New York

Partnership Receives $223M in Construction Financing for Sendero Verde Affordable Housing Project in Harlem

by Taylor Williams June 30, 2021

NEW YORK CITY — A partnership between Jonathan Rose Cos., L+M Development Partners and Acacia Network has received $223 million in financing for the second and final phase of Sendero Verde, an affordable housing project in East Harlem that will add 347 units to the local supply. The development team topped off the 360 units that were part of Phase I of the project in November. Construction of Phase II is set to begin in the coming weeks and completion is slated for 2024. Units will serve renters at a variety of income levels, from formerly homeless to those who earn 90 percent of the area median income. The property offers residential amenities such as a community room, fitness center, computer lounge and package lockers. Once both phases are completed, Sendero Verde will feature a senior and youth community center, a school, art room, publicly accessible open space, community gardens and neighborhood retail. Financing for Phase II of Sendero Verde included construction loans from the New York City Housing Development Corp. and the New York City Department of Housing Preservation and Development. The project is also being funded through a letter of credit from Citibank and a syndication of federal …

June 30, 2021

Development Industrial New York Northeast

Aeroterm to Open $145M Cargo Handling Facility at JFK Airport, Create 350 Jobs

by Taylor Williams June 29, 2021

NEW YORK CITY — Aeroterm, a provider of facility-related services to airports throughout North America, has signed a ground lease at JFK International Airport in Queens with plans to open a $145 million cargo handling facility. The project is expected to create about 350 new jobs. Aeroterm will develop the 26-acre facility in partnership with the Port Authority of New York and New Jersey and Worldwide Flight Services, the main cargo handler at JFK, as part of New York Gov. Andrew Cuomo’s JFK Vision Plan to redevelop the airport. Demolition of the existing facilities on the site is scheduled to begin in September, with project completion slated for the end of 2023.

June 29, 2021

Development Loans Multifamily New York Northeast

Scale Lending Provides $63M Construction Loan for Multifamily Project in The Bronx

by Taylor Williams June 29, 2021

NEW YORK CITY — Scale Lending, an affiliate of Slate Property Group, has provided a $63 million construction loan for 322 Grand Concourse, a 151-unit multifamily project that will be located in the Mott Haven area of The Bronx. Thirty percent (45) of the units in the 14-story building will be earmarked as affordable housing. Construction is expected to take about two years to complete.

June 29, 2021

Leasing Activity New York Northeast Office

Fashionphile Signs 60,000 SF Office Lease in Manhattan

by Taylor Williams June 29, 2021

NEW YORK CITY — Fashionphile, a California-based provider of resale services for women’s apparel and accessories, has signed a 60,000-square-foot office lease at the Starrett-Lehigh Building in the Chelsea neighborhood of Manhattan. The building encompasses 2.3 million square feet of office and retail space and a full city block along 11th and 12th avenues and 26th and 27th streets. Jason Frazier and Jesse de la Rama of CBRE represented the tenant in the lease negotiations. Dan Birney and Denise Rodriguez represented the landlord, RXR Realty, on an internal basis along with Jeffrey Fischer, Evan Haskell, Mary Ann Tighe and Sacha Zarba of CBRE. The lease term was 10 years, and the asking rent was $70 per square foot.

June 29, 2021

Loans New York Northeast Office Top Stories

SL Green Receives $3B Loan for Refinancing of One Vanderbilt Office Building in Manhattan

by Taylor Williams June 29, 2021

NEW YORK CITY — Locally based real estate giant SL Green Realty Corp. (NYSE: SLG) has received a $3 billion loan for the refinancing of One Vanderbilt, a 1.7 million-square-foot office tower in the East Midtown neighborhood of Manhattan. Designed by Kohn Pederson Fox Associates and located across the street from Grand Central Station, One Vanderbilt rises 77 stories and 1,401 feet, making it the tallest building in Midtown Manhattan. SL Green developed the property, which carried a price tag of $3.3 billion, in partnership with Houston-based Hines and the National Pension Service of Korea. One Vanderbilt includes 10,000 square feet of ground-floor retail and restaurant space. In terms of tenant amenities, the building features a 30,000-square-foot space with meeting areas, a club-style lounge, curated food offerings and an outdoor terrace that faces Grand Central. A consortium of financial institutions led by Wells Fargo and Goldman Sachs provided the debt, which was structured with a 10-year term and all-in fixed interest rate of approximately 2.94 percent. Other lenders that contributed to the financing included Bank of America, Bank of China, Bank of Montreal, Deutsche Bank, JPMorgan Chase, Barclays Capital Real Estate Inc. and Citi. Chatham Financial acted as an advisor …

June 29, 2021

Market Reports New York Northeast Northeast Market Reports

New York City’s Pandemic-Related Property Tax Problems Persist

by Taylor Williams June 29, 2021

By Joel Marcus, partner, Marcus & Pollack LLP What happens when an irresistible force meets an immovable object? The longstanding physics conundrum encapsulates the situation in which New York City property owners currently find themselves, and for better or worse, they’re about to discover the answer to the age-old question. City government has squeezed increasing sums of property taxes from its real estate stock in each of the past 25 years, but the pandemic is changing everything. The basic fact is that 53 percent of New York City revenues come from real estate taxes. Fueled by rising rents that are tied to high costs of new construction, the city property tax base has grown and enjoyed record tax revenues in recent years. Total real property tax revenue was almost $30 billion in 2020, according to the city’s annual property tax report. Historically speaking, no major event in recent memory has been responsible for a pause in the year-over-year tax increases — not the Financial Crisis of 2018, nor Hurricane Sandy, nor even the events of September 11. It seems as though only a global pandemic has this particular power. COVID-19 has affected every element of New York City’s economy, but …

June 29, 2021

Loans Multifamily New York Northeast

Ariel Property Advisors Arranges $12.4M Loan for Refinancing of Multifamily Asset in The Bronx

by Taylor Williams June 28, 2021

NEW YORK CITY — Ariel Property Advisors has arranged a $12.4 million loan for the refinancing of a 36-unit multifamily building in The Bronx. Eli Weisblum of Ariel Property Advisors led the debt placement for the newly constructed building. The borrower and direct lender were not disclosed.

June 28, 2021

Acquisitions Company News Illinois Midwest New York Northeast Seniors Housing Top Stories

Ventas Agrees to Acquire Independent Living Owner New Senior Investment Group in $2.3B Deal, Including 103 Properties

by John Nelson June 28, 2021

CHICAGO AND NEW YORK CITY — Ventas Inc. (NYSE: VTR) has entered into a definitive merger agreement to acquire New Senior Investment Group (NYSE: SNR), a New York City-based owner of independent living communities across the country. The deal between these two seniors housing real estate investment trusts (REITs) is valued at $2.3 billion, including $1.5 billion of debt. The transaction will bolster the number of independent living communities for Ventas, which as of March 31 owned (fully or partially) 1,200 properties. As of first-quarter 2021, 48 percent of Ventas’ portfolio was classified as independent living. Post acquisition, Ventas expects independent living will comprise 58 percent of its portfolio. New Senior currently owns 103 properties across 36 states, with a large concentration clustered in California, North Carolina, Florida and Oregon. The portfolio was a little more than 80 percent occupied as of May 31, and the average age of residents was 81. The only New Senior property that isn’t independent living is Watermark at Logan Square, a continuing care retirement community located in Philadelphia. The acquisition will deepen Ventas’ relationship with seniors housing operators such as Atria Senior Living and Holiday Retirement, which announced last week their plans to merge …

June 28, 2021

Acquisitions Industrial New York Northeast

W. P. Carey Acquires New York Distribution Center for $45M in Sale-Leaseback Transaction

by Taylor Williams June 25, 2021

ROME, N.Y. — In a sale-leaseback transaction, W. P. Carey has acquired a 779,000-square-foot distribution center in Rome, about 40 miles northeast of Syracuse. The purchase price was $45 million. Orgill, an independent hardware distributor, occupies the newly constructed property, which is located near Interstate 90. Orgill uses the facility as its primary regional distribution center. W. P. Carey now owns four of Orgill’s seven U.S. distribution centers. The property is triple-net leased for a period of 26 years with fixed rent escalations.

June 25, 2021

Loans Multifamily New York Northeast Retail

Columbia Pacific Provides $39.1M Bridge Loan for SoHo Multifamily, Retail Building

by Taylor Williams June 24, 2021

NEW YORK CITY — Columbia Pacific Advisors has provided a $39.1 million bridge loan for an eight-story multifamily and retail building located at 68-70 Spring St. in Manhattan’s SoHo neighborhood. The 24,357-square-foot property totals 10 residential units in two- and three-bedroom formats. The undisclosed borrower will use the proceeds from the 36-month loan to fund capital improvements and lease-up costs.

June 24, 2021

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