New York

Cushman & Wakefield Arranges Sale of 3,750 SF Industrial Property in the Bronx

by David Cohen December 17, 2018

NEW YORK CITY — Cushman & Wakefield has arranged the sale of a vacant 3,750-square-foot industrial building in the Hunts Point neighborhood of the Bronx. The sales price was $975,000. Located at 1318 Oak Point Ave., the property consists of 2,500 square feet of industrial space with 14-foot ceilings on the ground floor, five roll-up garage doors and 1,250 square feet of space on the second floor. Jonathan Squires, Michael Fioravanti, Josh Neustadter and Addison Berniker of Cushman & Wakefield represented the undisclosed seller in the transaction. The buyer was an Opportunity Fund formed by My Tool Rental, a Brooklyn-based tool rental firm that is expanding into the Bronx.

December 17, 2018

Development Loans Multifamily New York Northeast

Equicap Closes $24.5M Construction Loan for Apartment Building in East Harlem

by David Cohen December 14, 2018

NEW YORK CITY — Equicap has provided a $24 million construction loan for the development of a 60-unit apartment building in East Harlem. The property also includes 6,500 square feet of retail space. The building is part of NYC Fresh, a program that allows developers to construct or renovate retail space that will be leased by a minimum 6,000-square-foot grocery store operator. Equicap provided the non-recourse loan to the borrower, a developer. The financing was secured at 475 basis points above the 30-day LIBOR.

December 14, 2018

Development Loans Multifamily New York Northeast Seniors Housing

KeyBank Provides $10.8M Loan to Convert Public School in Upstate New York into Affordable Seniors Housing

by David Cohen December 14, 2018

VERONA, N.Y. — KeyBank Community Development Lending & Investment (CDLI) has provided a $10.8 million construction loan to convert a public school into affordable seniors housing in Verona, located just off Interstate 90 between Syracuse and Utica. Named the Jason Gwilt Memorial Senior Apartments, the project will feature 50 units and a senior center. Apartments are reserved for seniors making up to 50 percent of the area median income, with 15 units specifically set aside for homeless and frail residents. Services for those frail and homeless residents will be paid for using Empire State Supportive Housing Initiative funds made available through New York State Homes and Community Renewal (HCR). In addition to KeyBank’s construction loan, HCR provided Low-Income Housing Tax Credits (LIHTC) that will generate more than $10 million in equity for the project, and $5.2 million in low-interest, long-term mortgages. The City of Oneida Housing Authority provided $430,000 in project funds and the New York State Energy Research and Development Agency (NYSERDA) provided $50,000 in energy saving equipment. Joseph Eicheldinger and Gregory Kiger on KeyBank’s CDLI team arranged the financing.

December 14, 2018

Development Hospitality New York Northeast

Atlas Hospitality Receives $40M Construction Loan for Boutique Hotel in Manhattan

by David Cohen December 13, 2018

NEW YORK CITY — Atlas Hospitality, in partnership with Fortuna Realty Group, has received a $40 million construction loan from Bank of America Merrill Lynch for the development of a 128-room boutique hotel in the financial district of Manhattan. Located at 120-122 Water St., the 26-story building will include a high-end restaurant on the ground floor and a double-deck rooftop with views of Manhattan. Fortuna Realty Group will manage the property upon its completion in 2020. Terms of the financing were not disclosed.

December 13, 2018

Development Multifamily New York Northeast Student Housing

PEBB Capital, TriArch Real Estate Break Ground on 153-Bed Student Housing Community in Manhattan

by David Cohen December 13, 2018

NEW YORK CITY — A joint venture between PEBB Capital and TriArch Real Estate Group has broken ground on a 153-bed student housing development located in the Morningside Heights neighborhood of Manhattan near Columbia University. The partnership acquired the land parcel in February for $20.3 million. The 14-story, 64,000-square-foot building will offer studio, one-, two- and three-bedroom, fully furnished units. Shared amenities will include a state-of-the-art fitness center, a study area with breakout rooms and a conference center, an outdoor terrace, bike storage, a package room, security surveillance, a rooftop deck and a coffee bar. The development is scheduled for completion in May 2020.

December 13, 2018

Acquisitions Multifamily New York Northeast

HFF Negotiates $259.4M Sale of Apartment Tower in New Rochelle, New York

by David Cohen December 12, 2018

NEW ROCHELLE, N.Y. — HFF has negotiated the $259.4 million sale of Halstead New Rochelle Metro North, a 40-story apartment tower in New Rochelle. Completed in 2007, the 588-unit property consists of a mix of market-rate studio through three-bedroom units. Jose Cruz, Stephen Simonelli, Kevin O’Hearn, Michael Oliver, JB Bruno and Andrew Scandalios of HFF represented the seller, The DSF Group, in the transaction. The buyers were Azure Partners and Harbor Group International.

December 12, 2018

Development Loans New York Northeast

Eastern Union Arranges $46M Construction Loan for Condominium Tower in Manhattan

by David Cohen December 11, 2018

NEW YORK CITY — Eastern Union has arranged a $46 million construction loan for the development of an 11-story condominium tower in the Kips Bay neighborhood of Manhattan. Located at 165 Lexington Ave., the property will consist of 43 residential units as well as two commercial spaces totaling 2,860 square feet. The architect for the project is Issac & Stern Architects. Michael Muller and Moshe Lipschitz of Eastern Union secured the financing on behalf of the borrower, Lexington Partners LLC, a joint venture between Brooklyn North Capital and RiverBrook Equities. S3 Capital Group provided the financing package. The project is slated for completion in March 2020.

December 11, 2018

Acquisitions Hospitality New York Northeast

HREC Brokers Sale of 106-Room Fairfield Inn & Suites in Ithaca, New York

by David Cohen December 11, 2018

ITHACA, N.Y. — HREC Investment Advisors has brokered the sale of the 106-room Fairfield Inn & Suites in Ithaca. The sales price was undisclosed. The property is located at 359 Elmira Road, approximately two miles from both Cornell University and Ithaca College. Ketan Patel of HREC Investment Advisors represented the seller, Titan Hotel Group, in the transaction. The buyer was undisclosed.

December 11, 2018

Acquisitions New York Northeast Office

Taconic, TH Real Estate Acquire Office Building in Manhattan for $269M

by David Cohen December 10, 2018

NEW YORK CITY — A partnership between Taconic Investment Partners LLC and TH Real Estate has acquired 440 Ninth Avenue, a 411,000-square-foot office building in Manhattan, for $269 million. The property, known locally as the Harding Building, is located at Ninth Avenue and West 35th Street near the Hudson Yards mixed-use development on Manhattan’s west side. The 18-story building was originally constructed in 1927 and currently includes retail space. The seller was UNIZO Holdings Co. Ltd., a Japanese real estate investment firm. Darcy Stacom and Bill Shanahan of CBRE represented UNIZO in the deal. Evan Pariser and Michael Gigliotti of HFF represented the buyer. Tom Traynor and James Millon of CBRE arranged acquisition financing through MetLife Real Estate Investors for the transaction. The new ownership will implement a value-add plan that will upgrade the lobby, elevators and mechanical systems.

December 10, 2018

Development Multifamily New York Northeast

Leviathan Capital Secures $20M Construction Loan for Multifamily Development in Westchester, New York

by David Cohen December 7, 2018

WESTCHESTER, N.Y. — Leviathan Capital has secured a $20 million construction loan for the Grand, a transit-oriented multifamily community in Westchester. The 56,000-square-foot project will consist of 15 townhomes and nine penthouse units. The project is slated to be completed in 2021. Leviathan secured the non recourse loan with a completion and carry guaranty to the borrowers, a group that includes NBA basketball player Luol Deng. The lender was undisclosed.

December 7, 2018

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