New York

Cresilon Signs 55,000 SF Life Sciences Lease Expansion at Industry City in Brooklyn

by Taylor Williams June 18, 2025

NEW YORK CITY — Biotechnology firm Cresilon has signed a 55,000-square-foot life sciences lease expansion at Industry City in Brooklyn’s Sunset Park area. Cresilon, which focuses on hemostatic technologies that improve wound care, is effectively doubling its headquarters footprint at the 6 million-square-foot mixed-use development via a 10-year deal. Josh Pernice of CBRE represented the tenant in the lease negotiations. Jeff Fein internally represented the landlord, a partnership between Belvedere Capital, Jamestown and Angelo Gordon.

June 18, 2025

Leasing Activity New York Northeast Office

CBRE Negotiates 15,000 SF Office Lease Expansion at 299 Park Avenue in Midtown Manhattan

by Taylor Williams June 18, 2025

NEW YORK CITY — CBRE has negotiated a 15,000-square-foot office lease expansion at 299 Park Avenue in Midtown Manhattan. The tenant, investment advisory firm One William Street Capital Management, now occupies about 45,000 square feet at the 1.2 million-square-foot building. Scott Gottlieb, Andrew Sussman, Ben Friedman and Lewis Gottlieb of CBRE represented the tenant in the lease negotiations. David Falk, Peter Shimkin, Andy Sachs and Eric Cagner of Newmark, along with internal agents Marc Packman and Clark Briffel, represented the landlord, Fisher Brothers.

June 18, 2025

Farmingdale-State-College-Computer-Sciences-Center.

Civic Development New York Northeast

Partnership Breaks Ground on $75M Academic Project in Farmingdale, New York

by Taylor Williams June 17, 2025

FARMINGDALE, N.Y. — A partnership between Empire State Development and the State University of New York (SUNY) has broken ground on a $75 million academic project in Farmingdale, located on Long Island. Designed by Urbahn Architects, the three-story, 52,000-square-foot building will be the new computer sciences facility for Farmingdale State College and will feature an 1,800-square-foot business incubator on the ground floor. The second floor will have six classrooms, a seminar room, conference room, faculty offices and administrative spaces. The third floor will include six computer labs and offices, and both the second and third floors will have student lounges that overlook the campus. Completion is slated for 2028.

June 17, 2025

Acquisitions Multifamily New York Northeast

Marcus & Millichap Brokers $7M Sale of Multifamily Development Site in Brooklyn

by Taylor Williams June 17, 2025

NEW YORK CITY — Marcus & Millichap has brokered the $7 million sale of an 8,282-square-foot multifamily development site in Brooklyn’s Prospect Heights neighborhood. The site at 918 Atlantic Ave. currently houses a car wash and can support 59,630 buildable square feet as of right and up to 74,538 buildable square feet with inclusionary housing bonus. Andrew Bronsteen, Shaun Riney and Jason Farese of Marcus & Millichap represented the seller and procured the buyer, both of which were local private investors, in the transaction.

June 17, 2025

Leasing Activity New York Northeast Office

Foster Garvey Signs 11,445 SF Office Lease at One Seaport Plaza in Lower Manhattan

by Taylor Williams June 17, 2025

NEW YORK CITY — Foster Garvey PC has signed a 10-year, 11,445-square-foot office lease at One Seaport Plaza in Lower Manhattan. The law firm will relocate from 100 Wall Steet to the ninth floor of the 1.1 million-square-foot building, which is located at 199 Water St., beginning this fall. Nicholas Farmakis and Steve London of Savills represented Foster Garvey in the lease negotiations. John Cefaly, Ethan Silverstein, Stephen Bellwood and Rachel Rosenfeld of Cushman & Wakefield, along with internal agents Brett Greenberg and Adam Rappaport, represented the landlord, Jack Resnick & Sons.

June 17, 2025

Loans Multifamily New York Northeast

JLL Arranges $80M Loan for Refinancing of Manhattan Apartment Building

by Taylor Williams June 16, 2025

NEW YORK CITY — JLL has arranged an $80 million loan for the refinancing of a 152-unit apartment building in Manhattan’s West Village neighborhood. The 10-story, freshly renovated building at 110 Horatio St. houses 87 studios, 42 one-bedroom residences,18 two-bedroom units and five penthouses. Amenities include a landscaped roof terrace, resident lounge, onsite laundry facility and a fitness center. Geoff Goldstein, Steven Klein and Chris Pratt of JLL arranged the 10-year, fixed-rate loan through investment manager AXA IM Alts on behalf of the borrower, an affiliate of Rockrose Development. The building was approximately 99 percent occupied at the time of the loan closing.

June 16, 2025

Leasing Activity New York Northeast Retail

Gap Factory to Open 12,800 SF Store in Commack, New York

by Taylor Williams June 16, 2025

COMMACK, N.Y. — Gap Factory will open a 12,800-square-foot store in the Long Island community of Commack. The space is located within the 222,000-square-foot Mayfair Shopping Center. E.J. Moawad of Levin Management Corp. represented the undisclosed landlord in the lease negotiations. Michael Friedman of Inline Realty represented the tenant. A prospective opening date has not yet been determined.

June 16, 2025

Affordable Housing Development Loans Multifamily New York Northeast

Merchants Capital Arranges $231M in Financing for Bronx Affordable Housing Community

by Taylor Williams June 13, 2025

NEW YORK CITY — Merchants Capital has arranged $231 million in financing for Eastchester Gardens, an 877-unit affordable housing community in The Bronx. The 10-building development was originally constructed in 1950 and is home to nearly 2,000 people. The bulk of the financing consists of a $221.7 million, 30-year Freddie Mac CME permanent loan, proceeds of which will be used to fund capital improvements and preserve affordability of all units for renters earning 60 percent or less of the are median income. Capital improvements will include upgrades to heating, cooling, plumbing, lighting and electrical systems, as well as new flooring, kitchens and bathrooms and upgrades to common areas and outdoor spaces. In addition, Eastchester Gardens will be listed on the National Register of Historic Places, enabling the use of federal historic tax credits to support the property’s revitalization. The project team includes MDG Design + Construction, Infinite Horizons, Wavecrest Management and the New York City Housing Authority. Construction is underway and expected to be complete in 2028.

June 13, 2025

Development Loans Multifamily New York Northeast

Charney, Tavros Receive $525M in Construction Financing for 55-Story Multifamily Tower in Queens

by Taylor Williams June 12, 2025

NEW YORK CITY — A partnership between two locally based firms, Charney Cos. and Tavros, has received $525 million in construction financing for a 55-story multifamily tower that will be located in the Long Island City area of Queens. Greystone arranged the financing, which consists of $425 million in debt from Madison Realty Capital and $100 million in equity from Kushner and OneIM. Plans call for 636 condos in studio, one-, two- and three-bedroom formats, as well as Class A amenities and retail space that will be occupied by grocery and fitness users. A formal name for the project, which will be located at 24-19 Jackson Ave. and 45-03 23rd St. in the Court Square area, has not yet been determined. FXCollaborative designed the building, completion of which is slated for 2028.

June 12, 2025

Acquisitions Mixed-Use New York Northeast

Marcus & Millichap Brokers $6.2M Sale of Brooklyn Mixed-Use Building

by Taylor Williams June 12, 2025

NEW YORK CITY — Marcus & Millichap has brokered the $6.2 million sale of a 17,934-square-foot mixed-use building in the Williamsburg neighborhood of Brooklyn. The three-story building at 167 N. 9th St. consists of 10 residential units and four commercial spaces. Shaun Riney and Michael Salvatico of Marcus & Millichap represented the seller and procured the buyer, both of which were local private investors that requested anonymity, in the transaction.

June 12, 2025

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