New York

3650 REIT Funds $59M Acquisition Loan for Industrial Property in Yaphank, New York

by Taylor Williams June 16, 2021

YAPHANK, N.Y. — 3650 REIT has funded a $59 million acquisition loan for 50 Horseblock, a 491,200-square-foot industrial property in the Long Island community of Yaphank. Built in 1986, the property was fully leased to New Jersey-based drug manufacturer Amneal Pharmaceuticals at the time of sale. Building features include a clear height of 28 feet and 12 loading docks. Adam Licari and Jeff Shriver of Eastdil Secured arranged the 10-year loan on behalf of the borrower, private equity firm New Mountain Capital.

June 16, 2021

Loans New York Northeast Office

Newmark Arranges $500M Acquisition, Construction Loan for Manhattan Office Redevelopment

by Taylor Williams June 15, 2021

NEW YORK CITY — Newmark has arranged a $500 million acquisition and construction loan for the redevelopment of 111 Wall Street, a 1.2 million-square-foot office building in downtown Manhattan. The 25-story building spans a full city block. The borrower, a joint venture between Nightingale Partners and Wafra Capital Partners, will reposition the property to feature touchless and smart-building technology and add new amenities. The new suite of amenities will include a 125-seat conference center, café and barista bar, upscale food and beverage options, an event room and a fitness center. The new ownership will also install new windows and HVAC systems. Dustin Stolly and Jordan Roeschlaub of Newmark arranged the financing through an undisclosed direct lender. The redevelopment is expected to take about two years to complete.

June 15, 2021

Company News Life Sciences New York Northeast

Savills Acquires Life Sciences, Tech Real Estate Consulting Firm T3 Advisors

by Taylor Williams June 15, 2021

NEW YORK CITY —Global real estate advisory firm Savills Inc. has acquired T3 Advisors, which provides site selection, project management and strategic planning services for life sciences and tech users. T3 Advisors, which was founded in 2001 and has offices in Boston, New York City, San Francisco and Palo Alto, will rebrand as T3 Advisors, A Savills Company. Roy Hirshland, CEO and founder of T3 Advisors, will become a vice chairman at Savills and will continue to lead the company. In addition, T3 Managing Partners Austin Barrett, David Bergeron and Mark Cote will become executive vice presidents and continue in their leadership roles with Savills.

June 15, 2021

Market Reports New York Northeast Northeast Market Reports Retail

New York City Must Be A Leader in Reimagining Retail in the Post-Pandemic World

by Taylor Williams June 15, 2021

By James Nelson, principal, head of Tri-State investment sales, Avison Young It probably won’t be a shock to learn that in the aftermath of COVID-19, we are going to need to reimagine retail. Even before the pandemic hit, retail vacancy was becoming more prevalent throughout New York City. Now more than ever, landlords and retailers are going to need to think outside the box to fill vacancies and allow retailers to survive. A recent survey among members of the International Council of Shopping Centers (ICSC), which consists of landlords, tenants and service providers, found that 57 percent of retail professionals believe that the economy will improve over the course of the next year. That being said, 73 percent wanted to see businesses open again in their state. A key question involves when we could expect to return to the in-person conventions and events that our industry is known for. ICSC is famous for its annual conference in Las Vegas that draws over 30,000 people. It’s a chance to catch up with friends and business contacts in a fun setting while also being able to accomplish dozens of meetings over a few days, as everyone is in the same place. Industry …

June 15, 2021

Loans Multifamily New York Northeast

Trevian Capital Provides $6.4M Loan for Multifamily Building in Queens

by Taylor Williams June 14, 2021

NEW YORK CITY — Trevian Capital, a locally based direct lender, has provided a $6.4 million bridge loan for a 10-unit multifamily building located in the Astoria neighborhood of Queens. The funds will be used to pay off maturing construction debt and fund final cosmetic finishes. The name of the property and the borrower were not disclosed.

June 14, 2021

Loans Multifamily New York Northeast Seniors Housing

Grandbridge Provides $49.2M Loan for Refinancing of Seniors Housing Property in New York

by Taylor Williams June 10, 2021

ORANGEBURG, N.Y. — Grandbridge Real Estate Capital’s Atlanta-based seniors housing and healthcare finance team has provided a $49.2 million Fannie Mae loan for the refinancing of Brightview Lake Tappan. The 143-unit seniors housing community is located in Orangeburg, approximately 15 miles north of New York City. Specific loan terms and the name of the borrower were not disclosed.

June 10, 2021

Acquisitions Development Multifamily New York Northeast

JLL Brokers $31.7M Sale of Multifamily Development Site in Queens

by Taylor Williams June 10, 2021

NEW YORK CITY — JLL has brokered the $31.7 million sale of a 57,035-square-foot multifamily development site in the Forest Hills neighborhood of Queens. Stephen Palmese, Brendan Maddigan, Michael Mazzara, Winfield Clifford, Ethan Stanton and Patrick Madigan of JLL represented the seller, Jasper Venture Group, in the deal. The buyer, a partnership between Top Rock Holdings, RJ Capital Group and SYU Properties, plans to develop a 235,679-square-foot market-rate project and an 82,559-square-foot senior affordable living development on the site.

June 10, 2021

Acquisitions Industrial New York Northeast

JLL Negotiates $13.7M Sale of Industrial Property in Farmingdale, New York

by Taylor Williams June 8, 2021

FARMINGDALE, N.Y. — JLL has negotiated the $13.7 million sale of a 96,600-square-foot light industrial facility in Farmingdale, located on Long Island. The property sits on a four-acre site less than two miles from the Long Island Expressway and was 92 percent leased to multiple tenants at the time of sale. Jose Cruz, Jordan Avanzato, Marc Duval, Mike Kavanagh, Nick Stefans and Andrew Scandalios of JLL represented the undisclosed seller, which acquired the asset in 2004 and made multiple capital improvements, in the transaction. Additional terms of sale were not disclosed.

June 8, 2021

Industrial Market Reports New York Northeast Northeast Market Reports

New York City Industrial Market Held Strong in 2020, Has Promising 2021 Ahead

by Taylor Williams June 8, 2021

By Jakub Nowak, senior vice president investments, Marcus & Millichap Last year’s COVID-19 lockdown took a major toll on parts of New York City’s real estate market. The city’s industrial sector, however, fared relatively well compared with other asset classes. Although dollar volume for outright industrial sales transactions over $1 million fell by almost 25 percent from $1.75 billion in 2019 to $1.35 billion in 2020, the average price per square foot over the same period held flat at about $445 per square foot. Meanwhile, capitalization rates for industrial properties in 2020 continued their steady downward trajectory, compressing further from 4.7 to 4.4 percent on a year-over-year basis. Importantly, these 2020 sales numbers do not account for the $800 million-plus of institutional capital that poured into local industrial real estate by way of partial interest sales. Notable transactions included a joint venture between Hackman Capital and Square Mile Capital deploying just under $375 million for a majority interest in Queen’s Silver Cup Studios; GIC obtaining a 25 percent stake in Sunset Park’s Industry City for $330 million; and a joint venture between Madison Realty Capital, Meadow Partners and Acadia Realty acquiring a share of Sunset Park’s Liberty View Plaza for …

June 8, 2021

Acquisitions Company News Data Centers Kansas Midwest New York Northeast Top Stories

Blackstone Agrees to Acquire Data Center Giant QTS Realty Trust in $10B Deal

by John Nelson June 8, 2021

NEW YORK CITY AND OVERLAND PARK, KAN. — Blackstone (NYSE: BX) has entered into a definitive acquisition agreement with QTS Realty Trust (NYSE: QTS), a data center real estate investment trust, in an all-cash transaction valued at $10 billion. Upon completion of the transaction, the parties expect that QTS will continue to be led by its senior management team and maintain its corporate headquarters in Overland Park. QTS has a diverse footprint spanning more than 7 million square feet of owned data centers across 28 markets in North America and Europe, including Atlanta, Chicago, Dallas-Fort Worth, Miami, the Netherlands, Northern Virginia, Overland Park, the Pacific Northwest, Phoenix and Southern California. The decision by Blackstone follows several high-profile acquisitions in other niche real estate property sectors. Since January 2020, the New York City-based firm’s dealings have included a joint venture with Starwood Capital to buy hotelier Extended Stay America for $6 billion; the $3.4 billion acquisition of a life sciences portfolio in metro Boston; a joint venture with Hudson Pacific to develop movie studios and creative offices in Hollywood, Calif.; and a $4.6 billion partnership with MGM Growth Properties to buy the MGM Grand and Mandalay Bay casinos in Las Vegas. …

June 8, 2021

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