NEW YORK CITY — Google will open its first physical retail store in Manhattan this summer, the Mountain View, Calif.-based tech giant said in a blog post yesterday. The store will be located on Google’s campus in the Chelsea neighborhood. At the Google store, customers can browse and buy Google products like Pixel phones, Nest products and Fitbit devices. Tech experts will also be available to troubleshoot issues with devices.
NEW YORK CITY — Illinois-based CenterPoint Properties has acquired a 145,144-square-foot industrial building in The Bronx. The warehouse sits on 4.8 acres and features 18 dock-high doors and 1.5 acres for parking. In addition, the facility is located near Hunts Point Food Distribution Center, the largest food distribution hub of its kind in the world, according to CenterPoint. The seller and sales price were not disclosed.
WESTBURY, N.Y. — Empire Adventure Park, an entertainment concept that features trampolines, climbing walls, ropes and obstacle course and augmented reality games, will open a 35,572-square-foot center in the Long Island village of Westbury. The center will be situated within Samanea New York, a new, 750,000-square-foot shopping, dining and entertainment destination. The lease with Empire Adventure Park brings the property’s occupancy to 60 percent. Empire Adventure Park joins a tenant roster at Samanea New York that includes Dave & Buster’s, The Cheesecake Factory, Bloomingdale’s Furniture Outlet and 99 Ranch Supermarket. Dominic Coluccio represented the landlord, Lesso Mall Development, in the lease negotiations on an internal basis along with Colliers International brokers Matthew Kucker and Jordan Barch. Construction of the Empire Adventure Park center is scheduled to begin in January, with a target opening date of late 2022.
NEW YORK CITY — Urban Standard Capital has provided an $8.7 million construction loan for the completion of a 24-unit multifamily project in the Bedford-Stuyvesant neighborhood of Brooklyn. The project is a redevelopment of a three-story building previously owned by Grace Baptist Church. The borrower, Spencer Developers, expects to complete the redevelopment in about three months. Seth Weissman, Charlie Brosens and Robert Levine of Urban Standard Capital originated the financing.
NEW YORK CITY — Locally based lender CIT Group Inc. has provided a $35.7 million construction loan for a 17-story mixed-income project located in the Clinton Hill area of Brooklyn. Designed by DXA Studio, the property will total 138 units in one- and two-bedroom floor plans with private balconies or yards, about 40 of which will be designated as affordable housing. Communal amenities will include a dog run, fitness center, business center and a recreational lounge. The borrower, Quinlan Development Group, expects to complete the project in early 2023. Specific information on income restrictions was not disclosed.
NEW ROCHELLE, N.Y. — W. P. Carey Inc. (NYSE: WPC) has acquired a student housing property in the New York City suburb of New Rochelle that serves students at Monroe College for $26 million. Built in 2018, the transit-oriented residence hall’s 94 units total 49,500 net rentable square feet. The property also offers proximity to dining, entertainment and fitness uses. Thomas Greeley, Devlin Man, Cory Gubner and Alex Haendler of Newmark represented the seller, St. Katherine Group, and procured W. P. Carey as the buyer.
NEW YORK CITY — SL Green Realty Corp. (NYSE: SLG) has sold 635-641 Sixth Avenue in Manhattan’s Midtown South neighborhood for a gross sales price of $325 million. The office property comprises two adjoining buildings rising eight stories and totaling 267,000 square feet. The transaction is expected to close in the second quarter and generate net cash proceeds to SL Green of approximately $312.5 million. The buyer was undisclosed. SL Green acquired the asset in 2012 for $173 million. The Manhattan-based office landlord completed a redevelopment of the buildings in 2015, featuring a new lobby, elevators, building systems and a penthouse rooftop equipped with a bocce court and event space. The buildings date back to the early 1900s and once housed the Simpson Crawford Department Store. Today, the property is 94 percent leased. Software company Infor is the anchor tenant and recently executed a renewal and extension of its lease through 2030. “New York City’s revitalization continues as does the demand for Class A office buildings,” says Harrison Sitomer, senior vice president of SL Green. “The disposition at a sales price of more than $1,200 per square foot is a result of extensive repositioning and leasing efforts at the property.” …
NEW YORK CITY — Macy’s Inc. (NYSE: M) reported approximately $4.7 billion in net sales for its 2021 fiscal first quarter that ended on May 1, an increase of about 56 percent from $3 billion in net sales during that period last year. Macy’s CEO Jeff Gennette cited the windfalls of federal stimulus funds and the expanding vaccine rollout as key to the company exceeding expectations. In addition, Gennette said that more Macy’s customers are engaging with its online platform, enabling the New York City-based retailer to post a 34 percent increase in digital sales from the first quarter of 2020. Macy’s has revised its full-year guidance and is now projecting to generate between approximately $21.7 billion and $22.2 billion in net sales this year; previously it had estimated that range to be roughly $19.7 billion to $20.7 billion. Macy’s stock price opened at $19.44 per share on Tuesday, May 18, up from $5.55 per share a year ago.
NEW YORK CITY — Paramount Group Inc. (NYSE: PGRE) has announced plans to overhaul the base and interior spaces at 60 Wall Street, a 47-story office tower in Lower Manhattan’s Financial District. The project is set to kick off when the building’s sole occupant, Deutsche Bank, vacates the tower next summer. Paramount Group plans to invest $250 million for the renovation, according to New York Business Journal. Originally built in 1989, the 1.6 million-square-foot tower is LEED Gold-certified and sits along Wall Street with Pine Street bounding the property on the north. Paramount Group, a New York City-based owner and manager of Class A office towers, has tapped architectural firm Kohn Pedersen Fox (KPF) to oversee the renovation. The firm has also selected Paul Amrich and Howard Fiddle of CBRE to lease and manage 60 Wall Street for tenants to replace Deutsche Bank. The revitalization plan includes opening the base of 60 Wall Street’s façade with new triple-height windows and a vast skylight to allow for more natural lighting. The renovation is set to also include the installation of a 100-foot green wall, which will improve air quality and provide greenery to the tower’s public spaces. The indoor green wall …
NEW YORK CITY — Columbia Pacific Advisors has provided a $39.1 million, 36-month bridge loan for 68-70 Spring Street, a 24,357-square-foot multifamily and retail asset in Manhattan’s SoHo neighborhood. The undisclosed borrower will use the funds to support lease-up of the eight-story building, which includes 10 apartments with two- and three-bedroom floor plans.