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.
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.
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.
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.
