-Storage Facility in Mount Kisco, New York

by Taylor Williams

MOUNT KISCO, N.Y. — JLL has brokered the sale of a 598-unit self-storage facility in Mount Kisco, about 45 miles north of Manhattan. CubeSmart operates the facility at 140 Radio Circle, which was completed in 2024 and spans 64,130 net rentable square feet, the majority of which (92 percent) is climate-controlled space. Guthrie Garvin led the JLL team that represented the seller, DHIP Group, in the transaction and procured the buyer, an affiliate of New York City-based investment firm Andover Properties. The facility was 57 percent occupied at the time of sale. The sales price was not disclosed.

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AcquisitionsMultifamilyNew YorkNortheast

Ariel Property Advisors Arranges $19.6M Sale of Multifamily Portfolio in The Bronx

by Taylor Williams

NEW YORK CITY — Local brokerage firm Ariel Property Advisors has arranged the $19.6 million sale of the Tegford Portfolio, a collection of nine rent-stabilized multifamily buildings totaling 237 units in the Longwood area of The Bronx. The buildings all rise five stories and are located along Wales Avenue, East 152nd Street, East 151st Street and Tinton Avenue. The portfolio also features 12 commercial spaces. Victor Sozio, Shimon Shkury, Jason Gold, Remi Mandell, Jake Brody and Gabriel Elyaszadeh of Ariel represented the undisclosed seller in the transaction. The buyer was also not disclosed.

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AcquisitionsNew YorkNortheastOffice

Brax Realty Negotiates $13.2M Sale of Office Building in Manhattan’s Flatiron District

by Taylor Williams

NEW YORK CITY — Local brokerage firm Brax Realty has negotiated the $13.2 million sale of an office building in Manhattan’s Flatiron District. According to LoopNet Inc., the six-story building at 174-176 5th Ave. was constructed in 1900 and totals 21,588 square feet. The building also houses commercial space that is leased to Eisenberg’s Sandwich/S&P and State & Liberty. Michael Ferrara and Cole Kinney Leonhardt of Brax Realty brokered the deal. The buyer and seller were not disclosed.

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AcquisitionsNew YorkNortheastRetail

SRS Real Estate Brokers $20.7M Ground-Lease Sale of Long Island Retail Building

by Taylor Williams

SAYVILLE, N.Y. — SRS Real Estate Partners has brokered the $20.7 million ground-lease sale of a 145,000-square-foot retail building in the Long Island community of Sayville. Target occupies the building at 5750 Sunrise Highway, which was constructed on 12.1 acres in 2014, and has roughly 14 years remaining on its corporate-guaranteed lease. Calvin Short of SRS, along with Jeff Christian of First Street Inc., represented the seller in the transaction. Tyler Leeson and Peter Deltondo of Marcus & Millichap represented the buyer. Both parties were California-based private investors that requested anonymity.

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1578-Lexington-Ave.-Manhattan
CivicDevelopmentHospitalityNew YorkNortheast

Slate, Evenhar Break Ground on Medical Office, Civic Facility in Upper Manhattan

by Taylor Williams

NEW YORK CITY — A partnership between Slate Property Group and Evenhar Development Corp. has broken ground on a medical office and civic facility at 1578 Lexington Ave. in Upper Manhattan’s Carnegie Hill neighborhood. Designed by Kutnicki Bernstein Architects, the 13-story building will feature 150,000 square feet of medical office space that will be occupied by providers within the Mount Sinai Health System. In addition, the facility will feature an employee daycare center, an 18,978-square-foot community hub that will be operated by Children’s Aid and a new facility for Life Changers Church. Financing for the project includes a $119 million construction loan from J.P. Morgan and a $40 million preferred equity investment by GoldenTree Asset Management. Occupancy is slated for spring 2028.

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DevelopmentLoansMultifamilyNew YorkNortheast

PGIM Provides $19.2M Mezzanine Loan for Long Island Multifamily Project

by Taylor Williams

PATCHOGUE, N.Y. — PGIM has provided a $19.2 million mezzanine loan for the construction of Carriage House, a 262-unit multifamily project that will be located in the Long Island community of Patchogue. Carriage House will be a two-building development in which 20 percent of the units will be reserved as affordable housing. Information on floor plans and amenities was not disclosed. The development will also include the construction of a 30,000-square-foot riverwalk and park area. The borrower is a partnership between Asia Capital Real Estate and Nord Development.

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Brownsville-Arts-Center-&-Apartments
Affordable HousingDevelopmentMultifamilyNew YorkNortheast

Partnership Breaks Ground on $254M Affordable Housing Project Near Downtown Brooklyn

by Taylor Williams

NEW YORK CITY — A partnership between Gilbane Development, Blue Sea Development and Artspace Projects Inc. has broken ground on the Brownsville Arts Center & Apartments, a $254 million affordable housing project that will be located on a city-owned tract at 366 Rockaway Ave. near downtown Brooklyn. The property will offer 283 units in studio, one-, two- and three-bedroom formats that will be reserved for renters earning between 30 and 70 percent of the area median income. The Brownsville Arts Center & Apartments will also feature a 28,000-square-foot cultural arts center with a 3,440-square-foot, multi-purpose performance, rehearsal and studio space for community arts groups. Various city housing agencies and authorities have committed nearly $100 million in subsidized financing for the project, construction of which is expected to be complete in 2027.

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