Monday, November 18, 2024
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120-E.-144th-St.-Bronx
DevelopmentLoansMultifamilyNew YorkNortheast

SCALE Lending Provides $150M Construction Loan for Bronx Multifamily Project

by Taylor Williams

NEW YORK CITY — SCALE Lending, the debt financing arm of Slate Property Group, has provided a $150 million construction loan for a 450-unit multifamily project that will be located at 120 E. 144th St. in the Mott Haven area of The Bronx. The 13-story building will offer studio, one- and two-bedroom units and amenities such as an outdoor courtyard and garden, a fitness center with yoga studio, business lounge, conference room, music room, coworking space and a rooftop lounge. Leah Paskus of Landstone Capital Group arranged the debt on behalf of the borrower, Beitel Group, which purchased the site in 2022 and demolished the original structure. Construction is slated for a mid-2025 completion.

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DevelopmentMultifamilyNew YorkNortheast

Developer Nears Completion of 28-Unit Multifamily Project in Poughkeepsie, New York

by Taylor Williams

POUGHKEEPSIE, N.Y. — A developer doing business as Built Parcel Six LLC is nearing completion of 44 Springside, a 28-unit multifamily project in Poughkeepsie, about 80 miles north of Manhattan. Designed by Tinkelman Architecture, the five-story building is located within the Arlington area and will house amenities such as an indoor pool, community room, fitness center, rooftop terrace and flexible space for social events or work functions. The development will also feature 7,000 square feet of commercial space. Delivery is slated for this summer. Rents start at $2,500 per month.

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Leasing ActivityNew YorkNortheastOffice

ESKW/Architects Signs 8,447 SF Office Lease in Downtown Manhattan

by Taylor Williams

NEW YORK CITY — ESKW/Architects, which specializes in the design of civic projects, has signed an 8,447-square-foot office lease at 52 Duane St. in downtown Manhattan. The firm is relocating from 100 Lafayette St. to the fifth floor of the 10-story, 100,000-square-foot building, which was originally constructed in 1935. Brad Gerla, Jonathan Cope and Masha Dudelzak of CBRE represented the landlord, an entity doing business as 52 Duane Associates, in the lease negotiations. Elizabeth Martin of E.L. Martin Partners represented the tenant.

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Leasing ActivityNew YorkNortheastRetail

YETI Opens 6,614 SF Store at 200 Fifth Avenue in Midtown Manhattan

by Taylor Williams

NEW YORK CITY — YETI, an Austin-based retailer of coolers and drinkware and other outdoor products, has opened a 6,614-square-foot store at Midtown Manhattan. The two-story space, which is located within the 860,000-square-foot, 115-year-old building at 200 Fifth Ave., will be YETI’s flagship store in New York City and 20th nationwide. Ian Rice of SCG Retail and Jordan Cohn of Ripco Real Estate represented the tenant in the lease negotiations. Alan Schmerzler and Steven Soutendijk of Cushman & Wakefield represented the landlord, Boston Properties (NYSE: BXP).

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135-E.-47th-St.-Manhattan
LoansMultifamilyNew YorkNortheast

JLL Arranges $185M in Financing for Midtown East Condo Tower

by Taylor Williams

NEW YORK CITY — JLL has arranged $185 million in condo inventory financing for Monogram, a 181-unit tower located at 135 E. 47th St. in Manhattan’s Midtown East neighborhood. Monogram consists of studio, one- and two-bedroom condos, four penthouses, 9,200 square feet of amenity space, including a 3,500-square-foot rooftop lounge, and 2,435 square feet of commercial space. Scott Aiese led the JLL team that arranged the financing through New York-based Kriss Capital on behalf of the borrower, Navigation Capital Partners.

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Palazzo-West-Los-Angeles
AcquisitionsColoradoCompany NewsMultifamilyNew YorkNortheastTop StoriesWestern

Blackstone Agrees to Acquire Apartment REIT AIR Communities for $10B, Take Company Private

by Taylor Williams

NEW YORK CITY AND DENVER — Private equity behemoth Blackstone (NYSE: BX) has agreed to acquire AIR Communities (NYSE: AIRC) for $10 billion in an all-cash deal that would take the Denver-based multifamily REIT private. The deal is expected to close during the third quarter. AIR Communities, which is formally named Apartment Income REIT Corp., owns 76 multifamily properties totaling roughly 27,000 units across 10 states and Washington D.C. The properties are primarily concentrated in coastal markets such as Los Angeles, Miami and Boston. Under the terms of the deal, Blackstone will also assume all of AIR Communities’ outstanding debt. Blackstone also plans to invest more than $400 million to maintain and improve the existing communities in the portfolio. The purchase price of $39.12 per share represents a premium of 25 percent to AIR Communities’ closing share price on April 5, 2024, the last full day of trading prior to the announcement. The price also represents a 25 percent premium to AIR Communities’ weighted average share price over the previous 30 days. “AIR Communities represents the highest quality, large-scale apartment portfolio we have ever acquired and is located in markets where multifamily fundamentals are strong,” says Nadeem Meghji, global co-head …

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AcquisitionsMultifamilyNew YorkNortheast

Marcus & Millichap Brokers $5.6M Sale of Manhattan Multifamily Portfolio

by Taylor Williams

NEW YORK CITY — Marcus & Millichap has brokered the $5.6 million sale of a portfolio of three multifamily buildings totaling 56 units in Manhattan. The rent-stabilized buildings, two of which are contiguous, are located along West 111th Street near the edge of Central Park. Seth Glasser, Shaun Riney and Michael Fusco of Marcus & Millichap represented the seller and procured the buyer, both of which were private investors who requested anonymity, in the transaction.

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Leasing ActivityNew YorkNortheastRetail

Apple Cinemas Signs 80,000 SF Retail Lease in White Plains, New York

by Taylor Williams

WHITE PLAINS, N.Y. — Apple Cinemas has signed an 80,000-square-foot retail lease in White Plains, a northern suburb of New York City. Apple Cinemas will backfill a space that formerly housed a Showcase Cinema Deluxe theater. The new theater will offer stadium recliner seats, digital projection and sound capacities and food-and-beverage options, including burger concept BurgerFi. Don Mace of metro Boston-based brokerage firm KeyPoint Partners represented Apple Cinemas in the lease negotiations.

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CivicCompany NewsNew YorkNortheastOffice

Forte Construction Opens New Corporate Headquarters Facility in Islandia, New York

by Taylor Williams

ISLANDIA, N.Y. — Forte Construction, a locally based general contractor that specializes in public works projects, has opened its new corporate headquarters facility in the Long Island community of Islandia. The company purchased the 30,000-square-foot, three-story building at 1770 Motor Parkway in 2021 as part of a planned relocation and expansion from an 8,000-square-foot facility in Holbrook. The new facility supports about 300 employees between Forte and its sister companies, TAP Electric and BR Construction.

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AcquisitionsMultifamilyNew YorkNortheast

Fetner Properties Sells Interest in 30-Story Apartment Tower in Manhattan

by Taylor Williams

NEW YORK CITY — Locally based development and investment firm Fetner Properties has sold its remaining interest in a 30-story apartment tower located at 345 E. 94th St. on Manhattan’s Upper East Side. The percentage and sales price were not disclosed. The building houses 208 units in studio, one- and two-bedroom formats and 4,000 square feet of commercial space. Empire State Realty Trust (NYSE: ESRT), which previously bought a stake in the building in late 2021, now owns the property outright.

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