NEW YORK CITY — Fitness operator HAPIK has signed a lease to open a 15,000-square-foot indoor climbing gym in the Sunset Park area of Brooklyn. The gym will be located within Building 6 at the 35-acre Industry City mixed-use development and will feature 50 climbing walls, two rope courses and private event spaces. Chase Welles of TSCG represented the landlord, a partnership between Belvedere Capital, Jamestown and Angelo Gordon & Co., in the lease negotiations. The tenant representative was not disclosed.
NEW YORK CITY — JLL has arranged a $115 million loan for the refinancing of a portfolio of nine self-storage properties that are located in various areas of New York and New Jersey. The portfolio spans 723,664 net rentable square feet across 9,578 units. Properties are located in The Bronx, Floral Park, Garden City, Huntington Station and Yorktown Heights areas of New York and in the New Jersey communities of Haledon, Elizabeth, Linden and Perth Amboy. Steven Klein and Robert Tonnessen of JLL arranged the loan through Nuveen Real Estate on behalf of the borrower, Atlanta-based owner-operator Storage Post. Specific loan terms were not disclosed.
NEW YORK CITY — Philadelphia-based development and investment firm Arden Group has completed Forty-Six Fifty, a 22-story mixed-use building located at 4650 Broadway in Manhattan’s Inwood neighborhood. Designed by Handel Architects, the building offers 222 apartments in studio, one- and two-bedroom formats, with 30 percent of the apartments subject to income restrictions. Amenities include a fitness center, resident lounge, screening room and a children’s play area. In addition, 4650 Broadway houses 120,000 square feet of commercial space that is leased to a charter school and a supermarket. Apartment rents start at $2,800 per month for a studio.
NEW YORK CITY — Locally based investment firm AmTrust RE has acquired a 260,000-square-foot office building located at 360 Lexington Ave. in Midtown Manhattan for $65.5 million. Constructed in 1959, the 24-story building has received significant renovations in the past few years, including a new lobby and upgraded elevators and common areas. AmTrust plans to implement further capital improvements by adding several new amenities, including conference rooms and lounges. Adam Spies, Adam Doneger, Joshua King and Marcela Fasulo of Newmark represented both AmTrust RE and the undisclosed seller in the transaction.
NEW YORK CITY — Market @77 has opened a 40,000-square-foot food hall at the Brooklyn Navy Yard. Situated on the ground floor of Building 77, the venue is home to concepts such Russ & Daughters, Hungry House, Jalapa Jar, Pizza Yard, Sabor, Rustik Tavern, Transmitter Brewing and She Wolf Bakery. Nonprofit organization Brooklyn Navy Yard Development Corp. owns and manages the larger development.
NEW YORK CITY — Greystone has provided a $32 million CMBS loan for the refinancing of a 90-unit affordable housing complex in the Clinton Hill neighborhood of Brooklyn. The building at 58 Vanderbilt Ave. was completed in 2023 and features studio-, one- and two-bedroom units. Amenities include a rooftop terrace, business center and a recreation room, and the building houses two commercial spaces on the ground floor. Rose Schwartz and Gabby Gutwein of Everest Equity arranged the loan, which was structured with a 51 percent loan-to-value ratio, a five-year term and a 30-year amortization period. The borrower was not disclosed.
YONKERS, N.Y. — Locally based brokerage firm Houlihan-Lawrence Commercial has negotiated the $4.7 million sale of an 18,000-square-foot retail property in Yonkers, located north of New York City. Apparel and footwear retailer Snipes anchors the property, which features nine storefronts and is also home to Yonkers Paint & Hardware. Garry Klein of Houlihan-Lawrence represented the seller in the transaction, and the firm’s Jared Stone represented the buyer. Both parties requested anonymity.
NEW YORK CITY — Chicago-based Pearlmark has provided a $27 million mezzanine loan for Vista 65, a 22-story mixed-use building located in the Rego Park area of Queens. Vista 65 comprises 186 multifamily units, 86,500 square feet of commercial space and a parking garage. Residences are furnished with stainless steel appliances, quartz countertops and hardwood floors, and amenities include a fitness center, lounge, children’s play area and a rooftop terrace. Varde Partners is the senior lender on the property. Henry Bodek of Galaxy Capital arranged the loan on behalf of the sponsor, RB Realty Capital.
BUFFALO, N.Y. — Locally based financial intermediary Largo Capital has placed a $9 million loan for the refinancing of a 44-unit multifamily property in Buffalo. The name and address of the property, which exclusively offers two-bedroom units, were not disclosed. Kevin Coscia of Largo originated the loan, which was structured with a fixed interest rate and 10 years of interest-only payments. The names of the direct lender and borrower were also not disclosed.
MORRISTOWN, N.J. AND NEW YORK CITY — Valley National Bancorp (NASDAQ: VLY), the holding company for Valley National Bank, has sold $925 million worth of commercial real estate mortgage loans to Brookfield Asset Management (NYSE: BAM). Of the $925 million loan pool, $823 million had been previously identified and transferred to held for sale as of Sept. 30, 2024, as the firm sought to reduce its exposure to the commercial real estate sector. The loans were sold at a discount of 1 percent to value, which the bank expects will result in an immaterial net loss during the fourth quarter. Valley will retain customer-facing servicing responsibilities for the financings following the transaction. “The sale of this performing commercial real estate loan pool has helped to accelerate progress toward our strategic balance sheet goals,” says Ira Robbins, chairman and CEO of Valley. Valley is a regional bank with over $62 billion in assets under management. The company operates retail branch locations and commercial banking offices across New Jersey, New York, Florida, Alabama, California and Illinois. The Morristown, N.J.-based bank’s stock price closed on Wednesday, Dec. 4 at $10.48 per share, up slightly from $9.29 a year ago. Morgan Stanley & Co. …