REBusinessOnline

TerraCRG Negotiates $2.9M Sale of Residential Development Site in Brooklyn

NEW YORK CITY — Locally based brokerage firm TerraCRG has negotiated the $2.9 million sale of an 11,000-square-foot residential development site in the Cypress Hills neighborhood of Brooklyn. The site is located within a Qualified Opportunity Zone and can support development of 43,700 buildable square feet. Peter Matheos, Mike Rafter, Andrew Manasia and Jourdon Delerme-Brown of TerraCRG represented the seller, an entity doing business as 2771 Atlantic Realty LLC, in the transaction. The buyer …

Hudson Hill Partners Acquires Somers Strip Shopping Mall in Westchester County

WHITE PLAINS, N.Y. — Hudson Hill Partners has acquired Somers Strip Shopping Mall, a 10,578-square-foot retail property located in Westchester County, for roughly $2.7 million. The sale included an adjacent development parcel. Matthew Torrance, Al Mirin, Bill Eisenhut and Kate Schwartz of Cushman & Wakefield represented the seller, a locally based family that developed the property 40 years ago, in the

Opentrons Signs 47,790 SF Life Sciences Lease at Innolabs in Queens

NEW YORK CITY — Opentrons, a provider of lab automation technology, has signed a 47,790-square-foot life sciences lease at Innolabs, a facility located in the Long Island City area of Queens. Pandemic Response Lab, a subsidiary of Opentrons, moved in to a 13,000-square-foot space in late August. Neochromosome, another subsidiary, and Opentrons will occupy the balance of the space beginning in early 2022. Bill Harvey, Jared Horowitz, Jordan Gosin and Emma Kistler of Newmark represented the …

Omnibuild Reaches Construction Midpoint of 38-Story Hospitality Project in Manhattan

NEW YORK CITY — Locally based construction firm Omnibuild has reached the midpoint of construction of a 38-story hospitality project at 150 W. 48th St. in Midtown Manhattan that will house three hotels. The Hampton Inn, Home 2 Suites and Motto Hotel will offer a total of 1,046 rooms across the three brands. Additional features will include two ground-floor lobbies with entrances, retail space, a café and restaurant, rooftop bar and two gyms. Sam Chang of The McSam Hotel Group is developing …

SVB Leerink Signs 112,000 SF Office Lease Renewal, Expansion in Midtown Manhattan

NEW YORK CITY — Global investment bank SVB Leerink has signed a 112,000-square-foot office lease renewal and expansion at 1301 Avenue of the Americas, a 1.7 million-square-foot building located between 52nd and 53rd streets in Midtown Manhattan. New York City-based Paramount Group Inc. (NYSE: PGRE) owns the 45-story building, which features a newly renovated lobby, in-building access to Rockefeller Center and 30,000 square feet of ground-floor and concourse-level retail

ACRES Capital Provides $31.5M Construction Loan for Multifamily Project in Yonkers, New York

YONKERS, N.Y. — ACRES Capital has provided a $31.5 million construction loan for a 126-unit multifamily project located at 56 Prospect St. in Yonkers, a northern suburb of New York City. Units will feature modern appliance packages, high-end finishes and private balconies in select units, and amenities will include a rooftop terrace, courtyard and 130 parking spaces. Completion is slated for July 2023. Marty Reasoner of ACRES Capital provided the 30-month loan, and Andrew Milbank of Berko …

Marcus & Millichap Brokers Sale of 69-Unit Apartment Building in Queens

NEW YORK CITY — Marcus & Millichap has brokered the sale of a 69-unit apartment building located at 31-20 54th St. in Queens. The property consists of 48 one-bedroom units, 13 two-bedroom residences, seven studios and one commercial space. Shaun Riney, Mark Zarrella, Dylan Walsh and Sean Fopeano of Marcus & Millichap had the exclusive listing to market the property on behalf of the seller. The agents also secured the buyer. Both parties involved in the transaction requested

Credit Agricole CIB Signs 167,000 SF Office Lease at 1301 Avenue of the Americas in Manhattan

NEW YORK CITY — Global investment bank Credit Agricole CIB has signed a 167,000-square-foot office lease at 1301 Avenue of the Americas, a 1.7 million-square-foot building located between 52nd and 53rd streets in Midtown Manhattan. New York City-based Paramount Group Inc. (NYSE: PGRE) owns the 45-story building, which features a newly renovated lobby, in-building access to Rockefeller Center and 30,000 square feet of ground-floor and concourse-level retail

Eastman Cooke Completes 28,700 SF Adaptive Reuse Project in Manhattan

NEW YORK CITY — Locally based construction firm Eastman Cooke & Associates has completed an adaptive reuse project that converted a warehouse at 438 W. 51st St. into an ambulatory surgery center for Sovereign Medical Group. The five-story building was originally constructed in 1905. Designed by Stonehill Taylor, the project entailed a three-story roof extension, upgrades of vital operating systems and a complete installation of infrastructure systems. The development team also worked to …

GAIA Real Estate Acquires Multifamily Portfolio in Manhattan’s East Village for $49.5M

NEW YORK CITY — New York City-based GAIA Real Estate has acquired a portfolio of three multifamily buildings totaling 71 units in Manhattan’s East Village for $49.5 million. The buildings are located at 50-58 E. Third St. and primarily feature two- and three-bedroom units. The seller was a locally based limited liability company that is affiliated with Anbau Enterprises. The portfolio, which includes about 15 rent-controlled units, was 97 percent occupied at the time of sale. The property …

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