WOODBURY, N.Y. — Development and management firm RD Management will open a 1,923-square-foot food hall at Harriman Commons, its 706,230-square-foot retail power center in Woodbury, about 55 miles north of New York City. The food hall will also offer a 3,300-square-foot outdoor dining terrace. Anchor tenants at the center include Walmart, Home Depot and Target. An opening date was not released.
NEW YORK CITY — Real estate advisory and consulting firm SitusAMC Holdings Corp. has acquired the third-party loan servicing and asset management platform of New York City-based Cohen Financial, a division of Truist. Under the terms of the deal, Cohen Financial’s clients and employees will be integrated into SitusAMC. As of August 31, Cohen’s portfolio totaled approximately 6,900 loans with more than $34 billion in unpaid principal balances. SitusAMC will now have a special servicing and asset management portfolio comprised of roughly 10,000 loans totaling more than $130 billion. Truist will retain Cohen’s debt advisory placement platform.
MAHWAH, N.J. — Ascena Retail Group, the parent company of Ann Taylor and Lane Bryant, will sell its plus-size chain Catherines to FullBeauty Brands Operations LLC for $40.8 million, according to a new report from The Wall Street Journal. FullBeauty Brands is a New York City-based holding company whose brands include plus-size chains such as Woman Within, Jessica London Inc. and Swimsuits for All. Ascena Retail Group filed for Chapter 11 bankruptcy in July with plans to close an unspecified but “significant” number of stores.
LONG ISLAND CITY, N.Y. — Newmark Knight Frank (NKF) has negotiated the $40 million sale of a 196,000-square-foot industrial development site located at 24-02 Queens Plaza in Long Island City. Brian Ezratty and Scott Ellard of NKF represented the seller, Atlas Capital Group, in the transaction. Bill Harvey, also with NKF, represented the undisclosed buyer, which plans to develop a 270,000-square-foot facility on the site.
NEW YORK CITY — Town Sports International Holdings Inc. (NASDAQ: CLUB), the parent company of New York Sports Clubs, Boston Sports Clubs and Lucille Roberts gyms, has filed for Chapter 11 bankruptcy, according to reports from multiple new outlets including CNBC and The Wall Street Journal. The company filed its petition in the U.S. Bankruptcy Court in Wilmington, Del. Town Sports, which operates about 200 fitness centers throughout the region, said that it does not plan to permanently close the majority of its gyms, which serve about 600,000 members. The fitness chain joins Dallas-based Gold’s Gym and 24 Hour Fitness as the latest operator to file for Chapter 11 bankruptcy in response to COVID-19, which has forced many such facilities to either close or operate at reduced capacities.
NEW YORK CITY — Bellwether Enterprise Real Estate Capital has provided a $5.6 million Freddie Mac permanent loan for the construction of a 71-unit affordable housing project located at 461 Alabama Ave. in Brooklyn. More than half the residences will be reserved for homeless renters. The financing was structured with a 35-year amortization schedule and a 4.63 percent fixed interest rate. Jim Gillespie and Ilya Weinstein of Bellwether Enterprise originated the loan on behalf of the borrower, a partnership between developer CB Emmanuel Realty and nonprofit Services for the Underserved.
The commercial real estate industry is still managing the COVID-19 pandemic and the heavy toll it has enforced on the national economy. The National Bureau of Economic Research declared in early June the U.S. economy was officially in a recession, less than three months after government-mandated shutdowns began en masse. Jay Olshonsky, president and CEO of New York-based NAI Global, says the sudden economic impact of the pandemic on the commercial real estate industry has already exceeded the global financial crisis. “The immediate magnitude of this is much greater than 2009,” says Olshonsky. “Some economists are predicting this could be 20 times as bad as far as the number of properties that are affected and could potentially go into default. The numbers are pretty staggering.” But Olshonsky is quick to point out that the current situation isn’t a doomsday scenario, nor is it permanent. “It will slowly get back to normal,” says Olshonsky. “There are a multitude of side effects. For every sell there’s a buy, for every loss there’s an opportunity. There will be opportunities that will be created.” Among those are distressed real estate assets, which can take the form of properties in foreclosure or mortgages that are …
WESTBURY, N.Y. — Bloomingdale’s Furniture will open a 25,000-square-foot store at Samanea Mall in Westbury, located on Long Island, in spring 2021. Matthew Kucker and Jordan Baruch of Colliers International represented the landlord in the lease negotiations. Brian Schuster of Ripco Real Estate represented Bloomingdale’s. Samanea Mall originally opened in 1997 and is currently undergoing a multimillion-dollar renovation.
ROCHESTER, N.Y. — Blueprint Healthcare Real Estate Advisors, a brokerage firm specializing in seniors housing and healthcare assets, has brokered the portfolio sale of two assisted living communities located in the Upstate New York city of Rochester. A REIT sold the communities to a regional investor in an all-cash transaction. Further details were not disclosed.
NEW YORK CITY — Peloton Interactive Inc. (NASDAQ: PTON), a provider of subscription-based home exercise equipment and routines, reported a 172 percent increase in total revenue during the fourth quarter relative to that period in 2019. With many commercial gyms still operating at reduced capacities and numerous fitness centers at office and apartment buildings still closed, Peloton saw its connected fitness subscriptions and paid digital subscriptions grow by 113 and 210 percent, respectively. The New York City-based company now has a total membership base of more than 3.1 million people. In addition, Peloton operated 95 showrooms across the world at the end of its fiscal fourth quarter, which CNBC reports ended on June 30, up from 74 a year ago.
