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.
NEW YORK CITY — Global private equity firm Clayton, Dubilier & Rice has signed an office lease renewal and expansion at The Seagram Building, a 38-story tower located at 375 Park Ave. in Manhattan. The company now occupies 70,000 square feet across four floors. Andrew Sachs and Ben Shapiro of Newmark represented the tenant, which has been headquartered at the building for nearly three decades, in the lease negotiations. A.J. Camhi and Paul Milunec internally represented the landlord, locally based investment firm RFR.
MELVILLE, N.Y. — Southern California-based investment firm Cohen Asset Management has purchased an 84,140-square-foot logistics facility located in the Long Island community of Melville. The property, which sits on 6.9 acres, was fully leased to Estee Lauder and two other tenants at the time of sale. Building features include a clear height of 22 feet and parking for 250 vehicles. The seller and sales price were not disclosed.
NEW YORK CITY — Financial services firm Wellington Management has signed a 71,000-square-foot office lease at 799 Broadway, a 182,000-square-foot building located at the convergence of Manhattan’s Greenwich Village and Union Square areas. The lease term is 16.5 years. Steven Rotter, Randy Abend, Gabrielle Harvey, Brendan Callahan and Lauren Calandriello of JLL represented Wellington in the lease negotiations. Mitchell Konsker, Ben Bass and Sam Seiler, also with JLL, represented the landlord, Columbia Property Trust. The building is now 70 percent leased.
NEW YORK CITY — Whole Foods Market will open a 54,000-square-foot store at 63 Madison Ave. in Manhattan’s NoMad neighborhood on Wednesday, June 1. The store will offer produce sourced from 20 local farms, full-service meat and seafood counters, a bakery, prepared foods section, wellness and beauty section and a selection of more than 180 craft beers.
NEW YORK CITY — Avanath Capital Management, a private real estate investment management firm, has purchased two multifamily communities in Brooklyn. The Irvine, Calif.-based company purchased the two properties, which total 601 apartments and 42,643 square feet of ground-floor retail space, for $315 million. The properties also include 82,681 square feet of parking. The seller was not disclosed, but multiple outlets report the seller as Greenland USA, a residential and commercial real estate developer based in China. Located at 38 6th Ave. and 535 Carlton Ave., the two communities are situated adjacent to Barclays Center, the home arena of the Brooklyn Nets NBA franchise. A little over one-third of the units are reserved for residents with incomes between 40 percent and 100 percent of area median income (AMI). The buildings were constructed in 2017 as part of the ongoing Pacific Park New York Development initiative, which Avanath Capital says is Brooklyn’s largest development project to date. In addition to the two multifamily properties, at full completion the site will host eight acres of public open space, a new public middle school, 13 other residential buildings and more than 7.3 million square feet of residential, commercial and retail space. Amenities at …