New York

Naftali Credit Partners Secures $65M Construction Loan for Condominium Project in Queens

by David Cohen March 8, 2019

NEW YORK CITY — Naftali Credit Partners has arranged a $65 million construction loan for a 74-unit luxury condominium project in Queens. Located at 107-02 Queens Blvd., the 10-story property will also include more than 25,000 square feet of retail space. Amenities will feature a fitness center, playroom and rooftop terrace. Naftali Credit Partners secured the financing on behalf of the borrower, a partnership between RJ Capital Holdings and RB Realty Capital through lender CIT Bank. Terms of the financing were undisclosed.

March 8, 2019

Acquisitions Development New York Northeast Office Retail

Marcus & Millichap Arranges $1.1M Sale of Two Development Sites in New York

by David Cohen March 8, 2019

MIDDLETOWN, N.Y. — Marcus & Millichap has arranged the $1.1 million sale of two, one-acre pad sites at Middletown Commons, a retail center in Middletown. Located at 193 Dolson Ave., the properties have 235 feet of street frontage and are zoned for a variety of permitted uses, including retail and office. Alan Cafiero, Ben Sgambati, John Moroz and Matt Leszyk of Marcus & Millichap’s New Jersey office represented the seller, a limited liability company, in the transaction. The buyer was also a limited liability company.

March 8, 2019

Healthcare Loans New York Northeast

NorthMarq Arranges $4.5M Refinancing for Medical Center in the Bronx

by David Cohen March 7, 2019

NEW YORK CITY — NorthMarq has arranged a $4.5 million loan to refinance a 20,000-square-foot medical office property in the Bronx. Located at 3316 Rochambeau Ave., the property is currently occupied by Montefiore Medical Center. The tenant has occupied the site for more than 25 years. Charles Cotsala of NorthMarq secured the fixed-rate loan, which includes a 10-year term on behalf of the undisclosed borrower through lender 40|86 Capital.

March 7, 2019

Loans Multifamily New York Northeast

HKS Secures $105M Refinancing for Apartment Building on Upper West Side

by David Cohen March 6, 2019

NEW YORK CITY — HKS Real Estate Advisors has secured a $105 million loan to refinance a pre-war apartment building on the Upper West Side of Manhattan. Located at 393 West End Ave., the 114-unit property was built in 1927. HKS secured the financing on behalf of the building ownership, a partnership between Simon Baron Development and Ascend Real Estate. The lender was undisclosed. The new loan refinances the existing debt of $70 million.

March 6, 2019

Loans Multifamily New York Northeast

Avison Young Orchestrates $35.5M Sale of Multifamily Portfolio in Manhattan

by David Cohen March 6, 2019

NEW YORK CITY — Avison Young has arranged the $35.5 million sale of three multifamily buildings in the Lenox Hill neighborhood of Manhattan. Located at 344,346 and 348 E. 62nd St., the properties total 40,612 square feet across 70 residential and two retail units. James Nelson, Brandon Polakoff and Bradley Rothschild of Avison Young represented the sellers, private investors William Koch and Shimmie Horn, in the transaction. The buyer was a private investor.

March 6, 2019

Acquisitions Multifamily New York Northeast

Meridian Negotiates $8.6M Sale of Apartment Building in the Bronx

by David Cohen March 5, 2019

NEW YORK CITY — Meridian Investment Sales has negotiated the $8.6 million sale of an apartment building in the Bedford Park neighborhood of the Bronx. Located at 215 E. 197th St., the five-story property was built in 1923 and contains 52 apartments. Amit Doshi and Shallini Mehra of Meridian represented the undisclosed seller in the transaction. The buyer was also undisclosed.

March 5, 2019

Loans New York Northeast Office

PCCP Provides $152M Refinancing for Office Building in Brooklyn

by David Cohen March 5, 2019

NEW YORK CITY — PCCP has provided a $152 million senior loan to refinance The Pioneer Building, a 270,000-square-foot, 10-story office property in Brooklyn. Located at 41 Flatbush Ave., the former warehouse/storage facility was constructed in 1896 and was converted to a creative office space after it was acquired in 2014 by a joint venture of Quinlan Development Group and Building and Land Technology. As part of the renovation, Quinlan and BLT updated the building’s façade and installed elevators, a modern HVAC system, windows and a landscaped rooftop amenity. PCCP provided the loan to Quinlan and BLT. Terms of the financing were undisclosed.

March 5, 2019

Acquisitions Multifamily New York Northeast Top Stories

CBRE Negotiates $472.5M Sale of Multifamily Portfolio in Long Island

by Taylor Williams March 4, 2019

LONG ISLAND, N.Y. — CBRE has negotiated the sale of a portfolio of multifamily properties totaling 1,496 units across seven properties in Long Island. The portfolio fetched a sales price of $472.5 million. The buyer was Melville, N.Y.-based Fairfield Properties, which is the largest owner of multifamily properties in Long Island by volume. The seller was not disclosed, but Long Island Business News reports that the seller was Rochester, N.Y.-based Home Properties. The following properties were included in the portfolio: Westwood Village, a 242-unit community in Westbury that was built between 1969 and 1971; Heritage Square, an 80-unit asset in East Meadow that was constructed in 1951; Cambridge Village in Levittown, an 82-unit property that was completed in 1969; Yorkshire Village in Levittown, a 40-unit complex that was delivered in 1973; Mid-Island Apartments, a 232-unit project in Bay Shore that was built in 1975; Southern Meadows, a 452-unit asset in Bayport that was completed in 1970; Lake Grove Apartments, a 368-unit property in Lake Grove that was constructed in 1972 All of the properties are considered Class B assets and are located in Nassau and Suffolk counties. Fairfield will implement a value-add program that will be focused on each property’s …

March 4, 2019

Acquisitions Multifamily New York Northeast Student Housing Uncategorized

CIM Group Sells 24-Story Tower in Manhattan

by David Cohen March 1, 2019

NEW YORK CITY — CIM Group has sold Gilman Hall Tower, a 24-story, 146,000-square-foot building in Manhattan. The sales price was undisclosed. Located at the corner of First Avenue and East 17th Street, the building was one of three properties that CIM acquired from Mount Sinai Beth Israel Hospital in March 2017. The building, which was built in 1969, was previously used to house medical residents of Mount Sinai Beth Israel.

March 1, 2019

Leasing Activity New York Northeast Office

WeWork Signs 201,231 SF Lease at One Seaport Plaza in Manhattan

by David Cohen March 1, 2019

NEW YORK CITY — Collaborative workspace provider WeWork has signed a 201,231-square-foot lease at One Seaport Plaza in Manhattan. Located at 199 Water St., the 35-story property is owned by Jack Resnick & Sons. The 15-year lease is for WeWork to occupy the top five floors at the property. John Cefaly, Robert Constable, Ethan Silverstein, Stephen Bellwood and Myles Fennon of Cushman & Wakefield represented Jack Resnick & Sons in the transaction with WeWork.

March 1, 2019

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