New York

Meridian Capital Arranges $23.5M in Refinancing for 130-Room Hotel in Brooklyn

by David Cohen April 3, 2018

NEW YORK CITY — Meridian Capital Group has arranged a $23.5 million loan for the refinancing of the 130-room Box House Hotel in the Greenpoint neighborhood of Brooklyn. New York-based Ladder Capital provided the loan, which features interest-only payments. The borrower was undisclosed. Cary Pollack and Judah Neuman of Meridian negotiated the terms of the loan. The Box House Hotel is a former warehouse space at 77 Box St. that was redeveloped into a hotel in 2012. The four-story property also features a rooftop event space with views of the Manhattan skyline. Greenpoint is accessible from Manhattan via the G subway line and the East River ferry.

April 3, 2018

Acquisitions Multifamily New York Northeast

Marcus & Millichap Arranges $16.8M Sale of 107-Unit Multifamily Portfolio in Manhattan

by David Cohen April 3, 2018

NEW YORK CITY — Marcus & Millichap has arranged the sale of a six-building, 107-unit multifamily portfolio in Manhattan for $16.8 million. The West Bridge Associates Portfolio is located on 151st and 152nd streets between Broadway and Amsterdam Avenue in Upper Manhattan. Seth Glasser, Peter Von Der Ahe, Joe Koicim and Jacob Kahn of Marcus & Millichap represented the seller, a private investor, and procured the buyer, also a private investor.

April 3, 2018

Acquisitions Multifamily New York Northeast

Meridian Brokers $14.2M Sale of 29-Unit Apartment Building in East Harlem

by David Cohen April 2, 2018

NEW YORK CITY — Meridian Investment Sales has brokered the sale of an 18,860-square-foot, 29-unit apartment building in East Harlem for $14.2 million. The buyer was BEB Capital. Located at 238 East 106th St., the eight-story building was constructed in 2016 and features 29 one- and two-bedroom units. Amenities include a modern lobby, onsite laundry and balconies on all units. David Benharouch and Abie Kassin of Meridian represented the undisclosed seller and procured the buyer in the transaction. Meridian Investment Sales is the commercial property sales division of Meridian Capital Group.

April 2, 2018

Leasing Activity New York Northeast

Coworking Company UCommune Opens 34,000 SF Manhattan Location

by David Cohen April 2, 2018

NEW YORK CITY — Chinese coworking company UCommune, in a joint venture with Serendipity Labs, has opened a 34,000-square-foot office at 28 Liberty St. in Manhattan. It is the first coworking location in New York City for UCommune, the second largest coworking company in the world. The office features dedicated desks and offices, team rooms and meeting rooms as well as access to technology platform Umart that links and connects resident companies. Founded in 2015, UCommune is valued at $1.74 billion and has 160 locations in 35 cities around the world. RockTree Capital is the co-founding shareholder and international expansion partner of the coworking company.

April 2, 2018

Acquisitions New York Northeast

Forest City Completes Sale of 363-Unit Apartment Community in Brooklyn for $156M

by David Cohen March 30, 2018

NEW YORK CITY — Forest City Realty Trust has completed the disposition of 461 Dean St., a 363-unit apartment community in Brooklyn for $156 million. The selling price reflects a capitalization rate of 4.5 percent on estimated 2018 net operating income. International real estate manager Principal Global Investors purchased the property. The 32-story, modular apartment building is located next to the Barclays Center and was completed in 2016. The asset was 100 percent owned by Forest City.

March 30, 2018

Acquisitions New York Northeast

Marcus & Millichap Arranges Sale of Two Apartment Buildings in Brooklyn for Combined $2.8M

by David Cohen March 30, 2018

NEW YORK CITY — Marcus & Millichap has arranged the sale of two apartment properties in Brooklyn for a combined $2.8 million at 102 Baltic St. and 361 Legion St. Located in the Columbia St. Waterfront District, 102 Baltic Street has 8 apartment units and sold for $2 million to a private investor. The seller was also a private investor. 361 Legion Street is located in the Brownsville neighborhood and has 4-units. The property sold for $850,000 to a private investor. The buyer was a limited liability company.

March 30, 2018

Acquisitions Multifamily New York Northeast

CBRE Brokers Sale of 300-Unit Apartment Community in New York for $91M

by David Cohen March 30, 2018

TARRYTOWN, N.Y. — CBRE has brokered the sale of Talleyrand Apartments, a 300-unit multifamily community in Tarrytown. County records listed the sale at $91 million. Jeffrey Dunne, Gene Pride and Eric Apfel of CBRE represented the seller, a REIT, in the transaction. The buyer was an affiliate of The DSF Group. The community, which is located at 1202 Crescent Drive, is 29 miles north of Manhattan and offers access to the city via the Metro North Railroad.

March 30, 2018

Loans Mixed-Use New York Northeast

Madison Realty Provides $31.4M in Construction Financing for Williamsburg Mixed-Use Development

by David Cohen March 29, 2018

NEW YORK CITY — Madison Realty Capital has provided a $31.4 million loan for the construction of a mixed-use development at 744 Bedford Ave. in the Williamsburg neighborhood of Brooklyn. All proceeds of the loan will go toward completing construction of the 134,742-square-foot building. When complete, the building will include 88 residential rental units, 18,393 square feet of retail space and 76 parking spaces. The borrower, a local developer, has laid the foundation of the building and begun construction. The project is scheduled to be complete by spring 2019.

March 29, 2018

Loans Multifamily New York Northeast

Meridian Capital Arranges $42M Loan for Apartment Community on Manhattan’s Lower East Side

by David Cohen March 29, 2018

NEW YORK CITY — Meridian Capital Group has arranged $42 million in financing for the acquisition and renovation of an apartment property in the Lower East Side neighborhood of Manhattan. The eight-story property is located at 10 Rutgers St. and includes 83 units. A balance sheet lender provided the seven-year loan, which features three years of interest-only payments, followed by a 30-year amortization schedule. The borrower, AMAC Holdings, plans to renovate and reposition the property. Tal Bar-Or and Richard Sutton of Meridian negotiated the financing in the transaction.

March 29, 2018

Leasing Activity New York Northeast

Fisher Brothers Signs B. Riley Financial to 29,173 SF Office Lease In Manhattan

by David Cohen March 28, 2018

NEW YORK CITY — Fisher Brothers has signed B. Riley Financial to a 29,173-square-foot lease at 299 Park Avenue in Midtown Manhattan. The property is one of Fisher Brothers’ signature buildings. Los Angeles-based B. Riley, a full-service investment bank, signed a 10-year lease to occupy the entire 21st floor of the 42-story building. The building, which was constructed in 1967, occupies the full block between 48th and 49th streets. B. Riley was represented by Jared Horowitz and Justin Pollner of Newmark Knight Frank in the transaction. Fisher Brothers was represented in-house by Marc Packman and Charles P. Laginestra. 299 Park Avenue is now 90 percent leased.

March 28, 2018

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