New York

Westhab Signs 8,233 SF Office Lease in the Bronx

by Alex Patton November 12, 2019

NEW YORK CITY — Non-profit community development organization Westhab has a signed an 8,233-square-foot office lease at Union Crossing, a 275,000-square-foot office building in the Bronx. The eight-story building was formerly a warehouse, and following renovations earlier this year, now offers office, light industrial and ground-floor retail space. With a lease term of 10 years, Westhab is the building’s first tenant since the renovation and its space will be built out. Madison Realty Capital, The Bluestone Group, Altmark Group and Gali Management partnered with JRT Realty to lease Union Crossing.

November 12, 2019

Loans Multifamily New York Northeast

Greystone Provides $34.5M Bridge Loan for Multifamily Property in Brooklyn

by Alex Patton November 11, 2019

NEW YORK CITY — Greystone has provided a $34.5 million bridge loan to refinance Lenox Apartments, a 55-unit multifamily property in Brooklyn. The loan refinances previous debt from Madison Realty Capital and comprises a 24-month term with two six-month extensions. Lenox Apartments was completed in 2018 and features 9,000 square feet of retail space on the ground floor. The loan was originated by Anthony Cristi and Hope Curtis of Greystone.

November 11, 2019

Loans Multifamily New York Northeast

Merchants Capital Secures $21M Construction loan for Multifamily Community in Queens

by Alex Patton November 11, 2019

NEW YORK CITY — Merchants Capital has secured a $21 million construction loan for a 200-unit multifamily community in Queens. The borrower, Dunn Development, will use the loan to redevelop the Triboro Hospital for Tuberculosis into a housing project that will provide a mix of supportive housing for special needs and homeless tenants, as well as affordable housing for low- to moderate-income households. Merchants Capital secured the funding using a Freddie Mac low-income housing tax credit cash loan. Construction is underway and is slated for completion by July 2021.

November 11, 2019

Loans Multifamily New York Northeast Seniors Housing

Capital One Provides $285M Loan for Refinancing of Prime Care Seniors Housing Portfolio

by Alex Patton November 7, 2019

NEW YORK CITY — Capital One Healthcare, a New York-based lender, has provided a $285 million bridge loan for the refinancing of a portfolio of 13 seniors housing communities owned by Prime Care Properties LLC. Specific names and locations of the properties involved in the financing were not disclosed. The properties total 1,081 assisted living, 301 memory care and 85 skilled nursing units across seven states. Sunrise Senior Living manages 11 of the facilities while Harbor Retirement Associates manages two. Prime Care has owned the facilities since they were built in the late 1990s.

November 7, 2019

Leasing Activity Lee & Associates New York Northeast Office

Lee & Associates Negotiates 5,600 SF Retail Lease in Manhattan

by Alex Patton November 7, 2019

NEW YORK CITY — Lee & Associates has negotiated a 5,600-square-foot retail lease for restaurant group Quality Branded on the ground floor of 2 Bank Street in Manhattan. Quality Branded owns and manages the Quality Meats, Quality Eats and Quality Italian Steakhouse restaurants. Brad Schwarz and James Ficelman of Lee & Associates represented the landlord in the lease negotiations. Taryn Brandes of Brand Urban represented Quality Branded.

November 7, 2019

Loans New York Northeast Office Top Stories

Barclays Provides $350M Loan to Refinance Leasehold Interest in 43-Story Manhattan Office Tower

by Alex Tostado November 7, 2019

NEW YORK CITY — Barclays has provided Shorenstein Properties LLC with a $350 million loan to refinance the leasehold position in 1407 Broadway, a 43-story, 1.1 million-square-foot office tower near Times Square in New York City. The five-year loan features a floating interest rate. Solil Management, the company that manages the assets of late real estate mogul Sol Goldman, owns the land upon which 1407 Broadway is situated. The building is located at 1407 Broadway between 38th and 39th streets, two blocks from Times Square, one block from Bryant Park and six blocks from Hudson Yards. Shorenstein acquired the property’s ground lease from Abraham Kamber Associates and the sublease from Lightstone Group in April 2015 for $330 million. Shorenstein then implemented a three-year, $62 million renovation to improve the lobby, common areas, security, roof, terrace and elevator cabs. The building also underwent a retail renovation, adding new storefronts and signing tenants such as Num Pang, Luke’s Lobster and ’Wichcraft, a sandwich shop. The retail portion of the building is 95 percent leased. Over the past 12 months, 160,000 square feet have been leased throughout the building. Geoff Goldstein of JLL, which arranged the loan, says Shorenstein moved forward with this …

November 7, 2019

Development New York Northeast Office

Brookfield Properties Opens 2.1 MSF One Manhattan West Office Tower

by Alex Patton November 6, 2019

NEW YORK CITY — Brookfield Properties has opened One Manhattan West, a 2.1 million-square-foot office high-rise tower in Midtown Manhattan. The 67-story, Class A building is part of the Manhattan West mixed-use development that will include 6 million square feet of office space when construction is complete. The development will also include an 844-unit apartment building that will be branded The Eugene and a Pendry Manhattan West hotel. One Manhattan West was approximately 90 percent leased when it opened, with a tenant roster including the National Hockey League, as well as law firms McKool Smith and Skadden Arps, Slate, Meagher & Flom LLP. The next phase of construction, Two Manhattan West, is slated for completion in 2022. Skidmore, Owings & Merrill served as the architect of One Manhattan West, and AECOM Tishman was the general contractor.

November 6, 2019

Acquisitions Multifamily New York Northeast

Fairstead, Meadow Partners Acquire Former Tootsie Roll Factory Apartments in Brooklyn for $67.2M

by Alex Patton November 5, 2019

NEW YORK CITY — A partnership between multifamily owner-operator Fairstead and investment firm Meadow Partners has acquired The Chocolate Factory Lofts, a 125-unit apartment building in Brooklyn, for $67.25 million. The converted Tootsie Roll factory at 275 Park Ave. is situated one block from the Brooklyn Navy Yard and the new Wegmans flagship grocery story. Daniel Parker, Paul Gillen and Kyle van Buitenen of Hodges Ward Elliott represented the sellers, HK Organization and Brickman Real Estate, in the transaction.

November 5, 2019

Acquisitions Multifamily New York Northeast ORIX

ORIX USA to Acquire Hunt Real Estate Capital

by Alex Patton November 4, 2019

NEW YORK CITY — ORIX Corp. USA, the U.S. and Latin American business hub of Tokyo-based ORIX Corp., has agreed to acquire multifamily finance firm Hunt Real Estate Capital LLC, an affiliate of Hunt Cos. Inc. The deal calls for the merging of New York-based Hunt Real Estate Capital with the two brands that comprise ORIX Real Estate Capital, Lancaster Pollard and RED Capital Group. Hunt currently offers the full suite of Fannie Mae, Freddie Mac and FHA financing packages, as well as proprietary bridge, term and subordinated product. Upon closing of the deal, which is expected to occur before year’s end, James Flynn, president and CIO of Hunt, will become CEO of the new entity. Branding of the new entity will be addressed after the close of the deal.

November 4, 2019

Acquisitions Multifamily New York Northeast

Marcus & Millichap Brokers $19M Sale of Perch Harlem Apartment Building in Manhattan

by Alex Patton November 4, 2019

NEW YORK CITY — Marcus & Millichap has brokered the $19 million sale of Perch Harlem, a 34-unit apartment building located at 542 West 153rd St. in the Hamilton Heights neighborhood of Manhattan. Eric Anton, Justin Natalizio and Christopher Warner of Marcus & Millichap represented the seller, a joint venture between Taurus Investment Holding and Synapse Development Group. The team also represented the buyer, the Olnick Organization.

November 4, 2019

Newer Posts

Older Posts