LIVERPOOL, N.Y. — Marcus & Millichap has brokered the sale of America Stores It, a 407-unit self-storage facility in Liverpool, located about 10 miles northwest of Syracuse. Built on 5.6 acres in 2023, the property offers 47,700 net rentable square feet of space across 31 climate-controlled units and 376 non-climate-controlled units. Nathan Coe, Gabriel Coe and Brett Hatcher of Marcus & Millichap represented the seller and procured the buyer, both of which requested anonymity, in the transaction. John Horowitz of Marcus & Millichap assisted in closing the deal as the broker of record. The sales price was also not disclosed.
NEW YORK CITY — A partnership between The Community Preservation Corp., Shelter Rock Builders and the New York City Department of Housing Preservation and Development has completed a 31-unit affordable housing project in Brooklyn. The project represents Phase I of the Bedford-Stuyvesant North & Central development and comprises nine three-family and two two-family buildings with 11 for-sale units and 20 rental units. Phase II of the project will add another 76 units.
NEW YORK CITY — Rithm Capital Corp., a global alternative asset manager, has entered into a definitive agreement to acquire Paramount Group Inc. (NYSE: PGRE), a vertically integrated real estate investment trust (REIT) that owns, operates, manages and redevelops Class A office properties in New York City and San Francisco. The purchase price is approximately $1.6 billion. New York City-based Paramount’s portfolio includes 13 owned and four managed office assets totaling more than 13.1 million square feet, 85.4 percent of which was leased as of June 30. Under the terms of the agreement, which has been approved by the boards of directors of both companies, Rithm will acquire all outstanding shares of Paramount common stock for $6.60 per fully diluted share. Paramount’s stock price closed at $7.38 per share Tuesday, Sept. 16, up from $5.08 per share one year ago, a more than 45 percent increase. Rithm expects to fund the transaction with a combination of cash and liquidity from its balance sheet and potential opportunities from co-investors. New York City-based Rithm says the addition of the Paramount portfolio will create new opportunities for investors to access its real estate platform and bolster its asset management business. “We believe the …
NEW YORK CITY — Newmark has arranged a $230 million loan for the refinancing of 520-524 Broadway, a mixed-use property totaling 235,000 square feet in the SoHo district of Lower Manhattan. The property consists of two buildings that were both constructed in the early 1900s and that feature a combined 180,000 square feet of office space and 55,000 square feet of retail space that is leased to tenants such as Balthazar and Lululemon, with Abercrombie & Fitch soon to join the roster. Jordan Roeschlaub and Nick Scribani of Newmark arranged the debt through Barings on behalf of the owner, Northwood Investors, a firm with about a dozen offices across the United States and the United Kingdom.
NEW YORK CITY — Merchants Capital has provided $25.2 million in financing for Westbeth Artists Housing, a 384-unit affordable housing property located in the West Village area of Lower Manhattan. The historic property, which was originally constructed for Western Electric in 1868, is known as “artist housing,” via its inclusion of 46 affordable artistic workspaces that can be used as rehearsal studios or for arts programming and exhibitions. Financing proceeds will be used to recapitalize the property’s debt structure and fund capital improvements such as new roofs, elevators, windows and radiators, as well as restoration of the historic façade and full renovation of 32 apartments. The borrower was not disclosed.
PEEKSKILL, N.Y. — MAG Capital Partners has purchased a two-building, 104,220-square-foot industrial facility in Peekskill, about 50 miles north of Manhattan, in a sale-leaseback. The site spans approximately 6 acres along the Hudson River and houses the headquarters operations of White Plains Linen, which in 2019 expanded its services to include e-commerce fulfillment of similar products. STREAM Capital Partners’ Daniel Macks, Jonathan Wolfe and Joe DiGennaro represented the seller in the transaction.
NEW YORK CITY — ACRES Capital has provided a $30.5 million bridge loan for the refinancing of The Mill, a 90-unit apartment building located at 1614–1626 Madison St. in the Ridgewood area of Queens. The building rises seven stories and was constructed in 2017. Information on floor plans was not disclosed. According to StreetEasy, The Mill offers amenities such as a business center, package room, resident lounge with a pool and ping pong tables, laundry room and a rooftop terrace. The borrower was locally based investment firm Essex Capital.
NEW YORK CITY — Marcus & Millichap has brokered the $7.5 million sale of an 83-unit apartment building in the Westchester Square area of The Bronx. The six-story, elevator-served building at 1776 Castle Hill Ave. was constructed in 1936 and houses 15 studios, 54 one-bedroom units, 13 two-bedroom apartments and one three-bedroom residence. Benjamin Myerow, Seth Glasser and Michael Fusco of Marcus & Millichap represented the seller, a local family, and procured the buyer, a 1031 exchange investor, in the transaction. Both parties requested anonymity.
NEW YORK CITY — Cushman & Wakefield has negotiated a 36,651-square-foot industrial lease near JFK International Airport in Queens. The tenant, Horizon Air Freight, will occupy space at Inwood Logistics Center, a 10-building development. Rico Murtha, Helen Paul, Sonny Singh, Thomas Deluca, David Frattaroli, John Giannuzzi and Joseph Hentze Jr. of Cushman & Wakefield represented the landlord, a partnership led by Onyx Equities, in the lease negotiations. The tenant representative was not disclosed.
NEW YORK CITY — Massumi + Consoli has signed a 57,988-square-foot office lease in the Bryant Park area of Midtown Manhattan. The law firm has committed to three full floors at 1133 Avenue of the Americas, a 45-story, 1.1 million-square-foot building. Jim Schoolfield and Andrew Coe of JLL represented Massumi + Consoli in the lease negotiations.Tom Bow, Rocco Romeo and Nora Caliban represented the landlord, The Durst Organization, on an internal basis.