NEW YORK CITY — Meridian Capital Group has arranged $68 million in acquisition financing for a 12-story mixed-use building in Brooklyn. Drew Anderman, Grant Carlson and Josh Berman of Meridian represented the borrower, Trinity Place Holdings, in the transaction. The 24-month loan, which an undisclosed lender provided, features a floating rate of 3.72 percent over the 30-day LIBOR and full-term interest-only payments. Located at 237 11th St. in the Park Slope neighborhood of Brooklyn, the newly built property contains 105 residential units and 6,200 square feet of retail space, which is partially leased to Starbucks. Amenities include washers and dryers in all units, tenant-controlled HVAC systems, a doorman, rooftop terrace, fitness center and parking garage.
NEW YORK CITY — Meridian Capital Group has arranged $49 million in refinancing for 232 Madison Ave., a 16-story office building in Midtown Manhattan. Jeff Weinberg and Rael Gervis of Meridian secured the refinancing on behalf of an undisclosed borrower. The five-year loan, which a savings bank provided, features two years of interest-only payments. The 132,000-square-foot building is located on the corner of Madison Avenue and East 37th Street.
NEW YORK CITY — JLL has arranged $251 million in equity and debt for CBSK Ironstate for the acquisition and development of 646 11th Ave., a condominium development planned for the Hell’s Kitchen neighborhood of Manhattan. JLL raised $70 million in equity from an institutional investor and secured $181 million in construction financing from Deutsche Bank AG. The 12-story condominium development will feature 161,000 net sellable residential square feet, 40,000 rentable square feet of pre-sold retail space, 8,000 square feet of residential amenity space and 60 for-sale storage units.
NEW YORK CITY — New York-based developer Sam Changhas acquired a 9,983-square-foot lot in Long Island City with plans to build a branded hotel on the site. The sales price for the property, located at 38-15 9th St., was $6.5 million. Construction of the hotel is expected to begin this year. Cushman & Wakefield represented the seller, BNC Hospitality, in the transaction. The development site allows up to 49,917 buildable square feet for commercial or hotel development.
NEW YORK CITY — Meridian Capital Group has arranged $88 million in pre-development financing for a Marriott-branded hotel to be located at 450 Eleventh Ave. in the Hudson Yards neighborhood of Manhattan. Meridian secured financing on behalf of the borrower, Marx Development Group, through lender Mack Real Estate Credit Strategies. The two-year loan will serve to recapitalize the project and cover pre-development costs for the hotel. MDG is also raising $66 million in EB-5 funds through the Manhattan Regional Center for the hotel’s construction. Once completed, the 42-story hotel will span 235,000 square feet and contain 441 rooms. The property will also include a business center, lounge, restaurant and outdoor meeting space. The hotel is slated for completion in late 2019. Hudson Yards is a $20 billion large-scale redevelopment program on Manhattan’s far west side that will include a 28-acre mixed-use development.
NEW YORK CITY — Cushman & Wakefield has brokered an 8,307-square-foot medical building in the Far Rockaway neighborhood of Queens. The property, 29-15 Far Rockaway Blvd., sold for $1.4 million, or $168.50 per square foot. Dan Abbondandolo of Cushman & Wakefield represented the seller, The Jobel LLC, in the transaction. The buyer was Rockaway Partners. The building sits on a half-acre lot and includes a 27-car parking lot. It is currently occupied on a triple-net lease basis by Rockaway Medical Officewith a lease that runs through December 2018.
NEW YORK CITY —Howard Hughes Corp. has acquired 250 Water St. in Lower Manhattan for $180 million. The one-acre site is currently used as a parking lot and encompasses a full city block. The seller was Peck Slip Associates, an entity controlled by the Milstein family. Acquisition financing, which an undisclosed lender provided, consisted of an initial interest-free term of six months, with three six-month extension options at a rate of six percent. The second and third extension options each require a $30 million pay down. The Howard Hughes Corp. recently acquired 450,000 square feet of property and a joint venture interest in a 66-room Mr. C hotel in the Seaport District. The company’s vision for the site will be announced at a later date.
NEW YORK CITY — Lee & Associates has brokered the $18.4 million sale of an 18,000-rentable-square-foot, 14th floor office condominium at 420 Fifth Ave. in Midtown Manhattan. Lee & Associates represented the buyer, Marist College, and the seller, A.M. Property Holding Corp., in the transaction. The space will serve as an alumni information center for Marist College in New York City. The private, liberal arts college is located in Poughkeepsie. The 28-story office building was completed in 1989 and is located near Bryant Park. Marist College will take occupancy of the space in December 2018.
NEW YORK CITY — CoverGirl will open its first-ever brick-and-mortar store in New York City’s Times Square this fall. The 10,000-square-foot flagship location will feature an experiential beauty “play room” with interactive elements, full-service makeup application, on-the-go services and digital experiences. The retail store will be an experiential interpretation of CoverGirl’s new campaign, “I Am What I Make Up,” which it released at the beginning of this year. CoverGirl, a Coty Inc. brand, will be the first mass legacy beauty brand to launch a flagship store in North America, according to a release from the company.
NEW YORK CITY — Marcus & Millichap has arranged the $8 million sale of 162-164 Court St., an 8,875-square-foot mixed-use building in the Cobble Hill neighborhood of Brooklyn. The sales price represents a capitalization rate of 3.87 percent. Jakub H. Nowak, Matthew Rosenzweig, and Jesse Kay of Marcus & Millichap represented the seller, a private investor, in the transaction. The buyer was undisclosed. The property has 50 feet of frontage on Court Street’s retail corridor.