New York

Macy’s Reports 34.7 Percent Drop in Second-Quarter Sales, Strong Digital Growth

by Taylor Williams September 2, 2020

NEW YORK CITY — Macy’s Inc. (NYSE: M) reported approximately $3.56 billion in net sales across its Macy’s, Bloomingdale’s and Bluemercury brands during its fiscal second quarter ending Aug. 1, a 34.7 percent decline from the same period in 2019. However, the New York City-based retailer said its second-quarter performance exceeded expectations, thanks largely to a 53 percent spike in year-over-year sales across its digital platforms. Digital sales represented 54 percent of Macy’s total revenue figure for the quarter. Macy’s CEO Jeff Gennette also said that the successful reopening of a number of stores helped the company beat expectations for the second quarter, and that Macy’s top priority moving forward was the execution of a successful holiday shopping season. Macy’s stock price opened at $7.45 per share on Wednesday, Sept. 2, up 8 percent from the previous day but down nearly 50 percent from $14.65 per share a year ago.

September 2, 2020

Acquisitions Industrial New Jersey New York Northeast

Sitex Group Acquires Two Industrial Properties Totaling 65,670 SF in The Bronx, Hackensack

by Taylor Williams September 2, 2020

NEW YORK CITY AND HACKENSACK, N.J. — Locally based investment firm Sitex Group has acquired two industrial properties totaling 65,670 square feet in the New York City area. The first property is a 25,670-square-foot warehouse located at 1155 Commerce Ave. in The Bronx that is occupied by the New York City Department of Sanitation. The second building is a 40,000-square-foot maintenance facility located at 600 S. River St. in Hackensack, New Jersey, that was formerly occupied by truck repair company Deluxe International Trucks. Greiner Maltz’s Atanu Bhattacharjee, Waterstreet Capital’s Carl Bronstein and Douglas Elliman Commercial’s Rick Dana arranged the transaction.

September 2, 2020

Leasing Activity New York Northeast Office

NKF Negotiates 25,000 SF Office Lease for Law Firm in Purchase, New York

by Taylor Williams September 2, 2020

PURCHASE, N.Y. — Newmark Knight Frank (NKF) has negotiated a 25,000-square-foot office lease for law firm Milber Makris Plousadis & Seiden LLP at 100 Manhattanville Road in Purchase, located north of New York City in Westchester County. The four-story building spans 290,631 square feet, is situated on 23.8 acres and features a full-service cafeteria, fitness center and a concierge desk. Patricia Valenti of NKF represented the tenant in the lease negotiations. Lawrence Ruggieri, also with NKF, represented the landlord, RPW Group Inc.

September 2, 2020

Development New York Northeast Retail

Breslin Realty to Undertake 62,450 SF Expansion of Walmart in Farmingdale, New York

by Taylor Williams September 1, 2020

FARMINGDALE, N.Y. — Development and management firm Breslin Realty will undertake a 62,450-square-foot expansion project at a Walmart Supercenter store in the Long Island city of Farmingdale. The project will increase the total size of the store located at Republic Plaza to 219,450 square feet. The center also houses tenants such as Chili’s Grill & Bar, Panera Bread, Chipotle Mexican Grill, Halal Guys and Blaze Pizza. A construction timeline was not released.

September 1, 2020

Connecticut Leasing Activity New York Northeast Retail

Wren Kitchens to Open Two Retail Showrooms Totaling 40,850 SF in New York, Connecticut

by Taylor Williams September 1, 2020

LEVITTOWN, N.Y. AND MILFORD, CONN. — Wren Kitchens, a United Kingdom-based designer and manufacturer of kitchens, has signed leases in the Long Island city of Levittown and in the Connecticut city of Milford to open retail showrooms. The spaces will span 19,500 and 21,350 square feet, respectively. Adam Weinblatt and Marc Frankel of Newmark Knight Frank represented Wren Kitchens in the lease negotiations. Brian Schuster of Ripco Real Estate represented the landlords. Both showrooms are scheduled to open by late 2020 or early 2021.

September 1, 2020

Acquisitions New York Northeast Office Top Stories

RFR Acquires Midtown Manhattan Office Tower from Morgan Stanley for $350M

by John Nelson September 1, 2020

NEW YORK CITY — New York City-based investment firm RFR has purchased 522 Fifth Avenue, a 23-story office tower in Midtown Manhattan. Morgan Stanley, which currently occupies the building, sold the property for $350 million. The office building neighbors Bryant Park and is situated near Grand Central Terminal and Rockefeller Center. RFR is hoping to find a single tenant to fully occupy the 575,000-square-foot property when Morgan Stanley moves out in 2024. Morgan Stanley’s CEO James Gorman told Bloomberg TV that the firm will need much less real estate going forward and that 90 percent of the company’s workforce is working from home during the COVID-19 pandemic. Aby Rosen, co-founder and CEO of RFR, and A.J. Camhi, executive vice president and head of RFR’s internal leasing team, are leading the leasing efforts for 522 Fifth Avenue. “We acquired 522 Fifth Avenue with the vision of working with a single user to create a custom, marquee headquarters in the premier midtown location,” says Rosen. “The vacancy is a remarkable blank canvas, well-positioned to respond to the requirements of a forward-thinking company looking for the prestige and exclusivity of a full building and New York City presence.” In 2014, Morgan Stanley sold …

September 1, 2020

Development Multifamily New York Northeast

WinnCos. Completes $23.6M Workforce Housing Project in Rochester

by Taylor Williams August 31, 2020

ROCHESTER, N.Y. — Developer WinnCos. has completed Liberty Lofts at Sibley Square, a $23.6 million workforce housing project in Rochester. The property, which is a redevelopment of a historic 1.1 million-square-foot building, adds 104 units to the local supply. Fifty-three units are available at rents of up to 60 percent of the area median income (AMI); three units are available at rents up to 100 percent of AMI; and 48 units are available at rents of up to 110 percent of AMI. The Architectural Team of Chelsea, Mass. designed the project, and DiMarco Constructors served as the general contractor.

August 31, 2020

Loans Multifamily New York Northeast

Berkadia Arranges $5.2M Bridge Loan for Multifamily Conversion Project in Albany

by Taylor Williams August 31, 2020

ALBANY, N.Y. — Berkadia has arranged a $5.2 million bridge loan for Albany Apartments. The undisclosed borrower will use the proceeds to acquire and convert the building, which was originally constructed as a townhouse-style hotel, into a 112-unit multifamily community with studio, one- and two-bedroom floor plans. John Sigeti of Berkadia arranged the nonrecourse, interest-only loan, which was structured with a 24-month term and a 75 percent loan-to-value ratio.

August 31, 2020

Company News Multifamily New York Northeast

Blackstone Acquires $300M Stake in Tricon Residential

by Taylor Williams August 28, 2020

NEW YORK CITY — A syndicate of investors led by Blackstone Real Estate Income Trust (BREIT) has acquired a $300 million stake in Tricon Residential, Toronto-based investment and development firm with a portfolio of approximately 30,000 single- and multifamily units in the United States and Canada. BREIT acquired the stake at an exchange price of $8.50 per share, which represents a 16 percent premium over Tricon’s 30-day weighted average trading price as of Aug. 26. Tricon will use the proceeds to pay off its corporate debt.

August 28, 2020

Development Mixed-Use New York Northeast

CIM Group, LIVWRK Top Out 21-Story Front & York Mixed-Use Tower in Brooklyn

by Taylor Williams August 28, 2020

NEW YORK CITY — Los Angeles-based developer CIM Group and Brooklyn-based LIVWRK have topped out Front & York, a 21-story mixed-use tower located at 85 Jay St. in the Dumbo neighborhood of Brooklyn. The property is situated on 3.1 acres and will consist of 408 for-sale condominium units, 320 rental apartments and 150,000 square feet of retail space. Residential amenities will include a pool, outdoor lounge areas, coworking space and a chef’s kitchen with a private dining room.

August 28, 2020

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