NEW YORK CITY — Ariel Property Advisors has arranged the sale of a development site package located at 94 and 100 Lenox Road in Brooklyn’s Flatbush neighborhood. The 45,500-square-foot development site sold for $9.9 million, or $218 per buildable square foot. Zoned R74, plans for 100 Lenox Road call for for a seven-story, 31-unit apartment building. Alexander McGee, Shimon Shkury, Sean Kelly and Daniel Tropp of Ariel Property Advisors facilitated the sale for the undisclosed buyer and seller.
NEW YORK CITY — Developer Optima Real Estate has topped out construction for its boutique 21-story hotel located at 333 W. 38th St. in Manhattan’s Midtown West neighborhood. Designed by Gene Kaufman Architect, the 34,000-square-foot hotel will feature 79 rooms, a roof deck, a fitness center and breakfast rooms. The $10 million hotel was designed with four rooms per floor, allowing abundant natural light and views of the city.
LONG ISLAND, N.Y. — Fairfield Properties has purchased two multifamily buildings located in Rockville Centre in Long Island. Suburban Associates at Grand and Maple LLC, a family developer that constructed the buildings in the 1970s, sold the properties for $16 million. Totaling 83 units, the two buildings are located at 145 Maple Ave. and 91-99 Grand Ave. The buildings are 100-percent rent stabilized and within walking distance of Rockville Centre village and the Long Island Rail Road. Corey Gluckstal and Guy Canzoneri of Five Point Real Estate represented the seller and buyer in the transaction.
NEW YORK CITY — Monticello Asset Management has provided $8 million in financing for the acquisition of a 140-bed skilled nursing facility in New York City.The facility was built in 1979 and currently has a five-star Center for Medicare & Medicaid Services rating. In addition to skilled nursing services, the facility contains a 40-bed, non-secure memory unit and a 28-bed short-term or subacute therapy unit. The property totals 45,888 square feet on an 8.2-acre plot. The financing is a bridge loan, which the undisclosed borrower plans to convert to HUD financing in the future.
NEW YORK CITY — Eastern Consolidated has negotiated the sale of a 68,200-square-foot Section 8 multifamily portfolio located at 14-18 W. 107th St. in Manhattan’s Upper West Side. A private real estate investment firm acquired the assets for $27.6 million. Comprised of two elevator buildings, the properties feature 60 units in a mix of studio, one-bedroom and two-bedroom units. Ron Solarz of Eastern Consolidated represented the seller, a private owner, and procured the buyer. Gary Meese, also of Eastern Consolidated, served as analyst for the transaction.
NEW YORK CITY — Cushman & Wakefield has brokered the sale of a multi-tenanted commercial office and retail building located at 224 Fifth Avenue in Manhattan. An undisclosed buyer acquired the property for $21 million. Originally built in the mid-19th century and significantly altered in 1980, the six-story building features 15,949 square feet of office and retail space. The building has floor plates that range from 2,600 square feet to 2,827 square feet and is currently leased to three office tenants and one retail tenant, 7-Eleven. John Ciraulo and Craig Waggner of Cushman & Wakefield represented the undisclosed seller in the transaction.
NEW YORK CITY — HFF has arranged $12.5 million in refinancing for 135 Bowery, a boutique creative office building in Manhattan’s Midtown South technology corridor. The borrower is a joint venture between Caspi Development and RWN Real Estate Partners. Steven Klein and Alex Staikos of HFF secured the five-year, fixed-rate loan through BBVA Compass Bank. Loan proceeds were used to refinance a construction loan on the property. Originally built in 1900 and redeveloped in 2016, the eight-story, 21,308-square-foot building features a ground-floor retail space occupied by a high-end restaurant, and full-floor loft office units above. The office spaces feature collaborative open floor plates, 10-foot ceilings, reclaimed wood details, custom kitchenettes, conference rooms and two suites that offer private terraces with city views. The property is fully occupied by tenants, including lola/VFX, Bullish, Tradewind, breather, Martin Lui & Associates, Minds+Assembly and RTS Ventures.
NEW YORK CITY — Cignature Realty Associates has brokered the sale of a six-story apartment building located at 964 Amsterdam Ave. in Manhattan Valley. TriArch Real Estate Group acquired the building from The Orbach Group for $12.1 million. Built in 1900, the 21,072-square-foot property features 22 residential apartments and four retail stores. Peter Vanderpool of Cignature Realty represented the buyer, while Elan Teichman, also of Cignature, represented the seller in the deal.
President Trump’s Tax Cuts and Jobs Act is the first sweeping reform of the tax code in more than 30 years. Signed into law on Dec. 22, 2017, the plan drops top individual rates to 37 percent and doubles the child tax credit; it cuts income taxes, doubles the standard deduction, lessens the alternative minimum tax for individuals, and eliminates many personal exemptions, such as the state and local tax deduction, colloquially known as SALT. While Republicans and Democrats remain divided on the overhaul’s benefits, there is a single undeniable fact: The sharp reduction of the corporate tax rates from 35 percent to 21 percent will be a boon for most businesses. At the same time, employees seem to be benefiting too, with AT&T handing out $1,000 bonuses to some 200,000 workers, Fifth Third Bancorp awarding $1,000 bonuses to 75 percent of its workers, Wells Fargo raising its minimum wage by 11 percent and other companies sharing some of the increased profits with employees. Companies are showing understandable exuberance at the prospect of lower tax liability, but investments many firms are making in response to the changes may trigger increases in their property tax bills. Some companies already are reinvesting …
NEW YORK CITY — Delshah Capital has purchased an apartment building located at 138 Ludlow St. in Manhattan’s Lower East Side. Trikupa Realty sold the six-story property for $18.9 million. The six-story property features 27 apartments in a mix of one-, two- and three-bedroom layouts, and retail space that is occupied by two tenants. The buyer plans to renovate the property, including infrastructure improvements, upgraded kitchen appliances, installation of washers, dryers, wine chillers and flooring, and refurbished bathrooms. Michael DeChester of Cushman & Wakefield represented the buyer and seller in the transaction.
