New York

Savanna Breaks Ground for 90,000 SF Office Property in Manhattan

by Amy Works February 21, 2018

NEW YORK CITY — Savanna, along with joint venture partner Atom Assets, has broken ground on the construction of a 25-story office property located at 106 W. 56th St. in Manhattan. Designed by Perkins Eastman and Gensler, the 90,000-square-foot property will feature a modern design, boutique floor plans and upscale amenities. Construction is slated for completion in fourth quarter 2019, with LEED certification targeted upon completion. United Overseas Bank and Canyon Partners Real Estate provided approximately $100 million to finance the development of the project.

February 21, 2018

Multifamily New York Northeast

Alpha Realty Brokers $11.3M Sale of Three Apartment Buildings in Brooklyn

by Amy Works February 21, 2018

NEW YORK CITY — Alpha Realty has arranged the sale of three contiguous apartment buildings, located at 1193, 1199 and 1205 Eastern Parkway in the Crown Heights section of Brooklyn. A New York-based multifamily operator acquired the properties from a local private investor for $11.3 million, or $205 per square foot. The properties, all four-story walk-up buildings, total 55,000 square feet and 50 units. Lev Mavashev of Alpha Realty negotiated the off-market deal.

February 21, 2018

Loans Mixed-Use Multifamily New York Northeast Retail

Domain Cos. Receives $38M in Acquisition Financing for Development Site in Brooklyn

by Amy Works February 20, 2018

NEW YORK CITY — The Domain Cos. has received $38 million in financing for the acquisition of a development site located at 420 Carroll St. in Brooklyn. Christopher Peck, Peter Rotchford and Scott Findlay of HFF arranged the financing for the borrower. The HFF team arranged a $25 million floating-rate bank loan and a $13 million mezzanine loan, provided by Sherwood Equities. The borrower will use the loan proceeds to facilitate the acquisition of the fee-simple interest in the property and pre-development costs. Domain Cos. plans to develop a mixed-income, mixed-use development project on the 1.5-acre site.

February 20, 2018

New York Northeast Office

Kalmon Dolgin Facilitates $12.8M Sale of 20,000 SF Development Site in Brooklyn

by Amy Works February 20, 2018

NEW YORK CITY — Kalmon Dolgin Affiliates (KDA) has brokered the sale of a development site located at 1508 Herkimer St. in the Ocean Hill section of Brooklyn. Van Herk Realty sold the 20,000-square-foot site to 1508 Herkimer LLC for $12.8 million. The buyer plans to build a four-story office building on the site. Once completed, the property will be occupied by a city agency that was looking for more space. Robert Klein of KDA represented the seller, while Allison Chambers, also of KDA, represented the buyer in the transaction.

February 20, 2018

Multifamily New York Northeast

Rosewood Realty Brokers $10M Sale of Apartment Building in Brooklyn

by Amy Works February 20, 2018

NEW YORK CITY — Rosewood Realty Group has arranged the sale of an apartment building located at 2197 Ocean Blvd. in Brooklyn’s Madison neighborhood. Shirben Ocean 2197 LLC sold the property to 2197 Ocean LLC for $10 million. Built in 1928, the six-story, 30,000-square-foot building features 35 apartments. Michael Guttman of Rosewood Realty represented the buyer, while Aaron Jungreis, also of Rosewood Realty, represented the seller in the transaction.

February 20, 2018

New York Northeast Office Top Stories

Northwood Investors Acquires NYC Office Tower from Chinese Conglomerate for $305M

by Katie Sloan February 20, 2018

NEW YORK CITY — Northwood Investors has acquired the 1180 Avenue of the Americas building in Midtown Manhattan from Chinese conglomerate HNA Group for $305 million. The 23-story, 386,921-square-foot office tower was built in 1963, and offers 13,679 square feet of ground-floor retail occupied by tenants including Chick-fil-A and T-Mobile. The fully occupied office component of the property is home to anchor tenant Scripps Networks, which occupies 126,000 square feet at the building. The company’s lease is through November 2021. Jordan Roeschlaub and Dustin Stolly of NKF Capital Markets secured $237 million in financing for the acquisition of the property. The lender was RBC Royal Bank. Founded in 2006, Northwood Investors is a privately held real estate investment advisor. The company invests alongside institutional and private clients in a broad range of real estate globally, with approximately $7 billion worth of assets under management as of Jan. 1, 2018. Haikou, China-based HNA Group is a conglomerate involved in a number of industries, including real estate, tourism, finance and logistics. The company has approximately $145 billion worth of assets, over $90 billion in annual revenues and an international workforce of 410,000 employees globally. HNA has undergone financial struggles in recent months. Following …

February 20, 2018

Multifamily New York Northeast

Rosewood Realty Arranges $33.7M Sale of Apartment Building in Brooklyn

by Amy Works February 19, 2018

NEW YORK CITY — Rosewood Realty Group has brokered the sale of an apartment building located at 31 Ocean Parkway in Brooklyn’s Windsor Terrace neighborhood. Steven Frey of Frey Management acquired the property from Sentinel Real Estate Corp. for $33.7 million. Built in 1928, the 90,900-square-foot building features 84 apartment units. Aaron Jungreis of Rosewood Realty represented the buyer and seller in the deal.

February 19, 2018

Loans Multifamily New York Northeast

Hunt Mortgage Secures $20.9M in Financing for Two Multifamily Properties in New York

by Amy Works February 19, 2018

SARATOGA SPRINGS AND ILION, N.Y. — Hunt Mortgage Group utilized HUD’s 223(f) loan program to finance the acquisition and rehabilitation of two affordable multifamily properties in Saratoga Springs and Ilion. Riverside Charitable Corp. received a total of $20.9 million in financing for the two properties. The borrower received a $13.9 million loan for the 112-unit age-restricted Raymond Watkins Apartments, located at 57 Ballston Ave. in Saratoga Springs, and a $7 million loan for John Guy Prindle Apartments, a 112-unit age-restricted property located at 80 E. North St. in Ilion.

February 19, 2018

Hospitality Loans New York Northeast

Madison Realty Capital Provides $16.5M Loan for Hotel Development in Long Island City

by Amy Works February 16, 2018

NEW YORK CITY — Madison Realty Capital (MRC) has provided a $16.5 million acquisition and construction financing package collateralized by a partially constructed hotel development in Long Island City in Queens. The borrower, an affiliate of Sam Chang’s McSam Hotel Group, purchased 38-04 11th St. and plans to construct a 148-key hotel comprising 55,630 square feet on the site. McSam Hotel Group acquired the site with approvals and a completely built foundation. The borrower plans to complete construction of the building within approximately 15 to 18 months. MRC funded $4 million at closing for the site acquisition, and the company has committed to fund an additional $12.5 million to complete construction of the project. The $16.5 million financing package represents approximately 70 percent of the total project cost.

February 16, 2018

Loans Multifamily New York Northeast Seniors Housing

Arbor Realty Trust Funds $41.6M Loan for Skilled Nursing Facility in Syracuse, New York

by Amy Works February 16, 2018

SYRACUSE, N.Y. — Arbor Realty Trust has funded a $41.6 million bridge loan for the acquisition of James Square Health and Rehabilitation Center, a skilled nursing facility located in Syracuse. Alexander Kaushansky of Arbor Realty Trust arranged the financing for the borrower, VestraCare. The borrower acquired the 440-bed facility from a Chicago-based seller. The buyer plans to appoint a new property administrator, retrain staff, rebrand the community and invest more than $4 million in capital improvements as part of an overall repositioning strategy. Evan Goldenberg of EBEX Holdings assisted all parties in the financing. Ari Dobkin of Meridian Capital Group also assisted in the financing.

February 16, 2018

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