PORT CHESTER, N.Y. — Target has signed an 89,781-square-foot retail lease to occupy a two-story space at Gateway Port Chester, a 494,000-square-foot, open-air retail center located near the New York-Connecticut border. An opening date has not yet been determined. Jessica Curtis of CBRE represented the landlord, a partnership between M&J Wilkow and MetLife Investment Management, in the lease negotiations. Jeff Howard of Ripco represented Target. Other tenants at the center include HomeGoods, Ulta Beauty and Old Navy.
NEW YORK CITY — JEMB Realty is nearing completion of 1 Willoughby Square, a 500,000-square-foot office building in Brooklyn. The 34-story tower will feature underground parking and various outdoor amenity terraces and green spaces. FXCollaborative designed the project and will also be the anchor tenant upon completion, which is scheduled for the fourth quarter. The development team notes that the project represents the first ground-up office project in downtown Brooklyn in decades.
NEW YORK CITY — Walker & Dunlop has acquired Beler Advisory Group (BAG), a locally based independent real estate finance firm. Mo Beler, former principal at BAG, will join Walker & Dunlop’s New York City capital markets debt and equity team, which is currently led by Aaron Appel, Jonathan Schwartz, Keith Kurland and Adam Schwartz. Beler, a 15-year industry veteran who has closed more than $6 billion in debt and equity transactions in his career, founded the company in 2019.
NEW YORK CITY — Urban Standard Capital, a New York-based lender, has provided a $1.3 million loan for the acquisition and pre-development of a 3,648-square-foot residential development site in Brooklyn. The property is located at 419 Manhattan Ave. and currently houses a retail and office building with a residential unit on top. The undisclosed borrower plans to redevelop the property to add two condos and a roof deck. Gerald Kray and Daria Benstead of Marcus & Millichap placed the loan.
NEW YORK CITY — Cushman & Wakefield has brokered the $10 million sale of a 50-unit multifamily building in The Bronx. Built in 1955, the six-story, 57,558-square-foot building is located at 1150 Pelham Parkway near Albert Einstein College of Medicine, The Bronx Zoo and Fordham University. The building includes six four-bedroom units, 18 two-bedroom units and 21 one-bedroom units, as well as a 22-space parking garage. The surrounding area offers proximity to major hospitals and private medical facilities. Robert Shapiro, Jonathan Squires and Michael Fioravanti of Cushman & Wakefield represented the undisclosed seller in the transaction. The buyer was also undisclosed.
NEW YORK CITY — SL Green has agreed to sell a 126-unit multifamily building in the Sutton Place neighborhood of Manhattan for $62 million. Located at 400 E. 58th St., 16-story property also includes approximately 3,800 square feet of commercial space. The transaction is expected to close during the third quarter and generate net cash proceeds to SL Green of approximately $20 million. SL Green and an undisclosed joint venture partner acquired the building in 2012 as part of an eight-building portfolio of retail and multifamily properties. SL Green owns 90 percent interest in the joint venture. At the time of sale, the rental units were approximately 97 percent leased. Simon Ziff and Marc Sznajderman of Ackman-Ziff Real Estate Group represented SL Green in the transaction.
NEW YORK CITY — JLL has brokered the $19.8 million sale of a vacant, 19,991-square-foot residential development lot in the Dumbo neighborhood of Brooklyn. Located at 251 Front St., the property includes 39,982 square feet of developable land and is zoned for a boutique condominium or townhouse project. The space also includes 400 feet of retail visibility on three streets. Stephen Palmese and Brendan Maddigan led a JLL team that represented the seller, a private investor, in the transaction. The team also represented the buyer, CW Realty.
ALBANY, N.Y. — Some outdoor and indoor entertainment businesses, including aquariums, zoos and professional sports venues without fans, have reopened in the West New York region, according to a statement from New York Gov. Andrew Cuomo’s office on Tuesday, June 30. New York has gradually reopened businesses on a region-by-region basis according to a multi-phased reopening plan, but Cuomo has decided to remove shopping malls, gyms and movie theaters from the phase after observing recent spikes in virus cases in other states. Other businesses cleared to reopen as part of Phase IV of the plan include higher education, film and movie production and botanical gardens. As of June 29, the Centers for Disease Control and Prevention reported more than 394,000 confirmed cases of COVID-19 across the state of New York and more than 31,700 deaths.
NEW YORK CITY — Commercial mortgage lender Greystone and developer Lappin Associates have formed a joint venture to deploy billions in capital for the financing, preservation and stabilization of affordable multifamily housing in New York City. The joint venture will originate long-term agency loans that will enable owners of affordable multifamily projects to complete renovations in order to prolong the lives of their properties. Lappin Associates is led by Michael Lappin, former CEO of the Community Preservation Corp. who has over 35 years of expertise in navigating federal, state and local regulatory and tax requirements.
NEW YORK CITY — Locally based investment firm Conway Capital has acquired a four-property multifamily portfolio in Brooklyn for $11.5 million. The portfolio consists of 14 residential units and two commercial spaces, one of which was vacant at closing. The portfolio includes 74 First Place, a 5,324-square-foot, four-story building with five units; 228 Livingston Street, a 4,904-square-foot, four-story building with two residential units and two retail spaces; 710 DeGraw Street, a 3,938-square-foot, four-story building with four residential units; and 302 East 5th Street, a 2,772-square-foot, three-story building with three residential units. Urban Standard Capital provided an $8.8 million acquisition loan for the transaction. The seller was undisclosed.