WHITE PLAINS, N.Y. — The Kempner Corp. has acquired a multifamily building in downtown White Plains for $3.4 million. Located at 61 Davis Ave., the 14,032-square-foot property was built in 1941 and features 18 units and 18 parking spaces. The building includes four, two-bedroom apartments, 12, one-bedroom units and two, two-bedroom duplexes. The seller was undisclosed.
NEW YORK CITY — Avison Young has arranged the $60 million sale of a vacant development site in the DUMBO (Down Under the Manhattan Bridge Overpass) neighborhood of Brooklyn. Located at 240 Gold St., the 26,916-square-foot site most recently served as a parking lot. Vincent Carrega, Jon Epstein, Neil Helman, and Charles Kingsley of Avison Young representing the seller, 240 Gold Street Realty Holdings LLC, in the transaction. The buyer was undisclosed.
FARMINGDALE, N.Y. — Cushman & Wakefield has brokered the $15.5 million sale of Cornerstone Farmingdale, a 42-unit multifamily community in Farmingdale. Andrew Merin, David Bernhaut, Gary Gabriel, Brian Whitmer, Kevin Donner, Ryan Dowd and Michael Collins of Cushman & Wakefield represented the seller, Terwilliger & Bartone Properties, in the transaction. The buyer was Fairfield Properties. The property is located in downtown Farmingdale and offers amenities such as a rooftop terrace with a fire pit and grills, a fitness center and a clubroom with a billiards table, fireplace, and caterer’s kitchen.
NEW YORK CITY — Brookdale Senior Living Inc. (NYSE: BKD) has agreed to sell Brookdale Battery Park, an independent living community in Manhattan, for $194 million. The buyer is Chicago-based REIT Ventas Inc. (NYSE: VTR), which expects the deal to close by year’s end. The sales price includes debt and translates to an exit capitalization rate of 5 percent for Brookdale. The 14-story property features 217 units overlooking the Hudson River and offers convenient access to areas such as Tribeca, SoHo and the Financial District. Amenities include a library, arts and crafts studio and a beauty/barber shop. “The Battery Park acquisition firmly establishes Ventas as the market leader in seniors housing in the elite Manhattan market,” says Debra A. Cafaro, chairman and CEO of Ventas. “Battery Park adds an irreplaceable, well-established community to our high-quality seniors housing portfolio and is uniquely positioned to benefit from New York City’s strong demographics.” HFF represented Brookdale, will continue to operate the property following the change in ownership, in the sale. Brookdale is the largest owner and operator of seniors housing communities in the United States, managing 988 communities in 46 states as of June 30. The company is undergoing a massive restructuring after …
NEW YORK CITY — Boston-based Marcus Partners, in partnership with Dalan Management, has acquired two adjacent 12-story office buildings in Midtown Manhattan for $54.5 million. The buildings, which are located at 10-12 E. 33rd St., each contain 35,000 square feet of office space with 2,000 square feet of ground-floor retail. The properties are fully leased to a mix of tenants in industries such as technology, advertising, media and architecture. The loft-style buildings feature exposed brick, windows on three sides and provide small- to mid-size companies the opportunity to occupy an entire floor. Matthew Spiegel, Mo Beler, Glen Tolchin and Anthony Ledesma of JLL arranged the sale on behalf of the buyer. The seller was undisclosed.
NEW YORK CITY, MIAMI AND WASHINGTON, D.C. — Qatar-based Al Rayyan Tourism Investment Co. (ARTIC) has received $503 million in refinancing for a three-property hotel portfolio totaling 1,049 rooms in New York City, Miami and Washington, D.C. HFF arranged three floating-rate loans through Mack Real Estate Credit Strategies for the refinancing. The breakdown includes: a $290 million loan for The Manhattan at Times Square Hotel; a $132 million loan for the St. Regis Bal Harbour Resort in Miami; and an $81 million loan for the St. Regis Washington, D.C. Each loan carries a four-year term. Originally developed in 1952, The Manhattan at Times Square Hotel houses 685 rooms and 9,100 square feet of retail space. The 22-story hotel is located in Times Square at 790 7th Ave. ARTIC will continue to operate the hotel and plans to redevelop the property into a much taller mixed-use tower. Once redeveloped, the building will include 44,000 square feet of LED signage wrapping the base, 134,000 square feet of retail space, 250 hotel rooms and 150 luxury condominium residences. The St. Regis Bal Harbour is a 27-story luxury hotel in Miami with 192 guest rooms and 24 condo units. The hotel features the Remède Spa, two pools, a …
NEW YORK CITY — NKF Capital Markets has secured a $60 million loan for the recapitalization of an eight-story mixed-use project under development in the Clinton Hill neighborhood of Brooklyn. Located at 325 Lafayette Ave., the property will include 116 apartment units, 40 parking spaces and 16,943 square feet of street-level retail space. Key Food and Starbucks have pre-leased space at the property. Amenities will include a rooftop terrace, fitness center and a media and gaming lounge. NKF secured the loan on behalf of Slate Property Group. The lender was undisclosed. The project is scheduled for completion sometime this fall.
FARMINGDALE, N.Y. — Lumber supplier Atlantic Plywood Corp. has signed a 46,161-square-foot industrial lease in Farmingdale. Located on a 2.2-acre site at 220 Smith St., the facility features 18-foot clear heights, multiple loading docks and is fully fenced. Barry Cohorsky, Brian Pinnola and Matthew Giugliano of NAI represented Atlantic Plywood in the transaction. The landlord was represented by Brian Lee and Dan Marcus of Newmark Knight Frank.
NEW YORK CITY — Cushman & Wakefield has arranged the $3 million sale of an eight-unit apartment building in the Astoria neighborhood of Queens. The sales price equates to approximately $511 per square foot and a 4.3 percent capitalization rate. Thomas A. Donovan, Tommy Lin, Eugene Kim and Robert Rappa of Cushman & Wakefield represented the undisclosed seller in the transaction. The buyer was also undisclosed. The property, which is located at 28-08 23rd Ave., consists of eight two-bedroom apartment units. Four units are rent-stabilized, one is rent-controlled and three are free-market.
NEW YORK CITY — BMO Harris Healthcare Real Estate Finance and Wells Fargo Bank National Association have arranged a $200 million loan to support the redevelopment of the former Leverich Towers Hotel in Brooklyn into a seniors housing community. The companies acted as lead arrangers as bookrunners on the transaction, which refinances the acquisition and redevelopment loans. BMO acted as administrative agent and Wells Fargo partnered with Capital One to form the syndicate for the facility. The project will convert the building into a 314,000-square-foot, 273-unit independent living, assisted living and memory care community. The borrowers are Kayne Anderson and Watermark Retirement Communities.
