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135-W.-50th.-St.-Manhattan
DevelopmentNew YorkNortheastOffice

George Comfort & Sons Completes Renovation of 925,000 SF Manhattan Office Tower

by Taylor Williams

NEW YORK CITY — Locally based landlord George Comfort & Sons has completed the renovation of 135 W. 50th St., a 925,000-square-foot office tower in Midtown Manhattan. Global architecture firm Gensler designed the project, which included the reimagining of the lobby and entrance, as well as the creation of a new tenant amenity center. This 20,000-square-foot space features collaborative workspaces, executive conference rooms, a game room, lounges and a bar area. George Comfort & Sons also installed wellness features such as touchless entry at main entrances, facial recognition software at security turnstiles, an upgraded air filtration system and touchless fixtures in all common area bathrooms.

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Terminal-Warehouse-Manhattan
DevelopmentIndustrialNew YorkNortheastOfficeRetailSelf-StorageTop Stories

L&L, Columbia Receive $1.2B Construction Loan for Redevelopment of Historic Manhattan Warehouse

by Taylor Williams

NEW YORK CITY — A joint venture between L&L Holding Co. and Columbia Property Trust (NYSE: CXP) has received a $1.2 billion construction loan for the redevelopment of the historic Terminal Warehouse building in Manhattan’s West Chelsea neighborhood. The property was originally built in 1891 as the first major New York City facility with direct access to the river, streets and rail lines. A set of twin rail tracks runs through the center of the facility and originally offered a direct connection from the Hudson River’s docks to the freight lines operating at street level along 11th Avenue. Today, Terminal Warehouse consists of 1.2 million square feet of office, retail and self-storage space. The partnership plans to develop the property’s 550,000 square feet of self-storage space into modern, Class A office property and reimagine the ground-floor retail common areas. COOKFOX Architects is leading the design of the redevelopment. In addition, as part of the project plan approved by the New York City Landmarks Preservation Commission, the floor area will be removed to make room for a new courtyard, a series of double-height interior spaces throughout the western portion of the building and six new office levels with floor-to-ceiling glass overlooking …

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555-Greenwich-Manhattan
DevelopmentNew YorkNortheastOffice

Hudson Square Properties Breaks Ground on 270,000 SF Spec Office Project in Manhattan

by Taylor Williams

NEW YORK CITY — Hudson Square Properties, a joint venture between Trinity Church Wall Street, Norges Bank Investment Management and Hines, has broken ground on 555 Greenwich, a 270,000-square-foot speculative office project in Manhattan’s Hudson Square neighborhood. COOKFOX Architects is designing the 16-story building, and AECOM Tishman is the general contractor. CBRE is the leasing agent. Completion of the project, which according to the development team is the first spec office building to be developed in New York City in the wake of the pandemic, is slated for the fourth quarter of 2022.

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LoansMultifamilyNew YorkNortheast

Black Bear Capital Arranges $22.6M Agency Loan for Refinancing of Bronx Multifamily Assets

by Taylor Williams

NEW YORK CITY — Black Bear Capital Partners (BBCP) has arranged a $22.6 million Fannie Mae loan for the refinancing of two multifamily assets totaling 140 units in The Bronx. Bryan Manz, Emil DePasquale and George Pektor of BBCP arranged the financing, which featured a fixed interest rate of 3.37 percent for 12 years with five years of interest-only payments and a 30-year amortization schedule, through PGIM Real Estate. The borrower was Finkelstein Timberger East Real Estate.

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AcquisitionsMultifamilyNew YorkNortheast

Fairfield Properties Acquires 367-Unit Apartment Community in Glen Cove, New York

by Taylor Williams

GLEN COVE, N.Y. — Locally based owner-operator Fairfield Properties has acquired Avalon Glen Cove, a 367-unit apartment community located about 30 miles northeast of New York City on Long Island. The property offers studio, one- and two-bedroom units with walk-in closets, individual washers and dryers and private patios/balconies. Amenities include two pools, two fitness centers, an outdoor picnic area and a cinema room. Maryland-based investment firm FCP served as Fairfield Properties’ preferred equity partner in the acquisition. The new ownership has since rebranded the community as Fairfield Metro at Glen Cove.

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Leasing ActivityNew YorkNortheastOffice

Berenberg Capital Markets Signs Office Lease Renewal, Expansion in Midtown Manhattan

by Taylor Williams

NEW YORK CITY — Berenberg Capital Markets LLC has signed deals to renew and expand its office headquarters space at 1251 Avenue of the Americas in Midtown Manhattan. The company has renewed its 31,700-square-foot lease for the entire 53rd floor and will expand by 30,700 square feet to occupy the entire 52nd floor. Mitchell Konsker, Alexander Chudnoff and Benjamin Bass of JLL represented the tenant in the lease negotiations. David Falk and Peter Shimkin of Newmark represented the landlord, Mitsui Fudosan America. The 2.4 million-square-foot building was originally constructed in 1971.

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AcquisitionsHospitalityNew YorkNortheast

Electra America Hospitality Group Buys 194-Room Roger New York Hotel

by Taylor Williams

NEW YORK CITY — Electra America Hospitality Group, a joint venture between Florida-based private equity firm Electra Capital and hospitality operator AKA, has acquired the Roger New York hotel in Manhattan’s NoMad neighborhood. The 194-room boutique hotel sold for $19 million, or roughly $98,000 per room. The new ownership will invest $22 million in capital improvements and reopen the hotel in mid-2022 under the AKA brand. The seller was not disclosed.

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LoansNew YorkNortheastOffice

Black Bear Capital Arranges $24M Perm Loan for Office Building in White Plains, New York

by Taylor Williams

WHITE PLAINS, N.Y. — Black Bear Capital Partners (BBCP) has arranged a $24 million CMBS permanent loan for a 160,000-square-foot office building in White Plains, located north of New York City. Morgan Stanley provided the loan, which featured a fixed interest rate of 3.85 percent for 10 years with full-term, interest-only payments. The borrower, Caspi Development, has invested almost $3 million in capital improvements to the building over the last three years. Bryan Manz, Emil DePasquale and George Pektor of BBCP arranged the financing.

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AcquisitionsMultifamilyNew YorkNortheast

Marcus & Millichap Brokers $7.8M Sale of Apartment Building in Upper Manhattan

by Taylor Williams

NEW YORK CITY — Marcus & Millichap has brokered the $7.8 million sale of a 49-unit apartment building located at 258 Wadsworth Ave. in the Washington Heights area of Upper Manhattan. The property was built in 1923. Jacob Kahn and Seth Glasser of Marcus & Millichap represented the seller, an entity doing business as 258 Wadsworth Associates, in the transaction. Kahn and Glasser, along with Joe Koicim and Peter Von Der Ahe of Marcus & Millichap, represented the buyer, 258 Wadsworth Realty LLC. John Krueger of Marcus & Millichap assisted in closing the deal as the broker of record.

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Company NewsDevelopmentHealthcareLife SciencesNew YorkNortheastOfficeTop Stories

Life Sciences Firm Regeneron to Invest $1.8B for Campus Expansion in Tarrytown, New York

by John Nelson

TARRYTOWN, N.Y. — Regeneron (NASDAQ: REGN), a medicine manufacturer known for its COVID-19 antibody cocktail, plans to invest $1.8 billion over the next six years to support the expansion of its life sciences headquarters in Tarrytown, about 25 miles north of Manhattan. Located in Westchester County on the east bank of the Hudson River, the project will expand Regeneron’s research, preclinical manufacturing and support facilities, while creating an estimated 1,000 new full-time jobs. “The COVID-19 pandemic has highlighted the importance of continued and long-term investment in the biopharmaceutical industry, and Regeneron is proud to pursue life-changing science and technology from our labs and manufacturing facilities in New York State,” says Leonard Schleifer, president and CEO of Regeneron. The project is expected to encompass up to eight research and development buildings, three parking garages and a central utility plant totaling approximately 900,000 square feet. Regeneron has indicated that road infrastructure improvements will be necessary to support the new buildings, which will come on line in two phases. Construction planning will begin this summer and project construction is scheduled for completion in 2027. No members of the project team were disclosed. The life sciences firm chose to expand in Tarrytown following site …

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