New York

Stellar Management Acquires 42-Unit Apartment Building in Manhattan

by Amy Works February 22, 2018

NEW YORK CITY — Stellar Management has purchased a residential building located at 3505 Broadway in Manhattan’s Hamilton Heights. The estate of Harriet Okun sold the property for an undisclosed price. Built in 1907, the six-story property features 42 apartment units and five occupied retail storefronts. Stellar has a capital improvement program planned for the property, including an extensive lobby and hallway renovation. Peter Vanderpool and Lazer Sternhell of Signature Realty brokered the transaction.

February 22, 2018

New York Northeast Office Top Stories

JPMorgan Chase to Build 2.5 MSF Skyscraper in Midtown Manhattan for New Headquarters

by John Nelson February 22, 2018

NEW YORK CITY — JPMorgan Chase (NYSE: JPM) plans to build a new 2.5 million-square-foot skyscraper that will replace its existing 50-story office building at 270 Park Ave. in Midtown Manhattan. The company plans to consolidate its global headquarters from various locations at the new tower, which some media outlets are reporting would rise 70 stories. “We are recommitting ourselves to New York City while also ensuring that we operate in a highly efficient and world-class environment for the 21st century,” says Jaime Dimon, chairman and CEO of JPMorgan Chase. The new headquarters building would house about 15,000 employees, replacing the existing facility that was designed in the late 1950s for about 3,500 employees. JPMorgan Chase plans to pursue LEED certification for the new facility, which would come on line in 2024 at the earliest. Most employees currently located at 270 Park Ave. would be relocated nearby during the development period. Dimon and New York City Mayor Bill de Blasio jointly announced JPMorgan Chase’s new headquarters, which would be the first major project under New York City’s Midtown East Rezoning plan that was passed last year by the New York City Council. “This is our plan for East Midtown in …

February 22, 2018

New York Northeast Office

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

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