New York

Lexington Realty Trust Sells 21 Office Assets for $726M

by David Cohen September 5, 2018

NEW YORK CITY — Lexington Realty Trust (NYSE: LXP) has sold a 21-office asset portfolio for $726 million to a joint venture between affiliates of Davidson Kempner Capital Management LP and Lexington. The office properties are spread across the U.S., with properties in the eastern and western regions, the South and the Midwest. The 3.8 million-square-foot portfolio is currently 98.6 percent leased to a tenant roster that includes Amazon, Experian Holdings, Motel 6 and Nissan. “This transaction marks a major step forward as we execute on our strategy to efficiently recycle capital out of suburban office properties and concentrate our portfolio on single-tenant, net leased industrial properties,” says T. Wilson Eglin, CEO of New York City-based Lexington Realty Trust. We intend to use transaction proceeds to continue to acquire high-quality industrial properties and repay our revolving credit facility and other debt, which we believe is the best path to create meaningful long-term shareholder value.” Following the transaction, Lexington’s percentage of industrial assets based on consolidated revenue is expected to increase to 60 percent from 44 percent at year-end 2017. Lexington received net cash proceeds of approximately $565 million at closing. The joint venture is expected to assume approximately $57 million …

September 5, 2018

Market Reports New York Northeast Northeast Market Reports Office

Office Market Picking Up the Pace in Manhattan

by David Cohen September 5, 2018

After a sluggish start to the year, the Manhattan office market has experienced a strong rebound. In the second quarter, more than 10 million square feet of space was leased, the highest quarterly total since 2014, pushing year-to-date leasing activity to just over 17 million square feet. At mid-year 2018, there were 17 new leases exceeding 100,000 square feet and 35 new leases of more than 50,000 square feet. Although the economy has been at a peak for an unusually long time, the Manhattan office market has reached new highs. This presents an interesting exception to the norm, where real estate typically lags the economy, and it is good news for the market. Market Drivers While demand has come from a variety of sectors, the most recent top occupiers have come from the FIRE (financial services, insurance, and real estate), TAMI (technology, advertising, media and information), law firm and coworking sectors. Early in the year, the FIRE sector dominated large-block transactions. Examples include JPMorgan Chase’s 420,000-square-foot lease at the newly renovated 390 Madison Ave., and Bank of America Corp.’s 343,000-square-foot lease at 1100 Avenue of the Americas and 127,000-square-foot lease at 1114 Avenue of the Americas. This level of expansion …

September 5, 2018

Development Loans Mixed-Use New York Northeast

TD Bank Arranges $18.4M Construction Loan for Mixed-Use Building in the Bronx

by David Cohen September 4, 2018

NEW YORK CITY — TD Bank has arranged an $18 million construction loan for Phoenix Estates, an eight-story, mixed-use building in the Hunts Point neighborhood of the Bronx. The 111,000-square-foot property is located at 700 Manida St. and will consist of 180 residential units for low-income seniors and moderate-income families. The first floor of the building will be a dedicated community facility used to host classes for residents of the building. TD Bank provided financing for borrowers MHANY Management Inc. and We Stay/Nos Quedamos Inc. The housing development will also benefit from a $14 million investment from the City of New York. The project is scheduled for completion by 2020.

September 4, 2018

Development Multifamily New York Northeast Seniors Housing

Red Stone Provides $20.2M Bond Financing to Rehabilitate Two Seniors Housing Communities in Rensselaer, New York

by David Cohen September 4, 2018

RENSSELAER, N.Y. — Red Stone Tax-Exempt Funding LLC has provided $20.2 million in tax-exempt bonds for the rehabilitation of two affordable seniors housing communities in Rensselaer, located just across the Hudson River from downtown Albany. The Section 8 properties, Van Rensselaer Heights and Renwyck Place, were originally constructed in 1980. Millennia Housing Development will perform the renovations on a budget exceeding $45,000 per unit. An affiliate of Red Stone is the borrower, and will also use the funding to acquire the properties. Boston Capital Corp. purchased approximately $9.5 million in Low-Income Housing Tax-Credits (LIHTCs) in association with the properties.

September 4, 2018

Company News New York Northeast

Moody’s to Acquire Commercial Real Estate Data Provider Reis for $278M

by David Cohen August 31, 2018

NEW YORK CITY — Moody’s Corp. (NYSE: MCO) has agreed to acquire all outstanding shares of Reis Inc. (NASDAQ: REIS) in an all-cash transaction valued at approximately $278 million. Reis is a provider of commercial real estate (CRE) data. The acquisition expands Moody’s Analytics’ network of data and analytics providers in the CRE space, including recent investments in start-ups that apply innovative approaches and new technologies to source data and deliver tools to the market. Under the terms of the merger agreement, Moody’s will commence a tender offer to acquire all issued and outstanding shares of Reis common stock for $23 per share in cash. The transaction is subject to customary closing conditions and regulatory approvals. Moody’s expects to complete the acquisition in the fourth quarter of 2018.

August 31, 2018

Loans Multifamily New York Northeast

Greystone Provides $20.7M Refinancing for Multifamily Property in Brockport, New York

by David Cohen August 30, 2018

BROCKPORT, N.Y. — Greystone has provided a $20.6 million Fannie Mae DUS loan for the refinancing of Autumn Woods Community in Brockport. Located on more than 25 acres, Autumn Woods is a recently constructed multifamily property comprising 296 units. Brockport is approximately 19 miles west of Rochester. Brian Liske of Greystone arranged the 10-year, fixed-rate refinancing on behalf of borrower, Carl Grasta of Outlook Development LLC. The refinancing replaces an existing construction loan from Genesee Regional Bank.

August 30, 2018

Development Industrial New York Northeast

UOVO to Open 150,000 SF Art Storage Facility in Brooklyn

by David Cohen August 30, 2018

NEW YORK CITY — New York-based art, fashion and collections storage company UOVO is set to open a 150,000-square-foot art storage facility in the Bushwick neighborhood of Brooklyn. Scheduled to open in fall 2019, the property will offer specialized climate-controlled storage designed to the standards of the world’s leading museums. The facility will be the largest of its kind in Brooklyn. UOVO: Brooklyn will be three stories tall and built entirely of reinforced concrete. The facility will also include four loading docks and two freight elevators.

August 30, 2018

Industrial Loans New York Northeast Self-Storage

Progress Capital Secures $30M Bridge Loan for Self-Storage Facility in Brooklyn

by Kristin Harlow August 29, 2018

NEW YORK CITY — Progress Capital has secured a $30 million bridge loan for the American Self Storage Building in Brooklyn. Brad Domenico of Progress Capital secured the interest-only bridge loan for Jorge Madruga of Maddd Equities and Eli Weiss of Joy Construction. The lender was Nataxis. Located at 202-208 Tillary St., the 115,000-square-foot property will continue to be operated as a self-storage facility until plans to convert it into a residential building are finalized.

August 29, 2018

Acquisitions Mixed-Use New York Northeast

Cushman & Wakefield Arranges $14.3M Sale of Mixed-Use Building in Greenwich Village

by Kristin Harlow August 29, 2018

NEW YORK CITY — Cushman & Wakefield has arranged the $14.3 million sale of a five-story, mixed-use building in the Greenwich Village neighborhood of Manhattan. Hall Oster, Guthrie Garvin, Michael Gembecki and Teddy Galligan of Cushman & Wakefield represented the undisclosed seller in the transaction. The buyer was also undisclosed. Located at 228 Thompson St., the building has recently undergone a complete renovation and includes ground-floor retail space as well as four large apartments above. The property features stainless steel appliances, private outdoor spaces and a curated common roof deck.

August 29, 2018

Acquisitions Multifamily New York Northeast

Marcus & Millichap Brokers $8.6M Sale of Apartment Building in Prospect Heights

by Kristin Harlow August 29, 2018

NEW YORK CITY — Marcus & Millichap has brokered the $8.6 million sale of a six-story apartment building in the Prospect Heights neighborhood of Brooklyn. Located at 528-530 Bergen St., the property consists of 21 residential units and 11 onsite parking spaces. Matt Fotis and Dylan Renicker of Marcus & Millichap represented the seller, a private investor. The buyer, a local private investor, purchased the property in a 1031 exchange.

August 29, 2018

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