New York

Benefit Street Partners Provides $135M in Financing for Empire Hotel in Manhattan

by Kristin Harlow January 20, 2025

NEW YORK CITY — Benefit Street Partners (BSP) has provided $135 million in financing for the 427-room Empire Hotel in Manhattan. The financing consists of a $120 million senior loan and a $15 million mezzanine loan. Specific loan terms were not disclosed. The name of the borrower and hotel owner was also not released, but multiple media outlets report that the Chetrit Group owns the hotel. BSP allocated the loans across its commercial real estate platform, including a portion to Franklin BSP Realty Trust Inc. Completed in 1901 and renovated in 2013, the hotel is located at 44 W. 63rd St., about two miles from the Empire State Building and at the nexus of the borough’s Midtown and Upper West Side districts. The pet-friendly hotel offers a mix of traditional accommodations, including two- and three-bedroom suites, that are furnished with flatscreen TVs and mini refrigerators. Amenities include a rooftop pool and bar/lounge, as well as a fitness center. “The Empire Hotel represents a strategic addition to our commercial real estate portfolio, showcasing the flexibility and value that our platform delivers to borrowers,” says Brian Buffone, head of real estate operations at BSP. BSP, a wholly owned subsidiary of Franklin Templeton, …

January 20, 2025

Development Loans New York Northeast

S3 Capital Provides $79M Construction Loan for Midtown Manhattan Multifamily Project

by Taylor Williams January 20, 2025

NEW YORK CITY — S3 Capital, the lending arm of locally based investment firm Spruce Capital Partners, has provided a $79 million construction loan for a multifamily project in Midtown Manhattan. The building at 250 W. 49th St. will rise 28 stories and house 138 units and 5,000 square feet of retail space. Amenities will include an art room, music room, golf simulator, library, screening room, fitness center, tenant lounge, billiards area, outdoor lounge, bocce court, zen garden, rooftop lounge and an outdoor cinema. The borrower and developer is Chess Builders.

January 20, 2025

Affordable Housing Development Multifamily New York Northeast

Tishman Speyer Breaks Ground on 339-Unit Affordable Housing Project in The Bronx

by Taylor Williams January 20, 2025

NEW YORK CITY — Tishman Speyer has broken ground on a 339-unit affordable housing residential project in The Bronx. The eight-story building will be located at the former site of the Visitation Church and School in the Kingsbridge neighborhood and will house studio, one-, two- and three-bedroom units. The majority (285) of residences will be reserved for renters earning between 40 and 105 percent of the area median income, and the remaining apartments will provide supportive housing for formerly homeless individuals. Amenities will include two recreation rooms, a fitness center and a rooftop terrace. Completion is slated for 2027.

January 20, 2025

Loans Multifamily New York Northeast

Domain Cos. Receives $218.6M in Financing for Bronx Multifamily Project

by Taylor Williams January 17, 2025

NEW YORK CITY — Locally based developer Domain Cos. has received $218.6 million in financing for Estela, a two-building, 544-unit multifamily project in The Bronx. Located at 414-445 Gerard Ave. in the Mott Haven area, Estela comprises 380 market-rate and 164 affordable apartments, as well as 10,000 square feet of retail space. Residents have access to more than 35,000 square feet of amenities, including a lounge, game room, shared workspace, fitness center with a yoga room, children’s playroom and a dog park. JLL originated the Freddie Mac debt component of the financing, and The Urban Investment Group at Goldman Sachs Alternatives provided the equity component. Estela was 90 percent occupied at the time of closing.

January 17, 2025

Acquisitions Multifamily New York Northeast

Marcus & Millichap Negotiates $94.5M Sale of Manhattan Multifamily Portfolio

by Taylor Williams January 17, 2025

NEW YORK CITY — Marcus & Millichap has negotiated the $94.5 million sale of a portfolio of 13 multifamily properties totaling 147 units in Manhattan. Known as The Chelsea Collection by virtue of its submarket location, the buildings total 98,000 square feet and are located on the west side of the neighborhood between West 19th and West 29th streets. Joe Koicim, Logan Markley, Chris Dintrone and Kory Barbanel of Marcus & Millichap represented the seller, BlackSpruce Management, in the transaction and procured the undisclosed buyer.

January 17, 2025

Leasing Activity New York Northeast Office

Impact.com Signs 18,364 SF Office Lease Renewal in Midtown Manhattan

by Taylor Williams January 17, 2025

NEW YORK CITY — Impact.com has signed an 18,364-square-foot office lease renewal in Midtown Manhattan. The digital marketing firm will continue to occupy the entire 10th floor at the 300,000-square-foot building at 136 Madison Ave. Alex Leopold of CBRE represented the tenant in the lease negotiations. Mac Roos of Colliers, along with internal agents Andrew Roos, Michael Cohen and Jessica Verdi, represented the landlord, Williams Equities.

January 17, 2025

Development Multifamily New York Northeast

Moinian Group Begins Leasing 114-Unit Apartment Building in Manhattan

by Taylor Williams January 16, 2025

NEW YORK CITY — Locally based owner The Moinian Group has begun leasing ARIA, a 114-unit apartment building located at 90 John St. in Manhattan’s Financial District. Units come in studio and one-bedroom floor plans and are furnished with custom-built closets, granite countertops, stainless steel appliances and spa-inspired marble bathrooms. Amenities include a resident lounge, onsite laundry facilities and concierge services. Rents start at approximately $3,000 per month for a studio apartment.

January 16, 2025

Acquisitions Company News New York Office Texas Top Stories

CBRE to Acquire Coworking Operator Industrious, Create New Business Segment

by Hayden Spiess January 14, 2025

DALLAS AND NEW YORK CITY — CBRE Group Inc. (NYSE: CBRE) has announced plans to acquire Industrious National Management Co. LLC, a flexible workspace provider. Dallas-based CBRE, which has invested in Industrious since late 2020 through roughly 40 percent equity interest and a $100 million convertible note, will purchase the remaining 60 percent equity stake for approximately $400 million, giving Industrious an overall valuation of $800 million. Founded in 2012, New York City-based Industrious offers workplaces with private offices, suites, meeting rooms and desks. The current Industrious portfolio features approximately 200 properties across 65 cities globally. According to a press release issued by CBRE, Industrious’ revenue has grown at a compound annual rate of more than 50 percent since 2021. In addition to the acquisition, CBRE will establish a new business segment. Dubbed Building Operations & Experience (BOE), the new segment will “unify building operations, workplace experience and property management, positioning CBRE to deliver scalable, future-ready solutions for offices, data centers, warehouses and other facilities,” according to CBRE. Jamie Hodari, CEO and co-founder of Industrious, will lead CBRE’s BOE division, which will include CBRE’s Enterprise Facilities Management, Local Facilities Management and Property Management divisions, as well as Industrious. The new business …

January 14, 2025

Affordable Housing Development Multifamily New York Northeast

WinnCos. Completes $20.5M Renovation of Buffalo Affordable Housing Complex

by Taylor Williams January 13, 2025

BUFFALO, N.Y. — Regional owner-operator WinnCos. has completed the $20.5 million renovation of West Village Apartments, a historic affordable housing complex in downtown Buffalo. The property comprises 10 buildings totaling 135 units that were constructed between 1891 and 1920. The renovation encompassed upgrades to unit kitchens, bathrooms, doors, windows and building roofs, as well as common area lighting and flooring. In addition, the project team created a community room, management office, bike parking spaces and an additional unit via the conversion of a maintenance shed. Locally based general contractor DiMarco Construction performed the renovation, which also served to preserve and extend the property’s affordability status.

January 13, 2025

Industrial Leasing Activity New York Northeast

PrimeSource Building Products Signs 312,567 SF Industrial Lease in Montgomery, New York

by Taylor Williams January 13, 2025

MONTGOMERY, N.Y. — PrimeSource Building Products has signed a 312,567-square-foot industrial lease in Montgomery, about 80 miles north of New York City. The manufacturer and distributor of construction materials will occupy the entirety of Maybrook Logistics Center, a facility that was built on a speculative basis on a 40-acre site at 134 Neelytown Road. Building features include a clear height of 36 feet, 74 loading doors, two drive-in doors and parking for 98 cars and 129 trailers. Tom Consiglio and Scott Peck of Resource Realty represented the landlord, Brookfield Properties, in the lease negotiations. Frank Puskarich and Art Ross of Newmark represented the tenant.

January 13, 2025

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