ROCHESTER, N.Y. — Developer WinnCos. has completed Liberty Lofts at Sibley Square, a $23.6 million workforce housing project in Rochester. The property, which is a redevelopment of a historic 1.1 million-square-foot building, adds 104 units to the local supply. Fifty-three units are available at rents of up to 60 percent of the area median income (AMI); three units are available at rents up to 100 percent of AMI; and 48 units are available at rents of up to 110 percent of AMI. The Architectural Team of Chelsea, Mass. designed the project, and DiMarco Constructors served as the general contractor.
ALBANY, N.Y. — Berkadia has arranged a $5.2 million bridge loan for Albany Apartments. The undisclosed borrower will use the proceeds to acquire and convert the building, which was originally constructed as a townhouse-style hotel, into a 112-unit multifamily community with studio, one- and two-bedroom floor plans. John Sigeti of Berkadia arranged the nonrecourse, interest-only loan, which was structured with a 24-month term and a 75 percent loan-to-value ratio.
NEW YORK CITY — A syndicate of investors led by Blackstone Real Estate Income Trust (BREIT) has acquired a $300 million stake in Tricon Residential, Toronto-based investment and development firm with a portfolio of approximately 30,000 single- and multifamily units in the United States and Canada. BREIT acquired the stake at an exchange price of $8.50 per share, which represents a 16 percent premium over Tricon’s 30-day weighted average trading price as of Aug. 26. Tricon will use the proceeds to pay off its corporate debt.
NEW YORK CITY — Los Angeles-based developer CIM Group and Brooklyn-based LIVWRK have topped out Front & York, a 21-story mixed-use tower located at 85 Jay St. in the Dumbo neighborhood of Brooklyn. The property is situated on 3.1 acres and will consist of 408 for-sale condominium units, 320 rental apartments and 150,000 square feet of retail space. Residential amenities will include a pool, outdoor lounge areas, coworking space and a chef’s kitchen with a private dining room.
YONKERS, N.Y. — Cushman & Wakefield has arranged an $80 million loan for the refinancing of a 435,000-square-foot industrial asset located at 555 Tuckahoe Road in Yonkers, located north of New York City. The property was built in 1963. J.P. Morgan Asset Management provided the fixed-rate loan to the borrower, Alfred Weissman Real Estate LLC. Gideon Gil, Zachary Kraft and Meredith Donovan of Cushman & Wakefield handled the transaction.
NEW YORK CITY — FTI Consulting Inc., a publicly traded global advisory firm, has signed a 120,720-square-foot office lease at 1166 Avenue of the Americas in Manhattan. The company will occupy the 14th, 15th and 16th floors of the 1.6 million-square-foot building as its New York City headquarters. Paul Glickman, Jonathan Fanuzzi, Cynthia Wasserberger, Diana Biasotti and Jeffrey Sussman of JLL represented the landlord, Edward J. Minskoff Equities Inc., in the lease negotiations. Connor Faught, Brian Given, Sheena Gohil, Robert Gallucci and Jim Southard of Colliers International, along with in-house representatives Daniel Johnson and Chuck Cerria Jr., represented FTI Consulting. Trevor Adler and Ida Phair of law firm Stroock & Stroock & Lavan LLP advised the property owner in the transaction. Bruce Saber, Genta Stafaj and Samuel Grubner of DLA Piper LLP provided legal counsel to the tenant.
HARRISON, N.Y. — CBRE has negotiated a 12,900-square-foot office lease expansion at 440 Mamaroneck Ave. in Harrison, located near the New York-Connecticut border. The tenant, Stillman Management Realty, renewed its 8,000-square-foot lease and committed to an additional 4,900 square feet. Bud Wiesenberg and Bob Caruso of CBRE represented the tenant in the lease negotiations. RPW Group owns the building.
NEW YORK CITY — Los Angeles-based City National Bank has signed a 35,643-square-foot office lease renewal at 1140 Avenue of the Americas in Manhattan. The company has committed to an additional 10 years at the 250,000-square-foot building and will also open a 3,400-square-foot branch on the ground floor as part of the new agreement. Todd Korren of Avison Young represented the landlord, an affiliate of New York City REIT, in the lease negotiations. Lynn Williams and Jeffrey Welch of CBRE represented the tenant.
NEW YORK CITY — Luxury jeweler Tiffany & Co. has unveiled plans for the redevelopment of its flagship store at 727 5th Ave. in Manhattan. The top three floors of the 10-story building will be converted from office space into a new exhibition and event space surrounded by a curtain of glass complementing the limestone façade below. That space was originally completed in 1980, and the building itself was originally constructed in 1940. Tiffany has partnered with The Office of Metropolitan Architecture on the project, which is expected to be complete in 2022.
WHITE PLAINS, N.Y. — Multifamily developer The NRP Group, in partnership with New York-based owner RPW Group, has broken ground on a 303-unit apartment community in White Plains, located north of New York City. The property is being constructed on part of a 70-acre site that formerly housed the world headquarters of IBM, adjacent to a 620,000-square-foot office building that RPW Group owns and operates. Units will come in a mix of one-, two- and three-bedroom units, and amenities will include a pool, fitness center and small workspaces. Completion is slated for early 2022.