New York

NorthMarq Capital Arranges $47M Refinancing of Mixed-Use Building in Manhattan

by David Cohen May 11, 2018

NEW YORK CITY — NorthMarq Capital has arranged the $47 million refinancing of 64 West 48th Street, a 128,251-square-foot mixed-use building in Manhattan. The property is located one block south of New York City’s iconic Rockefeller Center. The refinancing was structured as a 15-year term with two years of interest-only payments followed by a 30-year amortization schedule. Charles Cotsalas and Bob Delitsky of NorthMarq arranged financing for the undisclosed borrower through a life insurance company.

May 11, 2018

Acquisitions Multifamily New York Northeast Seniors Housing

Brightview Senior Living Purchases 7.5 Acres in Long Island for Seniors Housing Development

by David Cohen May 11, 2018

SAYVILLE, N.Y. — Brightview Senior Living has acquired a 7.5-acre plot of land in the Long Island hamlet of Sayville. Anthony James Fusco LLC sold the property for $5.5 million. Brightview plans to begin development of a seniors housing property on the plot, starting in June. Although the type of care offered was not disclosed, Brightview generally offers independent living, assisted living and memory care. The community will be Brightview’s first on Long Island. The company’s current portfolio totals 25 seniors housing communities in Connecticut, Florida, Maryland, Massachusetts, Missouri, New Jersey, Pennsylvania, Rhode Island and Virginia. Dennis McCoy of NAI Long Island represented Brightview in the transaction.

May 11, 2018

Loans New York Northeast

Progress Capital Arranges $36M in Loans for Two Self-Storage Facilities in New York City Area

by David Cohen May 11, 2018

NEW YORK CITY — Progress Capital has arranged $36 million in mortgage loans for two self-storage locations branded under the name Storage Fox in Queens and Yonkers. The two separate $18 million loans will go toward refinancing existing debt and recapturing equity in the two properties. Kathy Anderson of Progress Capital worked with Signature Bank to secure a seven-year, fixed-rate loan at 4 percent with a 25-year amortization. The combined loans represent a 66 percent loan-to-value for both properties. The proceeds of the loans represent a significant cash-out financings that Storage Fox plans to reinvest in future real estate acquisitions. Chris Read of the Amato Law Group represented Storage Fox in the transaction. Constructed in 2013, 30-46 Northern Boulevard in the Long Island City section of Queens is a 12-story 123,000-square-foot building with 70,000 square feet of self-storage space as well as the Davita Dialysis Center. The second property, located in Yonkers at 280 Fullerton Avenue, is a five-story, 190,000-square-foot self-storage facility constructed in 2012.

May 11, 2018

Acquisitions Multifamily New York Northeast Seniors Housing

ESI Brokers Sale of Two-Property Seniors Housing Portfolio in Upstate New York

by David Cohen May 10, 2018

STAMFORD, N.Y. — Evans Senior Investments (ESI) has arranged the sale of Robinson Terrace, a two-building assisted living and skilled nursing campus in the small, Upstate New York town of Stamford. The property comprises a 120-bed skilled nursing facility built in 1973 and a 55-unit assisted living facility built in 2011. The two properties are located less than two miles from each other. Although the properties featured an occupancy rate above 90 percent over the 12 months preceding the sale, the property was operating at a loss. ESI represented the seller, a local nonprofit organization seeking an operator that could provide the same level of care but turn around the financial performance. The buyer was a regional, for-profit owner-operator. The price was not disclosed.

May 10, 2018

Acquisitions New York Northeast Retail

Charterhouse Acquires Kinney Drugs Location in New York for $2.8M

by David Cohen May 10, 2018

ELIZABETHTOWN, N.Y. — Charterhouse Development Corp. has acquired a Kinney Drugs retail store in Elizabethtown for $2.8 million. Located at 7550 Court St. in the small town in Upstate New York, STORE Master Funding X LLC sold the 11,598-square-foot store. Kinney Drugs is a national pharmacy chain with more than 110 locations primarily in Central and Northern New York.

May 10, 2018

Acquisitions Mixed-Use New York Northeast

Rosewood Negotiates Sale of Office Building in Queens for $9.2M

by David Cohen May 9, 2018

NEW YORK CITY — Rosewood Realty Group has negotiated the sale of an office building in Jamaica, Queens for $9.2 million. The 16,791-square-foot building is located at 175-20 Hillside Ave. and was built in 1973. The four-story building is currently fully leased to St. Joseph’s Hospital, Labcorp and a pharmacy on the ground floor. The property also includes 30 outdoor parking spaces. Michael Guttman of Rosewood represented the seller, 175-20 Hillside LLC, in the transaction. Jacob Setton of Rosewood represented the undisclosed buyer.

May 9, 2018

New York Northeast Retail

A&G Realty Partners to Arrange Sale of More Than 230 Bon-Ton Owned, Leased Properties

by David Cohen May 9, 2018

MELVILLE, N.Y. — A&G Realty Partners has been retained to arrange the sale of all of The Bon-Ton Stores Inc.’s assets. The retailer, which has stores and leases in 23 states, filed for Chapter 11 bankruptcy in February. Melville-based A&G will arrange the transaction on behalf of a joint venture between Great American Group LLC, Tiger Capital Group LLC and Bon-Ton’s second lien noteholders. The joint venture acquired Bon-Ton’s assets in April after submitting the winning bid to the U.S. Bankruptcy Court for the District of Delaware. The retailer’s assets include 22 fee-owned properties, seven ground leases, and 194 leased properties with a significant amount of lease term remaining. The assets include 157 department stores at regional malls, 39 locations in open-air shopping centers, 16 freestanding stores, nine furniture galleries and two clearance stores, all operating under the Bon-Ton, Boston Store, Bergner’s, Carson’s, Elder-Beerman, Herberger’s and Younkers nameplates. Most of the company’s department stores range from 80,000 to 125,000 square feet, with some as large as 200,000 square feet. In addition to the stores, A&G is marketing the sale of five office facilities and four distribution centers, including a 1.1 million-square-foot fulfillment center in West Jefferson, Ohio.

May 9, 2018

Development Multifamily New York Northeast Top Stories

JD Carlisle, Fosun International Receive $350M Loan to Build Luxury Multifamily Tower in Manhattan

by Kristin Harlow May 9, 2018

NEW YORK CITY — JD Carlisle Development Group and Fosun International have received a $350 million loan for the construction of a 66-story luxury condominium project in Manhattan’s NoMad neighborhood. The 199-unit tower will be located at 126 Madison Ave., also known as 15 East 30th St. Once known for its wholesale stores along Broadway Street, NoMad is now a hotbed for luxury condo buildings. Designed by Handel Architects, the project will span 400,408 square feet and include 4,093 square feet of retail space. Amenities will include an indoor pool, private party room, dining room, lounge, fitness center and full-time doorman. The building is slated for completion in 2021. Adam Hakim, James Murad and Andrew Ladeluca of Eastern Consolidated arranged the construction loan, which was provided by Bank of the Ozarks. Jon Mechanic, Nathaniel Lifschitz, Danielle Frank and Shelby Smith of Fried Frank acted as counsel on behalf of the developers. Other recent luxury residential developments for JD Carlisle in Manhattan include 160 Madison Ave., the Beatrice, Centria, Cielo and Morton Square. The New York-based firm was founded in 1946. In addition to 126-132 Madison Ave., Shanghai-based Fosun International owns 28 Liberty St. in Manhattan. — Kristin Hiller

May 9, 2018

Acquisitions Multifamily New York Northeast

Rosewood Negotiates $7.3M Sale of Four Apartment Buildings in the Bronx

by David Cohen May 8, 2018

NEW YORK CITY — Rosewood Realty Group has negotiated the sale of four walk-up apartment buildings in the Bronx for $7.3 million. The properties sold for 11 times the current rent roll at a 5.5 percent cap rate. The four-story buildings, which are located at 2542-2548 White Plains Road, are comprised of 24 residential units and eight retail storefronts that include a local grocery, restaurant and beauty salon. Built in 2008, the attached properties total 29,140 square feet. Rosewood Realty represented the buyer, a group of private investors, and the seller, Madison Realty Capital, in the transaction.

May 8, 2018

Loans Mixed-Use New York Northeast Office

Avison Young Arranges $120.3M Loan for Acquisition, Redevelopment of Office Complex in White Plains

by David Cohen May 7, 2018

WHITE PLAINS, N.Y. — Avison Young has arranged a $120.3 million financing package for the acquisition and redevelopment of the Westchester Financial Center in White Plains. Bridge Investment Group provided the financing. The 571,000-square-foot office complex is located at 50 Main St. and 1-11 Martine Ave. The buyers, a joint venture of Ginsburg Development Cos. and Robert Martin Co., plan to reposition the complex as a pedestrian-friendly, mixed-use development comprised of offices, retail shops, restaurants and luxury residences. The new development will be called City Square. Mack Cali Realty Corp. sold the property. David Krasnoff of Avison Young secured the financing, which will cover the purchase price, residential conversion costs, tenant improvements, capital expenditures, closing fees and other financing costs.

May 7, 2018

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