New York

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

Leasing Activity New York Northeast Office

Senior Lifestyle Opens Welcome Center at Seniors Housing Community Near New York City

by David Cohen March 1, 2019

BRIARCLIFF MANOR, N.Y. — Senior Lifestyle Corp. has opened a welcome center at The Club at Briarcliff Manor, a seniors housing community in Briarcliff Manor, approximately 25 miles north of Manhattan. A grand opening was recently held for prospective residents, who can start moving into the community in late spring. The Club at Briarcliff Manor features a mix of 287 independent living, assisted living and memory care apartments in two interconnected buildings. The independent living apartments range from 974 square feet to 1,111 square feet. Monthly rents start at $7,350. The name and architecture are an homage to the Briarcliff Lodge, a grand resort hotel built in the early 1900s. The 59-acre property features views of the Hudson River and Manhattan skyline, numerous walking trails and landscaped grounds originally designed by Frederick Law Olmstead.

March 1, 2019

Acquisitions Development Multifamily New York Northeast Student Housing

Avison Young Brokers $68M Sale of Development Site on Upper East Side

by David Cohen February 28, 2019

NEW YORK CITY — Avison Young has arranged the $68 million sale of a development site on the Upper East Side of Manhattan for $68 million. Located at 1393 York Ave., the property has a floor area of 112,420 square feet. Avison Young represented the seller, The Church of the Epiphany, in the transaction. The buyer was Weill Cornell Medical College, which plans to build housing for medical students at the site. As part of the transaction, The Church of the Epiphany will remain at 1393 York Avenue for two years as a tenant.

February 28, 2019

Loans Mixed-Use New York Northeast

Madison Realty Capital Provides $21.4M Refinancing for Mixed-Use Development in Queens

by David Cohen February 28, 2019

NEW YORK CITY — Madison Realty Capital has provided a $21.4 million loan to refinance a 78,313-square-foot mixed-use building in Queens. Located at 251-73 Jericho Turnpike, the newly constructed property is 70 percent leased to six office and retail tenants. The exterior of the building is primarily brick, steel and glass. Madison Realty Capital provided the financing to borrower AB Capstone, which plans to use the funds to refinance previous debt and support final lease-up of the property.

February 28, 2019

Acquisitions Hospitality New York Northeast

Marcus & Millichap Negotiates $7.3M Sale of Comfort Inn University in Amherst, New York

by David Cohen February 28, 2019

AMHERST, N.Y. — Marcus & Millichap has negotiated the $7.3 million sale of the Comfort Inn University in Amherst. Located at 1 Flint Road, the four-story property includes 102 rooms. Among the amenities are a fitness center, laundry facility, indoor swimming pool and business center. Jerry Swon, Dan Zagoria and Cameron Peirce of Marcus & Millichap represented the undisclosed seller in the transaction. The buyer was also undisclosed.

February 28, 2019

Development Leasing Activity New York Northeast

Brax Realty Secures 99-Year Ground Lease in the Bronx Valued at $108M

by David Cohen February 28, 2019

NEW YORK CITY — Brax Realty has secured a 99-year ground lease for a development site in the Mott Haven section in the Bronx. The lease is valued at $108 million. The properties are located at 550 Trinity Ave. and 571 Jackson Ave. The site offers a buildable square footage of 52,318 square feet. Brax Realty secured the ground lease on behalf of the landlord, M&R Friedlander Supply Co. The lessee is 550 Trinity LLC.

February 28, 2019

Loans Multifamily New York Northeast

JLL Arranges $22.7M Refinancing for Condominium Conversion in Long Island City

by David Cohen February 27, 2019

NEW YORK CITY — JLL has arranged a $22.7 million loan to convert a 13-story multifamily building into condominiums. The building is located at 42-14 Crescent St. in the Long Island City neighborhood of Queens. The property, which is called The Independent, currently consists of 32,102 square feet of residential space across 48 units. The property was completed in 2016 and is currently fully leased. JLL represented the borrower, Meadow Partners LLC, in the transaction. The lender was Sterling National Bank. Meadow Partners plans to begin sales of units at the property in March 2019.

February 27, 2019

Newer Posts

Older Posts