New York

Holt Construction Completes $4B Redevelopment of Terminal B at LaGuardia Airport

by Taylor Williams July 15, 2020

NEW YORK CITY — Holt Construction Corp. has completed the $4 billion redevelopment of Terminal B at New York City’s LaGuardia Airport. The project to redesign and build-out the arrivals and departures hall began in June 2016. The new, 850,000-square-foot facility includes a new ground transportation center on the first floor; a new arrivals hall on the second floor; airline check-in areas on the third floor; and retail and restaurant outlets on the fourth floor. The structure also offers check-in kiosks and security checkpoints, as well as a new lighted water display to welcome travelers. Holt Construction worked alongside LaGuardia Gateway Partners and the Port Authority of New York & New Jersey to complete the project.

July 15, 2020

New York Northeast Retail Top Stories

PVH to Close 162 Outlet Stores, Reduce Office Workforce by 12 Percent

by Kristin Harlow July 15, 2020

NEW YORK CITY — In a move to streamline its North American operations and adapt to an evolving retail landscape that has been accelerated by the COVID-19 pandemic, PVH Corp. (NYSE: PVH) announced Tuesday that it will close all of its 162 Heritage Brands outlet stores and reduce its office workforce by approximately 450 positions, or 12 percent. PVH’s Heritage Brands include Van Heusen, Izod, Arrow, Warner’s, Olga and Geoffrey Beene. The Heritage Brands retail locations are expected to operate through mid-2021. The workforce reductions, which are spread across all three brand businesses of Tommy Hilfiger, Calvin Klein and Heritage Brands, are expected to result in annual cost savings of approximately $80 million. “The structural changes occurring in the North American retail landscape have required us to take a hard look at our North American operations and identify where we can optimize costs across our business model,” says Manny Chirico, chairman and CEO of PVH. “We did not take these decisions lightly, as our Heritage Brands retail business is our oldest retail business, yet no longer met appropriate return metrics.” Stefan Larsson, president of PVH, says that the COVID-19 crisis is dramatically reshaping the retail landscape for the long term …

July 15, 2020

Loans New York Northeast Office

PGIM Real Estate Provides $100M Loan for Refinancing of 52 Broadway Office Building in Manhattan

by Taylor Williams July 14, 2020

NEW YORK CITY — PGIM Real Estate has provided a $100 million loan for the refinancing of 52 Broadway, a 19-story, 426,000-square-foot office building located two blocks from the New York Stock Exchange in Manhattan. The borrower was a joint venture between Jack Resnick & Sons and Ruben Cos. Resnick acquired the building, which was originally constructed in 1898, in 1978 and implemented an extensive renovation and expansion to add six more floors. Today, the building is net leased on a long-term basis to the United Federation of Teachers.

July 14, 2020

Development Multifamily New York Northeast

HAP Investments Nears Completion of 199-Unit Maverick Residential Project in Manhattan

by Taylor Williams July 14, 2020

NEW YORK CITY — Locally based developer HAP Investments is nearing completion of Maverick, , a 199-unit residential tower located at 215 and 225 W. 28th St. in the Chelsea neighborhood of Manhattan. Also known as Hap 8, the development consists of two 20-story towers spanning 312,500 square feet and offering a mix of 87 condominium residences and 112 rental units. The two buildings will share amenities such as a parking garage, pool, sauna, fitness center, children’s playroom and a roof deck with outdoor grilling stations. DXA studio designed the project, which is expected to be officially complete in early 2021.

July 14, 2020

Loans Multifamily New York Northeast

BridgeCore Capital Funds $16.5M Acquisition Loan for New York City Apartment Buildings

by Taylor Williams July 13, 2020

NEW YORK CITY — BridgeCore Capital, a California-based direct lender, has provided a $16.5 million bridge loan for the acquisition of two contiguous apartment buildings in the Greenwich Village area of New York City. Both properties contain retail spaces that are vacant, and the combined occupancy of the buildings was 47 percent at the time of sale. The loan was structured with a 24-month term, two six-month extension options and a floating interest rate. The borrower was not disclosed.

July 13, 2020

Loans Multifamily New York Northeast

Pembrook Capital Provides $12.4M Acquisition Loan for Multifamily Assets on Staten Island

by Taylor Williams July 13, 2020

NEW YORK CITY — Pembrook Capital Management has provided a $12.4 million acquisition loan for 100 Belmont Place and 101 Daniel Low Terrace, two multifamily assets totaling 112 units on Staten Island. Both properties were built in 1966. The undisclosed borrower will use a portion of the proceeds to fund capital improvements to the unit interiors and property exteriors.

July 13, 2020

Acquisitions Multifamily New York Northeast

Westbridge Realty Brokers $1.4M Sale of Multifamily Building in The Bronx

by Taylor Williams July 13, 2020

NEW YORK CITY — Westbridge Realty Group has brokered the $1.4 million sale of a multifamily building located at 2412 Webster Ave. in The Bronx. The property spans 9,240 square feet and totals eight units. Steven Westreich of Westbridge Realty represented the seller 2412 Webster Associates Inc., and procured the buyer, YSLW Webster LLC.

July 13, 2020

Loans Multifamily New York Northeast

NKF Arranges $18M CMBS Loan for Refinancing of Brooklyn Apartment Building

by Taylor Williams July 10, 2020

NEW YORK CITY — Newmark Knight Frank (NKF) has arranged an $18 million CMBS loan for the refinancing of a 53-unit apartment building located at 364 Lincoln Place in Brooklyn. Dustin Stolly and Jordan Roeschlaub of NKF placed the 10-year loan with JP Morgan on behalf of the undisclosed sponsor, which acquired the property in 2015 and implemented a value-add program.

July 10, 2020

Loans Multifamily New York Northeast ORIX Seniors Housing

Lancaster Pollard Provides $17.2M HUD Refinancing for Seniors Housing Asset Near Rochester

by Taylor Williams July 10, 2020

FAIRPORT, N.Y. — Lancaster Pollard, a division of ORIX Real Estate Capital, has provided $17.2 million in financing for Aaron Manor Rehabilitation and Nursing Center, a 142-bed skilled nursing facility in the Rochester suburb of Fairport. The FHA 232/223(f) loan will refinance several types of acquisition loans into a single payment structure. The new financing is nonrecourse and features a fixed interest rate. The current owner bought the property in 2018 and improved the operations and financial performance at the facility. Miles Kingston of Lancaster Pollard handled the debt origination.

July 10, 2020

New York Northeast Retail

Brooks Brothers Files for Chapter 11 Bankruptcy

by Kristin Harlow July 8, 2020

NEW YORK CITY — Brooks Brothers Group Inc. is the latest retailer to file for bankruptcy protection, according to The Wall Street Journal and other media outlets. The two-century-old men’s apparel company is based in New York City. The Chapter 11 bankruptcy filing in Delaware will enable the company to seek a buyer and restructure its debts. Brooks Brothers is set to close 51 of its 250 North American stores, according to media reports.

July 8, 2020

Newer Posts

Older Posts