New York

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

Loans Multifamily New York Northeast

Gantry Arranges $22.4M Refinancing for Two Properties in Upstate New York

by Alex Patton June 17, 2020

BUFFALO, N.Y. — Gantry has arranged a total of $22.4 million in refinancing loans for two properties in Upstate New York. In the first transaction, a regional bank and a correspondent life insurance company provided a 10-year loan at a fixed interest rate of 3.1 percent to an undisclosed borrower. That loan provided permanent financing for a multi-tenant, mixed-use property located in an affluent suburb of Buffalo. The same lender provided a nonrecourse loan at a 10-year, fixed interest rate with a 30-year amortization. That loan provided permanent financing for a multifamily property located in the Hudson Valley region. Tom Grzebinski and Jack Stelianou of Gantry arranged the loans.

June 17, 2020

New York Northeast

Ryan Severino, Chief Economist of JLL, to Teach Classes at Fordham Real Estate Institute

by Alex Patton June 16, 2020

NEW YORK CITY — Ryan Severino, chief economist at JLL, has joined the adjunct faculty staff at Fordham Real Estate Institute in New York City. He will teach classes in real estate risk and portfolio management this fall. Prior to his role at JLL, Severino served as senior economist and director of research at Reis, as well as associate director of research at MetLife Real Estate Investments. Severino is a member of the CFA Institute, the American Economic Association, the National Association for Business Economics, Urban Land Institute and National Council of Real Estate Investment Fiduciaries. He earned a master’s degree from Columbia University in International Finance and Economics, a bachelor’s degree in Finance, Japanese and Economics from Georgetown University, and also has experience teaching real estate finance and economics at leading universities in New York City.

June 16, 2020

Loans New York Northeast Office

Houlihan-Parnes Arranges $29M Loan for Refinancing of Office Condominium in The Bronx

by Alex Patton June 16, 2020

NEW YORK CITY — Houlihan-Parnes has arranged a $29 million loan for the refinancing of a 222,637-square-foot office condominium in The Bronx. The condominium is in an office building located at 1775 Grand Concourse. A local bank provided the 10-year, nonrecourse loan at a fixed rate of 2.9 percent. Verizon Wireless is the anchor tenant of the building with two floors. The borrower has converted the remaining six floors into an ancillary indoor parking garage on the first floor, and retail and professional office space on floors four through eight. JJ Operating Inc. owns the building.

June 16, 2020

New York Northeast

Western New York, Capital Region Expected to Reopen Additional Businesses This Week, Says Gov. Cuomo

by Alex Patton June 15, 2020

ALBANY, N.Y. — As the COVID-19 pandemic gradually eases in the state of New York, Western New York and Capital Region are expected to reopen additional businesses this week, according to a statement from Gov. Andrew Cuomo on June 13. The regions will enter Phase III of Cuomo’s state reopening plan, which will include dine-in service at restaurants and the use of hotel amenities such as restaurants, spas and gyms. Phase III will also allow youth sports with limited spectators to resume. Western New York is expected to enter Phase III on June 16 while the Capital Region is expected to enter Phase III on June 17. As of June 14, the Centers for Disease Control and Prevention reported nearly 380,000 cases of COVID-19 in the state of New York and more than 30,500 deaths.

June 15, 2020

Loans Multifamily New York Northeast Seniors Housing

Greystone Provides $43.9M Loan for Refinancing of Seniors Housing Portfolio in Upstate New York

by Alex Patton June 15, 2020

NEW YORK — Greystone has provided a $43.9 million loan for the refinancing of a three-property seniors housing portfolio in Upstate New York. Centers for Care was the borrower. The three skilled nursing facilities total 323 beds and include Ontario Center for Nursing and Rehabilitation in Canandaigua; Steuben Center for Nursing and Rehabilitation in Bath; and Corning Center for Nursing and Rehabilitation in Corning. Fred Levine of Greystone originated the loan. Terms of the loan were undisclosed.

June 15, 2020

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