New York

Marcus & Millichap Brokers $22.3M Sale of Three Mixed-Use Buildings in Brooklyn

by Amy Works April 26, 2018

NEW YORK CITY – Marcus & Millichap has arranged the sale of three mixed-use buildings located at 119-123 Kent Ave. in Brooklyn’s Williamsburg neighborhood. The Shariati family acquired the contiguous properties for $22.3 million, or $1,441 per square foot. The sellers were Cheskie Weisz of CW Realty, Joyland Group and Meral Property Group. The buildings offer a total of 17 apartments, three ground-floor retail units and one office space. Nat Rockett and Steven Dweck of Marcus & Millichap represented the buyer in the 1031 exchange transaction.

April 26, 2018

Acquisitions New York Northeast Office

Valley East Management Acquires 141,000 SF Office Complex in Long Island

by Amy Works April 25, 2018

NEW YORK CITY – Valley East Management has acquired a two-building office complex located at 100 Merrick Road within Rockville Centre in Long Island. A New York investment advisory firm sold the asset for an undisclosed price. The 141,000-square-foot complex features an on-site café, tenant storage and on-site parking. At the time of sale, the property was 93 percent leased to a variety of tenants in the legal services, medical/healthcare and accounting industries. Jose Cruz, Kevin O’Hearn, Jeffrey Julien, Stephen Simonelli and Michael Oliver of HFF represented the seller and procured the buyer in the deal.

April 25, 2018

Loans Multifamily New York Northeast

Progress Capital Secures $3.5M Acquisition Loan for Multifamily Property in Brooklyn

by Amy Works April 25, 2018

NEW YORK CITY – Progress Capital has negotiated a $3.5 million permanent mortgage for a multifamily property located at 662 Madison St. in Brooklyn’s Bedford-Stuyvesant neighborhood. The borrower, New York-based Oved Group, used the loan proceeds to acquire a 10,160-square-foot multifamily property for $4.3 million. The eight-unit property was fully occupied at the time of purchase. Brad Domenico of Progress Capital arranged the financing. The loan term is for 20 years, the first two of which will be interest-only payments followed by a fixed rate of 3.85 percent for seven years. The rate will reset afterward for the remainder of the loan.

April 25, 2018

Acquisitions New York Northeast Office

Marcus & Millichap Arranges $2.7M Office Building Sale in Middletown, New York

by Amy Works April 25, 2018

MIDDLETOWN, N.Y. – Marcus & Millichap has brokered the sale of an office property located at 220 Crystal Run Road in Middletown. A private investor sold the property to an undisclosed buyer for $2.7 million. Since 1998, Fresenius Dialysis has occupied the 10,000-square-foot building. Michael Lombardi and Steven Schiavello of Marcus & Millichap represented the seller, while Christopher Mitchel and Ryan Moore, also of Marcus & Millichap, represented the buyer in the transaction.

April 25, 2018

Hospitality New York Northeast Top Stories

Margaritaville Holdings to Build $300M Hotel in Times Square

by Jeff Shaw April 25, 2018

NEW YORK CITY — Margaritaville Holdings has unveiled its plans for a 29-story Margaritaville resort in the heart of Manhattan’s Times Square. Development costs are estimated at $300 million. Located at 560 Seventh Ave., the property will feature a 234-room hotel, several Margaritaville-branded food and beverage concepts, a rooftop bar, pool, spa/lounge and retail space. The project is slated for completion in late 2020. International Meal Company will operate the food and beverage options, which will include a Margaritaville Restaurant, LandShark Bar & Grill, 5 o’Clock Somewhere Bar, Floridays Airstream Café and an all-new concept, Chill Bar. Retail space is planned for the lobby. The developers of the project are Sharif El-Gamal’s Soho Properties working in partnership with Chip and Andrew Weiss and MHP Real Estate Services. Margaritaville is a global lifestyle brand inspired by the lyrics and lifestyle of singer, songwriter and author Jimmy Buffett. The brand features 12 existing lodging locations with 20 additional projects currently under development, as well as four gaming properties and 60 food and beverage venues. — Jeff Shaw

April 25, 2018

Acquisitions New York Northeast Retail

NKF Capital Markets Negotiates $18.5M Sale of Retail Property in Horseheads, New York

by Amy Works April 24, 2018

HORSEHEADS, N.Y. – NKF Capital Markets has brokered the sale of Southern Tier Crossing, a retail property located at Horseheads. A joint venture between DRA Advisors and DLC Management acquired the property from DDR for $18.5 million. Southern Tier Crossing comprises a 174,642-square-foot retail asset within a 522,734-square-foot power center in Upstate New York. At the time of sale, the property was 89 percent leased to a variety of tenants, including Dick’s Sporting Goods, Jo-Ann Fabric, PetSmart, Ulta Beauty, Five Below, Men’s Warehouse, Buffalo Wild Wings, Lane Bryant and Aspen Dental. Geoffrey Millerd and Justin Smith of NKF represented the seller in the transaction.

April 24, 2018

Leasing Activity New York Northeast Office

Media iQ Digital Leases Two Floors at 261 Fifth Avenue in Manhattan

by Amy Works April 24, 2018

NEW YORK CITY – Media iQ Digital, a global analytics and technology company, has leased more than 23,000 square feet comprising the entire 25th and 26th floors of 261 Fifth Avenue in Manhattan. The company is nearly tripling its space by relocating from 8,013 square feet at 853 Broadway. The lease brings the 405,000-square-foot building to more than 87 percent occupancy. Other tenants at the building include Himatsingka USA, Richloom Fabrics Group, Dan Klores Communications and Tumi Inc. The Feil Organization owns the property. The asking price for the 10-year lease was $85 per square foot.

April 24, 2018

Acquisitions Multifamily New York Northeast Seniors Housing

Chicago Pacific Founders Acquires 100-Unit Seniors Housing Community in Central New York

by Amy Works April 23, 2018

LIVERPOOL, N.Y. – Chicago Pacific Founders (CPF) has acquired Parkrose Estates, a 100-unit independent living community in the Syracuse suburb of Liverpool, for an undisclosed price. CPF made the purchase along with its subsidiaries, Grace Management and CPF Living Communities. Grace Management will take over operations at the community. CPF plans to make improvements to the campus, but further details were not disclosed.

April 23, 2018

Acquisitions Multifamily New York Northeast Seniors Housing

Monticello Provides $45.3M Financing for Three-Property Seniors Housing Portfolio in New York

by Amy Works April 23, 2018

NESCONSET, N.Y. – Monticello Asset Management has provided $45.3 million in bridge-to-HUD financing to Nesconset Property NY LLC. The borrower will use the funds to acquire two adult daycare facilities and a 242-bed skilled nursing facility in New York State. Although the names and locations of the properties were not disclosed, the borrower is named for Nesconset, a town on Long Island. The adult daycare facilities can house up to 165 seniors and were built in 1993 and 1994. The skilled nursing facility was built in 1984. The borrower plans to convert the financing to HUD debt before the end of the loan term.

April 23, 2018

Leasing Activity Multifamily New York Northeast

Cushman & Wakefield Arranges 99-Year Ground Lease for Manhattan Property

by David Cohen April 20, 2018

NEW YORK CITY — Cushman & Wakefield has arranged a 99-year ground lease for 311 West 42nd Street in the Midtown West neighborhood of Manhattan. Terms of the lease were not disclosed. Taconic Investment Partners and National Real Estate Advisors have leased the property from owners 1199SEIU United Healthcare Workers East and plan to demolish the existing building and construct a 350,000-square-foot rental building with ground-floor retail. The planned development will include an affordable rental housing component. Cushman & Wakefield represented the owner in the transaction. 1199SEIU will remain in the current space until 2020, when the union will relocate to its new headquarters.

April 20, 2018

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