New York

Cushman & Wakefield Arranges $75M Refinancing for Mixed-Use Building in Brooklyn

by David Cohen April 1, 2019

NEW YORK CITY — Cushman & Wakefield has arranged a $75 million refinancing for The Lane at Boerum Place, a 133,387-square-foot residential and retail building in Brooklyn. Located at 415 Red Hook Lane, Rumble Boxing anchors the 108-unit project’s retail component. The residential component of the newly constructed, 21-story property is fully leased. Amenities include central air, a bike room and co-working lounge, as well as washers and dryers in all units. Gideon Gil, Alexander Hernandez, Noble Carpenter III and Zachary Kraft secured financing on behalf of the borrower, Quinlan Development Group & Lonicera Partners. TD Bank provided the financing.

April 1, 2019

Company News New York Northeast

Ready Capital, Owens Realty Mortgage Complete Merger

by David Cohen March 29, 2019

NEW YORK CITY — Ready Capital Corp. (NYSE: RC) and Owens Realty Mortgage Inc. (NYSE: ORM) have officially completed their merger. As of March 29, ORM ceased to be publicly traded on the New York Stock Exchange. The newly combined company will conduct business under the name Ready Capital Corp. and will continue to trade on the NYSE under the symbol RC. In addition, pursuant to the merger agreement, the size of Ready Capital’s board of directors has increased from six to seven members. Gilbert E. Nathan, an independent director of ORM, was appointed to Ready Capital’s board of directors. Ready Capital specializes in small- to medium-sized balance commercial loans. Maryland-based Owens Realty Mortgage is a specialty finance mortgage company that provides customized, short-term acquisition and transition capital to small balance and middle-market investors.

March 29, 2019

Acquisitions New York Northeast Retail

NorthMarq Secures $2.7M Acquisition Financing for Retail Property in Seneca Falls, New York

by David Cohen March 29, 2019

SENECA FALLS, N.Y. — NorthMarq has secured $2.7 million in acquisition financing for Liberty Center Plaza, an 80,846-square-foot retail property in Seneca Falls. The property’s major tenants include Tractor Supply Company and The Salvation Army. Robert Ranieri of NorthMarq secured the financing on behalf of the undisclosed borrower. Terms of the financing include a seven-year fixed term with a 25-year amortization schedule. The lender was undisclosed.

March 29, 2019

Acquisitions Development New York Northeast

JLL Negotiates $50M Sale of Waterfront Development Site in Brooklyn

by David Cohen March 28, 2019

NEW YORK CITY — JLL has negotiated the $50 million sale of a waterfront development site in the South Williamsburg neighborhood of Brooklyn. Located at 500 Kent Ave., the nearly three-acre site carries up to 230,500 buildable square feet. The property is located in a M3-1 zoning district, which allows for the development site to be designated for retail, office, light manufacturing or mixed-use. The lot is adjacent to the Brooklyn Navy Yard and the Brooklyn tech triangle. JLL represented the seller, Con Edison, in the transaction. The buyer was undisclosed.

March 28, 2019

Loans Multifamily New York Northeast

Berkadia Secures $20M Refinancing for Multifamily Property in Brooklyn

by David Cohen March 28, 2019

NEW YORK CITY — Berkadia has secured a $20 million loan to refinance a multifamily property in Brooklyn. Located at 240 Meeker Ave., the 46-unit property includes one- and two-bedroom floor plans with balconies in every unit. Stewart Cambell of Berkadia’s Manhattan office secured the financing on behalf of the borrower, New York-based 240 Meeker Avenue Corp. The 10-year, permanent Fannie Mae loan features a 4.37 percent fixed rate and six years of interest-only payments.

March 28, 2019

Company News New York Northeast Retail

Tommy Hilfiger Closes Flagship Store in Manhattan

by David Cohen March 27, 2019

NEW YORK CITY —Tommy Hilfiger has closed its flagship store on Fifth Avenue in Manhattan, and the apparel retailer also plans to shutter its store on Collins Avenue in Miami on April 28. These moves mark the closing of the only two full-price Tommy Hilfiger stores in North America. According to executives, the closures will enable the company to direct resources and capital toward experimentation with new retail concepts and experiences, with an emphasis on appealing to younger customers. The four-story flagship store originally opened in 2009. Tommy Hilfiger is the latest apparel retailer to shutter a store on Fifth Avenue, following the likes of Lord & Taylor, Gap and Abercrombie & Fitch.

March 27, 2019

Acquisitions Hospitality New York Northeast

Marcus & Millichap Brokers $3M Sale of Holiday Inn Hotel in Horseheads, New York

by David Cohen March 27, 2019

HORSEHEADS, N.Y. — Marcus & Millichap has brokered the $3 million sale of Holiday Inn Elmira/Horseheads, a 99-room hotel located at 2666 Corning Road in Horseheads, about 90 miles south of Syracuse. The two-story property is situated on 2.6 acres and features amenities such as a pool, fitness center, business center and airport shuttle service. Jerry Swon, Tim McCaffrey and Daniel Zagoria of Marcus & Millichap represented the seller and procured the buyer in the transaction.

March 27, 2019

Acquisitions Multifamily New York Northeast

Rosewood Realty Orchestrates $3.7M Sale of Apartment Building in Harlem

by David Cohen March 25, 2019

NEW YORK CITY — Rosewood Realty has arranged the $3.7 million sale of a four-story apartment building in the Harlem neighborhood of New York City. Located at 2032 Fifth Ave., the 6,090-square-foot property was built in 1909 and consists of eight units. Aaron Jungreis and Jonathan Brody represented the seller, Omek Capital, in the transaction. The buyer was a private investor. The townhouse sold for 14.8 times the current rent roll and at a capitalization rate of 5.4 percent.

March 25, 2019

Acquisitions New York Northeast

Marcus & Millichap Negotiates $1.7M Sale of Development Site in Brooklyn

by David Cohen March 25, 2019

NEW YORK CITY — Marcus & Millichap has negotiated the $1.7 million sale of a 5,000-square-foot development site in Brooklyn. The property is located at 46 Diamond St. Shaun Riney and Michael Salvatico of Marcus & Millichap’s Brooklyn office represented the seller, a private investor, in the transaction. The buyer was also a private investor.

March 25, 2019

Acquisitions Healthcare New York Northeast Office

HFF Brokers $11.4M Sale of Medical Office Building on Long Island

by David Cohen March 22, 2019

GARDEN CITY, N.Y. — HFF has brokered the $11.4 million sale of a medical office building in the Long Island village of Garden City. Located at 224 7th St., the 16,920-square-foot property was built in 1969 and converted to a medical imaging facility in 2007. The facility is currently triple-net leased to the New York University School of Medicine. HFF represented the seller, Meridian Imaging Group, in the transaction. The buyer was undisclosed. Inland Real Estate Acquisitions facilitated the transaction.

March 22, 2019

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