New York

Polestar Signs Lease for 4,000 SF Electric Vehicle Pop-Up Showroom in Manhattan

by Taylor Williams July 31, 2020

NEW YORK CITY — Polestar, the electric car manufacturing division of Volvo, has signed a lease for a 4,000-square-foot showroom at 5 E. 59th St. in Manhattan. Polestar, which has also opened pop-up showrooms in Los Angeles and San Francisco, will use the space to educate consumers about electric vehicles. Visitors can also schedule test drives and configure their own Polestar vehicle at the showroom’s digital atelier table. Andrew Kahn and Christian Stanton of Cushman & Wakefield represented the landlord, Capstone Equities, in the lease negotiations. Jason Greenstone, also with Cushman & Wakefield, represented Polestar.

July 31, 2020

Loans Multifamily New York Northeast

Black Bear Capital Arranges $62M in Permanent Financing for Multifamily Portfolio in The Bronx

by Taylor Williams July 30, 2020

NEW YORK CITY — Black Bear Capital Partners has arranged $62 million in permanent financing for a portfolio of nine multifamily properties totaling 432 units in The Bronx. Bryan Manz, Rob Serra, Emil DePasquale and Brandon Harris of Black Bear Capital Partners arranged the financing on behalf of the borrower, Finkelstein Timberger East Real Estate, an owner-operator with roughly 3,500 New York City-area units in its portfolio.

July 30, 2020

Development Multifamily New York Northeast

Bespoke Living Tops Out 300 West Condo Tower in South Harlem

by Taylor Williams July 29, 2020

NEW YORK CITY — Locally based developer Bespoke Living has topped out 300 West, a 15-story condominium tower located at the corner of 122nd Street and Frederick Douglass Boulevard in South Harlem. Designed by Issac & Stern Architects, the property will feature 170 units in studio, one-, two-, three- and four-bedroom units. Amenities will include a pool, fitness center, a rooftop terrace with outdoor grilling stations, a children’s activity area, package lockers and bike storage space. The development team expects to begin closing sales by the end of the year. Prices start at roughly $500,000.

July 29, 2020

Acquisitions Multifamily New York Northeast Seniors Housing

Blueprint Negotiates Sale of 242-Unit Seniors Housing Community in Rochester

by Taylor Williams July 29, 2020

ROCHESTER, N.Y. — Blueprint Healthcare Real Estate Advisors has arranged the sale of The Shire Senior Living, a community located in the Upstate New York city of Rochester. The community features 200 beds of assisted living, as well as 42 standard apartment units. Ardent Senior Living sold the property to a New York-based owner-operator for an undisclosed price.

July 29, 2020

Loans Multifamily New York Northeast

Procida Provides $8.7M Acquisition Loan for Multifamily Portfolio in Sleepy Hollow, New York

by Taylor Williams July 28, 2020

SLEEPY HOLLOW, N.Y. — Procida Funding has provided an $8.7 million bridge loan for the acquisition of a 70-unit portfolio in Sleepy Hollow. The portfolio consists of 63 multifamily spaces and seven commercial units. The borrower, Sleepy Hollow Holdings LLC, will use a portion of the proceeds to fund a capital improvements program that is already underway. The portfolio was 94 percent occupied at the time of the loan closing.

July 28, 2020

Acquisitions Multifamily New York Northeast

Conway Capital Buys Multifamily Building in Brooklyn for $4.5M

by Taylor Williams July 27, 2020

NEW YORK CITY — Locally based investment firm Conway Capital has purchased a multifamily building located at 181 Court St. in Brooklyn for $4.5 million. The four-story property consists of six residential units and a ground-floor retail space that is leased to Court Street Bagels through 2023. Conway Capital will implement a value-add program that will upgrade the kitchens and bathrooms and deliver additional bedrooms. Eric Gleitman of Mercury Capital represented the buyer in the transaction. Urban Standard Capital provided acquisition financing for the deal. The seller was not disclosed.

July 27, 2020

Development Multifamily New York Northeast Top Stories

Extell Development Opens First Units at 68-Story Brooklyn Point Residential Tower

by Taylor Williams July 27, 2020

NEW YORK CITY — New York City-based Extell Development Co. has begun closing condo sales and allowing resident move-ins at Brooklyn Point, a 68-story multifamily tower that is the borough’s tallest building. In addition to sales commencing and the return to in-person appointments and tours, the building’s first model residences will soon be unveiled. Designed by Kohn Pedersen Fox, the 720-foot-tall Brooklyn Point is located in downtown Brooklyn, across the street from Willoughby Square Park in the 600,000-square-foot City Point mixed-use development. Brooklyn Point offers a total of 483 for-sale residences in studio, one-, two- and three-bedroom floor plans. Pricing now starts at approximately $900,000, with buyers receiving a 25-year tax abatement. The property features more than 40,000 square feet of indoor and outdoor amenity space, including an infinity pool; outdoor movie screening space; a health and wellness club with an indoor pool, rock climbing wall and basketball court; and a spa. Brooklyn Point will also house a bar, salon, coworking space, chef’s demonstration kitchen, game lounge and a children’s play area. A ninth-floor terrace will offer outdoor lounge and grilling areas, a putting green and a bar. “With the neighborhood continuing to reopen and the area’s energetic atmosphere returning …

July 27, 2020

Development New York Northeast Office

Elijah Equities Begins Leasing 98,000 SF Office Building in Manhattan

by Taylor Williams July 24, 2020

NEW YORK CITY — Elijah Equities has begun leasing The Warehouse, a 98,000-square-foot office building located at 520 W. 20th St. in Manhattan’s Chelsea neighborhood. The four-story property is a redevelopment of a former textile mill and features floor-to-ceiling windows, central heating and cooling on each floor and 18,000 square feet of outdoor terraces. Newmark Knight Frank is the exclusive leasing agent for the building.

July 24, 2020

Acquisitions New York Northeast Office

CBRE Negotiates $32M Sale of Leasehold Interest in Long Island Office Building

by Taylor Williams July 23, 2020

MELVILLE, N.Y. — CBRE has negotiated the $32 million sale of the leasehold interest in a 202,225-square-foot office building located on Long Island in the city of Melville. The property is currently 87 percent leased. Jeff Dunne, Jeremy Neuer, Steve Bardsley, David Gavin, Gene Pride, Travis Langer and Philip Heilpern of CBRE represented the seller and building owner, RXR Realty, in the transaction. The team also procured The Feil Organization as the buyer.

July 23, 2020

Leasing Activity New York Northeast Office

Tishman Speyer Opens Two New Coworking Spaces in Manhattan

by Taylor Williams July 22, 2020

NEW YORK CITY — Locally based investment firm Tishman Speyer is expanding its coworking brand Studio with the opening of two new locations at Rockefeller Center’s 1230 Avenue of the Americas and 300 Park Avenue in Manhattan. The space at 1230 Avenue of the Americas spans 110,000 square feet across four floors, and the space at 300 Park Avenue spans 32,000 square feet. Studio features include private offices of varying sizes, videoconferencing facilities, onsite childcare and medical services and virtual wellness and fitness programs. Tishman Speyer first introduced the concept at Rockefeller Center in 2018, achieving full occupancy within the first five months of opening.

July 22, 2020

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