New York

Westchester County Approves $94M Affordable Housing Project in Ossining, New York

by Taylor Williams September 12, 2024

OSSINING, N.Y. — The Independent Development Agency of Westchester County has approved a $94 million affordable housing project in Ossining, about 35 miles north of Manhattan. The site at 30 Water St. formerly housed the operations of Village Department of Public Works. The new development will consist of two buildings with 109 units that will be reserved for households earning between 30 and 80 percent of the area median income. Floor plans will include 40 one-bedroom units, 60 two-bedroom apartments and nine three-bedroom residences, and the property will also house 3,745 square feet of retail space and 3,968 square feet of community meeting space. Amenities will include a rooftop deck, fitness center and onsite laundry facilities. Locally based firm WBP Development LLC will develop the property. Construction is scheduled to begin in October and to be complete in 2027.

September 12, 2024

Development Hospitality New York Northeast

Extended Stay Suites America Opens 100-Room Hotel in Buffalo

by Taylor Williams September 11, 2024

BUFFALO, N.Y. — Extended Stay Suites America (NYSE: STAY) has opened a 100-room hotel in Buffalo. The two-story building is located across the street from Buffalo-Niagara International Airport. Guestrooms are equipped with kitchens that include refrigerators, microwaves, stovetops, cookware, utensils and dishes. All rooms also feature dedicated workspaces. Amenities include complimentary grab-and-go breakfast and onsite laundry facilities. Blackstone Real Estate Partners and Starwood Capital Group own the Extended Stay America brand, which is headquartered in Charlotte.

September 11, 2024

Loans Multifamily New York Northeast

Largo Capital Arranges $11.6M Construction Loan for Multifamily Conversion Project in Buffalo

by Taylor Williams September 11, 2024

BUFFALO, N.Y. — Locally based financial intermediary Largo Capital has arranged an $11.6 million construction loan for an 84-unit multifamily conversion project in Buffalo. The project will convert a former nursing home facility in the downtown area into a traditional apartment complex with 23 studios, 57 one-bedroom apartments and four two-bedroom units. Ned Perlman of Largo Capital originated the financing. The direct lender and borrower were not disclosed.

September 11, 2024

Leasing Activity New York Northeast Office

JLL Negotiates 18,800 SF Office Lease in Midtown Manhattan

by Taylor Williams September 11, 2024

NEW YORK CITY — JLL has negotiated an 18,800-square-foot office lease in Midtown Manhattan. The tenant, private equity firm Christofferson, Robb & Co., will relocate from 720 Fifth Ave. to two full floors at the 27-story building located at 680 Fifth Ave. David Kleiner, Carlee Palmer and Margaux Kelleher of JLL represented the landlord, the family of Josef Buchmann, in the lease negotiations. David Falk and Eric Cagner of Newmark represented the tenant.

September 11, 2024

Affordable Housing Market Reports Multifamily New York Northeast Northeast Market Reports

A Developer’s Thoughts on Recent Changes to New York Laws Regarding Rent-Stabilized Apartments

by Taylor Williams September 11, 2024

By Francis Greenburger, founder, chairman & CEO, Time Equities Inc. The recent changes to New York laws regarding rent-stabilized apartments, included in the 2024 budget legislation and signed into law by Gov. Kathy Hochul, are a step in the right direction. Unfortunately, the step is so small that the effect will be the same as standing still. Much of the initial commentary on 2024 housing law updates was about the so-called “good cause eviction” provisions, which have little to do with eviction but are instead a rebranding of rent control. In 2019, the legislature made significant changes to the rules governing rent-stabilized apartments. Most legislators who voted for this bill undoubtedly hoped to help New York State meet its affordable housing needs, but the opposite has happened. Thousands of low-cost, rent-stabilized apartments have since become vacant and remain so. Many of these apartments were occupied by tenants or families for 40 years or more. Apartments require capital investments periodically, and expectations for housing change dramatically over long periods. Renovating these units to meet modern standards requires significant investment, often mandated by housing code. Until the changes, building owners were willing to make these investments because they were permitted to increase …

September 11, 2024

Acquisitions Multifamily New York Northeast

Marcus & Millichap Brokers $6M Sale of Brooklyn Apartment Building

by Taylor Williams September 10, 2024

NEW YORK CITY — Marcus & Millichap has brokered the $6 million sale of a 48-unit apartment building in Brooklyn’s Bensonhurst neighborhood. The six-story building at 7920 19th Ave., which according to LoopNet Inc. was originally constructed in 1931, houses one- and two-bedroom units. John Brennan and Bryan Ellis of Marcus & Millichap represented the seller and procured the buyer, both of which were local limited liability companies that requested anonymity, in the transaction.

September 10, 2024

Development Multifamily New York Northeast

Lendlease Tops Out 834-Unit Waterfront Multifamily Project in Brooklyn

by Taylor Williams September 9, 2024

NEW YORK CITY — Developer Lendlease has topped out 1 Java Street, an 834-unit waterfront multifamily project in Brooklyn’s Greenpoint neighborhood. Designed by architecture firm Marvel, the development comprises five interconnected buildings across a full city block. In addition, 1 Java Street will house 13,000 square feet of retail and restaurant space, and 30 percent of the units will be reserved as affordable housing. A syndicate of lenders led by Bank of America provided $360 million in construction financing for the project, which Lendlease is developing in partnership with Australian pension fund Aware Super and will include the construction of an 18,000-square-foot waterfront park. Construction began in spring 2023. Completion is slated for 2026.

September 9, 2024

Leasing Activity New York Northeast Office

Loeb Enterprises Signs 18,056 SF Office Lease Renewal in Midtown Manhattan

by Taylor Williams September 6, 2024

NEW YORK CITY — Loeb Enterprises has signed an 18,056-square-foot office lease renewal in Midtown Manhattan. The venture capital firm will continue to house its corporate headquarters across the sixth and seventh floors of 712 Fifth Avenue, a 52-story, 545,000-square-foot building. Anthony Dattoma of CBRE represented Loeb Enterprises in the lease negotiations. Paramount Group owns the building.

September 6, 2024

Loans Multifamily New York Northeast

Affinius Capital Provides $98M Loan for Refinancing of Multifamily Complex in Queens

by Taylor Williams September 5, 2024

NEW YORK CITY — Affinius Capital has provided a $98 million loan for the refinancing of The Northern I and II, a 193-unit multifamily complex located in the Astoria neighborhood of Queens. Northern I is a nine-story structure with 64 units, and Northern II is a 10-story building with 129 units. Both properties offer a mix of studio, one- and two-bedroom apartments, and the complex also houses 4,300 square feet of retail space. Amenities include a rooftop deck, fitness center with a yoga studio, private theater, onsite laundry facilities and a coworking lounge. Henry Bodek of Galaxy Capital arranged the loan through Affinius Capital on behalf of the borrower, Goose Property Management.

September 5, 2024

Acquisitions Multifamily New York Northeast

Investcorp Buys Long Island Industrial Portfolio for $95.8M

by Taylor Williams September 5, 2024

NEW YORK CITY — Global alternative investment firm Investcorp has purchased a portfolio of five industrial buildings totaling 435,000 square feet on Long Island. The buildings are scattered across the Suffolk County communities of Bayshore, Bayport and Ronkonkoma. Buildings range in size from 33,000 to 128,600 square feet and comprise single-story warehouse, cold storage and manufacturing facilities with clear heights ranging from 18 to 40 feet. Four of the buildings were fully leased to single tenants at the time of sale, and the fifth was recently vacated and will be redeveloped. Gary Gabriel, Kyle Schmitt, Ryan Larkin, Bill Baunack, Seth Zuidema and Tom DeLuca of Cushman & Wakefield represented the seller, a partnership between Metropolitan Realty Associates and TPG Angelo Gordon, in the transaction.

September 5, 2024

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