New York

JLL Arranges $123M in Construction Financing for Brooklyn Multifamily Project

by Taylor Williams July 28, 2025

NEW YORK CITY — JLL has arranged $123 million in construction financing for a 158-unit multifamily project that will be located at 450 Union St. in the Gowanus area of Brooklyn. The financing consists of a $90 million loan from Bank Hapoalim and IDB Bank and a $33 million equity investment from Global Holdings Management Group. Known as Anagram Gowanus, the 20-story building will house 118 market-rate apartments and 40 affordable housing units in studio, one-, two- and three-bedroom floor plans. Amenities will include a fitness center, children’s playroom, coworking space and an indoor-outdoor rooftop lounge, as well as 22,000 square feet of retail and commercial space. Peter Rotchford, Nicco Lupo, Winfield Clifford and Jonathan Faxon of JLL arranged the financing on behalf of the developer, a joint venture between two local real estate companies, MacArthur Holdings and Tankhouse. Completion is slated for mid-2027.

July 28, 2025

Leasing Activity New York Northeast Office

WeWork to Open 60,000 SF Coworking Space at 250 Broadway in Lower Manhattan

by Taylor Williams July 28, 2025

NEW YORK CITY — WeWork will open a 60,000-square-foot coworking space at 250 Broadway in Lower Manhattan. The space will encompass five of the 648,000-square-foot building’s 31 floors. Peter Riguardi, Clark Finney, Alexander Riguardi and Dana Goldman of JLL represented WeWork in the lease negotiations in conjunction with two of the company’s real estate leaders, Peter Greenspan and Whitney Anderson. Brad Gerla, Michael Rizzo and Alex Benisatto of CBRE, along with internal agent Anne Holker, represented the landlord, Am Trust RE. The opening is slated for December.

July 28, 2025

Acquisitions Loans Multifamily New York Northeast Top Stories

JLL Brokers $243.5M Sale of Midtown Manhattan Apartment Tower

by Taylor Williams July 28, 2025

NEW YORK CITY — JLL has brokered the $243.5 million sale of Riverbank, a 44-story apartment tower located at 560 W. 43rd St. in Midtown Manhattan. Barings sold the freshly renovated property to an undisclosed institutional investment firm, with JLL representing both parties in the transaction. JLL also arranged $128.3 million in acquisition financing for the deal. The direct lender and specific loan terms were not disclosed. Originally developed in the late 1980s as a condominium project, Riverbank currently houses 418 rental units comprising 43 studios, 270 one-bedroom units, 62 two-bedroom apartments and 43 three-bedroom residences. The high-rise also features nearly 18,000 square feet of retail space that is fully leased to a nail salon, liquor store and coffee shop. Most of Riverbank’s units have private balconies with city and Hudson River views, and residents have access to a 5,000-square-foot lounge called the Harbor Club that offers poker and billiards tables, a media room and coworking space. Additional amenities include an Olympic-size pool, fitness center, outdoor terrace and grilling stations. Jeffrey Julien, Rob Hinckley, Andrew Scandalios, Steven Rutman and Devon Warren led the JLL Capital Markets team that handled the sale of Riverbank. Kelly Gaines, Geoff Goldstein and Michael Shmuely …

July 28, 2025

Development Multifamily New York Northeast

Witkoff, Apollo Global Deliver 52-Story Apartment Tower in Brooklyn

by Taylor Williams July 25, 2025

NEW YORK CITY — A partnership between locally based developer Witkoff and an affiliate of global investment firm Apollo Global Management has delivered The Brook, a 52-story apartment building in downtown Brooklyn. The Brook houses 591 apartments in studio, one- and two-bedroom floor plans, as well as 21,000 square feet of retail space. Thirty percent of units are reserved as affordable housing. Income restrictions for these units were not disclosed. Amenities include a pool, basketball court, lounge, fitness center, library, communal terraces, playground, dog run and coworking spaces. Beyer Blinder Belle designed the community, and Bonetti/Kozerski Architecture provided interior design services. Suffolk Construction served as the general contractor. Rents start at $3,870 per month for a studio apartment.

July 25, 2025

Acquisitions Multifamily New York Northeast

Marcus & Millichap Brokers $7.5M Sale of Bronx Apartment Building

by Taylor Williams July 25, 2025

NEW YORK CITY — Marcus & Millichap has brokered the $7.5 million sale of a 97-unit apartment building in The Bronx. The six-story, elevator-served building at 1154 Ward Ave. was originally constructed in 1929 in the borough’s Soundview neighborhood. According to Apartments.com, the building exclusively houses one-bedroom units with an average size of 713 square feet. Michael Fusco, Seth Glasser and Benjamin Myerow of Marcus & Millichap represented the seller and procured the buyer, both of which were private investors that requested anonymity, in the transaction.

July 25, 2025

Development Healthcare New York Northeast

Suffolk Breaks Ground on 500,000 SF Healthcare Expansion Project in White Plains, New York

by Taylor Williams July 23, 2025

WHITE PLAINS, N.Y. — Boston-based general contractor Suffolk has broken ground on a 500,000-square-foot healthcare expansion project in White Plains, located north of New York City. According to New York YIMBY, the project carries a total construction cost of about $750 million. The expansion of White Plains Hospital will feature a 10-story building that will increase the facility’s licensed bed capacity from 292 to 436 and add 10 more operating rooms across a dedicated floor. These additions will serve to effectively double the size and capabilities of the hospital’s emergency care department. Completion is scheduled for 2028.

July 23, 2025

Acquisitions Multifamily New York Northeast

Ariel Property Advisors Arranges $9M Sale of Brooklyn Multifamily Development Site

by Taylor Williams July 23, 2025

NEW YORK CITY — Locally based brokerage firm Ariel Property Advisors has arranged the $9 million sale of a multifamily development site in the Gowanus area of Brooklyn. The site totals 21,600 buildable square feet across two lots at 554-550 Union St., which currently house three structures with commercial and residential space. Sean Kelly, Stephen Vorvolakos and Nicole Daniggelis of Ariel represented the undisclosed seller in the transaction. The buyer was also not disclosed.

July 23, 2025

Hospitality Loans New York Northeast

JLL Arranges $54M Loan for Refinancing of Long Island Hotel

by Taylor Williams July 22, 2025

SAG HARBOR, N.Y. — JLL has arranged a $54 million loan for the refinancing of Baron’s Cove, a 67-room boutique hotel located in Sag Harbor on Long Island. Built in the late 1950s and renovated in 2015, the property features lofted suites and amenities such as a saltwater pool, lounge, complimentary bicycles and kayaks, a wellness center, tennis court and onsite food-and-beverage options. Kevin Davis, Mark Fisher, Jillian Mariutti and Connor Medzigian of JLL arranged the three-year, floating-rate loan through funds managed by private equity firm Blue Owl Capital. The borrower, a partnership between Blue Flag Capital and Bain Capital Real Estate, will use a portion of proceeds to fund capital improvements.

July 22, 2025

Development Multifamily New York Northeast

Davis Cos., Eloise Capital Begin Leasing 97-Unit Apartment Building in Harlem

by Taylor Williams July 21, 2025

NEW YORK CITY — A partnership between Boston-based investment firm The Davis Cos. and Eloise Capital has begun leasing 1975 Madison, a 97-unit apartment building in Harlem. The site is located within the newly formed Harlem 125th Street Business Improvement District. Designed by DXA Studio and built by Broadway Construction Group, the building houses one- and two-bedroom units and amenities such as a wellness garden, coworking area, media room, fitness center, dog wash station and a penthouse lounge. Rents start at approximately $3,350 per month for a one-bedroom apartment.

July 21, 2025

Acquisitions Healthcare New York Northeast

Jacobson Properties Arranges Sale of 25,648 SF Healthcare Property in Johnson City, New York

by Taylor Williams July 21, 2025

JOHNSON CITY, N.Y. — New York-based brokerage firm Jacobson Properties has arranged the sale of a 25,648-square-foot healthcare property in Johnson City, located near the New York-Pennsylvania border. The building at 530 Columbia Drive houses medical office space and an ambulatory surgery center. Lisa Menin of Jacobson Properties represented the seller, a limited liability company, in the transaction. The buyer was an institutional healthcare real estate investment firm. Both parties requested anonymity.

July 21, 2025

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