New York

Olayan America, Chelsfield Unveil Plans for $300M Renovation of 550 Madison Avenue in Manhattan

by Katie Sloan October 31, 2017

NEW YORK CITY — Olayan America and developer Chelsfield have unveiled plans for a $300 million renovation of 550 Madison Avenue, an office tower located in Midtown Manhattan. The property — which was completed in 1984 and designed by architect Philip Johnson — was formerly known as the Sony Tower and the AT&T Building. Olayan America acquired the property in May 2016, and has tapped design firm Snøhetta for the renovation. The renovation is set to double the size of the nearby public space; create an outdoor garden; add food and retail offerings; and partially replace the building’s eye-level façade with undulating glass to allow a transparent look into the lobby, atrium and first two levels of the building. The property will also be seeking LEED Gold certification, WELL certification from the International WELL Building Institute, and Wired certification for digital infrastructure upon completion. The property will incorporate a dedicated outdoor air ventilation system, which will ensure tenants have access to a continuous supply of fresh air while consuming less energy than a typical mechanical ventilation system. The renovation is slated for completion in 2019. Lead brokers for the project are Mary Ann Tighe, Howard Fiddle and Scott Gottlieb of CBRE. Olayan …

October 31, 2017

Industrial New York Northeast Self-Storage

Sitar Realty Brokers $124.4M Acquisition of 6,272 Self-Storage Units Across the Northeast

by Amy Works October 27, 2017

SARATOGA SPRINGS, N.Y. — Sitar Realty Co. has arranged the acquisition of 6,272 self-storage units across the Northeast. Saratoga Springs-based Prime Group Acquisitions purchased the properties, which total 673,588 square feet, for $124.4 million. The properties are located in Clinton, Lindenwold, Phillipsburg and Washington, N.J.; Brookfield, Farmington, Newington and New Milford, Conn.; Boston, Hyde Park, Quakertown, Somerville and South Boston, Mass.; and Fairless Hills, Pa. Bill Sitar Jr. of Sitar Realty Co. brokered the transactions. The names of the sellers were not disclosed.

October 27, 2017

New York Northeast Office

Savanna Acquires 303,943 SF Office Building in Midtown Manhattan

by Amy Works October 25, 2017

NEW YORK CITY — Savanna has acquired an office building located at 19 W. 44th St. in Midtown Manhattan. Deka Immobilien GmbH sold the 18-story, 303,943-square-foot property for an undisclosed price. Originally constructed in 1916, the property features pre-war architecture as well as oversized loft-style windows, outdoor terraces and a historic masonry façade and entrance. Savanna plans to reposition the building through a series of cosmetic and base building capital improvements, along with a new branding campaign. Mesa West Capital provided financing for the acquisition and repositioning of the property. Russell Frahm of Mesa West Capital originated the financing, which was arranged by Lawrence Britvan, Matt Jacobs and Michael Straw of Hodges Ward Elliott. Cole Schotz PC advised Savanna in the transaction, while Colliers International represented the seller in the deal.

October 25, 2017

Industrial New York Northeast

GFI Realty Arranges $5M Sale of Industrial Property in Brooklyn

by Amy Works October 25, 2017

NEW YORK CITY — GFI Realty Services has brokered the sale of an industrial property, located at 237, 245 and 247 Kent St. in the Greenpoint section of Brooklyn. An undisclosed buyer acquired the property for $5 million. The buyer plans to use property, which comprises three contiguous parcels, as a warehouse and office facility. Sasha Berg of GFI Realty represented the undisclosed seller and buyer in the transaction.

October 25, 2017

Industrial Loans New York Northeast

Cushman & Wakefield Secures $54M in Acquisition Financing for 20-Acre Lot in the Bronx

by Amy Works October 23, 2017

NEW YORK CITY — Cushman & Wakefield has arranged $54 million in financing for Innovo Property Group and Square Mile Capital Management for the acquisition of a 20-acre lot located at 2505 Bruckner Blvd. in the Bronx. Affiliates of Pine River Capital Management provided the floating-rate financing. The lot was formerly occupied by Whitestone Cinemas. Future development plans for the property may include industrial and warehouse space. Adam Spies, Doug Harmon, Adam Doneger and Josh King of Cushman & Wakefield represented Innovo Property Group in arranging joint venture equity from an affiliate of Square Mile Capital Management. Steve Kohn, Alex Hernandez and Noble Carpenter III of Cushman & Wakefield Equity, Debt and Structured Finance arranged the financing.

October 23, 2017

Multifamily New York Northeast

Alpha Realty Facilitates $12.5M Sale of Two Multifamily Buildings in Manhattan

by Amy Works October 23, 2017

NEW YORK CITY — Alpha Realty has arranged the sale of two multifamily buildings located at 560 and 590 W. 192nd St. in the Washington Heights section of Manhattan. Lev Mavashev of Alpha Realty brokered the $12.5 million off-market transaction on behalf of the buyer and seller in the deal. 560 West 192nd Street features 31 units totaling 31,000 square feet, while 569 West 192nd Street features 29 units totaling 30,000 square feet. The names of the seller and buyer were not released.

October 23, 2017

New York Northeast Retail

Breslin Realty Development Breaks Ground for Lowe’s Home Improvement Warehouse in Yorktown, New York

by Amy Works October 23, 2017

YORKTOWN, N.Y. — Breslin Realty Development has broken ground for a Lowe’s Home Improvement Warehouse located in Yorktown. Located at 3200 Crompond Road, the 124,000-square-foot retail location will anchor a retail center that also includes three retail pads. The property is slated to open in the first quarter of 2019.

October 23, 2017

Loans Multifamily New York Northeast Seniors Housing

Greystone Provides $54.2M in Financing for Two Skilled Nursing Facilities in Queens

by Amy Works October 20, 2017

NEW YORK CITY — Greystone has provided $54.2 million in HUD-insured mortgage loans to refinance two skilled nursing facilitates in Queens. Fred Levine of Greystone’s Monsey, N.Y., office originated the two separate transactions for the borrower, SentosaCare. Greystone provided a $21.9 million loan to refinance Brookhaven Rehabilitation and Healthcare Center, a 298-bed property in the Far Rockaway neighborhood and $32.3 million in refinancing for Cypress Garden Center for Nursing and Rehabilitation, a 278-bed facility in Flushing. Both loans were 30-year self-amortizing FHA loans at low fixed rates.

October 20, 2017

Civic New York Northeast

Farmingdale State College Completes $12M Renovation of Conklin Hall Student Center

by Amy Works October 20, 2017

EAST FARMINGDALE, N.Y. — Farmingdale State College has re-opened Conklin Hall after completing a $12 million redevelopment and renovation of the building. Stalco Construction and BRB Architects transformed the two-story, 19,701-square-foot building — which was originally built as a power plant in 1914 — into a student center. The 11,115-square-foot lower level features a newspaper room, a yearbook room, a student lounge, student club offices and four private offices, while the 8,586-square-foot main level features student government offices, private offices, workstations, a common area and a reception area. The project team included Cameron Engineering & Associates, Hage Engineering, Lakhani & Jordan Engineers, and landscape architects Todd Rader and Amy Crews.

October 20, 2017

Loans Massachusetts Multifamily New York Northeast

Walker & Dunlop Arranges $29.4M in Financing for Two Multifamily Properties in Massachusetts, New York

by Amy Works October 18, 2017

PLYMOUTH, MASS., AND HUDSON, N.Y. — Walker & Dunlop has closed $29.4 million in financing for Copper Cove Valley and The Falls, two unaffiliated multifamily projects located in Plymouth and Hudson, respectively. The two loans were closed by Walker & Dunlop Commercial Property Funding. The company refinanced the existing construction loans in addition to 100 percent of the remaining construction costs needed to complete the projects. Copper Cove Village and The Falls each have less than 80 percent of construction completed and needed rescue capital to finish the projects. Geoff Smith, Kimberly Riordan and Randy Efron of Walker & Dunlop arranged the financing for the undisclosed borrowers. Upon completion, Copper Cove Village will feature 42 apartments in a mix of one- and two-bedroom layouts, and The Falls will offer 116 apartments in a mix of one-, two- and three-bedroom units.

October 18, 2017

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