New York

Dermot Co., PGGM Acquire 57-Story Apartment Tower in Manhattan’s Financial District

by Taylor Williams August 5, 2024

NEW YORK CITY — A partnership between locally based investment firm The Dermot Co. and Dutch pension fund PGGM has acquired 20 Exchange Place, a 57-story apartment tower in Manhattan’s Financial District, in an off-market transaction. The deal marks the seventh property acquired by this partnership. Multiple news outlets, including Crain’s New York Business and the New York Business Journal, report that the sales price was $370 million. The seller was a partnership led by DTH Capital, a New York City-based owner-operator focused on converting office buildings into residential complexes. The new ownership plans to implement a value-add program to unit interiors and amenity spaces. The property was originally constructed in 1931 as the headquarters of Citigroup’s predecessor, City Bank Farmers Trust Co. Following a multifamily conversion, which began about 20 years ago, 20 Exchange Place now features 767 apartments in studio, one- and two-bedroom floor plans. Amenities include a fitness center, coworking lounge, children’s playroom, gaming room and an outdoor terrace. Theater operator Emursive occupies the building’s ground-floor retail space. “This rare opportunity, which came to us through an existing relationship, has enabled us to acquire an iconic property at a highly attractive basis that is significantly below replacement …

August 5, 2024

Loans Multifamily New York Northeast

JLL Arranges $173M Loan for Refinancing of Brooklyn Apartment Community

by Taylor Williams August 2, 2024

NEW YORK CITY — JLL has arranged a $173 million bridge loan for the refinancing of Lorimer House, a 270-unit apartment community located in the South Williamsburg area of Brooklyn. Designed by ODA Architecture, the eight-story, newly constructed building offers studio, one- and two-bedroom units, with private outdoor spaces available in select residences. Amenities include indoor and outdoor lounges, a fitness center, pet spa, party room, work-study lounge and a rooftop deck. Aaron Niedermayer and Ethan Stanton of JLL arranged the loan through TPG Real Estate Credit on behalf of the borrower, a joint venture between The Loketch Group, The Joyland Group and Meral Property Group.

August 2, 2024

Development New York Northeast Office Retail

Partnership Begins Leasing 260,000 SF Office, Retail Project in Midtown Manhattan

by Taylor Williams August 2, 2024

NEW YORK CITY — A partnership between developers Alchemy-ABR Investment Partners and Cain International has begun leasing a 260,000-square-foot speculative office and retail project located at 125 W. 57th St. in Midtown Manhattan. Designed by FXCollaborative, the 30-story building houses 180,000 square feet of office space starting on the 14th floor, with an average of 10,300 square feet of rentable space per floor. Most suites will have access to private terraces. Gensler designed the office amenity deck, which includes a conference center, tenant lounge, event space with catering facilities and private meeting rooms. Office tenant build-outs are scheduled to begin this fall, and the development team expects move-ins to begin during the first quarter of 2025. JLL is the leasing agent.

August 2, 2024

Acquisitions Multifamily New York Northeast

Stav Equities Negotiates $2.4M Sale of Brooklyn Apartment Building

by Taylor Williams August 2, 2024

NEW YORK CITY — Locally based brokerage firm Stav Equities has negotiated the $2.4 million sale of a three-unit apartment building located at 14 Third St. in the Carroll Gardens area of Brooklyn. The buyer intends to convert the units, which were vacant at the time of sale, into condominiums. Jacob Stavsky of Stav Equities represented the buyer and seller, both of which requested anonymity, in the off-market transaction.

August 2, 2024

Loans Multifamily New York Northeast

Newmark, Greystone Arrange $560M Refinancing of Manhattan Apartment Tower

by Taylor Williams August 1, 2024

NEW YORK CITY — Newmark and Greystone have jointly arranged $560 million in floating-rate debt for the refinancing of 3ELEVEN, a 60-story, 938-unit apartment tower in Manhattan. The site at the corner of 11th Avenue and West 29th Street lies at the intersection of the borough’s Hudson Yards and West Chelsea neighborhoods. Units come in studio, one-, two- and three-bedroom floor plans. Amenities include a pool with cabanas, fitness center with a yoga studio, theater, coworking spaces with conference rooms, music practice rooms and multiple outdoor gathering areas, including a 42nd-floor terrace and dedicated dog runs. Jordan Roeschlaub, Nick Scribani and Jonathan Firestone of Newmark collaborated with Drew Fletcher, Paul Fried and Bryan Grover of Greystone to originate the debt, which retires a senior construction loan provided by HSBC. The borrower, a partnership between Ares Corp. and Douglaston Development, originally announced the project in summer 2019 and completed construction in summer 2023. At the time of the loan closing, 3ELEVEN was 99 percent occupied.

August 1, 2024

Development Multifamily New York Northeast

American Lions Begins Leasing 164-Unit Apartment Building in Queens

by Taylor Williams August 1, 2024

NEW YORK CITY — American Lions, which is a joint venture between locally based developers Fetner Properties and Lions Group, has begun leasing The Bold, a 164-unit apartment building in Queens. Designed by SLCE Architects, the 28-story building is located at 2701 Jackson Ave. in the borough’s Long Island City area and includes 50 affordable housing residences. Units come in studio, one-, two- and three-bedroom floor plans. The amenity package consists of a coworking lounge, gym with a climbing wall, party room with a bar and kitchen, clubhouse lounge, media room and a golf simulator room. Rents start at roughly $3,600 per month for a studio apartment.

August 1, 2024

Hospitality Loans New York Northeast Restaurant Retail

Ariel Property Advisors Arranges $8.7M Refinancing of Manhattan Retail, Hospitality Portfolio

by Taylor Williams August 1, 2024

NEW YORK CITY — Ariel Property Advisors has arranged an $8.7 million loan for the refinancing of a retail and hospitality portfolio in Manhattan’s Theater District. The fully occupied portfolio consists of two properties, both of which feature bars/restaurants that are owned and operated by the undisclosed borrower. In addition, the second property has a boutique hotel occupying floors three through six that is leased to a third-party operator. The direct lender and addresses of the property were also not disclosed. Ben Schlegel, Matt Swerdlow, Christoffer Brodhead and Rhea Vivek of Ariel originated the three-year loan.

August 1, 2024

Leasing Activity New York Northeast Restaurant Retail

State of Play Signs 10,700 SF Retail Lease in Manhattan’s Union Square

by Taylor Williams August 1, 2024

NEW YORK CITY — State of Play Hospitality, an entertainment retail operator, has signed a 10,700-square-foot retail lease at 31 Union Square West in Manhattan with plans to open a Flight Club venue. Spanning the ground floor and basement of the property, the facility will offer darts-focused games with food-and-beverage options. Scheduled to open in 2025, this marks the ninth North America location for the brand. Blue Water Grill restaurant previously occupied the space.

August 1, 2024

Loans New York Northeast Office Retail

IPA Arranges $50M Loan for Refinancing of Manhattan Office, Retail Property

by Taylor Williams July 31, 2024

NEW YORK CITY — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has arranged a $50 million loan for a 12-story, 144,000-square-foot office and retail property in Manhattan’s SoHo neighborhood. The newly renovated building spans a full city block from Broadway to Crosby Street in between Houston and Prince streets. Matthew Polci, Steven Buchwald and Rachael Krawiecki of IPA originated the loan through a partnership between Maxim Capital Group, Sabal Investment Holdings and GDS Brightstar. The borrower was a partnership between London-based Chelsfield Group and RAM Holdings.

July 31, 2024

Mid-Hudson-Logistics-Center-West-Coxsackie-New-York

Acquisitions Industrial New York Northeast

Winstanley Enterprises Buys 333,386 SF Industrial Property in West Coxsackie, New York

by Taylor Williams July 31, 2024

WEST COXSACKIE, N.Y. — Regional investment firm Winstanley Enterprises has purchased Prime Logistics Center, a 333,386-square-foot industrial property in West Coxsackie, about 25 miles south of Albany. The 30.7-acre site is located within a larger industrial park, and the building previously housed the distribution operations of grocer Save A Lot. Building features include 61 loading docks, two drive-in doors and parking for 77 trailers and 216 passenger vehicles. The seller and sales price were not disclosed. Winstanley plans to make capital improvements and rebrand the property as Mid-Hudson Logistics Center.

July 31, 2024

Newer Posts

Older Posts