EAST SYRACUSE, N.Y. — Marcus & Millichap has brokered the sale of The Storage Mall, a 548-unit self-storage facility in East Syracuse. The site spans 7.5 acres and is situated adjacent to Syracuse International Airport, and the facility totals 57,775 net rentable square feet of space. Matt Junkin, Kevin Bledsoe and Jared Houck of Marcus & Millichap represented the seller and procured the buyer, both of which requested anonymity, in the transaction.
IRONDEQUOIT, N.Y. — Local financial intermediary Largo Capital has arranged a $17.3 million bridge loan for Culver Ridge Plaza, a 291,000-square-foot shopping center located outside of Rochester in Irondequoit. The center is home to tenants such as Marshalls, Burlington and Five Below. Kevin Ross and Michelle Colosimo of Largo Capital arranged the loan through Bank of America. The borrower, an undisclosed global investment firm, will use the proceeds to refinance existing debt and fund capital improvements.
By Taylor Williams The retail markets throughout the greater New York City area have been starving for more quality space in the post-pandemic era, with ground-up supply gains rarely hitting the market outside of obligatory inclusions within apartment buildings and highly curated clusters at mixed-use developments. According to JLL’s latest market report on New York City, as of the first quarter of 2025, there were approximately 200 availabilities across Manhattan’s “prime” retail submarkets — a record low. Average asking rents leapt 7.4 percent between the fourth quarter of 2024 and the ensuing period, settling at a rate of $577 per square foot. The report identified traditionally ritzy retail corridors and hotspots such as Fifth Avenue, Madison Avenue, SoHo and Times Square as recipients of the “prime” label, also designating the Williamsburg district in Brooklyn as one such area. So when well-located spaces formerly occupied by retailers that are now defunct or aggressively downsizing become available, they tend to draw major, immediate interest. “Expanding retailers have substantial opportunities to backfill big box and junior spaces vacated by bankrupt chains,” says Mitzi Flexer, managing director in the New York City office of national brokerage firm Bradford Allen. Flexer says that a notable …
RIVERHEAD, N.Y. — Chicago-based investment firm Bradford Allen has completed the renovation of the 114-room Hilton Garden Inn Riverhead hotel on Long Island. Renovations included refreshed guestrooms with new beds, bedding, carpet, bathrooms and furniture, as well as the addition of Peloton bikes to select rooms. The lobby, lounge area and front desk all received new flooring, furniture, accents and lighting, while meeting and event spaces were revamped with new carpet, paint, lighting and audio/visual equipment. The project team also added new public restrooms and improved the lobby bar, restaurant and patio. Bradford Allen acquired the hotel in late 2023 and began renovations thereafter.
WHITE PLAINS, N.Y. — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has negotiated the sale of One Dekalb, a 76-unit apartment complex located north of New York City in White Plains. The property was built in 2019 and offers amenities such as a rooftop terrace, resident lounges and coworking spaces. According to Apartments.com, units come in studio, one- and two-bedroom floor plans. Victor Nolletti, Wes Klockner and Ross Friedel of IPA represented the undisclosed seller in the transaction and procured the buyer, Benchmark Real Estate Group. John Horowitz of Marcus & Millichap assisted in closing the deal as the broker of record.
NEW YORK CITY — New York University (NYU) has signed a long-term lease for more than 1 million square feet at 770 Broadway in Lower Manhattan. The 1.1 million-square-foot building is adjacent to the university’s campus and is currently home to a number of tenants that occupy about half the space, and NYU plans to assume the existing leases of these users. Grocer Wegman’s will remain a tenant within the building’s retail space. The first stage of NYU’s programming for 770 Broadway will involve the conversion of vacant floors to science and technology uses, including laboratories, classrooms and workstations, as a means of consolidating faculty and research initiatives under a single collaboration hub. Law firm Fried Frank advised NYU on the transaction, which the academic institution estimates will reduce rental expenses by more than $800 million over the first 30 years.
NEW YORK CITY — Alchemy-ABR Investment Partners has topped out a 45-unit apartment building at 288 E. 88th St. on Manhattan’s Upper East Side. Designed by Hill West Architects, the 24-story, 350-foot building will ultimately house 45 residences and offer amenities such as a fitness center, a multipurpose sports court, children’s playroom, media/gaming room, coworking space and a rooftop terrace. Leeding Builders Group is serving as the general contractor for the project, which is expected to open to residents next year.
NEW YORK CITY — JLL has negotiated a 20,000-square-foot office lease at 10 Grand Central, a 35-story building in Midtown Manhattan that was originally constructed in the early 1930s. The lease term is 10 years, and the tenant, business advisory firm Riveron, will relocate from 461 Fifth Avenue. Mitchell Konsker, Carlee Palmer, Thomas Swartz and Nicole Danyi of JLL represented the landlord, Marx Realty, in the lease negotiations. Peter Trivelas of Cushman & Wakefield represented Riveron.
NEW YORK CITY — Innovo Property Group (IPG) has topped out Review Avenue Complex, a 736,000-square-foot industrial project in Queens. IPG is developing the facility in partnership with the Urban Investment Group (UIG) at Goldman Sachs Alternatives. Located in New York City’s Borden Innovation District, Review Avenue Complex is situated off of the Long Island Expressway. Completion is scheduled for the fall. Totaling six stories, the development will feature flexible floor plates, with suites starting at 31,000 square feet. Each floor is designed to accommodate up to two tenants, with truck access at each level via a 35-foot-wide ramp. The facility will offer clear heights up to 32 feet, four freight elevators, heavy power and is photovoltaic and electric vehicle ready. Each level will also feature loading docks and parking. In total, the development will accommodate 116 cars and 118 oversized vehicles. In June 2023, IPG received $354 million in financing for the project, including construction financing from Axos Bank and Cerberus Capital Management and equity from Goldman Sachs Asset Management. New York City-based IPG acquires and manages assets in metro New York City. The company recently completed the Borden Complex, a 1 million-square-foot industrial development also located in New …
FARMINGVILLE, N.Y. — BRP Cos. has completed Arboretum at Farmingville, a 292-unit multifamily project on Long Island. The 62-acre site at 20 Maple Lane is located within the Town of Brookhaven and includes a public park with walking trails and picnic areas. The development consists of 82 two-bedroom flats, 82 lofts, 63 two-bedroom townhomes, 14 three-bedroom townhomes and 51 three-bedroom single-family houses, with 30 units reserved for workforce housing. The amenity package comprises a fitness center with a yoga room, pool and cabana area, clubhouse with an entertainment kitchen, courts for tennis, pickleball and bocce ball, a putting green, playground, dog run and a business center with conference rooms. Santander Bank financed construction of the project, which began in summer 2022, and Basis Investment Group was the preferred equity investor. Rents start at $3,495 per month for a two-bedroom, market-rate apartment.