NEW YORK CITY — CIT Group has arranged a $45 million construction loan for a nine-story, mixed-use condominium project in the Tribeca neighborhood of Manhattan. The project will be called The Cast Iron House and will consist of 13 condominium units as well as ground-floor retail. The financing will fund the development and restoration of the property. CIT arranged financing for the borrower, 361 Broadway Associates Holdings LLC, through and undisclosed lender.
NEW YORK CITY — Natixis has provided a $30 million loan for the acquisition of a five-story self-storage facility in the Ft. Greene neighborhood of Brooklyn. The property is located at 202-208 Tillary St. Kathy Anderson and Brad Domenico of Progress Capital arranged the financing on behalf of borrowers Joy Construction and Maddd Equities. The new owners plan to continue self-storage operations while they evaluate potential redevelopment opportunities.
NEW YORK CITY — Barone Management has purchased the former Angel Guardian Home in the Dyker Heights neighborhood of Brooklyn for $37.5 million. The seller was undisclosed. The New York-based development company plans to redevelop the site into a 300,000-square-foot mixed-use project. Sixty percent of the property will be devoted to approximately 150 market-rate condos, with an additional 15 percent reserved for affordable housing. The remaining 25 percent will be split between seniors housing and an educational use. Construction is expected to begin in 2019.
WESTCHESTER COUNTY, N.Y. — KeyBank has provided a $20.2 million CMBS loan for the Westchester Self Storage Portfolio, a two-facility portfolio in Westchester County. The two properties, known as Yorktown Self Storage and Bedford Self Storage, consist of 1,235 units and total 114,216 square feet. Each property includes gated entrances, security cameras and climate-controlled units. Jacob Proctor of KeyBank arranged the non-recourse, fixed-rate financing with a 10-year interest-only period for an undisclosed borrower. The loan was used to refinance existing debt.
NEW YORK CITY — Cignature Realty Associates has brokered the $6 million sale of a five-story multifamily building on the Upper East Side of Manhattan. The 8,648-square-foot building is located at 319 E. 93rd St. and was built in 1920. The property includes 10 apartments. Christopher Skitch of Cignature Realty represented the sellers, Diana Cormack and Jonathan Bradshaw, in the transaction. Peter Vanderpool of Cignature represented the buyer, 319 East 93rd Street LLC.
WHITE PLAINS, N.Y. — The Kempner Corp. has acquired a multifamily building in downtown White Plains for $3.4 million. Located at 61 Davis Ave., the 14,032-square-foot property was built in 1941 and features 18 units and 18 parking spaces. The building includes four, two-bedroom apartments, 12, one-bedroom units and two, two-bedroom duplexes. The seller was undisclosed.
NEW YORK CITY — Avison Young has arranged the $60 million sale of a vacant development site in the DUMBO (Down Under the Manhattan Bridge Overpass) neighborhood of Brooklyn. Located at 240 Gold St., the 26,916-square-foot site most recently served as a parking lot. Vincent Carrega, Jon Epstein, Neil Helman, and Charles Kingsley of Avison Young representing the seller, 240 Gold Street Realty Holdings LLC, in the transaction. The buyer was undisclosed.
FARMINGDALE, N.Y. — Cushman & Wakefield has brokered the $15.5 million sale of Cornerstone Farmingdale, a 42-unit multifamily community in Farmingdale. Andrew Merin, David Bernhaut, Gary Gabriel, Brian Whitmer, Kevin Donner, Ryan Dowd and Michael Collins of Cushman & Wakefield represented the seller, Terwilliger & Bartone Properties, in the transaction. The buyer was Fairfield Properties. The property is located in downtown Farmingdale and offers amenities such as a rooftop terrace with a fire pit and grills, a fitness center and a clubroom with a billiards table, fireplace, and caterer’s kitchen.
NEW YORK CITY — Brookdale Senior Living Inc. (NYSE: BKD) has agreed to sell Brookdale Battery Park, an independent living community in Manhattan, for $194 million. The buyer is Chicago-based REIT Ventas Inc. (NYSE: VTR), which expects the deal to close by year’s end. The sales price includes debt and translates to an exit capitalization rate of 5 percent for Brookdale. The 14-story property features 217 units overlooking the Hudson River and offers convenient access to areas such as Tribeca, SoHo and the Financial District. Amenities include a library, arts and crafts studio and a beauty/barber shop. “The Battery Park acquisition firmly establishes Ventas as the market leader in seniors housing in the elite Manhattan market,” says Debra A. Cafaro, chairman and CEO of Ventas. “Battery Park adds an irreplaceable, well-established community to our high-quality seniors housing portfolio and is uniquely positioned to benefit from New York City’s strong demographics.” HFF represented Brookdale, will continue to operate the property following the change in ownership, in the sale. Brookdale is the largest owner and operator of seniors housing communities in the United States, managing 988 communities in 46 states as of June 30. The company is undergoing a massive restructuring after …
NEW YORK CITY — Boston-based Marcus Partners, in partnership with Dalan Management, has acquired two adjacent 12-story office buildings in Midtown Manhattan for $54.5 million. The buildings, which are located at 10-12 E. 33rd St., each contain 35,000 square feet of office space with 2,000 square feet of ground-floor retail. The properties are fully leased to a mix of tenants in industries such as technology, advertising, media and architecture. The loft-style buildings feature exposed brick, windows on three sides and provide small- to mid-size companies the opportunity to occupy an entire floor. Matthew Spiegel, Mo Beler, Glen Tolchin and Anthony Ledesma of JLL arranged the sale on behalf of the buyer. The seller was undisclosed.
