NEW YORK CITY — Los Angeles-based Parkview Financial has provided a $30 million construction loan for a 59-unit apartment project at 63 Pitts St. on Manhattan’s Lower East Side. The 12-story building will house 11 studios, 39 one-bedroom units and nine two-bedroom residences, with 18 units to be designated as affordable housing. Amenities will include a rooftop deck, gym, package room and onsite laundry facilities. The borrower expects to complete the project in July 2022.
NEW YORK CITY — JLL has negotiated the sale of Shoreham, a 179-room boutique hotel located near Central Park in Midtown Manhattan. The 89,681-square-foot property offers a fitness center, business center, restaurant and more than 2,000 square feet of meeting and event space. Jeffrey Davis, K.C. Patel, Michele Mahl, Nikhil Chuchra and Desmund Delaney of JLL represented the undisclosed seller in the transaction. A private investor purchased the asset for an undisclosed price.
NEW YORK CITY — Macy’s Inc. (NYSE: M) has unveiled plans to overhaul its flagship Herald Square store at the corner of 34th Street and Seventh Avenue in Midtown Manhattan. The plan would add a commercial office tower atop the store. The size and design features of the office component were not disclosed. The plan includes a private investment totaling $235 million by Macy’s that would modernize the public spaces around the flagship store, including upgraded subway access, improved transit connections and pedestrian-friendly and car-free streetscapes at Broadway Plaza and Herald Square. Macy’s would improve Herald Square Subway Station’s entrances and add publicly accessible elevators at Seventh Avenue, Broadway, 34th Street and 35th Street that are compliant with Americans with Disabilities Act (ADA). The renewal plan is expected to generate $269 million annually in new tax revenues for New York City, support 16,290 annual jobs and spark $4.29 billion in annual economic output, according to Macy’s. “Today’s announcement is a resounding vote of confidence for Manhattan and the entire state, and a strong indication that New York’s retailers and consumers will drive this economic recovery,” says Melissa O’Connor, president and CEO of the Retail Council of New York State, the …
NEW YORK CITY — Ariel Property Advisors has arranged the $17.8 million sale of a pair of multifamily assets totaling 32 units and three commercial spaces in Manhattan’s Nolita neighborhood. Shimon Shkury, Victor Sozio, Howard Raber, Michael Tortorici and Jack Moran of Ariel Property Advisors brokered the deal. The buyer and seller were not disclosed.
NEW YORK CITY — Lument has provided three agency loans totaling $18.5 million for multifamily properties totaling 118 units in Brooklyn. The deals include a $3 million Freddie Mac Small Balance Loan for 900 East 18th Street, a $6 million Fannie Mae conventional loan for 1436-1438 Ocean Avenue and a $9.5 million Fannie Mae conventional loan for 991-993 President Street. The properties were all constructed between 1925 and 1927 and have undergone substantial capital improvements in recent years. All three loans carry 10-year terms and 30-year amortization schedules, while two of the loans feature interest-only payment periods. Kristian Molloy of Lument led the transactions on behalf of the undisclosed borrower.
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.
