New York

Avison Young Arranges $32.5M Sale of Upper West Side Multifamily Building

by David Cohen March 14, 2018

NEW YORK CITY — Avison Young Tri-State has arranged the $32.5 million sale of the Canterbury, a pre-war 42,186-square-foot, 48-unit rental building located at 204 W. 108th St. in Manhattan’s Upper West Side. Sam Schertz of Avison Young was the sole broker in the transaction between the seller, The Orbach Group, and the buyer, Arkar Inc. Built in 1915, the six-story Canterbury building is a low-rise elevator-served rental property featuring two- to five-bedroom units. The property is situated near Columbia University and both Riverside Park and Central Park as well as several major transportation lines. A number of the units in the building have been recently renovated.

March 14, 2018

Mixed-Use New York Northeast

Arch Cos., Partners Secure Financing for Mixed-Use Development in SoHo

by David Cohen March 14, 2018

NEW YORK CITY — Arch Cos. and its partners have secured a construction loan from Maxim Capital Group to fund a mixed-use development project at 11 Greene St. in the SoHo neighborhood of Manhattan. Neither the amount nor terms of financing were disclosed. Once complete, the development will offer 31 loft inspired rental apartments and 11,650 square feet of ground-floor retail space along Greene Street, a popular SoHo shopping destination. Designed by Gene Kaufman, the building is slated for completion in 2019.

March 14, 2018

Multifamily New York Northeast

Certes Partners Secures $71.5M in Financing for Condo Development Near Central Park

by David Cohen March 13, 2018

NEW YORK CITY — Certes Partners, along with Metropolitan Acquisitions and United Management, have secured $71.5 million in financing from Goldman Sachs for the construction of 212 W. 95th St., a 19-story luxury condo development two blocks away from Central Park. The project will consist of 38 units as well as parking, retail and amenities. New York-based architecture firm CetraRuddy designed the project in collaboration with RKTB Architects. The development team consists of United Management’s Arthur Wiener, Meir Bouskila of Metropolitan Acquisitions and Elan Hakimian, Eitan Bouskila and Sunder Jambunathan of Certes Partners. Construction is scheduled to begin this month with project completion slated for early 2020.

March 13, 2018

Multifamily New York Northeast

Equicap Closes $14.6M Construction Loan for Multifamily Building in Brooklyn

by David Cohen March 13, 2018

NEW YORK CITY — Equicap has arranged a $14.6 million construction loan on behalf of New York-based privately held development firm Winchester Equities. The financing will be used to build 2222 Ocean, a 49-unit luxury multifamily building in Sheepshead Bay, Brooklyn. Equicap obtained a 70 percent loan-to-cost construction loan from a major bank. The building is slated for completion by fall 2019.

March 13, 2018

Industrial New York Northeast Top Stories

Blackstone REIT Acquires 22 MSF Industrial Portfolio for $1.8B

by Katie Sloan March 13, 2018

NEW YORK CITY — Blackstone Real Estate Income Trust Inc. (NYSE: BX) has acquired the Canyon Industrial Portfolio, a 22 million-square-foot portfolio of industrial assets, for approximately $1.8 billion. The portfolio consists of 146 last-mile, infill warehouses and distribution buildings with major concentrations in Chicago; Dallas; Baltimore; Washington, D.C.; Los Angeles; the Inland Empire region of southern California; and south and central Florida. The portfolio was 90 percent occupied at the time of sale by tenants including Amazon, FedEx, DHL, Coca-Cola, Fiat Chrysler and the U.S. Government. The seller in the transaction was undisclosed. With the closing of this acquisition, New York City-based Blackstone’s portfolio totals $7 billion in gross asset value across 272 assets, primarily concentrated in 33 million square feet of industrial assets and 17,200 multifamily apartments. The company seeks to invest in stabilized, income-generating U.S. commercial real estate across property types including multifamily, industrial, retail and hotel. Blackstone stock closed on Monday, March 12, at $34.43 per share, up from $27.95 one year ago. — Katie Sloan

March 13, 2018

Hospitality New York Northeast

Lightstone Tops Out 37-Story Hotel in Manhattan

by Kristin Harlow March 12, 2018

NEW YORK CITY — Developer Lightstone has topped out construction for its 37-story Moxy Chelsea hotel located at 105 W. 28th St. in Manhattan’s Chelsea neighborhood. The project is the second of four Moxy hotels that Lightstone is developing in New York City in partnership with Marriott. Lightstone broke ground on Moxy Chelsea in the summer of 2016, and the hotel is slated to open this fall. Designed in collaboration by Yabu Pushelberg and the Rockwell Group, the 349-room hotel will feature meeting studios, co-working space and a glass-enclosed rooftop bar with a retractable roof that features views of the Empire State Building and New York City skyline.

March 12, 2018

Loans Mixed-Use Multifamily New York Northeast Office Retail

MRC Provides $37.5M Loan for Mixed-Use Development Site, Commercial Buildings in Queens

by Amy Works March 9, 2018

NEW YORK CITY – Madison Realty Capital (MRC) has provided a $37.5 million first mortgage loan collateralized by a mixed-use development site and two adjacent commercial buildings in the Ridgewood neighborhood of Queens. The borrower, AB Capstone, used the loan proceeds to buy out an existing partner, complete the acquisition of the two commercial properties, pay off previous financing on the development site and fund construction of the new building’s foundation. Located along Myrtle Avenue, St. Nicholas Avenue and Palmetto Street, the proposed development will feature a 17-story, 234,623-square-foot mixed-use building containing 129 residential units, 90,000 square feet of commercial space, 3,300 square feet of community facility space and 352 parking spaces. The two adjacent commercial buildings, totaling 12,170 square feet of space, are currently occupied by retail, office and medical office users.

March 9, 2018

Loans New York Northeast Retail

NorthMarq Capital Secures $18.5M in Refinancing for Retail Property in Haverstraw, New York

by Amy Works March 9, 2018

HAVERSTRAW, N.Y.- NorthMarq Capital has arranged $18.5 million in refinancing for The Rosman Center, a grocery-anchored retail center located in Haverstraw. A 60,453-square-foot ShopRite anchors the 123,073-square-foot property. Gary Cohen of NorthMarq secured the financing through NorthMarq’s correspondent relationship with a life insurance company for the undisclosed borrower.

March 9, 2018

Mixed-Use Multifamily New York Northeast Restaurant Retail

Cushman & Wakefield Arranges $5.1M Sale of Mixed-Use Building in Manhattan

by Amy Works March 9, 2018

NEW YORK CITY – Cushman & Wakefield has arranged the sale of a mixed-use property located at 217 E. Third St. in Manhattan’s East Village neighborhood. An undisclosed buyer acquired the property from the estate of Michael Mendez for $5.1 million. The mixed-use property consists of a vacant turn-key restaurant space on the ground floor and three free-market, floor-through apartments. The property is approximately 4,160 square feet above grade, not including a one-story structure situated at the rear of the site and separated by a small courtyard area. Additionally, the property includes 4,700 square feet of air rights and a useable basement that houses mechanicals and a storage area. Michael DeCheser of Cushman & Wakefield represented the seller in the transaction.

March 9, 2018

Industrial New York Northeast

Terreno Realty Acquires Industrial Property in Queens for $25.2M

by Amy Works March 8, 2018

NEW YORK CITY — Terreno Realty Corp. has purchased an industrial complex, located at the One Bulova Ave. in the Woodside area of Queens. Bulova sold the three-acre corporate campus for $25.2 million. The property features an industrial distribution building that is currently being renovated. Upon completion of the renovation in 2018, the property will feature 83,000 square feet of industrial space, six dock-high and one grade-level loading positions and parking for 168 cars. The property is 23 percent leased to one tenant on a short-term basis. Brian Ezratty of Eastern Consolidated represented the seller, while Brad Cohen, Jacob Tzfanya, Andrew Sasson and Chad Sinsheimer of Eastern Consolidated procured the buyer in the deal. Additionally, Gary Meese, also of Eastern Consolidated, served as analyst for the transaction.

March 8, 2018

Newer Posts

Older Posts