NEW YORK CITY — KeyBank Community Development Lending & Investment has provided $5.2 million acquisition financing for Grand Crossing, an affordable housing property located in Central Harlem. Built in 1910, the five-story property features five studio units, 35 two-bedroom units and 15 three-bedroom units. The undisclosed borrower plans to invest in unit upgrades, including green renovations. Tom Peloquin and John Gilmore of KeyBank arranged the financing through Freddie Mac. Paul McCormick and Matt Dzbanek of Ariel Property Advisors represented the borrower in the financing.
LONG ISLAND, N.Y. — Cushman & Wakefield has arranged the sale of a 50 percent interest in a 3.6 million-square-foot industrial portfolio in Nassau and Suffolk counties. The properties had been owned in a joint venture comprising Cammeby’s and FBE. Cammeby’s acquired the 50 percent of the portfolio owned by FBE for $135 million. The 38-building portfolio is close to 90 percent occupied. Tenants include Summit Plastics, Sam Ash, Ultimate Precision Metal, Luminance and Newsday. The portfolio offers a mix of industrial, office and research and development space. Gary Gabriel, Andrew Merin, David Bernhaut, Kyle Schmidt, Brian Whitmer and Stephen Palmese of Cushman & Wakefield brokered the transaction.
NEW YORK CITY — Barone Management, as developer and contractor, has broken ground for a speculative development located at 9-03 44th Road in Long Island City. The three-story, 100,000-square-foot building will feature office and industrial/flex space, as well as frontage on four streets and city and water views. Designed by JLS Designs, the project is slated for completion in September 2019. CBRE has been retained as the exclusive leasing agent for the project.
YONKERS, N.Y. — Redwood Realty Advisors has arranged the sale of an apartment building located in Yonkers. A family estate sold the property to an undisclosed buyer for $2.1 million. The building features 17 apartments. Michael Scrima and Thomas Gorman of Redwood Realty Advisors represented the seller in the deal.
HEMPSTEAD, N.Y. — A joint venture between Alpha Equity Group and Vasco Ventures has purchased The Clinton Pavilion, a multi-tenanted office building located at 50 Clinton St. in Hempstead. The acquisition price was not released. The buyers have a $3 million renovation planned for the 150,000-square-foot building. The renovation includes a complete makeover of the parking structure, a redesigned lobby, updated common areas, a newly landscaped building plaza, HVAC updates and a new facade design. The name of the seller was not disclosed.
NEW YORK CITY — Oxford Properties Group and Canada Pension Plan Investment Board (CPPIB) have closed on the $700 million acquisition of a 3.25-acre development site in the Hudson Square district of Manhattan’s Midtown South submarket. The historic St. John’s Terminal site, which will be redeveloped into a mixed-use project, is situated south of West Houston Street and features 600 feet of frontage along the Hudson River. The northern portion of the site was not included in the transaction and will be developed separately. The joint venture between Toronto-based Oxford and CPPIB purchased the site from Westbrook Partners and Atlas Capital Group. Oxford owns a 52.5 percent interest in this joint venture and will manage the future development, details of which will be announced in the second half of the year. CPPIB owns the remaining 47.5 percent interest in the site. The parcel includes an existing 1.3 million-square-foot structure that was built in 1934 as the rail freight terminus to New York Central Railroad’s West Side Line. In December 2016, the New York City Council approved the air rights rezoning of the site to develop up 1.7 million square feet of mixed-use space. Cushman and Wakefield’s New York Capital Markets …
NEW YORK CITY — Alpha Realty arranged the sale of a mixed-use building located at 133 W. Third St. in Manhattan’s Greenwich Village. An undisclosed buyer acquired the 6,200-square-foot property for $8.8 million, or $1,437 per square foot. The building features seven apartments and one retail space. Scott Schwartz of Alpha Realty represented the buyer, while Michael Coratolo of Coratolo Associates and Jim Mann of Friedman Roth represented the seller in the deal.
GREAT NECK, N.Y. — Nassimi Realty has acquired a retail strip center located at 25 Cuttermill Road in Great Neck for an undisclosed price. The property features approximately 11,250 square feet of retail space, including a 4,160-square-foot basement. At the time of acquisition, seven of the property’s 11 retail spaces were occupied. The name of the seller was not released.
NEW YORK CITY — Pembrook Capital Management has provided a $2.3 million second mortgage loan to finalize the construction of a mixed-use property located at 144-146 West St. in Brooklyn’s Greenpoint neighborhood. Pembrook previously closed a $6.2 million first mortgage loan for the project in March 2017. The sponsor, comprised of multiple developers, began construction on the six-story, 21,341-square-foot apartment building, with commercial space, on an infill site. The additional $2.3 million loan will fund the construction of four additional apartments, which are targeting individuals or households up to 80 percent average median income (AMI), while agreeing to restrict three additional units to 130 percent AMI. Completion is slated for this year.
WHITE PLAINS, N.Y. — Marcus & Millichap has brokered the sale of a single-tenant retail building located at 75 Mamaroneck Ave. in White Plains. A private investor sold the building to an undisclosed buyer for $2.1 million. Built in circa 1923, the building features a total of 5,300 square feet above grade and 800 square feet on the second floor. Joseph C. French Jr. and Roger Reddy Jr. of Marcus & Millichap represented the seller in the transaction.