NEW YORK CITY — Locally based brokerage firm Ariel Property Advisors has negotiated the $11.2 million sale of a 30-unit multifamily property located at 287-299 McGuinness Blvd. in the Greenpoint neighborhood of Brooklyn. The property consists of three adjacent five-story buildings that house 10 units apiece in a variety of floor plans. Benjamin Vago, Sean Kelly and Erik Moloney of Ariel brokered the deal. The buyer and seller were not disclosed.
NEW YORK CITY — Locally based investment and development firm RFR has sold a 139,865-square-foot multifamily development site in the Gowanus area of Brooklyn for $160 million. The buyer was a partnership between two locally based firms, Tavros Capital and Charney Cos. RFR acquired the three-acre site at 175 Third St. for $115 million in 2018, more than three years before the city’s rezoning of the neighborhood to allow for more multifamily development. RFR subsequently collaborated with Bjarke Ingels Group on design schemes and worked over several years to secure an extension of the 421a tax abatement. Additionally during its holding period, RFR vacated the site, obtained excavation and foundation work permits, managed an environmental remediation program and qualified the site for tax incentives such as the Brownfield Credit Program. Ackman-Ziff Real Estate Group advised RFR, which sold the site as a fully entitled development opportunity, on the transaction. The new ownership has secured two acquisition/pre-development loans totaling $145 million in connection with the purchase of the site. Silver Point Capital provided $110 million as the senior lender and Brodsky/global alternative asset manager Tikehau Capital provided $35 million as the mezzanine lender. The partnership has also released development plans for the site, …
BALLSTON SPA, N.Y. — Regional brokerage firm Adirondack Capital Partners has negotiated the sale of Northway Eleven Communities, a 952-unit apartment community in Ballston Spa, a northern suburb of Albany. The exact sales price was not disclosed, but Adirondack says that the deal traded for more than $100 million. The property consists of 240 buildings on a 131-acre site and offers 1,027-square-foot, two-bedroom apartments and 1,385-square-foot, two-level townhomes, according to the property website. Michael Hunter Coghill of Adirondack Capital Partners represented the seller, an entity doing business as Country Club Acres Inc., in the transaction. The buyer was not disclosed, but the property is listed on the website of Eagle Rock Properties.
NEW YORK CITY — A partnership between locally based owner-operators, The Hudson Cos. and BRP Cos., has received $343 million in financing for Phase II of La Central, a multifamily project in the South Bronx that will add 420 affordable and supportive housing units to the local supply. The second phase will encompass Building C (166 units) and Building E (254 units), which will rise 13 and 26 stories, respectively, and house one-, two-, three- and four-bedroom units that will be reserved for households earning between 30 and 80 percent of the area median income. In addition, Phase II, which is slated for a 2028 completion, will include 1,567 square feet of commercial space, 13,000 square feet of community space and 7,134 square feet of public garden space. Building C will be constructed to meet Passive House standards, operating entirely on electricity to eliminate carbon emissions, while Building E will be built to achieve LEED Gold certification. Following completion of Phase II, La Central will comprise more than 1,000 units across five buildings. Buildings A and B, which opened in 2021, house nearly 500 affordable apartments between them, and Building A is also home to a YMCA. Building D, completed …
NEW YORK CITY — A partnership between Ailanthus, BEB Capital and SK Development is nearing completion of a 187-unit multifamily project in Brooklyn’s Sunset Park neighborhood. Designed by dencityworks | architecture with interiors by Alchemy Studio, the 14-story building at 201 East 25th St. will be known as One Sunset. Residences will come in one-, two- and three-bedroom floor plans, with 46 units reserved as affordable housing. Amenities will include a fitness center, game/media room, coworking lounge, private dining/entertainment areas and a rooftop garden. Completion is slated for the fall.
NEW YORK CITY — Amalgamated Bank has signed a 94,045-square-foot office lease at 99 Park Avenue in Midtown Manhattan. The lease term is 15 years, and the space encompasses the entire second, third and fifth floors, as well as a portion of the ground floor, of the 26-story, 600,000-square-foot building. Daoud Awad and Chris Kraus of JLL represented Amalgamated Bank in the lease negotiations. Paul Glickman, Diana Biasotti, Kristen Morgan and Harrison Potter of JLL, along with internal agents Craig Panzirer and Alex Radmin, represented the landlord, Global Holdings.
NEW YORK CITY — Marcus & Millichap has brokered the $4.2 million sale of a 3,360-square-foot office and retail building in the Astoria area of Queens. The two-story building at 30-23 30th Ave. comprises five retail spaces and two office suites. Matt Fotis, Lazarus Apostolidis and Hunter Barocas of Marcus & Millichap represented the seller in the transaction. Fotis and Apostolidis also procured the buyer. Both parties requested anonymity. Steve Filippo with Marcus & Millichap Capital Corp. arranged acquisition financing for the deal.
MELVILLE, N.Y. — Nationwide Mortgage Bankers has signed a 28,552-square-foot office lease in the Long Island community of Melville. The provider of home financing solutions is taking space at the 165,000-square-foot building at 1305 Walt Whitman Road. Joseph Lopresti of JLL represented the tenant in the lease negotiations. Andrew Wiener and Tim Parlante represented the landlord, The Feil Organization, on an internal basis.
NEW YORK CITY — A partnership between The Port Authority of New York and New Jersey, Worldwide Flight Services (WFS) and Annapolis-based transportation real estate investment and management firm Realterm has completed a $270 million consolidated cargo handling facility at John F. Kennedy International Airport in Queens. WFS, the airport’s main cargo handling agency, will operate the 350,000-square-foot facility, which spans 26 acres, replaces two older facilities and brings together operations from four separate cargo zones into a single modernized location. Realterm, which developed the facility via ground lease, specializes in owning and operating airport logistics facilities via a 17 million-square-foot portfolio of such assets across 37 airports. The project was first announced in summer 2021. The new cargo facility features several innovations designed to reduce wait times for truck drivers and minimize queuing outside the facility. These include an advanced truck dock management system that optimizes the flow of goods in and out of the facility, leveraging real-time scheduling, automated check-ins and digital communication between drivers and dock operators. The system automatically allocates the most efficient doors based on the size, type and contents of each delivery and also ensures that trucks arrive only when a dock is available, …
MIDDLE ISLAND, N.Y. — Black Bear Capital Partners (BBCP) has arranged a $24 million construction loan for The Villas at Oak Run, a 74-unit multifamily project on Long Island. The 23.5-acre site is located at the northeast corner of Birchwood Park Drive and Middle Country Road in Middle Island, and the development carries a $35 million price tag. The project will consist of 37 duplex buildings with age-restricted, two-bedroom units. The property will include an affordable housing component and amenities such as an indoor fitness center, walking path and pickleball courts. Bryan Manz and Emil DePasquale of BBCP arranged the loan, which carried a two-year term and a 70 percent loan-to-value ratio, through Kearny Bank on behalf of the developer, The Crest Group.