New York

CBRE to Acquire Coworking Operator Industrious, Create New Business Segment

by Hayden Spiess January 14, 2025

DALLAS AND NEW YORK CITY — CBRE Group Inc. (NYSE: CBRE) has announced plans to acquire Industrious National Management Co. LLC, a flexible workspace provider. Dallas-based CBRE, which has invested in Industrious since late 2020 through roughly 40 percent equity interest and a $100 million convertible note, will purchase the remaining 60 percent equity stake for approximately $400 million, giving Industrious an overall valuation of $800 million. Founded in 2012, New York City-based Industrious offers workplaces with private offices, suites, meeting rooms and desks. The current Industrious portfolio features approximately 200 properties across 65 cities globally. According to a press release issued by CBRE, Industrious’ revenue has grown at a compound annual rate of more than 50 percent since 2021. In addition to the acquisition, CBRE will establish a new business segment. Dubbed Building Operations & Experience (BOE), the new segment will “unify building operations, workplace experience and property management, positioning CBRE to deliver scalable, future-ready solutions for offices, data centers, warehouses and other facilities,” according to CBRE. Jamie Hodari, CEO and co-founder of Industrious, will lead CBRE’s BOE division, which will include CBRE’s Enterprise Facilities Management, Local Facilities Management and Property Management divisions, as well as Industrious. The new business …

January 14, 2025

Affordable Housing Development Multifamily New York Northeast

WinnCos. Completes $20.5M Renovation of Buffalo Affordable Housing Complex

by Taylor Williams January 13, 2025

BUFFALO, N.Y. — Regional owner-operator WinnCos. has completed the $20.5 million renovation of West Village Apartments, a historic affordable housing complex in downtown Buffalo. The property comprises 10 buildings totaling 135 units that were constructed between 1891 and 1920. The renovation encompassed upgrades to unit kitchens, bathrooms, doors, windows and building roofs, as well as common area lighting and flooring. In addition, the project team created a community room, management office, bike parking spaces and an additional unit via the conversion of a maintenance shed. Locally based general contractor DiMarco Construction performed the renovation, which also served to preserve and extend the property’s affordability status.

January 13, 2025

Industrial Leasing Activity New York Northeast

PrimeSource Building Products Signs 312,567 SF Industrial Lease in Montgomery, New York

by Taylor Williams January 13, 2025

MONTGOMERY, N.Y. — PrimeSource Building Products has signed a 312,567-square-foot industrial lease in Montgomery, about 80 miles north of New York City. The manufacturer and distributor of construction materials will occupy the entirety of Maybrook Logistics Center, a facility that was built on a speculative basis on a 40-acre site at 134 Neelytown Road. Building features include a clear height of 36 feet, 74 loading doors, two drive-in doors and parking for 98 cars and 129 trailers. Tom Consiglio and Scott Peck of Resource Realty represented the landlord, Brookfield Properties, in the lease negotiations. Frank Puskarich and Art Ross of Newmark represented the tenant.

January 13, 2025

Leasing Activity New York Northeast Retail

Burlington to Open 77,970 SF Store at 620 Avenue of the Americas in Manhattan

by Taylor Williams January 13, 2025

NEW YORK CITY — Burlington will open a 77,970-square-foot store at 620 Avenue of the Americas in Manhattan’s Chelsea area. The discount clothing retailer is relocating and expanding from a 40,000-square-foot space at 695 Avenue of the Americas via a 12-year lease. Cliff Simon of CNS Real Estate represented Burlington in the lease negotiations. Richard Skulnik, Lindsay Zegans, Ben Sabin and Mary Schwagerl of RIPCO Real Estate, along with internal agent Daniel Birney, represented the landlord, RXR.

January 13, 2025

Acquisitions New York Northeast Office

Newmark Brokers $360M Sale of Two Park Avenue Office Building in Manhattan

by Taylor Williams January 10, 2025

NEW YORK CITY — Newmark has brokered the $360 million sale of Two Park Avenue, a 1 million-square-foot office building located in Manhattan’s Murray Hill neighborhood. The 29-story building was constructed in the mid-1920s and features a 27th-story penthouse lounge and outdoor terrace, a ground-floor lobby and conference center and bike parking space. Adam Spies, Doug Harmon, Adam Doneger, Marcella Fasulo, Josh King, Avery Silverstein and Willis Robbins of Newmark represented the seller, Morgan Stanley, in the transaction. The buyer, Haddad Brands, plans to occupy a portion of the property and lease the remainder.

January 10, 2025

Loans Multifamily New York Northeast

KKR Provides $123M Loan for Refinancing of Wimbledon Apartments in Manhattan

by Taylor Williams January 10, 2025

NEW YORK CITY — Global pivate equity firm KKR has provided a $123 million loan for the refinancing of The Wimbledon, a 214-unit apartment complex located at 200 E. 82nd St. on Manhattan’s Upper East Side. The pet-friendly, elevator-served property offers one-, two- and three-bedroom units and includes 8,590 square feet of commercial space. The amenity package comprises a fitness center, outdoor theater, children’s playroom, package lockers and outdoor dining space. Jordan Roeschlaub and Chris Kramer of Newmark arranged the loan on behalf of the sponsor, Rockpoint Group.

January 10, 2025

Loans Multifamily New York Northeast

Eastern Union Arranges $24M Loan for Refinancing of Brooklyn Multifamily Property

by Taylor Williams January 10, 2025

NEW YORK CITY — Eastern Union has arranged a $24 million loan for the refinancing of a 55-unit multifamily property located at 2508 Foster Ave. in Brooklyn’s Flatbush neighborhood. The seven-story, newly constructed building houses units with an average size of 692 square feet and two retail spaces. Motti Blau, Mendy Pfeifer and Dov Bakon of Eastern Union arranged the nonrecourse loan, which was structured with a 65 percent loan-to-value ratio, through Bank of Montreal on behalf of the undisclosed borrower.

January 10, 2025

Leasing Activity New York Northeast Office

Sciame Construction Signs 37,206 SF Office Lease Renewal in Lower Manhattan

by Taylor Williams January 10, 2025

NEW YORK CITY — Sciame Construction LLC has signed a 37,206-square-foot office lease renewal in Lower Manhattan. The locally based firm will continue to occupy the entire 20th floor of 14 Wall Street, a building that was originally constructed in 1910 for the Bankers Trust Co., for the next 20 years. Bradley Gerla, Jon Cope, Mike Rizzo and Masha Dudelzak of CBRE represented the landlord in the lease negotiations. Adam Foster, Matt Bergey, Chris Mansfield and Ryan Luck, also with CBRE, represented the tenant.

January 10, 2025

Acquisitions New York Northeast Office

Marcus & Millichap Brokers $16.1M Sale of Midtown Manhattan Office Building

by Taylor Williams January 9, 2025

NEW YORK CITY — Marcus & Millichap has brokered the $16.1 million sale of a 106,642-square-foot office building in Midtown Manhattan. The 16-story building is located at 254-258 W. 35th St. and was originally constructed in 1924 as a garment manufacturing facility. Eric Anton and John Stewart of Marcus & Millichap represented the undisclosed seller in the transaction. The duo also procured the buyer, a local private investor that similarly requested anonymity,

January 9, 2025

Leasing Activity New York Northeast Retail

ROUND1 Bowling & Arcade to Open 80,300 SF Entertainment Venue in Queens

by Taylor Williams January 9, 2025

NEW YORK CITY — Round1 Bowling & Arcade, a Japanese entertainment concept, will open an 80,300-square-foot venue in Queens. The space will be situated within the 700,000-square-foot Shops at Skyview development in the borough’s Flushing area and will be the operator’s first location in the city. David Friedman and Andrew Stern of Newmark represented the tenant in the lease negotiations. ShopCore Properties, a subsidiary of Blackstone, owns Shops at Skyview.

January 9, 2025

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