New York

Champion Real Estate Buys Student Housing Community Near Syracuse University for $65M

by Taylor Williams April 7, 2022

SYRACUSE, N.Y. — Champion Real Estate Co. has purchased Campus Hill Apartments, a 715-bed student housing community near Syracuse University, for $65 million. The property offers fully furnished units across 51 buildings. The community will be rebranded Victory at Syracuse and is set to undergo renovations imminently. Victory House Syracuse LLC, a subsidiary of Champion, will oversee community upgrades, including fresh paint and the addition of vinyl plank flooring, new cabinetry, quartz countertops, stainless steel appliances and modern fixtures. Ken Wellar and Douglas Sitt of Rittenhouse Realty represented Champion and the undisclosed seller in the transaction.

April 7, 2022

Development Healthcare New York Northeast Retail

Simone Development Acquires Medical Office, Retail Complex in The Bronx for $32M

by Taylor Williams April 7, 2022

NEW YORK CITY — Locally based investment firm Simone Development has acquired Triangle Plaza Hub, a 50,000-square-foot medical office and retail complex located in the Mott Haven neighborhood of The Bronx. The sales price was $32 million. Triangle Plaza Hub was built in 2015 and was 97 percent leased at the time of sale, with grocer Fine Fare and Sun River Health serving as the anchor tenants. Other tenants include DaVita, Dunkin’, Boston Market and VistaSite Eyecare. Steven Rutman, Rob Hinckley, Karl Brumback, Andrew Scandalios and Madison Warwick of JLL represented the seller, Triangle Equities, in the transaction.

April 7, 2022

Development Loans New York Northeast Retail

JLL Arranges $230M Loan for Refinancing of Lionsgate Studios Yonkers

by Taylor Williams April 5, 2022

YONKERS, N.Y. — JLL has arranged a $230 million loan for the refinancing of Lionsgate Studios Yonkers, a 500,000-square-foot film production studio located on the northern outskirts of New York City. Proceeds will retire construction debt that financed Phase I of the studio’s development, which was completed in January. The borrower, a partnership between Connecticut-based National Resources and Great Point Capital Management, a media investment fund based in the United Kingdom, is also planning a $500 million expansion. When complete, the studio will house 11 soundstages — eight 20,000-square-foot stages, two 10,000-square-foot stages and a 30,000 square-foot stage — and will be the largest modern-built film and television production campus in the Northeast. The property will also include parking for more than 750 cars and 100 trucks. Michael Zaremski, Michael Shmuely, John Flynn and Jimmy Cochran of JLL arranged the five-year loan.

April 5, 2022

Leasing Activity New York Northeast Office

TPG Architecture Signs 40,431 SF Office Lease Renewal in Midtown Manhattan

by Taylor Williams April 5, 2022

NEW YORK CITY — TPG Architecture has signed a 40,431-square-foot office lease renewal at 132 West 31st Street in Midtown Manhattan’s Penn Plaza district. The lease term is seven years. The property was built in the 1920s and recently renovated to feature an upgraded lobby, meeting rooms and elevators, as well as new food and beverage concepts. Mitchell Konsker, Matthew Astrachan, Kyle Young and Thomas Swartz of JLL represented the landlord, Vanbarton Group, in the lease negotiations. CBRE’s Mark Ravesloot, Michael Monahan and William Iacovelli represented the tenant.

April 5, 2022

Leasing Activity New York Northeast Office

Sigma Computing Signs 15,500 SF Office Lease in Midtown Manhattan

by Taylor Williams April 4, 2022

NEW YORK CITY — Sigma Computing Inc., a provider of data analytics software, has signed a 15,500-square-foot office lease at Zero Irving, a 21-story building in Midtown Manhattan. The tenant will occupy space on the ninth floor of the for five years. Jeff Rodgers, Stephen Cisarik and Brent Ozarowski of Newmark represented Sigma Computing in the lease negotiations. JLL represented the landlord, a partnership between RAL Development and Junius Real Estate Partners.

April 4, 2022

Acquisitions Industrial New York Northeast Self-Storage

Storage Post Buys Four New York Self-Storage Facilities Totaling 3,900 Units

by Taylor Williams April 1, 2022

NEW YORK — Atlanta-based self-storge investment firm Storage Post has acquired four facilities totaling 3,900 units in the New York City area. Specifically, the properties, which span more than 370,000 gross square feet, are located in Garden City, Floral Park, Huntington Station and Yorktown Heights. Storage Post has operated the facilities on behalf of the seller, an undisclosed institutional investor, since 2016 and will continue to do so following the change in ownership.

April 1, 2022

Acquisitions Multifamily New York Northeast

Spur House Partners Negotiates $7M Sale of East Village Apartment Building

by Taylor Williams April 1, 2022

NEW YORK CITY — Locally based brokerage firm Spur House Partners has negotiated the sale of an apartment building in Manhattan’s East Village area that was originally built in 1930 and consists of four four-bedroom units and ground-floor retail space. Shlomo Gelernter of Spur House Partners represented the buyer, Highpoint Property Group, in the transaction. Jay Bernstein of Besen Partners represented the seller, an entity doing business as 166 1st Avenue Realty Group.

April 1, 2022

Healthcare Loans New York Northeast

Axiom Arranges $6M Loan for Refinancing of Queens Medical Office Building

by Taylor Williams April 1, 2022

NEW YORK CITY — Commercial finance and advisory firm Axiom Capital Corp. has arranged a $6 million loan for the refinancing of an 18,694-square-foot medical office building in Queens. The property is located at the intersection of Queens Boulevard and 56th Avenue, directly across the street from Queens Mall. Axiom Capital arranged the nonrecourse loan, which was structured with a 10-year term and a fixed interest rate, on behalf of the undisclosed borrower. The direct lender was also undisclosed.

April 1, 2022

Acquisitions Multifamily New York Northeast

TerraCRG Negotiates $41.8M Sale of Brooklyn Multifamily Portfolio

by Taylor Williams March 31, 2022

NEW YORK CITY — Locally based brokerage firm TerraCRG has negotiated the $41.8 million sale of a portfolio of four rent-stabilized multifamily buildings totaling 246 units in Brooklyn’s Midwood neighborhood that were built in the 1940s. The unit mix consists of four studios, 77 one-bedroom apartments, 100 two-bedroom residences and 25 three-bedroom units. Ofer Cohen, Matt Cosentino, Daniel Lebor, Isaiah Thomas and Ben Robbins of TerraCRG represented the undisclosed seller in the transaction. The buyer was also not disclosed. The deal traded at a sub-5 percent cap rate.

March 31, 2022

Loans Multifamily New York Northeast

J.P. Morgan Provides $99.8M Acquisition Loan for Manhattan Multifamily Portfolio

by Taylor Williams March 30, 2022

NEW YORK CITY — J.P. Morgan has provided a $99.8 million acquisition loan for a portfolio of 11 multifamily properties totaling 361 units in Manhattan. The properties total 208,917 square feet. Gideon Gil, Lauren Kaufman, Zachary Kraft and Sebastian Sanchez of Cushman & Wakefield arranged the financing on behalf of the borrower, HUBB NYC Properties. Adam Spies, Doug Harmon and Adam Doneger, also of Cushman & Wakefield, brokered the sale of the portfolio. The seller was not disclosed.

March 30, 2022

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