New York

MetLife Provides $143.1M Loan for Refinancing of Brooklyn Multifamily Property

by Taylor Williams September 15, 2021

NEW YORK CITY — MetLife Investments & Management has provided a $143.1 million loan for the refinancing of 475 Clermont, a 363-unit multifamily property in Brooklyn. The 12-story building includes 33,000 square feet of retail space and 45,000 square feet of parking. Units feature individual washers and dryers, stainless steel appliances and private terraces/balconies. Amenities include a fitness center, business center, children’s play area, landscaped courtyard with artwork and a theater room. Drew Fletcher and Matthew Hirsch of Greystone arranged the debt, which was structured with a 10-year term and a fixed interest rate. The borrower was New York City-based RXR Realty.

September 15, 2021

Acquisitions Multifamily New York Northeast Retail

TerraCRG Negotiates $7.4M Sale of Development Site in Brooklyn’s Flatbush District

by Taylor Williams September 15, 2021

NEW YORK CITY — Locally based brokerage firm TerraCRG has negotiated the $7.4 million sale of a commercial development site in Brooklyn’s Flatbush area. The site is currently zoned to support residential and retail uses. Ofer Cohen, Daniel Lebor and Peter Matheos of TerraCRG represented the seller, Freda Realty Co. LLC, in the transaction. The buyer was a locally based entity doing business as Horizon at Flatbush LLC.

September 15, 2021

Loans New York Northeast Northmarq Retail

NorthMarq Arranges $30M Loan for Refinancing of Retail Asset in Queens

by Taylor Williams September 14, 2021

NEW YORK CITY — NorthMarq has arranged a $30 million loan for the refinancing of Springnex Plaza Shopping Center, a 96,019-square-foot retail asset located in the Springfield Gardens area of Queens. The grocery-anchored retail property was built in 2000. Robert Delitsky of NorthMarq arranged the fixed-rate loan through an undisclosed credit union on behalf of the borrower, an affiliate of New York-based Mattone Investors LLC that originally developed the property.

September 14, 2021

Acquisitions Multifamily New York Northeast

TerraCRG Negotiates $2.9M Sale of Residential Development Site in Brooklyn

by Taylor Williams September 14, 2021

NEW YORK CITY — Locally based brokerage firm TerraCRG has negotiated the $2.9 million sale of an 11,000-square-foot residential development site in the Cypress Hills neighborhood of Brooklyn. The site is located within a Qualified Opportunity Zone and can support development of 43,700 buildable square feet. Peter Matheos, Mike Rafter, Andrew Manasia and Jourdon Delerme-Brown of TerraCRG represented the seller, an entity doing business as 2771 Atlantic Realty LLC, in the transaction. The buyer was not disclosed.

September 14, 2021

Acquisitions New York Northeast Retail

Hudson Hill Partners Acquires Somers Strip Shopping Mall in Westchester County

by Taylor Williams September 14, 2021

WHITE PLAINS, N.Y. — Hudson Hill Partners has acquired Somers Strip Shopping Mall, a 10,578-square-foot retail property located in Westchester County, for roughly $2.7 million. The sale included an adjacent development parcel. Matthew Torrance, Al Mirin, Bill Eisenhut and Kate Schwartz of Cushman & Wakefield represented the seller, a locally based family that developed the property 40 years ago, in the deal.

September 14, 2021

Healthcare Leasing Activity Life Sciences New York Northeast Office

Opentrons Signs 47,790 SF Life Sciences Lease at Innolabs in Queens

by Taylor Williams September 10, 2021

NEW YORK CITY — Opentrons, a provider of lab automation technology, has signed a 47,790-square-foot life sciences lease at Innolabs, a facility located in the Long Island City area of Queens. Pandemic Response Lab, a subsidiary of Opentrons, moved in to a 13,000-square-foot space in late August. Neochromosome, another subsidiary, and Opentrons will occupy the balance of the space beginning in early 2022. Bill Harvey, Jared Horowitz, Jordan Gosin and Emma Kistler of Newmark represented the landlord, a partnership between King Street Properties, The Carlyle Group and GFP Real Estate, in the lease negotiations.

September 10, 2021

Development Hospitality New York Northeast

Omnibuild Reaches Construction Midpoint of 38-Story Hospitality Project in Manhattan

by Taylor Williams September 9, 2021

NEW YORK CITY — Locally based construction firm Omnibuild has reached the midpoint of construction of a 38-story hospitality project at 150 W. 48th St. in Midtown Manhattan that will house three hotels. The Hampton Inn, Home 2 Suites and Motto Hotel will offer a total of 1,046 rooms across the three brands. Additional features will include two ground-floor lobbies with entrances, retail space, a café and restaurant, rooftop bar and two gyms. Sam Chang of The McSam Hotel Group is developing the project, and Gene Kaufman Architects PC is designing it. Completion is slated for next fall.

September 9, 2021

Leasing Activity New York Northeast Office

SVB Leerink Signs 112,000 SF Office Lease Renewal, Expansion in Midtown Manhattan

by Taylor Williams September 9, 2021

NEW YORK CITY — Global investment bank SVB Leerink has signed a 112,000-square-foot office lease renewal and expansion at 1301 Avenue of the Americas, a 1.7 million-square-foot building located between 52nd and 53rd streets in Midtown Manhattan. New York City-based Paramount Group Inc. (NYSE: PGRE) owns the 45-story building, which features a newly renovated lobby, in-building access to Rockefeller Center and 30,000 square feet of ground-floor and concourse-level retail space.

September 9, 2021

Development Loans Multifamily New York Northeast

ACRES Capital Provides $31.5M Construction Loan for Multifamily Project in Yonkers, New York

by Taylor Williams September 9, 2021

YONKERS, N.Y. — ACRES Capital has provided a $31.5 million construction loan for a 126-unit multifamily project located at 56 Prospect St. in Yonkers, a northern suburb of New York City. Units will feature modern appliance packages, high-end finishes and private balconies in select units, and amenities will include a rooftop terrace, courtyard and 130 parking spaces. Completion is slated for July 2023. Marty Reasoner of ACRES Capital provided the 30-month loan, and Andrew Milbank of Berko & Associates arranged the debt. The borrower was Melville, N.Y.-based Regency Apartment Ventures.

September 9, 2021

Acquisitions Multifamily New York Northeast

Marcus & Millichap Brokers Sale of 69-Unit Apartment Building in Queens

by Taylor Williams September 9, 2021

NEW YORK CITY — Marcus & Millichap has brokered the sale of a 69-unit apartment building located at 31-20 54th St. in Queens. The property consists of 48 one-bedroom units, 13 two-bedroom residences, seven studios and one commercial space. Shaun Riney, Mark Zarrella, Dylan Walsh and Sean Fopeano of Marcus & Millichap had the exclusive listing to market the property on behalf of the seller. The agents also secured the buyer. Both parties involved in the transaction requested anonymity.

September 9, 2021

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