New York

Marcus & Millichap Brokers $45M Sale of Multifamily Portfolio in White Plains, New York

by Jeff Shaw June 11, 2018

WHITE PLAINS, N.Y. — Marcus & Millichap has arranged the sale of a three-property, 104-unit multifamily portfolio in White Plains. A Westchester-based investor acquired the properties for $45 million, or $433,000 per unit. Victoria Fisher of Marcus & Millichap’s Westchester office represented the sellers, Lighthouse Living and The Daten Group, which originally developed the properties. All three communities were completed in 2015 in downtown White Plains. The portfolio includes The Dylan, a four-story apartment building located at 42 Waller Ave.; La Gianna, a five-story property located at 10 Dekalb Ave.; The Reed, a three-story building located at 115 N. Broadway. The new owner plans to hold the properties for the long term, according to Marcus & Millichap.

June 11, 2018

Loans Multifamily New York Northeast Seniors Housing

KeyBank Provides $14.2M Construction Financing for Two Affordable Seniors Housing Renovations in Buffalo

by David Cohen June 8, 2018

BUFFALO, N.Y. — KeyBank Community Development Lending & Investment has provided $14.2 million in construction financing for the renovation of Riverview Manor and Piotr Stadnitski Gardens in Buffalo. The two-building property consists of 210 one-bedroom units for seniors. Riverview Manor is a 12-story building built in 1977 and was last renovated in 1989. Stadnitski Gardens is an 11-story building built in 1978. Kyle Kolesar of KeyBank originated the financing. Alliant Capital and New York State HFA provided additional funding. The project will be developed in partnership with Smith & Henzy Advisory Group and MDG Design + Construction and is supported by existing project-based HUD Section 8 vouchers.

June 8, 2018

Acquisitions Hospitality New York Northeast

Westgate Resorts Acquires Hilton New York Grand Central in Midtown Manhattan

by David Cohen June 8, 2018

NEW YORK CITY — Westgate Resorts has acquired the Hilton New York Grand Central, a 23-story, 300-room hotel in Midtown Manhattan. The sales price was not disclosed. Westgate will rebrand the two-tower hotel as the Westgate New York City. The hotel first opened in 1931 and was formerly known as the Hotel Tudor and Hilton Manhattan East. The property features gothic-revival architecture blended with modern luxuries. Amenities include a business center, 24-hour fitness center and 3,500 square feet of flexible meeting space. Westgate will continue to operate the resort as a hotel while it undergoes an extensive renovation. The company will also explore opportunities to add timeshare vill

June 8, 2018

Acquisitions Multifamily New York Northeast

Marcus & Millichap Brokers $13M Sale of Apartment Building in Flushing, New York

by David Cohen June 8, 2018

FLUSHING, N.Y. — Marcus & Millichap has brokered the sale of 142-27 Barclay Ave., a six-story apartment building in downtown Flushing. The property sold for $13 million at a capitalization rate of 3.07 percent. Victoria Fisher and Jim Evans of Marcus & Millichap represented the undisclosed seller in the transaction who had owned the building since the 1960s. The purchaser, who was in a 1031 exchange, was also not disclosed. The 50-unit building features 24 free market apartments and 26 that are rent stabilized.

June 8, 2018

Acquisitions Multifamily New York Northeast

Marcus & Millichap Brokers $3M Sale of Mixed-Use Building in Queens

by David Cohen June 7, 2018

NEW YORK CITY — Marcus & Millichap has brokered the sale of a 6,100-mixed-use building located at 853 Onderdonk Ave. in the Ridgewood neighborhood of Queens. The sales price was $3 million. The property was built in 1930 and features 2,230 square feet of ground-floor retail space. Shaun Riney and Tom Shihadeh of Marcus & Millichap represented the seller and buyer, both private investors, in the transaction.

June 7, 2018

Acquisitions Multifamily New Jersey New York Northeast Top Stories

Gebroe-Hammer Arranges $327.8M Sale of Multifamily Portfolio in New Jersey

by David Cohen June 6, 2018

HUDSON COUNTY, N.J. — Gebroe-Hammer Associates has arranged the sale of a 118-building, 2,137-unit multifamily portfolio in Hudson County. The Gateway Portfolio was separated into six packages, which sold for a total of $327.8 million. The properties are located throughout Jersey City, West New York, North Bergen, Guttenberg and Union City. Nicholas Nicolaou of Gebroe-Hammer represented the seller, a private investor, in the transaction. “The Gateway Portfolio in its entirety and as separate packages presented an extremely rare multifamily investment opportunity,” says Nicolaou. “It marked the highest concentration of for-sale stabilized assets in Hudson County ever to come to market at a time when asking rents for this apartment submarket are expected to advance upward of 6 percent over the next few years.” The largest of the six packages sold for $190.6 million and involved 67 buildings and 1,272 units in West New York, Jersey City, North Bergen and Guttenberg. The second largest package sold for $97 million and involved 35 buildings and 588 units in Jersey City. The buyer in both transactions was Optimum Holdings LLC. Rounding out the sale of the portfolio was another Jersey City deal which brought $190,000 per unit, two separate transactions in Union City …

June 6, 2018

Acquisitions Multifamily New York Northeast

Rosewood Realty Arranges $36M Sale of Apartment Building in Yonkers

by David Cohen June 6, 2018

YONKERS, N.Y. — Rosewood Realty Group has arranged the $36 million sale of a 143-unit multifamily building located at 525-527 Riverdale Ave. in Yonkers. The seven-story, 161,000-square-foot, rent-regulated building was built in 1981 and sold at a 5.3 percent capitalization rate. The property also includes 124 parking spaces and 13 storage units. Aaron Jungreis of Rosewood represented both the buyer, Emerald Equities, and the seller, 525-527 Riverdale Avenue Property LLC, in the transaction.

June 6, 2018

Development Hospitality New York Northeast

Pendry Hotels to Open First New York City Location at Manhattan West Development

by David Cohen June 6, 2018

NEW YORK CITY — Pendry Hotels, in collaboration with Brookfield Properties, will open its first New York City location at Brookfield’s Manhattan West development in the Hudson Yards district. Pendry Manhattan West will be a 164-room hotel with a restaurant, lounge and open-air terrace bar, as well as meeting and event space. Construction of the hotel is scheduled to begin during the third quarter of 2018, with an estimated completion date of 2021. Manhattan West is a 7 million-square-foot development with more than 6 million square feet of office space and 250,000 square feet of retail anchored by a 35,000-square-foot Peloton Studios location and a 60,000-square-foot Whole Foods. Pendry Manhattan West was designed by architectural firm, Skidmore, Owings & Merrill with interiors by Gachot Studios.

June 6, 2018

Features Lee & Associates New York Northeast Northeast Feature Archive

Manhattan Sees Major Growth Spurt of Service-Oriented Retailers, Says Lee & Associates’ JP Sutro

by David Cohen June 6, 2018

LAS VEGAS— Since joining Lee & Associates in the New York City office in 2012, JP Sutro has closed over $200 million in retail lease transactions. The executive managing director specializes in representing both retail landlords and tenants throughout Manhattan and Brooklyn. REBusinessOnline caught up with Sutro during the RECon show in late May to get his take on the state of the retail market in New York City. The three-day deal making and networking event is the world’s largest global gathering of retail real estate professionals and typically attracts about 37,000 registrants. REBO:Nordstrom’s first foray into New York City has begun. A three-story, 47,000-square-foot men’s store opened at 57th Street and Broadway in April. How significant is it that Nordstrom has entered the market? Sutro:It’s fantastic. All the owners I know that have property on 57th Street have been waiting for this moment. They really think they are going to see an influx of more shoppers and more retailers playing off the Nordstrom’s idea — especially when you hear of other department stores not doing so well. It’s interesting to see Nordstrom having such confidence in the market, especially 57th Street, which has historically been a very strong shopping district. …

June 6, 2018

Acquisitions Hospitality New York Northeast

MGM Resorts, MGM Growth Properties to Acquire Empire City Casino in Yonkers for $850M

by David Cohen June 4, 2018

YONKERS, N.Y. — MGM Resorts International and MGM Growth Properties LLC have announced plans to acquire the property and operations associated with the Empire City Casino’s race track and casino for $850 million. MGM Resorts will buy the property, then transfer it to its real estate subsidiary, MGM Growth Properties, and execute a sale-leaseback transaction to make MGM Resorts the tenant on the 97-acre site. The transactions are expected to close in the first quarter. MGM Resorts will pay $850 million, including the refinancing of Empire City’s outstanding debt, which is expected to be $245 million. MGM Resorts has also agreed to pay an additional $50 million if Empire City is awarded a license for live table games on or prior to Dec. 31, 2022 and MGM Resorts accepts such license by Dec. 31, 2024. Empire City serves approximately 16 million eligible gaming customers in southern New York and is located only 15 miles from Times Square in Manhattan. The casino offers gaming, dining, and entertainment as well as slots, electronic table games and live horse racing.

June 4, 2018

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