New York

NRP Group Breaks Ground on 303-Unit Apartment Community in White Plains, New York

by Taylor Williams August 20, 2020

WHITE PLAINS, N.Y. — Multifamily developer The NRP Group, in partnership with New York-based owner RPW Group, has broken ground on a 303-unit apartment community in White Plains, located north of New York City. The property is being constructed on part of a 70-acre site that formerly housed the world headquarters of IBM, adjacent to a 620,000-square-foot office building that RPW Group owns and operates. Units will come in a mix of one-, two- and three-bedroom units, and amenities will include a pool, fitness center and small workspaces. Completion is slated for early 2022.

August 20, 2020

Acquisitions New York Northeast Retail

Marcus & Millichap Brokers Sale of 60,896 SF Retail Asset Leased to ShopRite on Long Island

by Taylor Williams August 20, 2020

UNIONDALE, N.Y. — Marcus & Millichap has brokered the sale of a 60,896-square-foot retail asset in the Long Island city of Uniondale that is net-leased to grocer ShopRite. The sales price was $19.5 million. Barry Wolfe and Glen Kunofsky of Marcus & Millichap’s Manhattan office represented the undisclosed seller in the transaction. Brad Nathanson of Marcus & Millichap’s Institutional Property Advisors (IPA) division in Philadelphia procured the buyer. Michael Helpern and Christopher Marks in Marcus & Millichap Capital Corporation’s (MMCC) Manhattan office arranged acquisition financing for the buyer through a regional bank.

August 20, 2020

Development Multifamily New York Northeast

Chess Builders Begins Leasing 25-Story Apartment Tower in The Bronx

by Taylor Williams August 19, 2020

NEW YORK CITY — Locally based developer Chess Builders has begun leasing The Arches, a 25-story multifamily tower located at 224-228 E. 135th St. in the Mott Haven neighborhood of The Bronx. The property features 430 apartments in studio, one- and two-bedroom formats that feature home automation, individual washers and dryers and private balconies in select units. Amenities include a screening room, coffee bar, office workspace, library lounge, fitness center, kids room and a rooftop terrace. Local brokerage firm EXR is leading the leasing effort.

August 19, 2020

Company News NAI New York Northeast

NAI Global Opens Bridgeway Commercial Office in Syracuse

by Taylor Williams August 19, 2020

SYRACUSE, N.Y. — NAI Global has opened a new office at 6391 Thompson Road in Syracuse that will operate under the name NAI Bridgeway Commercial and which will serve the Central and Upstate New York areas. The new commercial real estate services firm will offer a range of services, including brokerage and leasing, property and facilities management, investment and capital market services, due diligence, global supply chain and logistics consulting and related advisory services. Tom Lischak, who founded Bridgeway Commercial Realty in 2014 prior to its acquisition by NAI, will lead the new office.

August 19, 2020

Development New York Northeast Office

Steiner Studios Plans $320M Film, TV Production Hub in Brooklyn

by Taylor Williams August 18, 2020

NEW YORK CITY — Steiner Studios, a locally based soundstage operator, has announced plans for a 500,000-square-foot film and TV production hub within Sunset Park in Brooklyn. The project will generate $320 million in private investment and create 2,200 permanent industry jobs, according to Steiner. The New York City Economic Development Corp. and the Mayor’s Office of Media & Entertainment are partnering with Steiner Studios on the project, which is also expected to create about 1,800 temporary construction jobs. The development team will renovate two historic buildings, deliver a new parking facility and establish eight new soundstages as part of construction. A timeline for groundbreaking and completion was not released.

August 18, 2020

Company News New York Northeast Retail

Rent the Runway to Close All Stores, Focus on Digital Platform, Say Media Reports

by Taylor Williams August 17, 2020

NEW YORK CITY — Rent the Runway, a New York City-based online service that provides rentals of designer clothes and accessories, will close its stores around the country in order to focus on building its digital platform, according to reports from CNBC and The Wall Street Journal. The New York City-based company will close its stores in Los Angeles, Chicago, San Francisco and Washington, D.C., while its flagship store in New York City will be converted into a permanent drop-off site for product distribution. CNBC reports that the company intends to grow its network of drop-off locations, and has partnered with apparel retailers Nordstrom and West Elm as part of that initiative.

August 17, 2020

Development New York Northeast Office

Rudin Management to Renovate 1.2 MSF Office Building in Manhattan’s Financial District

by Taylor Williams August 14, 2020

NEW YORK CITY — Locally based investment firm Rudin Management Co. will renovate 80 Pine Street, a 1.2 million-square-foot office building located in Manhattan’s Financial District. The project will upgrade the lobby and mechanical systems and implement various measures to promote health and wellness, including heightened air filtration and circulation and touchless entry systems. JLL will handle leasing of the redeveloped property.

August 14, 2020

Acquisitions New York Northeast Office

TerraCRG Arranges $29.5M Sale of 151,357 SF Office Property in Brooklyn

by Taylor Williams August 13, 2020

NEW YORK CITY — Locally based brokerage firm TerraCRG has arranged the sale of a 151,357-square-foot office property located at 6201 15th Ave. in Brooklyn. The sales price was $29.5 million, or $195 per square foot. Ofer Cohen, Dan Marks, Daniel Lebor and Adam Tannenbaum of TerraCRG represented the seller, American Stock Transfer & Trust Co., in the transaction. The deal included an 8,400-square-foot parking lot located across the street. The buyer was not disclosed.

August 13, 2020

Acquisitions New York Northeast Office

CBRE Commits to Additional 44,612 SF at 200 Park Avenue Office Building in Manhattan

by Taylor Williams August 12, 2020

NEW YORK CITY — CBRE has committed to an additional 44,612 square feet of office space at 200 Park Avenue in Manhattan. The expansion gives the real estate firm a total footprint of more than 215,000 square feet at the 58-story, Class A property, which is known as the MetLife Building. In addition, CBRE will be leaving its 140 Broadway location to occupy space at the new Hana coworking space at 3 World Trade Center, which will open later this year. Craig Reicher of CBRE handled the lease negotiations with Gus Field and Megan Sheehan of Tishman Speyer, the owner of the building.

August 12, 2020

Leasing Activity New York Northeast Retail

Sour Patch Kids Opens 3,300 SF Flagship Store in New York City

by Taylor Williams August 12, 2020

NEW YORK CITY — Sour Patch Kids has opened a 3,300-square-foot flagship store for children at the corner of Bond Street and Broadway near the SoHo shopping district in New York City. IT’SUGAR, a retailer specializing in candy and similar confections and subsidiary of BBX Sweet Holdings LLC, will operate the store. In addition to offering a range of merchandise, the store will also feature entertainment activities for children, including the making of candy mix, posing for photos with Sour Patch Kids characters and enjoying reimagined sweets such as smoothies, cookies and ice cream.

August 12, 2020

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