New York

Avison Young Arranges $31.5M Refinancing for Apartment Community in White Plains

by David Cohen August 2, 2018

WHITE PLAINS, N.Y. — Avison Young has arranged a $31.5 million refinancing for The Metro, a 124-unit apartment community in White Plains. The 12-story property is located in downtown White Plains at 34 S. Lexington Ave. David Krasnoff and Ryan Flannery of Avison Young arranged the financing package on behalf of the owner, Ginsburg Development Cos., a private real estate developer. The lender was undisclosed. Ginsburg recently acquired two buildings on the same block as The Metro and is currently redeveloping the area into a new project called City Square, which will include retail, office and residential space.

August 2, 2018

Acquisitions Multifamily New York Northeast

Dane Real Estate Negotiates $17M Sale of Two-Building Multifamily Portfolio in Harlem

by David Cohen August 1, 2018

NEW YORK CITY — Dane Real Estate has negotiated the $17 million sale of the Paul Robeson Houses, a two-building residential portfolio located in Central Harlem. The Paul Robeson Houses are comprised of two residential buildings with a total of 80 residential units. The buildings are both Section 8 properties. Dane Real Estate represented the undisclosed seller in the transaction. LIHC Investment Group purchased the portfolio.

August 1, 2018

Acquisitions Industrial New York Northeast

TerraCRG Arranges $8.5M Sale of Industrial Facility in Brooklyn

by David Cohen July 31, 2018

NEW YORK CITY — TerraCRG has arranged the sale of a 55,000-square-foot industrial facility in the Brownsville neighborhood of Brooklyn. The property sold for $8.5 million, or $155 per square foot. Ofer Cohen, Dan Marks, and Mike Hernandez of TerraCRG represented the seller, Joseph Robles, in the transaction. The buyer was undisclosed. The building features open layouts with two drive-in doors and 13-foot ceilings on both levels as well as 290 feet of frontage on Osborn Street.

July 31, 2018

Acquisitions Multifamily New York Northeast

Cushman & Wakefield Negotiates $1.6M Sale of Three-Story Multifamily Building in Queens

by David Cohen July 31, 2018

NEW YORK CITY — Cushman & Wakefield has negotiated the $1.6 million sale of a multifamily building in the Jackson Heights neighborhood of Queens. Stephen R. Preuss, Denise Prevete and Kevin Louie of Cushman & Wakefield represented the seller, Tina M. Ng & Katherine Y. Ng, in the transaction. The buyer was Harry Otterman. Located at 35-15 72nd St., the three-story property consists of six units. Recent upgrades to the building include an updated roof, and boiler within the past four years.

July 31, 2018

Hospitality Loans New York Northeast

Madison Realty Provides $38M Construction Loan for Hotel Development in Manhattan

by David Cohen July 30, 2018

NEW YORK CITY — Madison Realty Capital has provided a $38 million construction loan for the development of a new hotel in Midtown, Manhattan. The borrower, McSam Hotel Group led by New York developer Sam Chang, is currently constructing a 106,827-square-foot, 28-story building that will feature a 320-key Radisson hotel upon completion. Loan proceeds will be used to finalize construction of the building. The ground-up development is slated for completion in the next 12 months. Terms of the loan were not disclosed.

July 30, 2018

Development Multifamily New York Northeast Seniors Housing

Rochester Management Plans Modernization of Seniors Housing Community in Rochester

by David Cohen July 30, 2018

ROCHESTER, N.Y. — The Rochester City Council has approved the renovation plans for Cobbs Hill Village, an affordable seniors housing community in Rochester. The approval was the last step before Rochester Management can begin work on the project. The modernization project will replace several existing structures at the property, which has served as affordable seniors housing since 1957. The new apartments will feature full-size appliances and energy-efficient HVAC systems. Amenities at the community will feature laundry rooms, a fitness center, computer lab and indoor community space accessible to those with mobility issues. Construction, expected to begin later this year, will take place in three phases, allowing current residents to move directly from existing units into newly constructed homes. All 104 units are reserved for persons over the age of 55 with maximum incomes ranging from 30 percent of area median income ($15,550) to 80 percent of area median income ($41,450).

July 30, 2018

Acquisitions New York Northeast Retail

Cushman & Wakefield Arranges $3M Sale of Retail Building in Brooklyn

by David Cohen July 30, 2018

NEW YORK CITY — Cushman & Wakefield has arranged the sale of a 2,919-square-foot retail building in the Bensonhurst neighborhood of Brooklyn. The two-story property sold for $3 million or $1,028 per square foot. Jeffrey A. Shalom of Cushman & Wakefield represented the undisclosed seller in the transaction. The buyer was a private investor. The entire building is currently leased through August 2019 to Free Time Hangout, a Cantonese restaurant.

July 30, 2018

Acquisitions Mixed-Use New York Northeast

RD Management, Yassky Properties Acquire Mixed-Use Building in Brooklyn for $4.1M

by David Cohen July 27, 2018

NEW YORK CITY — RD Management and partner Yassky Properties have acquired a 6,316-square-foot mixed-use building located at 55 5th Ave. in Brooklyn for $4.1 million. The seller was Burke Leighton Asset Management. The four-story building was built in 1920 and includes six apartments and a 1,390-square-foot, ground-level retail space that is currently vacant. Yassky will manage the property.

July 27, 2018

Leasing Activity New York Northeast Office

Fisher Brothers Signs Deluxe Financial Services to 21,000 SF Lease in Manhattan

by David Cohen July 27, 2018

NEW YORK CITY — Fisher Brothers has signed Deluxe Financial Services to a 21,229-square-foot lease at 605 Third Ave., a 1.1 million square-foot office tower in Manhattan. The financial services provider will occupy the entire 37th floor of the building. Ryan Tibbits and Harry Krausman of Cushman & Wakefield represented Deluxe Financial Services in the transaction. Since completing a $25 million capital improvement program at 605 Third Ave., Fisher Brothers has executed 280,000 square feet of leases at the tower. Originally built by Fisher Brothers in 1963, the 44-story building is certified LEED Gold by the U.S. Green Building Council with a tenant roster that includes Univision, AECOM, David Hutcher & Citron LLP and the United Nations Population Fund.

July 27, 2018

Loans Multifamily New York Northeast

Mission Capital Secures $21M Acquisition, Construction Loan for Condo Conversion in Chelsea

by David Cohen July 26, 2018

NEW YORK CITY — Mission Capital Advisors has secured $21 million in non-recourse acquisition and construction financing for a luxury, six-unit condo conversion in the Chelsea neighborhood of Manhattan. Located at 214-216 W. 15th St., the property is a former nursery school. Once completed, the residences will feature 10-foot ceilings, private balconies, and modern kitchens. Raymond Salameh, Ari Hirt, Steven Buchwald, and Lexington Henn of Mission Capital represented developer Holliswood Development in securing financing from a Philadelphia-based debt fund. Terms of the financing were not disclosed.

July 26, 2018

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