NEW YORK CITY — BioLabs, a Boston-based biotechnology incubator and operator of shared lab facilities, has opened a 46,000-square-foot life sciences space in the Long Island City area of Queens. The leased space is located within Innolabs, a 267,000-square-foot facility anchored by NYU Langone Health, and the facility will be known as Biolabs@NYU Langone. A partnership between Boston-based King Street Properties and New York City-based GFP Real Estate owns Innolabs.
NEW YORK CITY — Affinius Capital has provided a $200 million construction loan for 200 Douglass, a 276-unit multifamily project that will be located in the Gowanus area of Brooklyn. The 21-story building will house studio, one-, two- and three-bedroom units that will be furnished with in-unit washers and dryers and oversized floor-to-ceiling windows. Amenities will include an outdoor lap pool with cabanas, multiple rooftop terraces, fire pits and grilling areas, fitness and yoga studios, a dedicated coworking space, half-court basketball court, children’s playroom, dog washing station and a multi-sport simulator. Scott Aiese and Lauren Kaufman of JLL arranged the loan on behalf of the borrower, Midwood Investment & Development.
COBLESKILL, N.Y. — New Jersey-based financial intermediary Cronheim Mortgage has arranged an undisclosed amount of financing for a 24,506-square-foot retail strip center in Cobleskill, located west of Albany. Shadow-anchored by Walmart, the center was 90 percent leased at the time of sale to tenants such as Dollar Tree, AT&T, Rent-A-Center, Cutting Crew Hair Salon and The Shoe Dept. Brandon Szwalbenest, Dev Morris and Andrew Stewart of Cronheim arranged the 15-year loan through an undisclosed, Oregon-based life insurance company. The borrower is National Realty & Development Corp.
NEW YORK CITY — Locally based investment and development firm AmTrustRE has completed the acquisition of 260 Madison Avenue, a 22-story office building in Midtown Manhattan, for roughly $211 million. The approximately 570,000-square-foot building was constructed in 1952 and was roughly 68 percent leased at the time of sale. Tenants include Hanesbrands, MGM, Regus, McLaughlin & Stern and Marcus & Millichap. AmTrust plans to invest “significant capital” into interior and exterior improvements to the building. Darcy Stacom and William Herring of Stacom CRE, along with David Ash of Prince Realty Advisors, represented the seller, The Sapir Organization, in the transaction.
CHEEKTOWAGA, N.Y. — Cushman & Wakefield and Pyramid Brokerage Co. have arranged the $31.8 million sale of U-Crest and Belvedere Manor, two multifamily assets totaling 340 units in Cheektowaga, located just outside of Buffalo. Pillar Real Estate Investors sold the properties to Chopp Holdings. Niko Nicolaou, Ryan Dowd, Peter Welch, J.P. Hohl and Alexandria Russo Ebers of Cushman & Wakefield, in collaboration with Pyramid’s Jonathan Weinstein and Robert Stewart, brokered the deal on behalf of both parties. John Alascio, Brad Domenico, Brian Anderson and Chuck Kohaut of Cushman & Wakefield arranged acquisition financing for the deal.
NEW YORK CITY — A partnership between national development firm Landau Properties, Third Millennium Group and Midtown Equities has received $213 million in financing for a mixed-use project in Brooklyn that represents Phase I of a larger, $500 million development. The predevelopment financing consists of a $113 million senior loan from Northwind Group and $100 million in equity (including $25 million in preferred equity) from Atlas Capital Group. Acting on behalf of the partnership, Raffi Landau of Estreich & Co. arranged the debt component, while Aaron Jungreis of Rosewood Realty Group secured the equity investment. “This financing milestone marks a major step forward for our team and underscores our long-term commitment to delivering design-driven, landmark properties in the country’s most competitive markets,” says Jonathan Landau, founder and CEO of Landau Properties. The development site at 205 Montague St. is located within the borough’s Brooklyn Heights neighborhood. Plans currently call for 46 condo residences, 90 rental residences and 40,000 square feet of retail and restaurant space. Demolitions and preliminary construction work are expected to begin early next year. — Taylor Williams
NEW YORK CITY — A partnership between two hospitality owner-operators, Gencom and Highgate, as well as New York City-based investment firm Argent Ventures, has acquired the 607-room InterContinental New York Times Square hotel in Midtown Manhattan. According to Hospitality Investor and The New York Business Journal, the sales price was $230 million. The 34-story hotel offers approximately 20,000 square feet of meeting and event space, multiple onsite food-and-beverage options and a 24-hour fitness center. The new ownership plans to renovate guestrooms, public spaces and dining venues. Eastdil Secured represented the seller, a joint venture between Tishman Realty and MetLife Investment Management, in the transaction and arranged acquisition financing for the deal through Monroe Capital.
GRAND ISLAND, N.Y. — Cushman & Wakefield and Pyramid Brokerage Co. have arranged the $36.7 million sale of Country Glenn, a 336-unit apartment community in Grand Island, located just outside of Buffalo. According to Apartments.com, the property was built in 1974 and offers studio, one- and two-bedroom units that range in size from 425 to 1,340 square feet. Berkley Properties sold Country Glenn to NBM Equities. Niko Nicolaou, Ryan Dowd, Peter Welch, J.P. Hohl and Alexandria Russo Ebers, in collaboration with Pyramid’s Jonathan Weinstein and Robert Stewart, brokered the deal on behalf of both parties. John Alascio, Brad Domenico, Brian Anderson and Chuck Kohaut of Cushman & Wakefield arranged acquisition financing for the transaction.
LYNBROOK, N.Y. — Regional brokerage and debt advisory firm BlueGate Partners has arranged $104 million in financing of The Langdon, a newly built, 201-unit apartment complex located in the Long Island community of Lynbrook. Located at 47 Broadway, The Langdon is a redevelopment of the former Mangrove Feather factory and consists of 55 studios, 111 one-bedroom units and 35 two-bedroom apartments, as well as 2,000 square feet of ground-floor retail space. Amenities include a lobby café, concierge services, rooftop terrace with skyline views, landscaped courtyard, resident lounge with billiards, a fitness center and work-from-home stations. Lee Spiegelman, Mark DeLillo, Marc Schulder, Felipe Marin and Brian Bernier of BlueGate arranged the debt on behalf of the owner, a partnership between Breslin Realty Development Corp. and Fields Grade Development. The direct lender was not disclosed.
NEW YORK CITY — Gilbane Development will build a 266-unit affordable housing project in The Bronx. Designed by Aufgang Architects and developed on the site of a former parking lot, 860 Concourse Village East will be a two-building project with 148 studios, 60 one-bedroom units, 47 two-bedroom residences and 11 three-bedroom apartments. Information on rent restrictions was not disclosed. Amenities will include a fitness center, laundry and package rooms, recreational lounge, an outdoor courtyard and a social services suite with offices and a conference room. The project will also feature a 7,818-square-foot commercial space that will be occupied by the Institute for Community Living. Construction is scheduled to begin next year and to be complete sometime in 2027.