NEW YORK CITY — Cushman & Wakefield has arranged the sale of 238-240 East 3rd Street in Manhattan’s East Village neighborhood for $12 million. Michael F. DeCheser,Patrick Dugan, Mei Ling Wong, Andrew Berry and Bryan Hurley of Cushman & Wakefield represented the seller, Third Street Theater LLC, in the transaction. The buyer was Craftwood Partners. The property currently consists of a commercial building that houses offices, a meeting area and a large theatrical studio. The ground floor is approximately 4,500 square feet with 850 square feet on the mezzanine level and 800 square feet in the basement.
NEW YORK CITY — New York City based investment firm Angelo Gordon has raised $843 million for its second European realty fund, AG Europe Realty Fund II. The fund will seek to identify off-market investment opportunities in the United Kingdom and Western Europe. More specifically, the focus will be on distressed debt and underperforming office, retail, hotel, industrial and residential assets. Angelo Gordon’s first fund, AG Europe Realty Fund LP, closed in 2014 with approximately $570 million in commitments. Since 2009, the firm has invested in approximately $2 billion of assets across 42 transactions in Europe.
NEW YORK CITY — Marcus & Millichap has brokered the sale of 77-79 Madison Street in Manhattan, a six-story, mixed-use building, for $12 million. Barbara Dansker and Zachary Ziskin of Marcus & Millichap represented the seller, a private investor, in the transaction. The buyer was also a private investor. The building, which is located in the Two Bridges neighborhood, consists of 28 residential and four commercial units.
NEW YORK AND BETHESDA, MD. — New York-based Annaly Capital Management Inc. (NYSE: NLY) has agreed to acquire Bethesda-based real estate investment trust MTGE Investment Corp. (NASDAQ: MTGE) for $900 million in cash and stock. The transaction values healthcare real estate specialist MTGE at $19.65 per share. Under the deal, MTGE shareholders will have the option to receive cash, stock or a combination of the two. In addition, Annaly will assume the existing $55 million in MTGE preferred stock. The transaction is expected to close in the third quarter. “The acquisition of MTGE adds complementary assets, deepens the breadth of our investment alternatives, is accretive to earnings and provides immediate cost savings and efficiencies to shareholders,” says Kevin Keyes, chairman, CEO and president of Annaly. MTGE invests in and manages a portfolio of mortgage-backed securities and investments in triple net leased healthcare real estate. The company is externally managed and advised by MTGE Management LLC, an affiliate of AGNC Investment Corp. As of Dec. 31, MTGE’s portfolio included $6.6 billion in assets. With approximately $104.3 billion in assets as of March 31, Annaly’s portfolio includes securities, loans and equity in the residential and commercial markets. The transaction marks Annaly’s third …
NEW YORK CITY — Winthrop Realty Liquidating Trust has sold its stake in 701 Seventh Avenue, also known as 20 Times Square, to Maefield Development for $1.53 billion. Maefield was Winthrop’s former investment partner in the building currently under construction in Manhattan’s bustling Times Square district. The 400,000-square-foot development will feature a 39-story tower with 120,000 square feet of retail, attraction and entertainment spaces. The project will also include a 452-room Marriott-Edition hotel tower and an 18,000-square-foot video screen, which will be the highest resolution screen in Times Square. Maefield will finish the development as sole owner. To finance the buyout, a group of lenders led by French bank Natixis provided around $2 billion in financing and refinancing for the property, according to The Real Deal. In 2012, a group of investors led by Maefield that included Winthrop acquired an existing 11-story office building at the location for $430 million. Mark Siffin, chairman of Maefield, first began assembling the site in 2010. The project’s long-term tenants already include the National Football League and Hershey’s. In addition to Winthrop, Maefield also bought out the investment stake of Steve Witkoff, Ian Schrager and Howard Lorber’s New Valley investment company. The terms of …
NEW YORK CITY — Meridian Capital Group has arranged $28 million in cash-out refinancing for seven commercial properties in Brooklyn. The seven-year loan, which was provided by New York Community Bank, features a rate of 3.85 percent and a 30-year amortization schedule. Bryan Geffen of Meridian represented the undisclosed borrower in the transaction. The properties are located at 1010-1032 Nostrand Ave., 330 Empire Blvd., 1500-1506 Fulton St., and 1917-1921, 2819 and 2828 Church Ave. The tenant roster includes Rite Aid, Subway, and H&R Block. All seven buildings are located throughout Brooklyn’s Crown Heights, Flatbush and East Flatbush neighborhoods.
NEW YORK CITY — Rockefeller Group has signed Latham & Watkins LLP to a 407,000-square-foot office lease at 1271 Avenue of the Americas. The law firm will occupy floors 25-34 in the 48-story building with an anticipated move-in during the second half of 2020. Built in 1959, the building was originally designed by Harrison & Abramovitz & Harris, the architects for all of Rockefeller Center. Scott Gamber and Craig Reicher of CBRE represented Latham & Watkins in the transaction. 1271 Avenue of the Americas is currently undergoing extensive renovations designed by the architectural firm Pei Cobb Freed & Partners. The project began in 2016 and is slated to be complete by the end of 2019. Major League Baseball and Mizuho Americas have also recently signed leases at the building.
NEW YORK CITY – Monticello Asset Management, through one of its investment vehicles, has provided $31.2 million bridge-to-HUD loan for New Broadview Manor Home For Adults, a 200-bed seniors housing facility on Staten Island. The borrower is The W Group at New Broadview LLC, which will use the funds to acquire the property. New Broadview was built in 1974, with a fifth floor added in 1999. Of the 200 beds, 116 are licensed for the New York State Assisted Living Program (ALP). The remaining 84 beds will be managed by an affiliated home health care agency. The community totals 42,694 square feet on 0.8 acres of land. The facility is located in the residential South Beach section of Staten Island near the Verrazano Bridge and one block from the ocean and boardwalk.
NEW YORK CITY – Q10|New York Realty Advisors, an affiliate of Houlihan-Parnes Realtors, has secured a $2.9 million loan for the acquisition of a walk-up apartment building located in the Sunnyside neighborhood of Queens. The undisclosed borrower opted for a 20-year Hybrid ARM loan through the Freddie Mac Small-Balance Loan program. The rate on the initial five-year term is fixed at 3.58 percent followed by a floating-rate period of the remainder of the term (180 months). During the floating-rate period, the coupon is reset every six months and is based on a spread over a six-month LIBOR index. The non-recourse, PAR loan amortizes over 30 years. The four-story building features 16 units. Jeanne Cronin of Q10|New York Realty Advisors arranged the financing.
NEW YORK CITY – Madison Realty Capital (MRC) has provided a $35 million mezzanine loan to co-developers Sumaida + Khurana and LENY for a new condominium tower located at 611 W. 56th St. in Manhattan’s Hell’s Kitchen neighborhood. The funding is part of a $155 million construction financing package for the project provided by MRC and an investment fund managed by Apollo Global Management. The 35-story, 163,329-square-foot development will feature 83 residences, ranging from one-bedroom units to expansion penthouses; outdoor space, including a roof garden and sun deck; private terraces for residents; a fitness center; a children’s playroom and an entertaining space for hosting private events. Álvaro Siza, a renowned Portuguese architect, is designing the building. This is Siza’s first foray into the U.S. market. Adi Chugh of Maverick Capital Partners arranged the financing in the transaction. Condo sales are slated to begin in spring 2019, with Leonard Steinberg, Debra LaChance and Justin D’Adamo of Compass leading the marketing efforts.