NEW YORK CITY — Bungalow Projects, a real estate investment firm specializing in media and content production facilities, in partnership with Boston-based Bain Capital Real Estate, has purchased an industrial development site in the Red Hook area of Brooklyn for $34 million. The partnership’s plans for the property at 145 Wolcott St. include a 225,000-square-foot production facility with four soundstages averaging 18,000 square feet each, as well as 82,000 square feet of ancillary production support space and 200 below-grade parking spaces. David Behin of Newmark represented ownership in its off-market purchase of the property.
NEW YORK CITY — Marcus & Millichap has brokered the $9.4 million sale of a 6,250-square-foot retail building in Brooklyn’s Clinton Hill neighborhood that is leased to Bank of America. The financial institution has occupied the building since 2006, and the lease is corporately guaranteed through 2034 and includes multiple renewal options. Scott Plasky and Alexander Arustamian of Marcus & Millichap represented the undisclosed seller in the transaction. The buyer was also not disclosed.
NEW YORK CITY — New York City-based developer TF Cornerstone is nearing completion on 2-20 and 2-21 Malt Drive, a 1.4 million-square-foot apartment complex in the Long Island City neighborhood of Queens. At full build-out, the project will deliver 1,386 apartments across two buildings, as well as retail space and a public park. 2-20 and 2-21 Malt Drive are situated on Malt Drive, a new city street that was named as a nod to the site’s history as a sugar cane processing facility that later became a beer distribution center. The project is located within the 30-acre Hunter’s Point South mixed-use development. The South building at 2-20 Malt Drive will rise 33 stories and feature 575 units. The adjacent North building will comprise 811 apartments across two towers at 2-21 Malt Drive. Thirty percent of units at both buildings will be set aside as affordable housing, which will be leased at 130 percent of the area median income. The buildings were designed by SLCE Architects. Planned amenities include on-site parking, bicycle storage, co-working space, children’s playrooms, lounges, fitness centers, shared laundry rooms as well as in-unit washers & dryers, roof decks with BBQ grills, sundecks and courtyards. 2-20 Malt Drive will also …
POUGHKEEPSIE, N.Y. — New Jersey-based investment firm Reynolds Asset Management has received a $19.5 million Fannie Mae loan for the refinancing of Violet Estates, an 84-unit multifamily property located north of New York City in Poughkeepsie. Violet Estates is reserved for renters age 55 and above and offers studio, one- and two-bedroom units. Amenities include a resident lounge, fitness center, bocce ball courts and a dog park. The property also houses 7,000 square feet of retail space that is leased to users in the food-and-beverage, fitness and art businesses, among others. Allan Edelson of Walker & Dunlop originated the financing.
LAKE LUZERNE, N.Y. — Locally based brokerage firm Muroff Hospitality Group has negotiated the sale of the Lamplight Inn Bed & Breakfast in Lake Luzerne, about 60 miles north of Albany. The property was built in 1890 and consists of 12 suites, a dining room and an owner’s apartment. Mitch Muroff of Muroff Hospitality Group represented the seller and procured the buyer, both of which were private investors, in the transaction. The sales price was approximately $1.2 million.
NEW YORK CITY — Bloomberg LP has signed a 946,815-square-foot office lease extension at 731 Lexington Avenue in Manhattan. The extension term is 11 years, and the business journalism organization will now keep its headquarters at the 56-story, 1.3 million-square-foot building through 2040. Developed by Vornado Realty Trust (NYSE: VNO) and owned by its affiliate, publicly traded REIT Alexander’s Inc., 731 Lexington Avenue also houses 250,000 square feet of retail and restaurant space and 105 condos. Bloomberg’s physical footprint in New York spans more than 2 million square feet across three buildings.
ALBANY, N.Y. — An affiliate of New Jersey-based Heidenberg Properties has acquired At Colonie Center, a 243,395-square-foot retail center in Albany for $28 million. Whole Foods Market anchors the property, which was 58 percent leased at the time of sale. Other tenants include Floor & Decor and Sierra Trading Post. Justin Smith, Chris Peterson, Sam Koonce and Danielle Donovan of Atlantic Capital Partners represented the undisclosed seller in the transaction and procured Heidenberg Properties as the buyer. Scott Aiese and Stephen Van Leer of JLL arranged a $17.6 million acquisition loan through Provident Bank on behalf of Heidenberg.
NEW YORK CITY — Walker & Dunlop has arranged a $155 million loan for the refinancing of The Lexington Hotel in Midtown Manhattan, which is part of the Marriott Autograph Collection family of brands. Hudson Bay Capital provided the loan. Jordan Casella, Aaron Appel, Keith Kurland, Jonathan Schwartz, Adam Schwartz and Christopher de Raet of Walker & Dunlop originated the loan on behalf of the borrower, a joint venture between MCR Hotels, Island Capital Group and Three Wall Capital. The joint venture first acquired the property in 2021. The 28-story building was originally constructed in 1929 and houses 725 rooms, including six specialty suites. One of those suites is known as the Norma Jeane Suite and once served as the residence of Marilyn Monroe and her then-husband, New York Yankees legend Joe DiMaggio. (Marilyn Monroe was born Norma Jeane Mortenson.) The hotel’s amenities include 3,000 square feet of meeting and event space and an onsite restaurant and bar. The property also houses retail space that is leased to Crunch Fitness and Starbucks. “This transaction not only underscores the resilience of the New York City hospitality market but also reaffirms the enduring appeal of this city as a major tourist and …
NEW YORK CITY — Locally based brokerage firm Stav Equities has arranged the $5.7 million sale of two multifamily redevelopment sites in Brooklyn. The buildings at 21 Montauk Ave. and 22 Milford St. were previously used as storage facilities for a local furniture business. The buyer, Moses Rabinowitz, plans to redevelop the sites into apartment buildings totaling 96 units. Jacob Stavksy of Stav Equities represented Rabinowitz and the undisclosed seller in the off-market transaction.
NEW YORK CITY — Locally based firm Extell Development Co. has topped out a 30-story, 435,000-square-foot medical office project at 1520 First Ave. on Manhattan’s Upper East Side. Designed by Perkins Eastman Architects, the building will occupy a full city block between East 79th and East 80th streets and house ambulatory care and surgical facilities. Additional building features will include multiple outdoor terraces and mechanical systems to enhance comfort and energy efficiency, as well as ground-floor retail space. The Hospital for Special Surgery (HSS) has preleased eight floors totaling 195,580 square feet to serve as the facility’s anchor tenant. HSS will house orthopedic and rheumatology physician’s offices, as well as ancillary services for treatment of musculoskeletal conditions. Newmark has been tapped to lease the remainder of the space. Lendlease provided preconstruction management services for the project, full completion of which is slated for the second quarter of 2025.