New York

Pebb Capital, TriArch Sell 175-Bed Student Housing Community in Manhattan for $104 Million

by Alex Patton February 11, 2020

NEW YORK CITY — A joint venture between Pebb Capital and TriArch Real Estate Group has sold The Alabama, a 175-bed student housing community in the Greenwich Village neighborhood of Manhattan, for $104 million. The buyer in the transaction was undisclosed. Situated at 15 E. 11th St., the property serves students attending Cardozo Law School, The New School and New York University. The community offers fully furnished units with shared amenities including an attended lobby, fitness center, 24-hour business center, study and conference rooms, a 24-hour coffee bar, resident lounge and Hub by Amazon package lockers. Pebb Capital and TriArch acquired The Alabama in October 2016 for $58 million.

February 11, 2020

Development Multifamily New York Northeast

Mill Creek Residential to Develop 334-Unit Apartment Community in New Rochelle, New York

by Alex Patton February 10, 2020

NEW ROCHELLE, N.Y. — Mill Creek Residential will develop a 334-unit apartment in New Rochelle, a northeastern suburb of New York City. The project will be situated on a two-acre plot at 115 Centre Ave., the site of the former Blessed Sacrament School. Mill Creek acquired the site for an undisclosed price. William Cuddy Jr. and Jacqueline Novotny of CBRE represented and advised the seller, Church of the Blessed Sacrament, in the transaction.

February 10, 2020

Leasing Activity New York Northeast Office

Transwestern Negotiates 25,000 SF Office Lease in Manhattan

by Alex Patton February 10, 2020

NEW YORK CITY — Transwestern has negotiated a 25,000-square-foot office lease for nonprofit childcare organization Sheltering Arms in Manhattan. The space is situated on a single floor of 25 Broadway, a 22-story, Class A office property also known as the Cunard Building. Other tenants include Relay Graduate School of Education, Teach for America and the American Thoracic Society. Lindsay Ornstein, Stephen Powers, Thomas Hines and Jake Cinti of Transwestern represented Sheltering Arms in the lease negotiations. Bruce Surry, Richard Levine and Gary Kamenetsky of CBRE represented the landlord, The Wolfson Group.

February 10, 2020

Acquisitions Multifamily New York Northeast

Brax Realty Arranges $6.5M Sale of Manhattan Multifamily Property, Sesame Street Set

by Alex Patton February 10, 2020

NEW YORK CITY — Brax Realty has arranged the $6.5 million sale of an eight-unit multifamily property in the Chelsea neighborhood of Manhattan. Located at 220 W. 16th St., the property is situated near the Google corporate office between 7th and 8th avenues. The ground-floor retail space is currently being used as a production set for the upcoming season of “Sesame Street.” Alan Stenson of Brax represented the seller, a private family that owned the property for 35 years. Stenson also represented the buyer, a private investor that acquired the asset via a 1031 exchange.

February 10, 2020

Loans Mixed-Use New York Northeast

M&T Bank Provides $78.7M Acquisition, Construction Loan for Mixed-Use Development in Brooklyn

by Alex Patton February 7, 2020

NEW YORK CITY — M&T Bank has provided a $78.7 million acquisition and construction loan for the purchase of land in the Williamsburg neighborhood of Brooklyn and development of a mixed-use project. The borrower, Two Trees Management, plans to build two mixed-use towers with 1,000 multifamily units, a 47,000-square-foot YMCA fitness facility, 57,000 square feet of office space and 30,000 square feet of retail space. Additional ground-level space will house amenities and a six-acre public park. The proposed project will be located along the East River on River Street, between Grand and North 3rd streets. Bjarke Ingels Group designed the project and James Corner Field Operations served as the landscape architect. Total cost of the project and the construction timeline were not disclosed, as Two Trees is seeking a rezoning.

February 7, 2020

Civic Development New York Northeast

The Whittle School to Open 620,000 SF Campus at The Wheeler in Brooklyn

by Alex Patton February 6, 2020

NEW YORK CITY — Private education institution The Whittle School & Studios will open a 620,000-square-foot campus at The Wheeler, a 10-story tower in Brooklyn. Tishman Speyer recently completed construction of the tower, which is situated on top of a renovated Macy’s department store. The developer is finalizing construction of 11 Hoyt, an adjacent 48-unit condominium tower on the site of the former Macy’s parking garage. Shimoda Design Group was the architect of the project. The Whittle School will open its early learning program later this year, followed by its full Kindergarten through 12th grade program in September 2021. The Wall Street Journal reports that the project is expected to cost $300 million. Mark Aloia, Gary Rosenberg and Arielle Frost of Rosenberg & Estis P.C. represented Whittle in the lease negotiations.

February 6, 2020

Leasing Activity New York Northeast Office

NKF Negotiates 70,728 SF Office Lease for Accounting Firm in Manhattan

by Alex Patton February 6, 2020

NEW YORK CITY — Newmark Knight Frank (NKF) has negotiated a 70,728-square-foot office lease for accounting firm Marcum LLP in Midtown Manhattan. The company will relocate its headquarters to 730 Third Avenue, a 665,110-square-foot office building, from its current space at 750 Third Avenue by early 2021. The owner, TIAA, is currently renovating the building with two new lobbies and a 35,000-square-foot amenity space with a food hall, fitness center and conference facility. Ross Perlman and Lee Brodsky of NKF represented Marcum in the lease negotiations. Neil King and Paul Amrich of CBRE represented TIAA.

February 6, 2020

Leasing Activity New York Northeast Office

Law Firm Extends 19,871 SF Office Lease in Manhattan

by Alex Patton February 6, 2020

NEW YORK CITY — Law firm Katsky Korins LLP has extended its 19,871-square-foot office lease at 605 Third Avenue, a 1.1 million-square-foot office building in Midtown Manhattan. Under the terms of the lease extension, the firm will remain in its space through mid-2032. The company has been a tenant of the building since 1988 and occupies the entire 17th floor. Oliver Katcher of Indigo Property Holdings LLC represented Katsy Korins in the lease negotiations. Marc Packman and Clark Briffel represented the landlord, Fisher Brothers, on an internal basis.

February 6, 2020

Acquisitions Development Multifamily New York Northeast

Marcus & Millichap Brokers $33M Sale of Residential Development Site in Brooklyn

by Alex Patton February 5, 2020

NEW YORK CITY — Marcus & Millichap has brokered the $33 million sale of a residential development site in the Williamsburg neighborhood of Brooklyn. The site comprises three former industrial and residential buildings on the same block, located at 118 Hope St., 428 Rodney St. and 426 Rodney St. The buyer, local developer CW Realty, plans to redevelop the property with 100 multifamily units. Said Boukhalfa and Jonathan Codorniu of Marcus & Millichap represented CW Realty in the transaction. The team also represented the sellers, which were private owner-users.

February 5, 2020

New York Northeast Pennsylvania

Greystone and Rittenhouse Form Joint Venture

by Alex Patton February 5, 2020

NEW YORK CITY — Greystone, a New York City-based lending and advisory company, has formed a joint venture with Rittenhouse Realty Advisors, a Philadelphia-based advisory group. The joint venture is called Greystone Rittenhouse Realty Advisors, which includes a total of seven sales and debt advisors. The purpose of the joint venture is to provide disposition, refinancing, acquisition and bridge financing to multifamily clients in the Mid-Atlantic and Northeast regions. Jim McDevitt is the president of the joint venture. Ken Weller and Corey Lonberger lead the Rittenhouse Realty Advisors team.

February 5, 2020

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