New York

Avison Young Arranges $28.7M Sale of Retail Condominium in Manhattan

by Alex Patton May 1, 2020

NEW YORK CITY — Avison Young has arranged the $28.7 million sale of a 22,563-square-foot retail condominium unit in the Yorkville neighborhood on Manhattan’s Upper East Side. Located at 1683 Third Ave., the space is situated at the base of The Kent, a newly constructed, 30-story luxury condominium building. The condominium is split between a 12,796-square-foot retail space and a 9,767-square-foot lower level. The NYC School Construction Authority currently has a long-term lease at the property occupying 11,492 square feet on the ground floor, while the remaining 1,304 square feet of ground-floor space and entire 9,767-square-foot cellar were available for lease at the time of the sale. James Nelson, Vincent Carrega and Neil Helman led an Avison Young team that represented the owner and original developer, Extell Development Co., in the transaction. The buyer was undisclosed.

May 1, 2020

New York Northeast Retail

Macy’s to Reopen 68 Stores on Monday, as U.S. Economy Seeks to Stabilize

by Alex Patton April 30, 2020

NEW YORK CITY — Macy’s Inc. plans to reopen 68 of its approximately 775 stores Monday, after state and federal mandates forced the retailer to temporarily close its stores during the COVID-19 outbreak. The New York City-based retailer plans to open an additional 50 stores on May 11. The department store chain closed all of its stores and furloughed most of its storefront workforce on March 17. The closures also included the company’s subsidiary chains, Bloomingdale’s and Bluemercury, but all three chains have maintained their online services. The newly opened Macy’s stores will offer touch-free consultations and demonstrations of beauty products and will only offer a few fitting rooms at a time, which will be frequently sanitized.

April 30, 2020

Acquisitions New York Northeast Office Retail

Marcus & Millichap Brokers $10.4M Sale of Office, Retail Asset in Manhattan

by Alex Patton April 30, 2020

NEW YORK CITY — Marcus & Millichap has brokered the $10.4 million sale of a 5,029-square-foot office and retail asset in the SoHo neighborhood of Manhattan. Located at 52 Greene St., the property features a ground-level retail space and two office units. Matt Fotis and Colton Traynham of Marcus & Millichap represented the seller, a local private owner. The duo also procured the buyer, an international investor.

April 30, 2020

Healthcare Loans New York Northeast Office

Houlihan-Parnes Arranges $3.5M Refinancing Loan for Medical Office Building in The Bronx

by Alex Patton April 30, 2020

NEW YORK CITY — Houlihan-Parnes Realtors LLC has arranged a $3.5 million refinancing loan for a 10,302-square-foot medical office building in The Bronx. Located a 3440-3448 Boston Road, the single-tenant building is leased to a provider of dialysis services. An undisclosed lender provided the nonrecourse loan, which carries a 3.9 percent fixed interest rate for seven years and a 30-year amortization schedule. Ed Graf of Houlihan-Parnes arranged the loan for the undisclosed borrower.

April 30, 2020

Acquisitions New York Northeast

Tavros Capital, Charney Cos. Acquire 37,000 SF Development Site in Brooklyn

by Alex Patton April 29, 2020

NEW YORK CITY — A partnership between Tavros Capital Partners and Charney Cos. has acquired a 37,000-square-foot development site in the Gowanus neighborhood of Brooklyn for $22.5 million. Located at 251 Douglass St., the property includes an existing 5,000-square-foot structure that is currently vacant. Specific development plans for the site were not disclosed. Stephen Palmese and Brendan Maddigan led a JLL team that represented the seller, The Galinn Fund LLC, in the transaction.

April 29, 2020

Loans New York Northeast Retail

Houlihan-Parnes Arranges $10M Construction Loan for Stop & Shop Store in Woodmere, New York

by Alex Patton April 28, 2020

WOODMERE, N.Y. — Houlihan-Parnes LLC has arranged a $10 million construction loan for a retail project that will deliver an 80,000-square-foot Stop & Shop grocery store in Woodmere, a city located on the western part of Long Island. An undisclosed national lender provided the loan, which carries a fixed interest rate of 2.78 percent. The grocery store will be constructed in the Five Towns Shopping Center, an approximately 500,000-square-foot retail center located at 253-01 Rockaway Blvd., just east of JFK International Airport. The tenant roster includes Lowe’s Home Center, TJ Maxx, Walmart, T-Mobile and Chick-fil-A. Jim Houlihan, Bryan Houlihan and Christie Houlihan of Houlihan-Parnes originated the loan.

April 28, 2020

Leasing Activity New York Northeast Office

HQ Global Workplaces Renews 28,000 SF Coworking Office Lease in Manhattan

by Alex Patton April 28, 2020

NEW YORK CITY — Coworking office space provider HQ Global Workplaces LLC has renewed its 28,000-square-foot lease in Manhattan. The lease is for a coworking office space that encompasses the entire 16th floor of 100 Park Avenue, a 902,000-square-foot office building between East 40th and 41st streets. The landlord, SL Green, was represented internally in the lease negotiations. No brokers representing the tenant were disclosed.

April 28, 2020

Development Multifamily New York Northeast

Rivington Co. Plans to Develop 50-Unit Multifamily Property in Brooklyn

by Alex Patton April 27, 2020

NEW YORK CITY — Rivington Co. plans to develop 21 Garden Street, a 50-unit multifamily property in the Bushwick neighborhood of Brooklyn. Rivington will redevelop an existing structure, formerly the home of a woodworking company that made custom furniture pieces and cabinetry, to construct the eight-story building. The property will include both affordable and market rate residences. DXA Studio will serve as the architect of the project. Construction is slated to complete in 2022.

April 27, 2020

Civic Development New York Northeast

MTA Completes Manhattan-Brooklyn Train Tunnel Repairs

by Alex Patton April 27, 2020

NEW YORK CITY — The Metropolitan Transportation Authority (MTA) has completed repairs of its L train tunnel, which connects Manhattan and Brooklyn. The 12-month project repaired damage to the tunnel caused by Hurricane Sandy in 2012. Under a revised plan from state Gov. Andrew Cuomo and the deans of the Cornell University and Columbia University engineering schools, the project was completed in three months less than its original 15-month estimation, which also included a complete shut-down of the tunnel. Under the revised plan, the tunnel remained operational during the day while repairs progressed in the nights and weekends. The project was also completed approximately $100 million under its original $477 million budget.

April 27, 2020

Leasing Activity New York Northeast Office

Equity firms InTandem and Sagewind Jointly Sign 10,165 SF Office Lease in Manhattan

by Alex Patton April 27, 2020

NEW YORK CITY — Private equity firms InTandem Capital Partners and Sagewind Capital LLC, have jointly signed a 10,165-square-foot in Midtown Manhattan. The firms will share one office across a portion of the 24th floor of One Vanderbilt Avenue, an approximately 1,750,000-square foot office tower slated for completion later this year. Lloyd Desatnick of JLL represented the tenants in the lease negotiations. Robert Alexander, Ryan Alexander, Emily Jones and Alex D’Amario of CBRE represented the landlord, SL Green.

April 27, 2020

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