New York

Bellefield to Develop 150-Room Marriott-Branded Hotel in Hyde Park, New York

by Taylor Williams May 8, 2019

HYDE PARK, N.Y. — Bellefield Development Partners, an affiliate of New York City-based T-Rex Capital Group LLC, plans to develop a 150-room hotel at Bellefield at Historic Hyde Park, a $500 million hospitality and dining destination in Hyde Park. Bellefield partnered with owner-operator Shaner Hotel Group and Marriott International on an earlier hotel project, a 133-room Residence Inn, and will continue that partnership with this new project. Amenities at the new hotel will include a spa, conference center, sports facility and indoor and outdoor pools. A construction timeline has not yet been released. Bellefield at Historic Hyde Park includes farm-to-table restaurants, culinary shops, an event barn and an educational center.

May 8, 2019

Industrial Leasing Activity New York Northeast

JLL Negotiates 103,000 SF Industrial Lease on Long Island

by Taylor Williams May 8, 2019

SYOSSET, N.Y. — JLL has negotiated a 103,000-square-foot industrial lease at 225 Underhill Blvd. in Syosset, a city on Long Island. The property, located about 32 miles east of Midtown Manhattan, features 19-foot ceiling heights and more than 3,000 square feet of office space. Max Omstrom, Doug Omstrom and Kyle Crennan of JLL represented the tenant, One Stop Properties, a real estate development firm based in Long Island City. The landlord, Balrich Realty Corp., was represented internally.

May 8, 2019

Market Reports New York Northeast Northeast Market Reports Office

New York City, There’s a Smarter Way to Do Glass Buildings

by Taylor Williams May 8, 2019

New York City recently passed the Climate Mobilization Act, the first real action by any city to require buildings’ greenhouse gas emissions to meet global climate targets. The new law requires owners of large buildings to meet carbon footprint standards or face millions of dollars in annual fines. The emission limits will begin in 2024 and become increasingly stringent from there. The legislation primarily applies to commercial office and market-rate multifamily buildings over 25,000 square feet. According to Urban Green, these buildings account for about 60 percent of the total building area in New York City — those that make up the Manhattan skyline. While skyscrapers will be forced to act first, significant levels of investment will also be needed for public buildings, affordable housing and non-profits. The Real Estate Board of New York (REBNY) estimates the total cost of the upgrades needed to comply with the new law is about $4 billion. Building owners can calculate the performance targets they’ll need to meet and the associated fines if they fail to meet them. While it may be possible to buy renewable energy credits to offset emissions, it is unclear how many will be available. Some buildings will need to …

May 8, 2019

Leasing Activity New York Northeast Office

Tommy Hilfiger Expands Lease to 220,000 SF at Manhattan Office Tower

by Taylor Williams May 7, 2019

NEW YORK CITY — Apparel designer and retailer Tommy Hilfiger has committed to an additional 14,054 square feet of office space at 285 Madison Avenue in Manhattan as part of a lease renewal and expansion. The company now occupies 220,000 square feet at the 26-story, Class A property, which is located at the corner of Madison Avenue and 40th Street. Matthew Astrachan, Mitchell Konsker and Steven Bauer of JLL represented PVH Corp., the parent company of Tommy Hilfiger, in the lease transaction. Konsker, along with JLL associates Alexander Chudnoff, Dan Turkewitz and Diana Biasotti, represented the landlord, RFR Realty, in the lease negotiations. Leasing agents A.J. Camhi and Ryan Silverman also represented RFR Realty on an internal basis.

May 7, 2019

Loans Multifamily New York Northeast Student Housing

SunTrust Originates $13.3M Freddie Mac Acquisition Loan for Student Housing Asset in Ithaca, New York

by Taylor Williams May 7, 2019

ITHACA, N.Y. — SunTrust Banks Inc. has originated a $13.3 million acquisition loan for Gun Hill Residences, a 273-bed student housing property located adjacent to Cornell University in Ithaca, a city in upstate New York. The 94-unit property was close to full occupancy at the time of the loan closing. Yuchen Yang and Artin Anvar of SunTrust originated the loan, which featured a fixed interest rate, 10-year term and a 30-year amortization schedule. The borrower was New York-based DMG Investments LLC, a subsidiary of a Chinese development firm. The seller was not disclosed.

May 7, 2019

Acquisitions New York Northeast Office

Goldschmidt & Associates Brokers Sale of 10,000 SF Office Building in Mamaroneck, New York

by Taylor Williams May 7, 2019

MAMARONECK, N.Y. — Scarsdale, New York-based Goldschmidt & Associates has brokered the sale of the former Chase Bank building, a 10,000-square-foot office property in Mamaroneck, a northern suburb of New York City. The sales price was approximately $2 million. Pam Bren Goldschmidt and Adam Bren of Goldschmidt & Associates represented the seller in the transaction. The buyer was an undisclosed religious institution.

May 7, 2019

Leasing Activity New York Northeast Office

CBRE Negotiates 241,657 SF Office Lease Restructuring for Colgate-Palmolive in Manhattan

by Taylor Williams May 6, 2019

NEW YORK CITY — CBRE has negotiated a 241,657-square-foot office lease restructuring for global household products provider Colgate-Palmolive Co. at 300 Park Avenue in Midtown Manhattan. Colgate-Palmolive serves as the anchor tenant at the Class A office tower, which is owned by local investment firm Tishman Speyer. The company will consolidate its current footprint to six floors at the 26-story building. Mary Ann Tighe, Mike Geoghegan, Ken Meyerson and Ariel Ball of CBRE represented Colgate-Palmolive in the lease negotiations. Tishman Speyer was represented internally.

May 6, 2019

Loans Multifamily New York Northeast Student Housing

Marcus & Millichap Arranges $16M Loan for Refinancing of Student Housing Property in New Rochelle

by Taylor Williams May 6, 2019

NEW ROCHELLE, N.Y. — Marcus & Millichap Capital Corp. has arranged a $16 million loan for the refinancing of a 282-bed student housing property located at 17 Locust Ave. in New Rochelle, a northern suburb of New York City. The newly built, 94-unit property serves nearby Monroe College. Steven Rock of Marcus & Millichap arranged the loan that was originated at a 65 percent loan-to-value. The loan features a fixed interest rate of 4.98 percent as well as 18 months of interest-only payments. The borrower was not disclosed.

May 6, 2019

Leasing Activity New York Northeast Office

RFR Realty Signs Three Tenants to New Office Leases Totaling 53,000 SF in Manhattan

by Taylor Williams May 6, 2019

NEW YORK CITY — Locally based investment firm RFR Realty has signed office leases with three new tenants at 17 State Street, a 42-story tower in Manhattan’s Financial District. The new leases total approximately 53,000 square feet. Global investment firm Alphadyne Asset Management LP signed a 43,872-square-foot lease extension; finance firm Arles Management inked a 4,318-square-foot lease and real estate investment firm RC BME Holdco LLC signed a 5,042-square-foot new lease. Mitchell Konsker, John Wheeler and Clayton Kline of JLL, along with A.J. Camhi and Ryan Silverman of RFR Realty, represented the building ownership in each of the lease negotiations. JLL represented the tenants in the first two deals, and CBRE represented the tenant in the third transaction.

May 6, 2019

Leasing Activity New York Northeast Office

CBRE Negotiates 83,051 SF Office Lease for Rent the Runway in Brooklyn

by Taylor Williams May 2, 2019

BROOKLYN, N.Y. — CBRE has negotiated an 83,051-square-foot office lease at 10 Jay Street in the Dumbo area of Brooklyn for Rent the Runway, an online company that provides clothing rental services. The tenant will relocate its headquarters from 345 Hudson Street to the 10-story, 200,000-square-foot property, which was developed by Glacier Global Partners. Frederick Fackelmayer, Alex Benisatto and Sam Mann of CBRE represented Rent the Runway, which plans to move in to its new space in 2020, in the lease negotiations.

May 2, 2019

Newer Posts

Older Posts