New York

JLL Arranges $17M Construction Loan for Manhattan Multifamily Project

by Taylor Williams November 24, 2020

NEW YORK CITY — JLL has arranged a $17 million construction loan for a 12-unit multifamily project that will be located at 66 Clinton St. on the Lower East Side of Manhattan. Kriss Capital provided the loan to the borrower, a partnership between Vault Development, Borough Equities and TLM. Units will feature private balconies, and residents will have access to a rooftop deck and a fitness center. Completion is slated for December 2021. Max Herzog, Marko Kazanjian and Matt Fagella of JLL arranged the loan.

November 24, 2020

Development Industrial New York Northeast

Tower Holdings Completes 81,200 SF Industrial Project in Montgomery, New York

by Taylor Williams November 23, 2020

MONTGOMERY, N.Y. — Development and construction management firm Tower Holdings Group has completed an 81,200-square-foot industrial project located on a 7.4-acre tract in Montgomery, about 60 miles northwest of New York City. The first floor features 7,237 square feet of office space and 71,643 square feet of warehouse space, while the second floor houses 9,880 square feet of office space, equipped with a conference room and showroom.

November 23, 2020

Acquisitions Industrial New York Northeast Self-Storage

Westbridge Realty Brokers Sale of 300-Unit Self-Storage Facility in Brooklyn

by Taylor Williams November 20, 2020

NEW YORK CITY — Westbridge Realty Group has brokered the sale of a 300-unit self-storage facility located at 88 Ninth St. in the Gowanus area of Brooklyn for $6.5 million. The site spans 40,200 square feet. Alexandra Rossland and David Marciano of Westbridge represented the seller, Charles Devito of Chuck Realty Corp., in the transaction. David Marciano of Westbridge represented the buyer, Insite Property Group, a California-based self-storage operator and manager that will continue to run the facility.

November 20, 2020

Company News New York Northeast

Regis Group, Ares Management Form Haven Capital to Target Ground Lease Deals

by Taylor Williams November 20, 2020

NEW YORK CITY — Private equity firm Regis Group and funds managed by Los Angeles-based Ares Management Corp. (NYSE: ARES) have formed Haven Capital, an entity that will specialize in the origination of ground leases for high-quality assets across the country. Structured as a joint venture between the two firms, Haven Capital aims to capitalize on ground-lease investments in the top 50 U.S. markets with an initial capacity of $1 billion. Company founders cited the attractiveness of ground leases in separating land and buildings while reducing equity requirements and total costs of capital as a major incentive behind the formation of Haven Capital. Joe Shanley, a former vice president at SL Green, will lead the company.

November 20, 2020

NorthLight-at-Edge-on-Hudson-Sleepy-Hollow

Development Multifamily New York Northeast

Hines Breaks Ground on 246-Unit Multifamily Project in Sleepy Hollow, New York

by Taylor Williams November 19, 2020

SLEEPY HOLLOW, N.Y. — Houston-based developer Hines, in partnership with MetLife Investment Management, has broken ground on NorthLight at Edge-on-Hudson, a 246-unit multifamily project in Sleepy Hollow. The property will offer studio, one- and two-bedroom units ranging in size from 565 to 1,406 square feet with high-end finishes. Amenities will include a pool, outdoor kitchens, fire pits, open green spaces and lounge areas for social or coworking use, two penthouse terraces and a roof deck, an indoor clubhouse with coworking space, fitness center, kid’s play area and a communal kitchen and wine lounge. Leasing is scheduled to begin in the first quarter of 2022, with full completion slated for the third quarter of 2022. Santander Bank provided construction financing.

November 19, 2020

Development Loans New York Northeast

SL Green Receives $1.2B Construction Loan for 1.4 MSF Office Project in Manhattan

by Taylor Williams November 18, 2020

NEW YORK CITY — SL Green Corp. (NYSE: SLG) has received a $1.2 billion construction loan for One Madison Avenue, a 1.4 million-square-foot office project that will be situated on a full city block between Park and Madison avenues and East 23rd and 24th streets. SL Green is developing the 27-story building in partnership with Houston-based Hines, and Kohn Pederson Kohn is serving as the project architect. The existing office building at One Madison Avenue will be demolished down to the ninth floor, and the development group will build 17 glass and steel, column-free floors above. Amenities will include new retail space, an 800-person event space, 15,000-square-foot artisanal food market, 9,000-square-foot club-style tenant lounge and a full-service fitness center. An estimated completion date was not disclosed.

November 18, 2020

Development Hospitality New York Northeast

TLG Investment Opens 93-Room Hotel, Resort in Upstate New York

by Taylor Williams November 18, 2020

SARANAC LAKE, N.Y. — TLG Investment Partners has opened Saranac Waterfront Lodge, a 93-room hotel and resort located in the Adirondack High Peaks in Upstate New York. The waterfront property houses two food and beverage concepts, a pool, lakeside fire pit, a private marina with 24 boat slips and 30,000 square feet of meeting and event space. Skyward Hospitality is managing the property.

November 18, 2020

Loans New York Northeast Office Retail

Empire State Receives $180M Loan for Refinancing of Manhattan Office, Retail Building

by Taylor Williams November 17, 2020

NEW YORK CITY — Empire State Realty Trust (NYSE: ESRT) has received a $180 million loan for the refinancing of 250 W. 57th St., a 542,000-square-foot office and retail building in Manhattan. The 26-story tower, which houses retailers such as HSBC Bank, Bank of America, AT&T and T.J. Maxx, recently received a capital improvement program that updated storefronts, windows and mechanical systems. The interest-only loan bears a fixed interest rate of 2.83 percent and matures in December 2030. Estreich & Co. originated the loan for ESRT, which will use the proceeds to bolster its liquidity and balance sheet flexibility.

November 17, 2020

Acquisitions Multifamily New York Northeast

CBRE Negotiates Sale of 656-Unit Apartment Community on Long Island

by Taylor Williams November 16, 2020

HAUPPAUGE, N.Y. — CBRE has negotiated the sale of Devonshire Hills, a 656-unit apartment community located in the Long Island city of Hauppauge. The community was developed as two separate properties in phases between 1966 and 1969 and combined in 2001. Units feature studio, one-, two- and three-bedroom floor plans, and amenities include two pools, tennis courts and two playgrounds. David Gavin and Eric Apfel of CBRE represented the seller, Bainbridge Cos., in the transaction. The duo also procured the buyer, Renaissance Management, a family office based in metro New York.

November 16, 2020

Development New York Northeast Office

Falcon Pacific Completes Lobby Renovations at 180,000 SF Office Building in Manhattan

by Taylor Williams November 16, 2020

NEW YORK CITY — Falcon Pacific Builders has completed renovations of the lobby at 83 Maiden Lane, a 180,000-square-foot office building in Manhattan. The project added a new reception desk, turnstiles and building card access system, as well as LED lighting and a new digital camera system throughout. Nonprofit organization AHRC New York City owns the building, where it houses its headquarters. Helmsley Spear leases and manages the property. Architecture firm EVN designed the project.

November 16, 2020

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