New York

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

Hospitality Leasing Activity New York Northeast

KW Commercial Negotiates 100-Room Master Lease for Hotel in Queens

by Alex Patton February 19, 2020

NEW YORK CITY — KW Commercial, the commercial real estate arm of Keller Williams Realty, has negotiated a new master lease for the 100-room Z Hotel in Long Island City in Queens. Sonder, a flexible stay hospitality startup, will lease and operate the entire hotel for a term of seven to 17 years. The property is located at 11-01 43rd Ave and includes 45,000 square feet of retail, office and amenity space. Julia Maksimova of KW Commercial represented the landlord, Merchants Hospitality. David Behin and J.D. Cohen of Newmark Knight Frank represented Sonder.

February 19, 2020

Acquisitions Mixed-Use New York Northeast

Urban Edge Properties Acquires Two Mixed-Use Buildings in Brooklyn for $165M

by Alex Patton February 18, 2020

NEW YORK CITY — Urban Edge Properties, a New York City-based REIT, has acquired Kingswood Center and Kingswood Crossing, a pair of adjacent mixed-use buildings in the Midwood neighborhood of Brooklyn, for $165 million. The two buildings comprise a total of approximately 335,000 square feet, including 134,000 square feet of Class A office space and 106,000 square feet of retail space. The properties also include 60,000 square feet of space available for office or residential development and 250 parking spaces. At the time of sale, retail tenants included Target, TJ Maxx and Marshalls. Visiting Nurse Services of New York was the anchor office tenant. A partnership between Infinity Real Estate and Nightingale Properties was the seller in the off-market transaction.

February 18, 2020

Leasing Activity New York Northeast Office

Tri State Commercial Secures 3,600 SF Office Lease in Brooklyn

by Alex Patton February 18, 2020

NEW YORK CITY — Tri State Commercial has secured a 3,600-square-foot office lease in the Bedford-Stuyvesant neighborhood of Brooklyn. Home care company Care Skills Home will occupy space on the third floor of an office building located at 1125 Fulton St. on a five-year lease beginning in March. Avi Akiva led a Tri State team that represented Care Skills Home in the lease negotiations. Akiva also represented the landlord, The Bawabeh Group.

February 18, 2020

Acquisitions Mixed-Use Multifamily New York Northeast Top Stories

SL Green Realty to Sell West Manhattan Mixed-Use Tower, Adjacent Development Site for $446.5M

by John Nelson February 18, 2020

NEW YORK CITY — SL Green Realty Corp. (NYSE: SLG) has entered into a contract to sell a 36-story mixed-use tower and an adjacent undeveloped parcel in Manhattan for $446.5 million. An affiliate of Brookfield Asset Management (NYSE: BAM) is the buying entity for the 492,987-square-foot building at 315 W. 33rd St. on the borough’s west side. Also known as The Olivia, the mixed-use tower features 333 residential units and 270,132 square feet of commercial space. The residential portion is 96 percent occupied, and the commercial space is fully leased to tenants including AMC Theatres, Music Choice and Landmark Education. The Olivia’s community amenities include a residents’ lounge, laundry room, onsite parking, fitness center, bicycle storage, resident app, valet services, 24-hour lobby and rooftop terrace. The property is near Madison Square Garden, the Hudson River and Penn Station. Darcy Stacom of CBRE represented SL Green Realty in the sale transaction, which is expected to close in the second quarter. No details were released about Brookfield’s plans for the parcel. “This sale is another example of SL Green’s commitment to strategically divest of non-core assets and accretively redeploy the capital into our ongoing share repurchase program,” says David Schonbraun, co-chief investment …

February 18, 2020

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