New York

Charney, Tavros Near Completion of 350,000 SF Mixed-Use Tower in Brooklyn

by Alex Patton September 16, 2019

NEW YORK CITY — A partnership between Charney Construction & Development and Tavros Holdings is nearing completion of The Dime, a 350,000-square-foot mixed-use project in Brooklyn. The tower incorporates the Dime Savings Bank building, originally constructed in 1908, into a mixed-use development featuring 177 residential units, more than 100,000 square feet of office space and 50,000 square feet of ground-floor retail space. Amenities include an acre of outdoor space, a basketball court and a 10,000-square-foot rock climbing gym recently leased by MetroRock. Fogarty Finger is the architect of the project.

September 16, 2019

Acquisitions Industrial New York Northeast

Seagis Acquires Two Industrial Properties Totaling 101,000 SF in New York City

by Alex Patton September 16, 2019

NEW YORK CITY — Seagis Property Group has acquired two industrial properties totaling 101,000 square feet in New York City. The first property, a 75,000-square-foot warehouse in Queens, features 25-foot ceiling heights and 19 exterior loading docks and has been re-tenanted. The second property, a 26,000-square-foot warehouse, features a 5,000-square-foot secured yard and is fully occupied. The sellers and sales prices were undisclosed.

September 16, 2019

Acquisitions Multifamily New York Northeast

CBRE Arranges Sale of 434-Unit Multifamily Community on Long Island

by Alex Patton September 13, 2019

LONG ISLAND, N.Y. — CBRE has announced the sale of Hawthorne Court, a 434-unit multifamily community on Long Island. The property was built in 1968 and offers studio, one-, two- and three-bedroom units. Shared amenities include onsite laundry and gym facilities and a pool. CBRE’s Jeffrey Dunne, Gene Pride and Travis Langer represented the seller, a joint venture between Post Road Group and Spruce Capital Partners, in the transaction. The CBRE team also procured the buyer.

September 13, 2019

Leasing Activity New York Northeast Office

JLL Negotiates 27,811 SF Office Lease in New York City

by Alex Patton September 12, 2019

NEW YORK CITY — JLL has negotiated a 27,811-square-foot office lease for Marquee Brands LLC at 330 West 34th. Street in New York City. Designed by Schulze & Weaver, the 682,000-square-foot building was completed in 1926. Mitchell Konsker, Alexander Chudnoff, Benjamin Bass and Harrison Potter of JLL represented Marquee in the transaction. Josh Glick and Jared Silverman represented the landlord, Vornado Realty Trust, in-house.

September 12, 2019

Loans Multifamily New Jersey New York Northeast Seniors Housing

M&T Provides $56.2M Financing for Two Seniors Housing Assets in New Jersey, New York

by Alex Patton September 12, 2019

SPRING LAKE, N.J., and NEW YORK CITY — M&T Realty Capital Corp. has provided two loans totaling $56.2 million for seniors housing communities in Spring Lake, New Jersey, and New York City. In the first transaction, Paula Quigley, Aaron Anglad and Matthew Pipitone of M&T provided a $16.1 million Fannie Mae Seniors Housing loan to refinance a 106-unit seniors housing property in Spring Lake. The 15-year loan was structured with a 4.66 percent fixed interest rate loan and four years of interest-only payments followed by a 30-year amortization schedule. In the second transaction, M&T provided a $40.5 million FHA-insured loan to refinance a 300-bed skilled nursing facility in Staten Island. The fully amortizing loan features a 35-year term, 3.9 percent fixed rate and 60 percent loan-to-value ratio. Quigley and Pipitone, along with Jennifer Kooney of M&T, secured the debt.

September 12, 2019

Leasing Activity New York Northeast Retail

The Feil Organization Leases 9,389 SF to Three Restaurants in New York City

by Alex Patton September 12, 2019

NEW YORK CITY — The Feil Organization has leased 9,389 square feet of retail space to three restaurants at 7 Penn Plaza, a 357,000-square-foot building in Manhattan. Sticky’s Finger Joint, Sweetgreen and Naya Express will join Starbucks and The Juice Shop on the ground floor of the building, with all three restaurants expecting to open within the next few months. Randall Briskin represented The Feil Organization internally in all three transactions. Jacqueline Klinger of The Shopping Center Group represented Sweetgreen, and Adam Langer of SRS Real Estate Partners represented Sticky’s Finger Joint and Naya Express.

September 12, 2019

Acquisitions Industrial New York Northeast

Woodmont Industrial Acquires 130,565 SF Industrial Property on Long Island

by Alex Patton September 11, 2019

LONG ISLAND, N.Y. — Woodmont Industrial Partners has acquired 100 Precision Drive, a 130,565-square-foot industrial property on Long Island. Built in 2002, the single-story property features 25-foot clear heights and 325 parking spaces and is located less than a half mile from I-495. Woodmont Industrial will upgrade the building with a new sprinkler system, new roof, LED lighting and dock doors.

September 11, 2019

Acquisitions California Hospitality New York Northeast Top Stories Western

China’s Anbang Agrees to Sell U.S. Hotel Portfolio for $5.8B

by Kristin Harlow September 11, 2019

BEIJING — China-based Anbang Insurance Group Co. has agreed to sell a luxury U.S. hotel portfolio for more than $5.8 billion, according to several media outlets. Mirae Asset Global Investments, part of a South Korean financial services company, has agreed to acquire the 15 properties. The portfolio includes high-end hotels such as Essex House in Manhattan, Westin St. Francis in San Francisco and InterContinental hotels in Chicago and Miami. Anbang acquired the hotels in 2016 by purchasing then-owner Strategic Hotels & Resorts Inc. from Blackstone Group for approximately $6.5 billion. Anbang was making major waves that year, during which it also severely complicated Marriott International’s attempt to acquire Starwood Hotels & Resorts Worldwide. Anbang started a bidding war that increased the final offer by nearly $2 billion before Anbang backed out. At the time, Chinese insurers and other investors were scooping up U.S. real estate, taking advantage of new rules enabling them to invest more easily abroad, according to the Wall Street Journal. That era ended when Chinese authorities seized control of Anbang and later sentenced Chairman Wu Xiaohui to 18 years in prison. He was convicted by a Chinese court for orchestrating a $12 billion fraud. In readying the …

September 11, 2019

Leasing Activity New York Northeast Office

U.S. Census Bureau Signs 10,000 SF Office Lease in West Harlem

by Alex Patton September 10, 2019

NEW YORK CITY — The U.S. Census Bureau has signed a 10,000-square-foot office lease at the Mink Building in West Harlem. Janus is currently redeveloping the asset and several adjacent properties as part of its 1.1 million-square-foot Manhattanville Factory District mixed-use project. The Mink Building and two other buildings in the project are complete, and Janus is currently constructing the Taystee Lab Building, which is slated for completion by the end of 2020.

September 10, 2019

Acquisitions New York Northeast Office

Jacobson, Pyramid Negotiate $13.6M Sale of Medical Office Building in Upstate New York

by Alex Patton September 9, 2019

KINGSTON, N.Y. — Jacobson Properties and Pyramid Brokerage, two New York-based firms, have arranged the $13.6 million sale of a Benedictine Cancer Center, a medical office building in Kingston. The 36,479-square-foot facility, located about 50 miles south of Albany, is 100 percent leased to HealthAlliance Hospital: Mary’s Avenue Campus. Lisa Menin of Jacobson Properties and Leo Jones of Pyramid Brokerage represented the undisclosed seller in the transaction. The buyer was a private equity investor.

September 9, 2019

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