New York

Ariel Property Advisors Negotiates Sale of 71-Unit Multifamily Portfolio in Brooklyn for $15.9M

by David Cohen July 26, 2018

NEW YORK CITY — Ariel Property Advisors has negotiated the $15.9 million sale of a 71-unit multifamily portfolio in the Flatbush neighborhood of Brooklyn. The portfolio is made up of nine buildings and spans 79,932 square feet. Victor Sozio, Alexander McGee and Michael A. Tortorici of Ariel Property Advisors represented the undisclosed seller in the transaction. The buyer was also undisclosed. The properties in the portfolio are located at 90-92 E. 18th St.; 25 E. 21st St.; 369 E. 21st St.; 600 E. 22nd St.; 2102, 2108, 2112 and 2116 Regent Place; and 2322 Bedford Ave.

July 26, 2018

Acquisitions Hospitality New York Northeast

Muroff Daigle Orchestrates $7.3M Sale of Wingate by Wyndham in Lake George, New York

by David Cohen July 26, 2018

LAKE GEORGE, N.Y. — Muroff Daigle Hospitality Group has orchestrated the sale of The Wingate by Wyndham – Lake George in Lake George. HELI IP LLC acquired the hotel for $7.3 million from seller Adirondack Lodging LLC. The Wingate opened in 2007 and includes 96 updated guestrooms and suites as well as an indoor and outdoor pool and fitness facility. Mitch Muroff of Muroff Daigle Hospitality Group represented the seller in the transaction.

July 26, 2018

Acquisitions Mixed-Use New York Northeast

Besen Brokers $7.8M Sale of Mixed-Use Building in Manhattan

by David Cohen July 25, 2018

NEW YORK CITY — Besen & Associates has brokered the $7.8 million sale of 84 Second Avenue, a 4,812-square-foot, four-story, mixed-use building in Manhattan. The property is located in Manhattan’s East Village and consists of four apartments and two retail units. Amit Doshi, Ron Cohen, Shallini Mehra and Shlomo Gelernter of Besen represented the seller, who was undisclosed, in the transaction. The buyer was also undisclosed.

July 25, 2018

Development Loans New York Northeast Office Top Stories

JLL Arranges $235M Construction Loan for 34-Story Office Tower in Brooklyn

by David Cohen July 25, 2018

NEW YORK CITY — JLL Capital Markets has arranged a $235 million loan for the construction of One Willoughby Square, a 34-story, Class A office tower in downtown Brooklyn. One Willoughby Square will rise 560 feet above the future Willoughby Park, a one-acre public green space on top of a 700-space underground parking garage in Brooklyn’s Tech Triangle. The building will feature column-free floor plates as well as 10-foot windows. The tower is the first ground-up office development in downtown Brooklyn in decades, according to JLL. Aaron Appel, Keith Kurland, Aaron Niedermayer, David Sitt and Eliott Zetioune of JLL arranged the four-year, floating-rate loan through Québec-based Otéra Capital Inc. for borrower JEMB Realty. The planned 462,656-square-foot tower is already 27 percent leased to two tenants: architectural firm NYC School Construction Authority and FXCollaborative, the executive architect of One Willoughby Square. JEMB will seek LEED Silver certification for the project, which is scheduled for completion in 2021. “The lending community was impressed by the experienced sponsorship of this project as well as its quality design, location and preleasing,” says Kurland. “Clearly, One Willoughby is destined to become Brooklyn’s most distinctive and sought-after office address.” — David Cohen

July 25, 2018

Loans Mixed-Use New York Northeast

JLL Secures $20.7M Acquisition Loan for Mixed-Use Portfolio in Chelsea

by David Cohen July 24, 2018

NEW YORK CITY — JLL has secured a $20.7 million acquisition loan for the High Line Portfolio, a four-building, mixed-use portfolio in the Chelsea neighborhood of Manhattan. Jonathan Schwartz, Aaron Appel, Brian Buglione and Patrick Cotter of JLL arranged the financing for Morgenstern Capital through an undisclosed lender. Terms of the loan were not disclosed. The portfolio includes three contiguous mixed-use buildings at 505 W. 22nd St., 203 and 205 10th Ave. as well as one retail building at 207 10th Ave. All totaled, the properties include 26 residential and four retail units.

July 24, 2018

Acquisitions Multifamily New York Northeast

Meridian Brokers $11M Sale of Turtle Bay Music School Building in Manhattan

by David Cohen July 24, 2018

NEW YORK CITY — Meridian Investment Sales has brokered the sale of the Turtle Bay Music School in the Midtown East neighborhood of Manhattan for $11 million. Located at 244 E. 52nd St., the three-story property was built in 1865 and has been occupied by the Turtle Bay Music School since 1935. The undisclosed buyer plans to convert the property into residential condominiums. David Schechtman, Lipa Lieberman and Abie Kassin of Meridian represented the undisclosed seller in the transaction.

July 24, 2018

Loans Multifamily New York Northeast

Meridian Capital Arranges $155M Refinancing for Multifamily Community in Brooklyn

by David Cohen July 23, 2018

NEW YORK CITY — Meridian Capital Group has arranged a $155 million cash-out refinancing for a multifamily community in Brooklyn, located at 1277 east 14th St. The borrower, Hampshire Properties, is midway through construction on the eight-story, 302-unit property. Morris Betesh of Meridan arranged the loan, provided by Square Mile Capital. The building is the former site of the Shulamith School for Girls. Amenities will include a fitness center, game room, concierge desk and rooftop with views of the Manhattan skyline.

July 23, 2018

Affordable Housing Loans Multifamily New York Northeast Property Type

KeyBank Provides $19.6M Construction Loan for Affordable Housing Community in New York

by David Cohen July 23, 2018

COHOES, N.Y. — KeyBank has provided $19.6 million in financing for the development of Mosaic Village, a 68-unit affordable housing community in Cohoes. KeyBank provided a $10.7 million construction loan as well as $8.9 million in Low-Income Housing Tax Credit equity for the borrower, Vecino Group. When completed, Mosaic Village will include 68 one-, two- and three-bedroom units for individuals and families earning between 30 and 80 percent of the area median income. A number of units will also be available for individuals with mobility impairments who meet the Empire State Supportive Housing Initiative homeless criteria. Additional sources of financing were provided by New York State Homes and Community Renewal, New York State Housing Trust Fund Corporation and Community Preservation Corporation.

July 23, 2018

Acquisitions Mixed-Use New York Northeast

Marcus & Millichap Brokers Sale of Two Mixed-Use Buildings in Brooklyn for $18.7M

by David Cohen July 20, 2018

NEW YORK CITY — Marcus & Millichap has brokered the $18.7 million sale of two mixed-use properties in Brooklyn located at 984-994 Winthrop St. and 4512-4524 Church Ave. Matt Fotis, Matt Shapiro and Tyler Workman of Marcus & Millichap represented the seller, Renaissance Realty Associates, in the transaction. The Bauta Family purchased both properties. The first property, 984-994 Winthrop St., is a four-story building consisting of five retail units and 39 residential units. The second, 4512-4524 Church Ave., is a six-story building consisting of eight retail units and 50 residential units.

July 20, 2018

Acquisitions Mixed-Use New York Northeast

TerraCRG Negotiates Sale of Mixed-Use Portfolio in Brooklyn for $8.5M

by David Cohen July 20, 2018

NEW YORK CITY — TerraCRG has negotiated the $8.5 million sale of a mixed-use portfolio in the Bushwick neighborhood of Brooklyn. The three adjacent properties are located at 373, 375 and 379 Knickerbocker Ave. and total 16,390 square feet, featuring three ground-level retail stores and four residential apartments. The properties also have approximately 8,900 square feet of additional buildable square footage. TerraCRG represented the sellers, Beth and Sue Kneller, in the transaction. Keller Williams Realty Gold Coast represented the buyers, Karthik Gujja and Gopi Punukollu. Long-term tenants currently occupy all three retail stores.

July 20, 2018

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