New York

SL Green Receives $510M Loan for Manhattan Office Building

by Alex Patton June 23, 2020

NEW YORK CITY —SL Green has received a $510 million loan for the refinancing of an office building in Manhattan. A lending group led by Aareal Capital Corp., Citi and Credit Agricole provided the loan. Located at 220 E. 42nd St., the 37-story building is known as The News Building and originally served as the headquarters for The New York Daily News. Locally based investment firm SL Green purchased the property in February 2003 for $265 million. The building is currently 97 percent leased to tenant roster including the Visiting Nurse Service of New York, Omnicom Group, local television station WPIX and the United Nations.

June 23, 2020

Acquisitions Multifamily New York Northeast

Avison Young Brokers $22.2M Sale of Adjacent Apartment Buildings in Manhattan

by Alex Patton June 23, 2020

NEW YORK CITY — Avison Young has brokered the $22.2 million sale of two adjacent apartment buildings in the Greenwich Village neighborhood of Manhattan. Located at 103 and 105 MacDougal St., the two seven-story buildings total 72 multifamily units with one- and two-bedroom floor plans. The properties span 39,000 square feet, and one building includes a 5,000-square-foot retail space. James Nelson, Brandon Polakoff, Alexandra Marolda and David Shalom represented the undisclosed seller in the transaction. Davean Holdings was the buyer.

June 23, 2020

Acquisitions Multifamily New York Northeast

GFI Realty Brokers $7.2M Sale of Multifamily Building in Brooklyn

by Alex Patton June 22, 2020

BROOKLYN, N.Y. — GFI Realty Services LLC has brokered the $7.2 million sale of a four-story, 30-unit multifamily building in the Bath Beach neighborhood of Brooklyn. The 30,960-square-foot building is located at 8678 Bay Parkway and was constructed in 1915. The building is also situated near Bensonhurst Park and offers convenient access to the Bay Parkway transit station. Shlomo Antebi of GFI Realty represented the buyer, the Ragosta family, in the transaction. Erik Yankelovich, also of GFI Realty, represented the seller, Meridian Properties.

June 22, 2020

Development Multifamily New York Northeast Top Stories

Silverback Development Plans $250 Million Condominium Tower Project in Midtown Manhattan

by Alex Patton June 19, 2020

NEW YORK CITY — Silverback Development, a New York City-based developer, has released its plans for a $250 million condominium building in midtown Manhattan. Located at 131 E. 47th St., the 200-unit building will rise 500 feet and will feature 5,000 square feet of ground-floor retail space as well as several landscaping features and sky lounges. Silverback Development is undertaking the project in partnership with Hong Kong-based Hopson Development Holdings. The property is situated four blocks southeast of Rockefeller Center. The developers plan to include a technologically advanced management system, advanced digital security systems and fully integrated home automation. “The market in midtown Manhattan will see continued demand as it is at the epicenter of corporate headquarters, national landmarks, renowned cultural institutions and Michelin-starred eateries,” says Josh Schuster, managing principal at Silverback Development. Hopson Development Holdings (SEHK: 754) acquired the building site from New Empire Real Estate Development late last year. New Empire had previously planned to construct a 122-unit multifamily project on the site, but plans stalled after the existing buildings were demolished in 2016. The site has been vacant since then. Hopson has more than 70 commercial real estate projects, manages more than 10 large urban complexes, and …

June 19, 2020

Acquisitions Multifamily New York Northeast Seniors Housing

Tryko Partners Acquires 173-Unit Seniors Housing Property in Springfield, Pennsylvania

by Alex Patton June 19, 2020

SPRINGFIELD, PA. — Tryko Partners has acquired Harlee Manor and Springfield Commons, a two-building seniors housing campus totaling 173-units in Springfield, a western suburb of Philadelphia. Located on more than six acres at 463 West Sproul Road, the property will be renamed Springfield Enhanced Senior Living. Tryko will invest $2.5 million in renovations and specialty care programming enhancements. The skilled nursing and personal care components will be known as Springfield Rehabilitation & Healthcare Center and Springfield Crossings, respectively. The campus offers convenient access to Springfield Hospital, Delaware County Memorial Hospital, Taylor Hospital and Crozer-Chester Medical Center. M&T Bank provided acquisition financing. The seller was undisclosed.

June 19, 2020

Leasing Activity New York Northeast Office

Goodwill Renews 30,800 SF Office Headquarters Lease in Brooklyn

by Alex Patton June 19, 2020

NEW YORK CITY — Goodwill Industries has renewed its 30,800-square-foot office lease for its corporate headquarters in Brooklyn. The the nonprofit organization leases the entire third floor of an office building located at 25 Elm Place that previously served as a J.W. Mays department store building. Goodwill has leased the office space for five years and has renewed its lease for an additional 20 years. Goodwill provides training, placement, on-the-job coaching, and retention services from this office, which is located directly across the street from the flagship Goodwill store. Stephen Powers, Arthur Skelskie and Lindsay Ornstein of Transwestern represented Goodwill in the lease negotiations. George Silva and Michael Caruso internally represented the building owner, J.W. Mays Inc. along with Robert Hebron and Rob Hebron of Ingram & Hebron Realty.

June 19, 2020

Acquisitions Multifamily New York Northeast

Ariel Property Advisors Arranges Sale of 14,737 SF Multifamily Development Site on Staten Island

by Alex Patton June 19, 2020

NEW YORK CITY — Ariel Property Advisors has arranged the $2.1 million sale of a 14,737-square-foot multifamily development site on Staten Island. The property is located at 27-31 Wave St. in the Stapleton neighborhood. The buyer, BFC Partners, plans to merge the site with an adjacent 53,422-square-foot lot at 475 Bay St. to construct a mixed-income apartment building. The property offers 167.5 feet of frontage on Wave Street near the Stapleton Waterfront and the Stapleton Staten Island Railway Station. Sean Kelly, Michael Tortorici and John Higgins of Ariel represented BFC Partners in the transaction. The name and representative of the seller were not disclosed.

June 19, 2020

New York Northeast

Outdoor Dining, In-Store Retail to Reopen in New York City on Monday, June 22

by Alex Patton June 18, 2020

NEW YORK CITY — Outdoor dining services and in-store retail businesses in New York City are poised to reopen on Monday, June 22, according to a statement issued by New York Gov. Andrew Cuomo on Wednesday, June 17. The region will be the last in the state to enter Phase II of the governor’s reopening plan, which also includes the resumption of office-based jobs and real estate construction and services, as well as operations of barbershops and salons. Businesses including agriculture, curbside and in-store pickup retail, manufacturing and wholesale trade resumed operations in New York City under strict social distancing and sanitation guidelines on June 8. As of June 1, the Center for Disease Control and Prevention reported more than 386,000 cases of the COVID-19 in the state of New York and more than 30,700 deaths.

June 18, 2020

Leasing Activity New York Northeast Office

Nonprofit Organization Housing Works Signs 15,315 SF Industrial Lease in Queens

by Alex Patton June 18, 2020

NEW YORK CITY — Housing Works, a nonprofit organization that operates thrift shops and book stores in New York City, has signed a 15,315-square-foot lease in the Long Island City submarket of Queens. The company has relocated from its previous space at the Matsil Building to The Anable Building, a 140,000-square-foot property located at 33-02 48th Ave. The new location serves as warehousing and distribution space as well as a call center and office space. Nicholas Farmakis, David Carlos and John Mambrino of Savills represented Housing Works in the lease negotiations. Forrest Mas and Chris Pachios internally represented the building owner, North River Co.

June 18, 2020

Industrial Leasing Activity New York Northeast

Maquette Signs 47,850 SF Industrial Lease Expansion in Queens

by Alex Patton June 17, 2020

NEW YORK CITY — Fine arts logistics company Maquette has signed a 47,850-square-foot industrial lease expansion for its headquarters in Queens. The lease expands Maquette’s existing lease to a total of 95,700 square feet. The space is located within the 275,000-square-foot Matsil warehouse and office building at 48-49 35th St. in the Long Island City submarket. Other tenants at the property include Motorola and Ralph Lauren. Forrest Mas and Chris Pachios represented the landlord, North River Co., internally. The lease was negotiated directly with the tenant.

June 17, 2020

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