New York

Savanna Acquires Office Tower in Midtown Manhattan for $381M

by John Nelson May 28, 2019

NEW YORK CITY — Savanna, a real estate owner and developer based in New York City, has purchased a 39-story office tower in Midtown Manhattan for $381 million. The nearly 500,000-square-foot building is located at 521 Fifth Ave., which is near the corner of 43rd Street and one block from Grand Central Station in New York City. The seller is a joint venture between SL Green Realty Corp., Quantum Global Real Estate and LaSalle Investment Management. Bill Shanahan, Darcy Stacom, David Fowler and Doug Middleton of CBRE represented the joint venture in the sale. Built in 1929, the office tower is LEED Gold-certified and Energy Star-rated, but Savanna plans to make significant capital improvements to the asset. More specifically, the renovation includes a complete entrance and lobby overhaul, new signage, selective systems upgrades and common corridor work. “After we make a few select cosmetic improvements, we believe this property will be well-positioned for a successful leasing campaign,” says Andrew Fichte, managing director of Savanna. Savanna has selected a CBRE team led by Peter Turchin and David Hollander as the leasing agent for the office tower. At year-end 2018, the build was more than 96 percent leased to tenants including China …

May 28, 2019

Acquisitions New York Northeast Office Retail

GFP Real Estate Acquires 311,000 SF Office, Retail Building in Manhattan

by Taylor Williams May 24, 2019

NEW YORK CITY — Locally based investment and development firm GFP Real Estate has acquired 675 Avenue of the Americas (AOA), a 311,000-square-foot office and retail building located in the Flatiron District of Manhattan. Originally constructed in 1901 to house the Adams Dry Goods department store, the Class A property houses the headquarters of several major companies, including Weight Watchers, Nielsen and Trader Joe’s. GFP partnered on the sale with tech firm Guidepoint, which will occupy a 50,000-square-foot headquarters space within the building and retain minority ownership in it. Dustin Stolly, Jordan Roeschlaub, Nick Scribani, Chris Kramer and Paul Talbot of Newmark Knight Frank arranged an undisclosed amount of acquisition financing through Signature Bank for the deal. The seller and sales price were not disclosed.

May 24, 2019

Affordable Housing Loans Multifamily New York Northeast

KeyBank Closes $42M in Financing for Renovation of Affordable Housing Property in The Bronx

by Taylor Williams May 22, 2019

NEW YORK CITY — KeyBank’s community lending and investment team has closed a $42 million Fannie Mae loan for the Phase II renovation of Twin Parks West, a 311-unit affordable housing property located in The Bronx. A portion of the proceeds will also be used to refinance existing debt on the asset. Tabare Borbon of KeyBank closed the loan, which carried a fixed interest rate, 15-year term, 35-year amortization schedule and five years of interest-only payments. The borrower was a joint venture between Gilbane Development Co., Kraus Management, Apex Building Group and Dantes Partners.

May 22, 2019

Loans Mixed-Use New York Northeast

MRC Provides $30M Loan for Development of Mixed-Use Project in Queens

by Taylor Williams May 22, 2019

NEW YORK CITY — Madison Realty Capital (MRC) has provided a $30 million loan for the development of a 17-story mixed-use project in the Flushing neighborhood of Queens. Proceeds will be used to cover various pre-construction costs. The project, located at the former site of the RKO Keith’s Theater, will ultimately feature 269 residential units, 17,000 square feet of retail space, 15,000 square feet of additional communal space and 305 parking spaces. MRC provided the loan to Xinyuan Real Estate, which plans to demolish the existing structure by February 2020 and commence construction shortly thereafter.

May 22, 2019

Loans New York Northeast Retail

Cronheim Mortgage Places $30M in Permanent Financing for Retail Center in Pelham Manor, New York

by Taylor Williams May 21, 2019

PELHAM MANOR, N.Y. — New Jersey-based Cronheim Mortgage has placed $30 million in permanent financing for Post Road Plaza, a 257,593-square-foot regional shopping center in Pelham Manor, about 20 miles north of Manhattan. Transamerica Financial Life Insurance Co. provided the 15-year loan, which amortizes over 30 years. Post Road Plaza, which was built in the early 1960s, comprises a two-story primary retail strip, a one-story secondary strip and three outparcel buildings. A 75,000-square-foot Fairway supermarket anchors the property, which also houses a Dave & Buster’s, 24 Hour Fitness, HomeGoods, Lane Bryant, Smashburger and Sally Beauty Supply. The borrower was not disclosed.

May 21, 2019

Industrial Loans New York Northeast

Aries Capital Closes $6.5M CMBS Loan to Refinance Manufacturing Facility in Brooklyn

by Taylor Williams May 21, 2019

NEW YORK CITY — Aries Capital LLC, a Chicago-based commercial mortgage and investment banking firm, has closed a $6.5 million CMBS loan for the refinancing of a 16,500-square-foot manufacturing facility in Brooklyn. The property is located at 413 20th St. in the borough’s Greenwood Heights neighborhood and was fully leased at the time of sale to Sedona Marble & Granite, which is also a part owner of the building. Neil Freeman and Brandon Perdeck of Aries Capital handled the transaction on behalf of the borrower, New York-based TKS Development Group. The nonrecourse loan carried a 10-year term, 75 percent loan-to-value ratio and 30-year amortization schedule.

May 21, 2019

Leasing Activity New York Northeast Office

JLL Negotiates 19,799 SF Office Sublease at Rockefeller Plaza in Manhattan

by Taylor Williams May 21, 2019

NEW YORK CITY — JLL has negotiated a 19,799-square-foot office sublease at 1 Rockefeller Plaza in Manhattan on behalf of Quontic Bank, a privately held financial institution. The company will occupy the ninth floor of the 36-story building for the next six years. Tishman Speyer owns the property. Alexander Chudnoff, Benjamin Bass and Harrison Potter of JLL represented Quontic Bank in the lease negotiations. Greg Taubin, Scott Bogetti and Sean Hoffman of Savills Inc. represented the sublandlord, Trammo, which distributes fertilizers and chemicals.

May 21, 2019

Development Hospitality New York Northeast

RAL Development Completes 324-Room Hotel, Resort Project in Upstate New York

by Taylor Williams May 20, 2019

MONTICELLO, N.Y. — Manhattan-based RAL Development Services has completed The Kartrite Resort & Indoor Waterpark, a 324-room hotel and resort located in the Upstate New York city of Monticello. Located about 90 minutes outside New York City at the former site of The Concord Resort, The Kartrite’s signature feature is a two-acre indoor water park, the largest such attraction in the state. The property offers an array of other amenities for children, including a rock climbing wall, ropes and obstacle course, arcade games, mini-bowling alley and a laser tag arena. The Kartrite also houses eight uniquely themed restaurants and bars, a spa, pools and 11,000 square feet of conference and meeting space.

May 20, 2019

Development Mixed-Use New York Northeast

Starwood Capital to Develop 147,000 SF Mixed-Use Project in Bronx Opportunity Zone

by Taylor Williams May 20, 2019

NEW YORK CITY — An affiliate of global private investment firm Starwood Capital Group will develop a 147,000-square-foot mixed-use project within a designated opportunity zone in The Bronx. The 10-story building, located at 425 Westchester Ave., will house office space for a nonprofit organization, ground-floor retail space and a charter school. The project will also feature 11,000 square feet of outdoor amenity space. Construction is scheduled to begin this month. Starwood will focus its opportunity zone initiatives in gateway markets in which it already has substantial real estate holdings, including New York and Washington, D.C.

May 20, 2019

Loans Multifamily New York Northeast Student Housing

Pebb Capital, TriArch Real Estate Receive $27.5M Loan for Student Housing Project in Manhattan

by Taylor Williams May 20, 2019

NEW YORK CITY— A partnership between Pebb Capital, a private equity firm with offices in Florida and New York, and TriArch Real Estate has received a $27.5 million permanent loan for the development of a 14-story student housing community in the Morningside Heights neighborhood of Manhattan. Construction began on the property in March 2018, with delivery set for fall 2020. The community will serve students at Columbia University. Valley Bank provided the initial construction loan and is now invested in the project to the tune of $41.7 million.

May 20, 2019

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