New York

Cushman & Wakefield Brokers $27M Sale of Five Multifamily Buildings in Manhattan

by Taylor Williams September 1, 2021

NEW YORK CITY — Cushman & Wakefield has brokered the $27 million sale of five multifamily buildings in Manhattan. The properties are part of a portfolio of assets owned by Metro Management. Two buildings at 320-326 and 329-333 W. 55th St. totaling 63 units sold to an undisclosed buyer for $11.5 million, and two buildings located at 357 W. 22nd St. and 359 W. 22nd St. in Chelsea sold to Lockhill Properties for $8 million. The final property at 335 W. 19th St. comprises 45 units and fetched a sales price of $7.5 million. Cushman & Wakefield’s Robert Shapiro, Nicholas Kontos, Andrew Berry, Michael Gembecki, Charlie Gravina and Austin Fabel represented Metro Management in the transactions. The firm also represented the buyers in the dispositions of the first four assets.

September 1, 2021

Acquisitions New York Northeast Restaurant Retail

Namdar Realty Group Sells 100,000 SF National Net-Leased Retail Portfolio

by Taylor Williams September 1, 2021

GREAT NECK, N.Y. — New York-based Namdar Realty Group has sold a portfolio of 10 net-leased retail properties located across five states. Five of the properties are located in California. Two assets are in Oregon, and each of the remaining three properties are split between Illinois, Maine and Connecticut. The portfolio spans more than 100,000 square feet and was approximately 95 percent leased at the time of sale to tenants such as Buffalo Wild Wings, Best Buy, Cost Plus World Market, State Farm, AT&T and Uno Pizzeria. Andrew Ebrani and Jonathan Abda represented Namdar Realty Group on an internal basis. The buyer and sales price were not disclosed.

September 1, 2021

Acquisitions Industrial New York Northeast

CenterPoint Properties Buys 81,000 SF Warehouse in The Bronx

by Taylor Williams August 31, 2021

NEW YORK CITY — Chicago-based investment firm CenterPoint Properties has acquired an 81,000-square-foot warehouse located at 511 Barry St in The Bronx. Earlier this year, CenterPoint purchased an adjacent property at 1080 Leggett Ave; both buildings are occupied by an e-commerce tenant that the New York Business Journal reports is Amazon. The building covers about 32 percent of a 4.6-acre site, providing ample space for employee and trailer parking. Brian Fiumara, Doug Middleton and Ryan Silber of CBRE, along with Rob Kossar, Tyler Peck, Leslie Lanne and Andrew Scandalios of JLL, brokered the deal.

August 31, 2021

Acquisitions New York Northeast Retail

Vornado Realty Trust to Sell Five Manhattan Retail Properties for $184.5M

by Taylor Williams August 30, 2021

NEW YORK CITY — Vornado Realty Trust (NYSE: VNO) has entered into an agreement with an undisclosed buyer to sell five Manhattan retail properties for $184.5 million. The properties are located at 677–679 Madison Ave., 759–771 Madison Ave., 828–850 Madison Ave., 478-482 Broadway and 155 Spring St. Combined, the properties currently have negative income and a street-level occupancy rate of approximately 30 percent. Vornado is selling the properties in three separate transactions. The sale of the Madison Avenue properties is expected to close in the third quarter, and the sales of the Soho properties are expected to close in the first quarter of 2022.

August 30, 2021

Leasing Activity New York Northeast Office

Dorilton Capital Signs 5,148 SF Office Lease Expansion at 32 Avenue of the Americas in Manhattan

by Taylor Williams August 30, 2021

NEW YORK CITY — Private investment and management consulting firm Dorilton Capital has signed a 5,148-square-foot office lease expansion at 32 Avenue of the Americas, a 1.2 million-square-foot building located in the Tribeca area of Manhattan. The company now occupies 38,648 square feet at the property comprising the entire 26th floor and portions of the 17th and 27th floors. Robert Steinman represented the landlord, The Rudin Family, on an internal basis.

August 30, 2021

Acquisitions Multifamily New York Northeast

Alpha Realty Negotiates $11.8M Sale of Brooklyn Multifamily Portfolio

by Taylor Williams August 27, 2021

NEW YORK CITY — Locally based brokerage firm Alpha Realty has negotiated the $11.8 million sale of a portfolio of three multifamily properties in Brooklyn’s Boerum Hill neighborhood. The portfolio consists of 10 multifamily units and five retail spaces. The properties are located at 348 Atlantic Ave., 336 State St. and 75 Hoyt St. Lev Mavashev and Daniel Aminov of Alpha Realty represented the seller, an investment fund that was looking to liquidate its Brooklyn holdings, and procured the buyer, a European investment firm. Both parties requested anonymity.

August 27, 2021

Leasing Activity New York Northeast Office

Cedar Signs 66,753 SF Office Lease at 32 Avenue of the Americas in Manhattan

by Taylor Williams August 27, 2021

NEW YORK CITY — Cedar, a locally based healthcare financial technology firm, has signed a 66,753-square-foot office lease at 32 Avenue of the Americas in Manhattan’s Tribeca neighborhood. The lease term is five years, and the space encompasses the entire 18th and a portion of the 17th floors of the 1.2 million-square-foot building. Cedar is quadrupling its 17,000-square-foot footprint at 95 Morton Street and plans to take occupancy of its new space in the fourth quarter. Mitti Liebersohn and Evan Foley of Avison Young represented the tenant in the lease negotiations. Robert Steinman represented the landlord, The Rudin Family, on an internal basis.

August 27, 2021

Development Industrial New York Northeast Self-Storage

Hampshire Cos., Blumenfeld Begin Work on 691-Unit Self-Storage Facility in Roslyn Heights, New York

by Taylor Williams August 26, 2021

ROSLYN HEIGHTS, N.Y. — A joint venture between New Jersey-based developer The Hampshire Cos. and Blumenfeld Development Group has begun construction on a 691-unit self-storage facility in Roslyn Heights, located on Long Island. Extra Space Storage will manage the property, the site of which formerly housed a manufacturing plant. The facility, which will be the 44th property developed by Hampshire Cos. for Extra Space Storage in the eastern part of the country, is scheduled for completion in the second quarter of 2022.

August 26, 2021

Company News Leasing Activity New York Northeast Office

Project Management Advisors Expands to New York City, Opens Office in Empire State Building

by Taylor Williams August 26, 2021

NEW YORK CITY — Chicago-based real estate consulting firm Project Management Advisors Inc. (PMA) has signed a lease for approximately 5,000 square feet in the Empire State Building. The new office — the company’s seventh across the country — will bring together PMA’s existing New York staff and the team from LPE Management Services, which PMA recently acquired. The office is scheduled to before the end of the month.

August 26, 2021

Company News New Jersey New York Northeast Retail

Toys ‘R’ Us to Open 400 Stores Within Existing Macy’s Locations in 2022

by Taylor Williams August 24, 2021

NEW YORK CITY — WHP Global, the parent company of Toys ‘R’ Us, has entered into an agreement with Macy’s (NYSE: M) to open more than 400 toy stores within the department store chain’s existing locations across the country in 2022. In addition to physical merchandise, the new stores will feature interactive experiences and activation centers to enhance the experience for both children and parents. The Wayne, New Jersey-based toy retailer originally announced its intent to close or sell off all of its 700-plus U.S. stores in 2018. New York City-based WHP Global acquired the controlling stake of TruKids Inc., the former owner of Toys ‘R’ Us, in March with plans to reopen some stores.

August 24, 2021

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