New York

Lambrou, Bridges to Develop 218,000 SF City Harbor Mixed-Use Development in Ithaca, New York

by Alex Patton January 29, 2020

ITHACA, N.Y. — A partnership between Lambrou Real Estate and Bridges Development Group will develop City Harbor, a 218,000-square-foot mixed-use development in the Upstate New York city of Ithaca. The property will be located at 101 Pier Road, formerly the site of Johnson Boat Yard, on the southern shore of Finger Lake. A multifamily component of the project will feature 158,000 square feet of residential space with 156 one- and two-bedroom units, a fitness center, restaurant and other amenities. The project will also feature a 60,000-square-foot medical building and a 1,700-foot shoreline promenade. HOLT Architects is designing the project, and Edger Enterprises Inc. is the general contractor. The development team expects to break ground in May and to complete the first phase about 18 months later.

January 29, 2020

Acquisitions Multifamily New York Northeast

CW Realty Acquires 20,000 SF Multifamily Development Site in Brooklyn

by Alex Patton January 29, 2020

NEW YORK CITY — CW Realty has acquired 251 Front Street, a 20,000-square-foot development lot in the Vinegar Hill neighborhood of Brooklyn, for $20 million. CW plans to build a five-story multifamily building comprising 59 units, a fitness center and a parking garage. Construction is slated to begin in June. Brendan Maddigan and Ethan Stanton of JLL represented the seller, Tocci Brothers, in the transaction. The team also procured CW Realty as the buyer.

January 29, 2020

Leasing Activity New York Northeast Office

Cantor Fitzgerald Renews 56,170 SF Office Lease in Manhattan

by Alex Patton January 29, 2020

NEW YORK CITY — Financial services firm Cantor Fitzgerald has renewed a 56,170 square-foot office lease at 499 Park Avenue in the Plaza District of Midtown Manhattan. The company signed a 16-year lease for the space. The leasing is part of a larger headquarters spanning two buildings. Jared Horowitz, Neil Goldmacher and Jason Perla of Newmark Knight Frank represented Cantor Fitzgerald in the lease negotiations. Michael Jones of Cole Schotz P.C. advised Cantor Fitzgerald in the renewals of the lease agreements. Paul Amrich of CBRE represented the landlord, American Realty Advisors.

January 29, 2020

Leasing Activity New York Northeast Office

Cantor Fitzgerald Renews 151,890 SF Office Headquarters Lease in Manhattan

by Alex Patton January 28, 2020

NEW YORK CITY — Financial services firm Cantor Fitzgerald has renewed its 151,890 square-foot office headquarters lease at 110 East 59th Street in the Plaza District of Midtown Manhattan. The company signed at 16-year lease to occupy seven full floors at the 37-story building. Jared Horowitz, Neil Goldmacher and Jason Perla of Newmark Knight Frank represented Cantor Fitzgerald in the lease negotiations. Michael Jones of Cole Schotz P.C. advised Cantor Fitzgerald in the renewals of the lease agreements. Brett Greenberg and Fran Delgorio represented the building owner and developer, Jack Resnick & Sons, in-house.

January 28, 2020

Leasing Activity New York Northeast Office

JLL Negotiates 25,261 SF Office Lease for CaféMedia in Manhattan

by Alex Patton January 28, 2020

NEW YORK CITY — JLL has negotiated a 25,261-square-foot office lease for advertising company CaféMedia in Manhattan. The company signed a 10-year lease to occupy the entire 27th floor of the 1.1 million-square-foot building, which is located at 1411 Broadway and completed in 1970. CaféMedia previously occupied space at 417 Fifth Avenue. Alexander Chudnoff, Dan Turkewitz and Kip Orban of JLL represented the tenant in the lease negotiations. Paul Amrich, Neil King and Emily Jones of CBRE represented the landlord, Ivanhoé Cambridge.

January 28, 2020

Loans Multifamily New York Northeast

Voya Provides $17.4M Acquisition Loan for Multifamily Building in Brooklyn

by Alex Patton January 28, 2020

NEW YORK CITY — Voya Investment Management LLC has provided a $17.4 million loan for the acquisition and renovation of 79 Clifton Place, a 40-unit multifamily building in the Clinton Hill neighborhood of Brooklyn. The 52,375-square-foot building was converted to a multifamily use in 2000 after previously housing a knitting factory and now features one-, two-, three- and four-bedroom units. The borrower, The FREO Group, plans to implement a $1.75 million capital improvements plan to boost occupancy. Max Herzog, Marko Kazanjian and Matt Fagella of JLL secured the loan.

January 28, 2020

Industrial Loans New York Northeast

JLL Secures $87M Loan for Construction of Terminal Logistics Center in Queens

by Alex Patton January 27, 2020

NEW YORK CITY — JLL has secured an $87 million construction loan for the ground-up development of Terminal Logistics Center, a 300,000-square-foot industrial project in Queens. CIT Group Inc. provided the loan to the borrower, a partnership of Triangle Equities Development Co., Township Capital Inc. and L&B Realty Advisors LLP, which will develop the Class A warehouse and storage facility adjacent to John F. Kennedy International Airport. Total cost for the project is approximately $129 million. Geoff Goldstein and Rob Hinckley led a JLL team that secured the loan.

January 27, 2020

Leasing Activity New York Northeast Restaurant Retail

Taco Bell Cantina to Open at The Paramount Building in Times Square

by Taylor Williams January 24, 2020

NEW YORK CITY — Taco Bell Cantina, a concept from the fast-food chain that incorporates alcoholic beverage service, will open a new restaurant at The Paramount Building, an 800,000-square-foot tower located in Manhattan’s Times Square. David Firestein and Jenna Heidenberg of SCG Retail represented Taco Bell in the lease negotiations. Ross Berkowitz, Jason Wecker and Andrew Taub of Newmark Knight Frank represented the landlord, Rosemark Management and Levin Management Corp. in conjunction with in-house representatives of those firms. The opening is slated for this summer.

January 24, 2020

Loans Multifamily New York Northeast

Black Bear Capital Arranges $50.4M in Permanent Financing for Multifamily Portfolio in The Bronx

by Taylor Williams January 23, 2020

NEW YORK CITY — Black Bear Capital Partners has arranged $50.4 million in permanent financing for a portfolio of multifamily properties in The Bronx. Morgan Stanley provided the loan, which carries a fixed interest rate of 3.78 percent and 10 years of interest-only payments, to Finkelstein Timberger East Real Estate. The portfolio spans five properties and includes 357 multifamily units and nine commercial spaces. Bryan Manz, Rob Serra and Emil DePasquale of Black Bear arranged the transaction.

January 23, 2020

Loans Multifamily New York Northeast

Berkadia Arranges $32M in Financing for Manhattan Residential Project

by Taylor Williams January 22, 2020

NEW YORK CITY — Berkadia has arranged a $32 million senior loan with a mezzanine loan component for a 60-unit residential project at 433 W. 53rd St. in Midtown Manhattan. Proceeds will be used to stabilize the community, construction of which was recently completed. Keysite Capital Partners provided the loan to the borrower, Emmut Properties. Chinmay Bhatt, Noam Franklin and Cody Kirkpatrick of Berkadia handled the transaction.

January 22, 2020

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