New York

Aries Capital Closes $6.5M CMBS Loan to Refinance Manufacturing Facility in Brooklyn

by Taylor Williams May 21, 2019

NEW YORK CITY — Aries Capital LLC, a Chicago-based commercial mortgage and investment banking firm, has closed a $6.5 million CMBS loan for the refinancing of a 16,500-square-foot manufacturing facility in Brooklyn. The property is located at 413 20th St. in the borough’s Greenwood Heights neighborhood and was fully leased at the time of sale to Sedona Marble & Granite, which is also a part owner of the building. Neil Freeman and Brandon Perdeck of Aries Capital handled the transaction on behalf of the borrower, New York-based TKS Development Group. The nonrecourse loan carried a 10-year term, 75 percent loan-to-value ratio and 30-year amortization schedule.

May 21, 2019

Leasing Activity New York Northeast Office

JLL Negotiates 19,799 SF Office Sublease at Rockefeller Plaza in Manhattan

by Taylor Williams May 21, 2019

NEW YORK CITY — JLL has negotiated a 19,799-square-foot office sublease at 1 Rockefeller Plaza in Manhattan on behalf of Quontic Bank, a privately held financial institution. The company will occupy the ninth floor of the 36-story building for the next six years. Tishman Speyer owns the property. Alexander Chudnoff, Benjamin Bass and Harrison Potter of JLL represented Quontic Bank in the lease negotiations. Greg Taubin, Scott Bogetti and Sean Hoffman of Savills Inc. represented the sublandlord, Trammo, which distributes fertilizers and chemicals.

May 21, 2019

Development Hospitality New York Northeast

RAL Development Completes 324-Room Hotel, Resort Project in Upstate New York

by Taylor Williams May 20, 2019

MONTICELLO, N.Y. — Manhattan-based RAL Development Services has completed The Kartrite Resort & Indoor Waterpark, a 324-room hotel and resort located in the Upstate New York city of Monticello. Located about 90 minutes outside New York City at the former site of The Concord Resort, The Kartrite’s signature feature is a two-acre indoor water park, the largest such attraction in the state. The property offers an array of other amenities for children, including a rock climbing wall, ropes and obstacle course, arcade games, mini-bowling alley and a laser tag arena. The Kartrite also houses eight uniquely themed restaurants and bars, a spa, pools and 11,000 square feet of conference and meeting space.

May 20, 2019

Development Mixed-Use New York Northeast

Starwood Capital to Develop 147,000 SF Mixed-Use Project in Bronx Opportunity Zone

by Taylor Williams May 20, 2019

NEW YORK CITY — An affiliate of global private investment firm Starwood Capital Group will develop a 147,000-square-foot mixed-use project within a designated opportunity zone in The Bronx. The 10-story building, located at 425 Westchester Ave., will house office space for a nonprofit organization, ground-floor retail space and a charter school. The project will also feature 11,000 square feet of outdoor amenity space. Construction is scheduled to begin this month. Starwood will focus its opportunity zone initiatives in gateway markets in which it already has substantial real estate holdings, including New York and Washington, D.C.

May 20, 2019

Loans Multifamily New York Northeast Student Housing

Pebb Capital, TriArch Real Estate Receive $27.5M Loan for Student Housing Project in Manhattan

by Taylor Williams May 20, 2019

NEW YORK CITY— A partnership between Pebb Capital, a private equity firm with offices in Florida and New York, and TriArch Real Estate has received a $27.5 million permanent loan for the development of a 14-story student housing community in the Morningside Heights neighborhood of Manhattan. Construction began on the property in March 2018, with delivery set for fall 2020. The community will serve students at Columbia University. Valley Bank provided the initial construction loan and is now invested in the project to the tune of $41.7 million.

May 20, 2019

Acquisitions Mixed-Use New York Northeast

Cushman & Wakefield Brokers $7.9M Sale of Commercial Property in Manhattan

by Taylor Williams May 17, 2019

NEW YORK CITY — Cushman & Wakefield has brokered the $7.9 million sale of a Manhattan property featuring six residential units and two commercial spaces. The property is located at 833 Lexington Ave. in the Lenox Hill neighborhood. Hunter Moss, Michael Gembecki, Brad Jones, Alessandra Faglione and Austin Fabel represented the seller, SBP Lexington LLC, in the transaction. Additional terms of sale were not disclosed.

May 17, 2019

Leasing Activity New York Northeast Retail

Shakespeare & Co. to Open First Bookstore in Lower Manhattan

by Taylor Williams May 16, 2019

NEW YORK CITY — Shakespeare & Co., a chain of bookstores that was founded in 1983, will open its first store in Lower Manhattan when it assumes occupancy of a 2,300-square-foot space at 230 Vesey St. in January 2020. The store, which will be located within the 14-acre Brookfield Place complex on the Hudson River, will include a children’s book section and café. In addition, the store will host monthly book club events in its communal area.

May 16, 2019

Leasing Activity New York Northeast Retail

Wegmans to Open 74,000 SF Store in Brooklyn

by Taylor Williams May 15, 2019

NEW YORK CITY — Rochester, New York-based grocer Wegmans will open a 74,000-square-foot store within the Admirals Row redevelopment project located on Flushing Avenue in Brooklyn. The grand opening is scheduled for Sunday, Oct. 27. The store, which will be the company’s first location in New York City, is expected to create about 350 full- and part-time jobs. Wegmans Brooklyn will carry more than 60,000 individual products and offer second-floor mezzanine space with a bar serving food, wine, beer and spirits.

May 15, 2019

Leasing Activity New York Office

Global Investment Firm Signs 28,045 SF Office Lease in Midtown Manhattan

by Taylor Williams May 15, 2019

NEW YORK CITY — Global investment management firm Bardin Hill Investment Partners has signed a 28,045-square-foot office lease at 299 Park Avenue in Midtown Manhattan. The firm, which is relocating from 477 Madison Avenue, will occupy the entire 24th floor of the 42-story building beginning in November. The lease term is 12 years. Chris Corrinet and Neil King of CBRE represented Bardin Hill in the lease negotiations. Marc Packman, Clark Briffel, Peter Shimkin, Andrew Sachs, Eric Cagner and David Falk of Newmark Knight Frank represented the landlord, Fisher Bros. 299 Park Avenue is a 1.2 million-square-foot office building located between 48th and 49th streets next to the Waldorf-Astoria Hotel and Grand Central Terminal. Other tenants at the property include Capital One and UBS.

May 15, 2019

Acquisitions Multifamily New York Northeast

CBRE Brokers $8.7M Sale of Multifamily Building, Land on Lower East Side

by Taylor Williams May 15, 2019

NEW YORK CITY — CBRE has brokered the $8.7 million sale of a 4,340-square-foot multifamily building located at 66 Clinton St. on the Lower East Side. The sale included an adjacent lot. The buyer, a partnership between Vault Development and TLM Equities, plans to redevelop the existing building and adjacent parcel into a new, 16,348-square-foot residential building. Daniel Kaplan and Justin Arzi of CBRE represented the seller, New Life of New York City, a nonprofit youth enrichment organization, in the transaction.

May 15, 2019

Newer Posts

Older Posts