NEW YORK CITY — Chicago-based investment firm Syndicated Equities has acquired a 110-space parking garage located at 58 W. 58th St. in Manhattan’s Midtown East neighborhood. The structure house both ground-level and underground parking space. Syndicated Equities acquired the property, which is leased to Icon Garages, in partnership with Centerpark Realty, a locally based investment firm that specializes in the product type. The seller and sales price were not disclosed.
NEW YORK CITY — Elara Caring Group, a provider of home-based care services, has signed a 14,039-square-foot office lease in The Fordham area of The Bronx. The tenant will occupy space at The Poe Building on Grand Concourse, which was originally constructed in 1929 and renovated in 1989. The lease term is seven years. Kathy Zamechansky of KZA Realty Group represented the landlord, Poe Affiliates LP, in the lease negotiations. Alex Foley of Swearington Realty Group represented the tenant.
ISLIP, N.Y. — Chicago-based Venture One will develop a 121,270-square-foot industrial facility in the Long Island community of Islip. The site spans 9.7 acres. Building features will include a clear height of 36 feet, 130-foot truck court depths, 131 car parking spaces and 119 trailer parking stalls. Construction is scheduled to begin in the third quarter and to last about a year. Cushman & Wakefield will be responsible for lease-up of the development.
NEW YORK CITY — Law firm Cullen & Dykman has signed a 28,307-square-foot office lease at One Battery Park Plaza, a 35-story, 870,000-square-foot tower in Lower Manhattan. Ken Rapp, David Hollander and Andrew Sussman of CBRE represented the tenant, which is relocating from 44 Wall Street, in the lease negotiations. Kevin Daly and Tom Keating represented the landlord, The Rudin Family, on an internal basis.
ITHACA, N.Y. — California-based brokerage firm Hanley Investment Group has arranged the $2.4 million sale of a 7,500-square-foot restaurant building in the upstate New York community of Ithaca that is fully leased to Texas Roadhouse. The property was built on 1.4 acres in 2015. Jeff Lefko and Bill Asher of Hanley Investment Group, along with Parasell Inc., represented the California-based buyer in the transaction. Dalton Barnes of Alpha Real Estate Advisors represented the Chicago-based seller.
HAUPPAGE, N.Y. — Chicago-based Venture One will develop a 123,970-square-foot industrial facility in the Long Island community of Hauppage. The site spans 7.4 acres within Hauppage Innovation Park, which is home to some 1,300 businesses that employ roughly 55,000 people. Building features will include a clear height of 36 feet, 130-foot truck court depths, 131 car parking spaces and 40 trailer parking stalls. Construction is scheduled to begin in the third quarter and to last about a year. Cushman & Wakefield will lease the development.
NEW YORK CITY — Locally based investment firm GAIA Real Estate has purchased a portfolio of three multifamily buildings totaling 56 units on Manhattan’s Lower East Side for $34.7 million. The residential portfolio, which primarily offers two- and three-bedroom units and was fully occupied at the time of sale, includes five retail spaces. Guthrie Garvin, Jack Norton, Rob Knakal and Jon Hageman of JLL represented the seller, SMA Equities, in the transaction.
TARRYTOWN, N.Y. — CBRE has negotiated the $26 million sale-leaseback of a 276,000-square-foot life sciences complex located in Tarrytown, a northern suburb of New York City. Jeffrey Dunne, Steven Bardsley, Travis Langer, Alyssa Fricke, David Opper and Jeff Babikian of CBRE represented the seller, BASF Corp., which will lease back a portion of the space at the two-building complex. CBRE also procured the buyer, an affiliate of Northpath Investments. The property was 52 percent leased at the time of sale, inclusive of BASF’s occupancy and a separate lease with Northwell Health System. Michael Klein and Max Custer of JLL arranged acquisition financing through Prime Finance for the deal.
NEW YORK CITY — A partnership between locally based developer The Moinian Group and Bushburg is underway on a 320-unit multifamily redevelopment in Brooklyn. The project at 2840 Atlantic Ave. will convert the site of the former Empire State Dairy into a multifamily community with market-rate and affordable housing units, as well as 14,000 square feet of retail space. Units will be available in studio, one-, two- and three-bedroom formats, and amenities will include a rooftop terrace, fitness center, coworking space, tenant lounge and a children’s play area. Valley Bank and Cross Valley Bank provided $105 million in construction financing for the project. The development team expects the first units to be available for lease in the first quarter of 2024.
MELVILLE, N.Y. — JLL has arranged a $35 million loan for the refinancing of a 309,314-square-foot industrial facility located in the Long Island community of Melville. The property comprises a 213,914-square-foot warehouse and a 96,000-square-foot warehouse that are both undergoing capital improvements and were recently leased to an undisclosed national online retailer. Thomas Didio Jr., Matthew Pizzolato and Max Custer of JLL arranged the 10-year, fixed-rate loan through Provident Bank on behalf of the borrower, an undisclosed private investor.