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381-Park-Avenue-S.-Manhattan
AcquisitionsNew YorkNortheast

Olmstead, Vertex Buy Two Manhattan Office Buildings for $104M

by Taylor Williams

NEW YORK CITY — A partnership between locally based investment firm Olmstead Properties and Vertex, a newly launched platform, has purchased two office buildings in Manhattan’s Flatiron District for $104 million. The buildings are located at 373 and 381 Park Avenue S., which rise 12 and 17 stories and total 112,000 and 244,000 square feet, respectively. The seller was ATCO Properties & Management. Adam Spies, Adam Doneger, Josh King, Marcella Fasulo and Meaghan Philbin of Newmark brokered the transaction. The new ownership plans to implement capital improvements and has tapped COOKFOX Architects to lead the design.

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AcquisitionsDevelopmentMultifamilyNew YorkNortheast

JLL Brokers $58.8M Sale of Multifamily Development Site in Brooklyn

by Taylor Williams

NEW YORK CITY — JLL has brokered the $58.8 million sale of a multifamily development site in the Gowanus area of Brooklyn. The 38,500-square-foot site at 563 Sackett St. lies within a Qualified Opportunity Zone and can support approximately 258,600 buildable square feet. A 12-story, 350-unit development with other commercial uses is planned for the site. Michael Mazzara, Ethan Stanton and Brendan Maddigan of JLL represented the seller, the Mazzei Family, in the transaction and procured the buyer, Brooklyn developer Fulltime Management.

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LoansMultifamilyNew YorkNortheast

GFI Realty Arranges $40M Acquisition Loan for Brooklyn Multifamily Building

by Taylor Williams

NEW YORK CITY — Locally based brokerage and advisory firm GFI Realty Services has arranged a $40 million acquisition loan for 1501 Voorhies Avenue, a multifamily building in Brooklyn’s Sheepshead Bay area. The loan is collateralized by the rental portion of the building, spanning floors two through 19, as well as a 105-space parking garage. Floors 20 through 28 house condos. Daniel Lerer of GFI Realty arranged the loan through OceanFirst Bank. The undisclosed borrower has rebranded the building as Aqualina New York.

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33-35-W.-125th-St.-Harlem
DevelopmentLoansMultifamilyNew YorkNortheast

Dwight Mortgage Trust Provides $70M Construction Loan for Harlem Multifamily Project

by Taylor Williams

NEW YORK CITY — Dwight Mortgage Trust, the affiliate REIT of New York City-based Dwight Capital, has provided a $70 million construction loan for a proposed 180-unit multifamily project that will be located at 33-35 W. 125th St. in Harlem. The property will offer a mix of studio, one- and two-bedroom units, 30 percent of which will be reserved as affordable housing. Amenities will include a fitness center, rooftop terrace, lounge and a library, and the property will also house 17,440 square feet of commercial space. Keith Hoffman led the transaction for Dwight. The borrower is Irgang Group.

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AcquisitionsMultifamilyNew YorkNortheast

Kislak Arranges $3.2M Sale of Jefferson Garden Apartments in Monticello, New York

by Taylor Williams

MONTICELLO, N.Y. — Locally based brokerage firm The Kislak Co. Inc. has arranged the $3.2 million sale of Jefferson Garden Apartments, a 76-unit multifamily complex in Monticello, about 100 miles north of New York City. Completed in 1969 and last renovated in 2023, the garden-style property consists of seven buildings that house two studios, 47 one-bedroom apartments, 18 two-bedroom residences and nine three-bedroom units. Janet Bortz of Kislak represented the buyer and seller in the transaction.

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CivicLeasing ActivityNew YorkNortheast

TADA Youth Theater Renews 10,000 SF Lease in Manhattan’s NoMad District

by Taylor Williams

NEW YORK CITY — TADA Youth Theater has renewed its 10,000-square-foot lease at 15 W. 28th St. in Manhattan’s NoMad district. The community program that produces original musicals for family audiences and hosts musical classes has occupied space at the building since 2002, and the renewal keeps the tenant in place for another five years. Josh Berger of Norman Bobrow & Co. represented the tenant in the lease negotiations. David Eshagpour represented the landlord, East Coast Management, on an internal basis.

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LoansMultifamilyNew YorkNortheast

FM Capital Arranges $32.5M in Financing for Upstate New York Multifamily Portfolio

by Taylor Williams

ROCHESTER, N.Y. — FM Capital, a financial intermediary based in South Florida, has arranged $32.5 million in bridge financing for a portfolio of four multifamily properties totaling 385 units in the Rochester area. The portfolio consists of Community Manor Apartments, Hamlet Court Apartments, Lakewood Manor Apartments and Valley Brook Townhomes, which collectively span about 32 acres. Noam Temchin of FM Capital arranged the floating-rate financing through Sheridan Capital. The borrower was not disclosed.

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Leasing ActivityNew YorkNortheastOffice

Kinderhook Industries Signs Office Lease Expansion in Midtown Manhattan

by Taylor Williams

NEW YORK CITY — Kinderhook Industries has signed an office lease expansion at 505 Fifth Avenue in Midtown Manhattan. The private investment firm inked a 10-year deal for the entire 24th floor, which brings its footprint at the 26-story building to 21,752 square feet across two full floors. Paul Glickman, Diana Biasotti and Harrison Potter of JLL represented the landlord, Stawski Partners, in the lease negotiation. Alexander Chudnoff and Kate Roush, also with JLL, represented Kinderhook Industries.

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AcquisitionsHealthcareNew YorkNortheastRetail

Cooper Commercial Negotiates Sale of Medtail Clinic in Cheektowaga, New York

by Taylor Williams

CHEEKTOWAGA, N.Y. — Cleveland-based brokerage firm Cooper Commercial Investment Group has negotiated the sale of a medtail clinic in Cheektowaga, located just east of Buffalo, that is occupied by cannabis dispenser Verilife. According to LoopNet Inc., the facility at 3760 Union Road was built in 1989 and spans 3,606 square feet. Dan Cooper of Cooper Commercial represented the undisclosed, New York-based seller in the transaction. The buyer was also not disclosed.

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LoansMultifamilyNew YorkNortheast

Natixis Provides $260M Loan for Refinancing of Upper Manhattan Apartment Tower

by Taylor Williams

NEW YORK CITY — French investment bank Natixis has provided a $260 million loan for the refinancing of AIRE, a 43-story apartment tower located at 200 W. 67th St. on Manhattan’s Upper West Side. Completed in 2010, AIRE offers studio, one-, two- and three-bedroom apartments and amenities such as a fitness center, private elevated park, event deck with a catering pavilion, children’s playroom and coworking space. AIRE also features nearly 37,000 square feet of commercial space that is predominantly leased to medical users. Lawrence Britvan and Michael Straw of CBRE arranged the floating-rate loan on behalf of the borrower, a joint between an undisclosed global investment firm and Gotham Organization.

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