YONKERS, N.Y. — CBRE has negotiated the $37 million sale of 3 Executive Boulevard and 3 Odell Plaza, two office buildings totaling 130,607 square feet in Yonkers, located north of New York City. Both assets are leased on a long-term basis to a single tenant, Montefiore Health System. Jeffrey Dunne, Steven Bardsley, David Gavin, Jeremy Neuer, Gene Pride and Stuart MacKenzie of CBRE represented the seller, an entity managed by Robert Martin Co., in the transaction. The team also procured the buyer, a joint venture between Benedict Realty Group and Harbor Group International.
NEW YORK CITY — Meridian Capital has arranged a $107.7 million senior loan for the refinancing of 55 Broadway, a 32-story office building in Manhattan’s Financial District. The 356,059-square-foot building was 89 percent leased at the time of the loan closing to tenants such as The Kingdom of Morocco, Bank of Communications, Syscom and Assurant Inc. As part of the recapitalization, the borrower, Harbor Group International, also received a future funding component of up to $8.4 million for leasing costs. In addition, an undisclosed capital source invested new equity in the property to retire Paramount Group Inc.’s preferred equity and to fund costs associated with significant recent leasing activity at the building. Ronnie Levine and Ben Jacobs of Meridian Capital Group arranged the financing through an undisclosed life insurance company.
NEW YORK CITY — Bank of America has provided a $52 million loan for the refinancing of Flushing Plaza, a 233,436-square-foot office building in Queens. The property includes 71,930 square feet of medical office space, 10,653 square feet of retail space and an 808-space parking garage. Gideon Gil and Alex Lapidus of Cushman & Wakefield arranged the loan, which carried a 10-year term and a fixed interest rate, on behalf of the borrower, Muss Development LLC.
MONROE, N.Y. — New York City-based finance firm Eastern Union has arranged a $28 million construction loan for a 159-unit multifamily project in Monroe, located about 60 miles north of Manhattan. The loan was structured with a 24-month term and a 75 percent loan-to-cost ratio. Abraham Bergman and Yossi Orzel of Eastern Union originated the financing. The direct lender was a New Jersey-based bank, and the borrower was a local family office.
NEW YORK CITY — A joint venture between Los Angeles-based PCCP LLC and locally based owner-operator The Kaufman Organization has purchased the leasehold interest in 135 West 29th Street, an 81,283-square-foot office building in Midtown Manhattan. The 12-story building was originally constructed in 1911 and is currently 63 percent leased to 28 tenants. The joint venture plans to implement a capital improvement program that will upgrade the lobby, façade, elevator systems and common areas.
NEW YORK CITY — Private equity real estate firm Elion Partners has acquired a 180,000-square-foot industrial building located approximately five miles from John F. Kennedy International Airport in the Jamaica neighborhood of Queens. The sales price was $58 million. According to commercialcafé.com, the Class B property was built on 5.3 acres in 1961. The seller was not disclosed.
NEW YORK CITY — On Thursday morning, New York City Mayor Bill de Blasio told MSNBC that the city would fully reopen on July 1, citing office buildings, restaurants, retail establishments and theaters as property types that will be cleared to resume business at full occupancy. The mayor stated that roughly 6 million doses of COVID-19 vaccines had been administered throughout the city, with roughly 36 percent of its adult population now fully vaccinated. Previously, New York Gov. Andrew Cuomo had initiated plans to ease restrictions on some of these properties, such as allowing office buildings to operate at 50 to 75 percent capacity and ending curfew times at bars. Both of those measures are set to take effect in May.
YONKERS, N.Y. — Katz & Associates has brokered the sale of a retail building formerly occupied by 24 Hour Fitness in Yonkers, a northern suburb of New York City. The building is situated on a 1.7-acre site at 589 Tuckahoe Road. Brian Katz, Jonathan Greenberg and John Heretakis of Katz & Associates represented the undisclosed seller in the deal. Tyler Lyman of True Commercial represented the buyer, Carpionato Realty, which purchased the asset for $4.2 million.
NEW YORK CITY — Merchants Capital has provided an $18.2 million loan for Mannie Wilson Towers, a 102-unit seniors affordable housing property in Harlem. The building was originally constructed in 1892 as the Syndenham Hospital and converted to a residential use after closing in 1980. Mannie Wilson Towers now consists of one- and two-bedroom units that are reserved for residents age 62 and above who earn 50 percent or less of the area median income. The borrower, West Harlem Group Assistance Inc., will use the proceeds to fund capital improvements and preserve the property’s affordability. The loan was structured with a 30-year term and a 40-year amortization schedule.
NEW YORK CITY — Marcus & Millichap has brokered the $15.2 million sale of a 30,697-square-foot industrial building located at 73-99 Empire Blvd. in the Crown Heights area of Brooklyn. The site also houses an 8,000-square-foot retail building. John Brennan, Jason Grunberg, Jakub Nowak and Samuel Finkler of Marcus & Millichap represented the seller and buyer in the transaction. Both parties were individuals/personal trusts that requested anonymity.