NEW YORK CITY — Ariel Property Advisors has brokered the sale of 440 West 36th Street, a vacant multifamily property in Manhattan, for $6.9 million. The site spans 14,862 buildable square feet and currently houses an 8,562-square-foot building. Matthew Gillis, Michael Tortorici and Howard Raber represented the seller in the transaction. Angela Huang of Chase Global Realty LLC procured the buyer.
NEW YORK CITY — NorthMarq has arranged a $4 million cash-out refinance of a 8,799-square-foot multifamily property in Brooklyn. The property, 66 Nassau Avenue, is five stories with ground floor retail. The loan was structured with a 10-year term, a 4 percent fixed interest rate and a 25-year amortization schedule. The property was originally acquired in 2000 and was later demolished and redeveloped in 2018.
EAST GARDEN CITY, N.Y. — RIPCO Real Estate has secured a 68,000-square-foot retail lease for department store chain Century 21 Stores on Long Island. The property is located in the Roosevelt Field shopping center of East Garden City, which also includes a Bloomingdale’s Furniture, Nordstrom, Macy’s and a variety of other retail and dining businesses. The store is scheduled to open in spring of 2021. Gene Spiegelman of RIPCO represented Century 21 Stores in the transaction. Simon Property Group owns Roosevelt Field.
CHICAGO AND NEW YORK CITY — Student housing developer Core Spaces has entered into a partnership with Goldman Sachs (NYSE: GS) to recapitalize nine of its properties in a deal valued at $600 million. The national portfolio consists of seven operating student housing properties and two projects under development, totaling 4,358 beds. The Wall Street Journal reports that Goldman Sachs will likely utilize its newly launched, $2.5 billion real estate investment fund for the Core student housing portfolio. The newspaper reports that the New York-based financial giant has purchased more than $30 billion in real estate since 2012 mostly using its own capital. Core will keep a small ownership percentage in the portfolio and keep the assets under its management. The deal is a strategic decision by the Chicago-based firm to aggregate its portfolio with an institutional investor and retain an interest in its developed properties for the long haul, says Core’s founder and CEO, Marc Lifshin. “We believe in the long-term performance of our assets,” he says. “Our assets have proven to perform over time. We would rather be involved for the growth period. It creates a much more sustainable model for us going forward.” The operating properties that …
NEW YORK CITY— Kalmon Dolgin Affiliates (KDA) has negotiated the $16.5 million sale of a 70,000-square-foot industrial property in Queens. The property formerly housed several tenants that used the space for warehousing and distribution. The buyer plans to demolish the building and build a self-storage facility. Neil Dolgin and Grant Dolgin of KDA represented the seller, Monitor Holding Corp., as well as the buyer, 74-16 Grand Ave. LLC, in the transaction.
SYOSSET, NEW YORK — Locally based investment firm Milvado Property Group has acquired two office properties on the Long Island city of Syosset for $18.7 million. The properties, 6801 and 6901 Jericho Turnpike, total 220,000 square feet. The locations offer close access to the Long Island Railroad, as well as tJFK, LaGuardia and MacArthur Airports. Gary Gabriel, David Bernhaut and Andrew MacDonald of Cushman & Wakefield represented the seller, The Rosmarin Family, in the transaction.
NEW YORK CITY — Local developer DH Property Holdings (DHPH) has broken ground on an 85,000-square-foot speculative distribution center in the Red Hook section of Brooklyn. The single-story property, located at 55 Bay St., will feature 36-foot clear heights, 54-by-58-foot column spacing, 18 loading docks and two drive-in doors. Construction is expected to be complete in the second quarter of 2020. Rob Kossar and Leslie Lanne of JLL will handle leasing.
NEW YORK CITY — ABS Real Estate Partners has arranged the $37.2 million sale of 62 West 45th Street, a 55,000-square-foot office property in Manhattan. The building rises 12 stories and includes ground-floor retail space, 11 office units and a newly renovated lobby and elevators. The site is expandable by an additional 4,000 square feet. Alan Cohen, Jay Caseley, Steven Hornstock and Alex Warner of ABS represented the seller, 62 West 45th Street Associates LLC, in the transaction. Cohen and Casely will also head up leasing efforts. The buyer was New Jersey-based Renaissance Properties.
NEW YORK CITY — Local hotel developer Sam Chang has broken ground on a 200-room hotel that will be located at 223 W. 46th St. near Times Square in Manhattan. Designed by Gene Kaufman Architects, the hotel will span 70,000 square feet and rise 21 stories. Amenities will include a fitness center and a ground-floor restaurant with outdoor seating. Completion of the property, which has yet to be named and branded, is scheduled for September 2021.
MINEOLA, N.Y. — Mill Creek Residential has begun leasing Modera Metro Mineola, a 192-unit apartment community on Long Island. The transit-served property offers studio, one- and two-bedroom units that feature stainless steel appliances, quartz countertops, custom cabinetry, tile backsplashes and key fob entry systems. Indoor amenities include two 24-hour fitness centers with yoga and Pilates studios, two indoor clubhouses with lounges, TVs and resident kitchens, a business center with a conference room, a coffee bar, pet spa and package concierge service. Outdoor amenities include a pool, sun deck, grilling area and kitchen and a lounge. The first units are expected to be available for occupancy in the coming weeks.
