NEW YORK CITY — Exact Capital, a locally based finance and development firm, has completed the renovation and preservation of 333 affordable housing units spread across 19 buildings in The Bronx. As part of the project, the developer also renovated four retail spaces located within those properties, all of which rise between two and seven stories. Exact Capital partnered with Shepherd Restoration Corp. on the project, which enhanced roofs, refreshed common areas and upgraded kitchens and bathrooms. TD Bank provided financing for the project in conjunction with the New York City Department of Housing Preservation & Development and Community Preservation Corp.
AMHERST, N.Y. — Douglas Development Co. has purchased Boulevard Mall, a 961,800-square-foot shopping and dining destination in the Buffalo suburb of Amherst, for $30.5 million. The property was originally built in 1962 and is situated on 64 acres. The mall was renovated in 2000 and is now anchored by tenants such as Dick’s Sporting Goods and Macy’s. Jose Cruz, Kevin O’Hearn, Claudia Steeb, Michael Oliver and Ryan Robertson of JLL handled the transaction in conjunction with Ten-X on behalf of the undisclosed seller. JLL closed the sale, which included an adjacent, eight-acre tract that houses a 120,000-square-foot Wegmans grocery store and commanded a price of $6 million.
NEW YORK CITY — A partnership between Shorewood Real Estate Group, Bridge Investments LLC and Capricorn Investment Group LLC will develop a 315-unit multifamily project in the Jamaica neighborhood of Queens. The property will be located within an Opportunity Zone. A construction timeline has not yet been determined.
NEW YORK CITY — Cushman & Wakefield has negotiated the $25 million sale of a 52,000-square-foot warehouse property in the Long Island City neighborhood of Queens. Cushman & Wakefield’s Stephen Preuss, Joshua King and Andreas Efthymiou represented the buyer, California-based investment trust Alexandria Real Estate Equities Inc., which plans to convert the warehouse into a research and development office with lab space. The seller was Prestone Realty LLC, which has occupied the building since 2005.
NEW YORK CITY — The Consulate General of Japan has signed a 58,000-square-foot lease extension at the Plaza District tower owned by Fisher Brothers in Manhattan. The lease extension will keep the consulate at 299 Park Ave. until 2036. The office provides protection to Japanese nationals within the United States and promotes trade and investment with Japan. Fisher Brothers, which constructed the building in 1967, is set to initiate a capital improvement program to upgrade the lobby and entrance, and incorporate a new exterior lighting system. Since announcing the renovation plans in 2017, Fisher Brothers has secured 316,000 square feet of new leases and renewals at the tower, including investment firms One William Street Capital and GoldPoint Partners.
NEW YORK CITY — A partnership between privately owned investment firm Harbor Group International and Image Capital LLC has acquired The Frederick, a multifamily property in Brooklyn, for $117 million. The Class A property, which was built in 2017, offers 193 units equipped with high-end kitchens and appliances. Amenities include a fitness center and a tenant lounge. The Frederick is located near Prospect Park, as well as several mass transit lines and retail options. Westwood Realty Associates brokered the deal. The seller was Heritage Equity Partners.
NEW YORK CITY — Publicis Group, a French marketing, advertising and public relations firm, has signed a lease renewal and expansion at 375 Hudson Street in Manhattan. The firm is renewing its original 680,000-square-foot lease, which is set to expire in 2023, and taking on an additional 280,000 square feet. The new lease term is 20 years, and the firm will take occupancy of the expanded space in August. Tishman Speyer owns 375 Hudson, which was built in 1987 and spans a full city block from King to West Houston streets. Howard Fiddle, Paul Amrich, and Ben Joseph of CBRE represented ownership in the lease negotiations. John Maher, Paul Myers, Mike Wellen, Greg Maurer-Hollaender and Cara Chayet, also with CBRE, represented Publicis.
NEW YORK CITY — A partnership between two local investment firms, Camber Property Group and California-based Belveron Partners, has acquired Highbridge House, a 400-unit multifamily property in The Bronx, for $77 million. The property is located at 113 Ogden Ave. and originally opened in 1972. The new ownership plans to convert the property into an affordable housing complex and invest $3 million in capital improvements to the building’s elevator and utility systems. Aaron Jungreis of Rosewood Realty Group represented the seller, Stellar Management, and the buyers in the transaction. New York Community Bank provided a $57 million acquisition loan for the deal.
NEW YORK CITY — Boston-based Colliers International Group has formed Colliers Project Leaders | USA, a division of the global investment firm that combines project management, development management, planning and advisory services into one division. The new unit will focus on projects for a range of property types in the Northeast tri-state area, including healthcare, residential, mixed-use, hospitality and retail. In the United States and Canada, Colliers Project Leaders serves corporate, institutional and public sector clients with more than 780 professionals from 33 offices.
NEW YORK CITY — Hodges Ward Elliott (HWE) has arranged the $36 million sale of River Court and Gerard Court, a 252-unit multifamily property in The Bronx for $36 million. The complex, which is located at 1065-1075 Gerard Ave. near Yankee Stadium, offers studio, one- and two-bedroom units with elevator access. Daniel Parker, Paul Gillen and Ariel Tambor of HWE represented the seller, Related Cos., in the transaction. The buyer was Prana Investments, an investment firm with offices on both coasts.