New York

CBRE Negotiates 30,900 SF Office Sublease in Midtown Manhattan

by Alex Patton February 26, 2020

NEW YORK CITY — CBRE has negotiated a 30,900-square-foot office sublease in Midtown Manhattan. Financial crime, risk and compliance solutions company Exiger Holdings Inc. signed an 11-year lease for the entire 15th floor and a portion of the 16th floor at 1675 Broadway, a 35-story office tower. The company will relocate from its previous space at 1095 Avenue of the Americas later this year. Gregg Rothkin, John Maher and Paul Myers led a CBRE team that represented the undisclosed sublandlord in the lease negotiations. Rudin Management owns the building.

February 26, 2020

Acquisitions New York Northeast Retail

Marcus & Millichap Closes Sale of 21,000 SF Retail, Office Property in West New York

by Alex Patton February 25, 2020

WEST NEW YORK, N.Y. — Marcus & Millichap has closed the $6.5 million sale of a retail and office property in West New York, a western suburb of New York City. Located at 4912 Bergenline Ave., the property is leased to 7-Eleven and Telco. The upper floors are occupied by office tenants on a month-to-month basis. Fahri Ozturk and Richard Gatto of Marcus & Millichap represented the seller and procured the buyer in the transaction. Both parties were private investors that requested anonymity.

February 25, 2020

Development Multifamily New York Northeast Seniors Housing

Sunrise Completes 90-Unit Seniors Housing Community on Long Island

by Alex Patton February 25, 2020

HUNTINGTON, N.Y. — Sunrise Senior Living has completed construction of Sunrise of Huntington, a 90-unit seniors housing community located in the Long Island town of Huntington. The community features assisted living and memory care services, as well as convenient access to Syosset Hospital and Plainview Hospital. Sunrise held a ribbon-cutting ceremony on Wednesday, Feb. 19, for the .

February 25, 2020

Acquisitions Multifamily New York Northeast

Stonehenge NYC, A-Rod Corp., Modlin Group Acquire Multifamily Building in Manhattan for $66.2M

by Alex Patton February 24, 2020

NEW YORK CITY — A partnership between Stonehenge NYC, A-Rod Corp. and Modlin Group has acquired a 114-unit multifamily building in the Midtown East neighborhood of Manhattan, for $66.2 million. The London Family constructed the 14-story building, which is located at 340 East 51st St., in 1965. Formerly known as Allen House, the building has been rebranded as Stonehenge 51. David Krantz and Paul Leibowitz of Savills represented the partnership in the transaction. Former Major League Baseball player Alex Rodriguez founded A-Rod Corp.

February 24, 2020

Loans Multifamily New York Northeast Top Stories

Meritz Securities Provides $350M Refinancing for The Centrale Residential Tower in Manhattan

by Taylor Williams February 24, 2020

NEW YORK CITY — Meritz Securities, a South Korea-based lender and intermediary, has provided a $350 million inventory loan for The Centrale, a 63-story residential tower in Midtown Manhattan. The loan, which essentially functions as permanent financing, is collateralized by the property and pays off the property’s $300 million construction loan. New York City-based Madison Realty Capital provided that loan to the project developer, Ceruzzi Properties, in 2017. The Centrale features 124 residential condominium units, 7,645 square feet of ground-floor retail space and a parking garage. Pelli Clarke Pelli Architects designed the project, construction of which was completed in early 2019. Units at the property feature one-, two-, three-, four- and five-bedroom floor plans that range in size from 777 to 5,388 square feet. Amenities include an indoor pool, a spa, fitness center and shared workspaces. The property also offers proximity to Grand Central Station, several subway lines, Times Square and Midtown East’s Plaza District. JLL arranged the loan through Meritz Securities on behalf of Ceruzzi Properties. VI Development Group advised Meritz on the transaction and tapped PIA Asset Management to manage the project. “New York City remains the go-to market for global capital,” says Chris Peck, a managing director …

February 24, 2020

New York Multifamily Rent and Occupancy Forecast 2020

Content Partner Features Lument Market Reports Multifamily New York Northeast Northeast Market Reports RED Capital Group

Expanded Rent Stabilization Law Freezes NYC Stabilized Multifamily Property Market, Generates Buying Opportunities for Intrepid Investors

by Sarah Daniels February 21, 2020

New York state authorities last year passed legislation designed to maintain rental affordability and housing stability in the Empire State. Mandated changes for units not currently subject to stabilization were mostly technical in nature — relating to rent increase notification periods, evictions and security deposits — but the impact on the New York City’s nearly 1 million regulated units was significant. Previously, an owner’s ability to raise stabilized unit rents was limited by a city board, except upon vacancy or after major property or unit improvements were made. These exceptions were curtailed by the legislation, largely negating the appeal of buying, renovating and repositioning older properties. The regulations sent a chill through the recently hot New York City multifamily property market. Sales volume dropped by half last year to about $3.3 billion, with the largest declines coming after the law took effect at mid-year. Indeed, volume in the typically busy fourth quarter plunged to less than $200 million, the lowest single-quarter sales total since recessionary 2010. Although obscured by thin volume, cap rates appeared to rise. After hovering near 4 percent throughout 2018, institutional B/B+ quality asset purchase yields gapped higher, drifting up to about 4.25 percent at mid-year and …

February 21, 2020

Leasing Activity New York Northeast Office

Alumni Ventures Signs 11,006 SF Office Lease in Manhattan

by Alex Patton February 21, 2020

NEW YORK CITY — Venture capital firm Alumni Ventures Group (AVG) has signed an 11,006-square-foot office lease in the NoMad neighborhood of Manhattan. The firm plans to occupy its new space on the 18th floor of an office building at 183 Madison Ave. beginning this summer. AVG is headquartered in Manchester, New Hampshire, and this office will be the firm’s first in New York City. Jason Frazier of CBRE represented AVG in the lease negotiations. Andrew Sachs, Tim Gibson and Josh Gosin led a Newmark Knight Frank team that represented the landlord, APF Properties.

February 21, 2020

Acquisitions Multifamily New York Northeast

Westbridge Brokers $4.8M Sale of Multifamily Building in Queens

by Alex Patton February 21, 2020

NEW YORK CITY — Westbridge Realty Group has brokered the $4.8 million sale of a multifamily property in the Woodside neighborhood of Queens. Located at 39-26 62nd St., the property features 26 units. Alexandra Rossland of Westbridge represented the seller, 39-26 62nd Street LLC. Jonathan Bichoupan of Westbridge procured the buyer, a private individual. The sales price was not disclosed.

February 21, 2020

Loans Multifamily New York Northeast

Black Bear Arranges $77.7M Loan for Refinancing of Multifamily Portfolio in The Bronx

by Alex Patton February 20, 2020

NEW YORK CITY — Black Bear Capital Partners (BBCP), a subsidiary of locally based Black Bear Asset Management, has arranged a $77.7 million loan for the refinancing of an eight-property multifamily portfolio in The Bronx. The 10-year loan features a fixed interest rate of 3.6 percent and 10 years of interest-only payments, proceeds will refinance previous debt. The properties total 537 units. Morgan Stanley provided the loan, and Finkelstein Timberger East Real Estate was the borrower. Bryan Manz, Rob Serra, Phil Bowman and Emil DePasquale of BBCP arranged the financing.

February 20, 2020

Industrial Leasing Activity New York Northeast

Colliers Negotiates 27,681 SF Industrial Lease in Brooklyn

by Alex Patton February 20, 2020

NEW YORK CITY — Colliers International has negotiated a 27,681-square-foot industrial lease for hair care brand Prose in the Sunset Park neighborhood of Brooklyn. Prose will move its manufacturing operations to the new space at Liberty View Industrial Plaza, located at 850 Third Ave. The building comprises 350,000 square feet of office space, and 500,000 square feet of industrial space. Marcus Rayner of Colliers represented Prose in the lease negotiations. Partnership of Madison Capital and Salmar Properties owns the building.

February 20, 2020

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