New York

Barneys New York Files for Bankruptcy, Will Keep Some Stores Open

by John Nelson August 6, 2019

NEW YORK CITY — Luxury department store retailer Barneys New York has voluntarily filed for bankruptcy protection and has disclosed plans to close 15 of its 22 brick-and-mortar stores. The Chapter 11 filing in the U.S. Bankruptcy Court of the Southern District of New York indicated that Barneys had more than $100 million in assets and more than $100 million in debts, according to The Wall Street Journal. Barneys plans to keep five of its flagship locations open, including its famous Madison Avenue store. The retailer will also continue operating its downtown Manhattan, Beverly Hills, San Francisco and Boston stores. The company will also keep two Barneys Warehouse locations open in Woodbury, N.Y., and Livermore, Calif., as well as the Barneys.com and BarneysWarehouse.com websites. Barneys will close all other locations, including flagship stores in Chicago, Seattle, Las Vegas, Brooklyn, Philadelphia, Los Angeles and Santa Monica, Calif. This is the second high-end retail concept to file for bankruptcy this week, the other being luxury movie theater company IPIC Entertainment. Veteran retail consultant Jeff Green says that American shoppers are shying away from uber-luxury retailers like Barneys and IPIC, which saw its same-store sales drop 21.7 percent in first-quarter 2019 compared to …

August 6, 2019

Multifamily New York Northeast

RXR Realty Opens 280-Unit Multifamily Property in New Rochelle, New York

by Alex Patton August 5, 2019

NEW ROCHELLE, N.Y. — RXR Realty, a New York-based developer, has opened 360 Huguenot, a 280-unit multifamily property in New Rochelle, just north of The Bronx. The property offers studio and two-bedroom apartments, with amenities including an outdoor terrace with green space, conference room and a fitness center. The ground floor of the building features 14,000 square feet of retail space and 10,000 square feet of arts and culture space.

August 5, 2019

Industrial Leasing Activity New York Northeast

Logistics Firm Signs 46,000 SF Industrial Lease on Long Island

by Alex Patton August 5, 2019

LONG ISLAND CITY, N.Y. — Maquette, a New-York based fine art logistics company, has signed a 46,000-square-foot industrial lease in Long Island City. The property, 48-49 35th Street, is a 260,000-square-foot warehouse originally built in 1949. Forrest Mas and Chris Pachios of North River Co., the landlord, negotiated the lease directly with the tenant.

August 5, 2019

Loans Multifamily New York

Meridian Capital Arranges $5.7M Acquisition Loan for Three Multifamily Properties in New York

by Alex Patton August 2, 2019

NEW YORK CITY — Meridian Capital Group has arranged $5.7 million in acquisition financing for three multifamily properties in Queens. The three properties are located at 84-47 Lefferts Blvd., 83-35 Lefferts Blvd. and 84-10 120th Street. A balanced sheet lender provided the five-year loan, which features an interest rate of 3.88 percent and two years of interest-only payments followed by a 30-year amortization schedule. Gandolfo DiFiore of MDM Development is the borrower. Aaron Lerman and Sam Shifer of Meridian handled the transaction.

August 2, 2019

Leasing Activity New York Northeast Office

JAG-ONE Physical Therapy Signs 3,300 SF Office Lease in New York

by Alex Patton August 1, 2019

NEW YORK CITY — JAG-ONE Physical Therapy has signed a 3,300-square-foot lease in Staten Island. The property is located in the Amboy Shopping Center at 4343 Amboy Road. David Townes and Alana Freidman of Cushman & Wakefield represented JAG-ONE in the lease negotiations. Howard Seidenfeld of Global Realty Services represented the landlord.

August 1, 2019

Acquisitions Multifamily New York Northeast

Ariel Property Advisors Brokers $6.9M Sale of Vacant Multifamily Property in Manhattan

by Alex Patton July 31, 2019

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.

July 31, 2019

Loans Multifamily New York Northeast

NorthMarq Arranges $4M Loan for Refinancing of Mixed-Use Property in Brooklyn

by Alex Patton July 31, 2019

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.

July 31, 2019

Leasing Activity New York Northeast Retail

RIPCO Secures 68,000 SF Retail Lease on Long Island

by Alex Patton July 30, 2019

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.

July 30, 2019

Acquisitions Development Illinois Midwest New York Northeast Student Housing Top Stories

Core Spaces Aligns with Goldman Sachs in $600M Student Housing Deal

by John Nelson July 30, 2019

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 …

July 30, 2019

Acquisitions Industrial New York Northeast

Kalmon Dolgin Negotiates $16.5M Sale of Industrial Property in New York City

by Alex Patton July 29, 2019

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.

July 29, 2019

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