New York

Madison Capital Arranges $85M Refinancing for Retail Property in Times Square

by David Cohen August 7, 2018

NEW YORK CITY — Madison Capital has arranged $85 million in refinancing for a 7,547-square-foot retail property in Manhattan’s Times Square District. Located at 1657 Broadway, the property is currently leased to McDonald’s Corp. and Starbucks. Madison Capital represented the undisclosed landlord in arranging a 10-year, interest-only loan with Aareal Capital Corp. The Starbucks lease covers approximately 2,830 square feet while the McDonald’s lease covers about 4,717 square feet. Both tenants recently signed 10-year, corporate leases.

August 7, 2018

Acquisitions Multifamily New York Northeast

Rosewood Realty Negotiates $50M Sale of Apartment Building in Coney Island

by David Cohen August 7, 2018

NEW YORK CITY — Rosewood Realty has negotiated the $50 million sale of a 250-unit apartment building in the Coney Island neighborhood of Brooklyn. Located at 2911 West 36th St., the 20-story building spans 229,865 square feet and also includes five retail units. Aaron Jungreis of Rosewood Realty represented both the buyer, Spencer Equity, and the seller, Orbach Group, in the transaction. The building is part of the federal government’s Section 8 Housing program and is under a 20-year contract with the Department of Housing and Urban Development (HUD), which ends in 2034. The deal was approved by HUD and the city’s Department of Housing Preservation and Development.

August 7, 2018

Acquisitions Multifamily New York Northeast

Sinatra & Co., Windsor Capital Acquire Multifamily Community in Syracuse for $58.5M

by David Cohen August 7, 2018

SYRACUSE, N.Y. — Sinatra & Co Real Estate and Windsor Capital Group have acquired the Nob Hill Apartments, a 761-unit multifamily community in Syracuse. The joint venture purchased the property, which is located at 101 Lafayette Road, for $58.5 million. The seller was undisclosed. A team from Pyramid Brokerage and Cushman & Wakefield brokered the transaction. Situated on 27 acres, Nob Hill Apartments consists of four mid-rise apartment buildings, a clubhouse and an indoor parking garage. Amenities include a fitness center, clubroom and outdoor swimming pool with large sun deck.

August 7, 2018

Loans New York Northeast

Eastern Union Arranges $110M Refinancing for Mixed-Use Development in Brooklyn

by David Cohen August 6, 2018

NEW YORK CITY — Eastern Union has arranged a $110 million refinancing for a three-phase, mixed-use development in the Bushwick neighborhood of Brooklyn. The development consists of 869-871 Bushwick Ave., a three-building complex that was completed in 2015; 889 Bushwick Ave., a 56-unit apartment building; and 340 Evergreen Ave., a 168-unit apartment building with 112 parking spaces. Eastern Union represented the undisclosed borrower in securing funds through Benefit Street Partners Realty Trust. The loan includes funds to complete the last phase of construction.

August 6, 2018

Loans Mixed-Use New York Northeast

Meridian Capital Secures $19.2M Refinancing for Industrial, Mixed-Use Portfolio in Long Island

by David Cohen August 6, 2018

LONG ISLAND, N.Y. — Meridian Capital Group has secured a $19.2 million refinancing for a portfolio comprised of industrial, mixed-use, and retail properties in Long Island. Bryan Kallenberg of Meridian arranged the seven-year loan, provided by a balance sheet lender to the borrower, Sanders Equities. The loan terms included a fixed interest rate of four percent and a 30-year amortization schedule. Located in Long Island’s Nassau County, the portfolio consists of six industrial, one mixed-use, and one retail property. Tenants include Wine.com, Sprint, Cintas, and Nassau Candy.

August 6, 2018

Acquisitions Hospitality New York Northeast

Wright Investments Acquires 92-Room Hotel North Woods in Lake Placid

by David Cohen August 6, 2018

LAKE PLACID, N.Y. — Wright Investments has acquired the Hotel North Woods, a six-story, 92-room hotel in Lake Placid. The sales price was undisclosed. The hotel is located at 2520 Main St., approximately two miles from Lake Placid Airport. It is located near area attractions such as the Olympic Center, Whiteface Mountain, U.S. Olympic Museum, High Falls Gorge, and X-Country Ski Center. Marcus & Millichap represented both Wright Investments and the seller, a private real estate investment group.

August 6, 2018

Loans Multifamily New York Northeast Top Stories

Extell Receives $530M in Financing for 68-Story Residential Condo Development in Brooklyn

by Taylor Williams August 6, 2018

NEW YORK CITY — New York-based Extell Development Co. has received $530 million in financing for the development of Brooklyn Point, a 68-story residential condo tower under construction in Brooklyn. The property is located within City Point, a development featuring 600,000 square feet of dining and retail. The financing consists of a $425 million senior construction loan, led by M&T Bank, and a $105 million mezzanine loan from New York-based RXR Realty. Designed by Kohn Pedersen Fox, the building will offer studio, one-, two- and three-bedroom units for sale. The property will feature 40,000 square feet of amenities, including rooftop and indoor pools, a fitness center, cocktail lounge, chef’s demonstration kitchen, game room, rock climbing wall, children’s playroom and screening/performance room. The ninth floor will offer a landscaped terrace with a putting green, fire pit and bar. “We were overwhelmed with interest in the building as soon as we opened the doors to our sales gallery,” says Ari Alowan Goldstein, senior vice president at Extell Development Co. “Our strong sales velocity is an indicator of pent-up demand for high-quality ownership opportunities in this extremely desirable neighborhood.” Pricing for studio to three-bedroom residences will start at $850,000. Purchasers will benefit from …

August 6, 2018

Acquisitions Multifamily New York Northeast

Marcus & Millichap Brokers $45M Sale of Multifamily Portfolio in White Plains

by David Cohen August 3, 2018

WHITE PLAINS, N.Y. — Marcus & Millichap has brokered the $45 million sale of a 104-unit, three-building multifamily portfolio in White Plains. The portfolio includes The Dylan, a four-story apartment building located at 42 Waller Ave.; La Gianna, a five-story property located at 10 Dekalb Ave.; and The Reed, a three-story property located at 115 N. Broadway. Amenities at the recently built apartment communities include modern finishes, programmable thermostat control, hardwood floors and a washer and dryer in each unit. Marcus & Millichap represented the sellers, Manhattan-based residential development company the Daten Group and development partner Lighthouse Living. The buyer is a Westchester-based developer.

August 3, 2018

Industrial Loans New York Northeast

MLK Real Estate Capital Secures $15M Bridge Loan for Industrial Property in Syracuse

by David Cohen August 3, 2018

SYRACUSE, N.Y. — MLK Real Estate Capital has secured a $15 million bridge loan for the recapitalization of a 1 million-square-foot, 90-acre industrial property in Syracuse. Ryan Goldstein of MLK represented the borrower, a family office and local operator in securing funding through an undisclosed lender. The borrower intends to use the loan proceeds to recapitalize equity in the deal and fund additional capital improvements and tenant improvements. The improvements will enable the borrowers to restructure in-place leases, attract new tenants to the property and build new structures on undeveloped areas of the property.

August 3, 2018

Acquisitions Hospitality New York Northeast

HFF Negotiates Sale of 216-Room Hampton Inn Hotel at JFK Airport

by David Cohen August 3, 2018

NEW YORK CITY — HFF has negotiated the sale of the Hampton Inn NY-JFK, a 216-room hotel near John F. Kennedy Airport in New York. Completed in 2001, the 13-story hotel underwent renovations in 2015 and features 1,250 square feet of meeting space as well as a fitness center. HFF represented the undisclosed seller in the transaction and arranged a three-year, floating-rate acquisition loan for the buyer, which was also undisclosed.

August 3, 2018

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