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.
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.
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.
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.
NEW YORK STATE — Jacobson Properties has brokered the $45 million sale of the New York State Medical Office Portfolio, five properties located in the Capital Region and Hudson Valley of New York State. The 209,382-square-foot portfolio is anchored by St. Peter’s Hospital, Ellis Hospital, Seton Health System and Westchester Medical Center Health Network. Lisa Menin of Jacobson Properties and Leo Jones of Cushman & Wakefield/Pyramid Brokerage Co. represented the undisclosed seller in the transaction. The buyer was a national private equity healthcare investor.
NEW YORK CITY — CapStack Partners has arranged a $19 million loan to refinance The Ravel Hotel in Long Island City. Located at 8-08 Queens Plaza, the 113-room hotel also includes 17,000 square feet of event space, a redesigned rooftop restaurant, pool club and outdoor beer garden. CapStack’s investment banking group worked on behalf of the undisclosed borrower to secure the 10-year, fixed-rate loan through an undisclosed lender. Loan proceeds were used to refinance construction costs
YONKERS, N.Y. — Marcus & Millichap has negotiated the $2.7 million sale of a 9,500-square-foot retail property in Yonkers. Located at 896 McLean Ave., the property is currently net leased to Dollar Tree. Alan Cafiero, Ben Sgambati and Matt Leszyk of Marcus & Millichap’s New Jersey office represented the seller, a private investor, in the transaction. The buyer was a personal trust.
NEW YORK CITY — Cushman & Wakefield has arranged a $13.4 million bridge loan for two adjacent development sites in the Jamaica neighborhood of Queens. Located at 89-25 and 89-26 162nd St., the sites total approximately 237,000 square feet. Preston Flammang, Jessica Ke and Anthony D’Amelio of Cushman and Wakefield represented the borrower, Great Atlantic Construction, in the transaction. The lender was Lightstone Capital Markets. Terms of the financing were not disclosed.
NEW YORK CITY — Rideshare company Lyft, inc. has signed a 100,638-square-foot lease at Hudson Commons, a 28-story office tower in Manhattan. The building is located at 441 Ninth Ave. Cove Property Group, in partnership with the Baupost Group, purchased the property in December 2016 from Emblem Health. CBRE represented Cove Property Group in the transaction. Lyft was represented by Steven Rotter and Justin Haber of JLL. Peloton Inc. also signed a 312,200-square-foot lease at Hudson Commons in November 2018.
NEW YORK CITY — Marcus & Millichap has negotiated the $3.3 million sale of an eight-unit apartment building in the Bushwick neighborhood of Brooklyn. The property is located at 283-285 Evergreen Ave. Shaun Riney, Daniel Greenblatt and Thomas Shihadeh of Marcus & Millichap’s Brooklyn office represented the seller, a private investor, in the transaction. The buyer was also a private investor.