New York

Madison Realty Provides $300M Construction Loan for Mixed-Use Tower in Manhattan

by Amy Works August 7, 2017

NEW YORK CITY — Madison Realty Capital has provided a $300 million construction loan for the development of a mixed-use project at 138 E. 50th St. in the Midtown East section of Manhattan. Developed by Ceruzzi Properties and SMI USA, the 72-story tower will feature 124 residential condominium units, 7,500 square feet of retail space and a 25-space parking garage. The residential units will include a mix of efficient one- to five-bedroom units, ranging from 777 square feet to 5,388 square feet. Amenities will include an indoor pool and spa, fitness center and shared work areas. Pelli Clarke Pelli Architects designed the tower’s façade, SLCE is the architect of record and AECOM/Tishman Construction is serving as general contractor. Topout is expected in November, with condominiums coming online in late 2018.

August 7, 2017

Multifamily New York Northeast

Sugar Hill Capital Partners Acquires Apartment Building in Manhattan for $41M

by Amy Works August 7, 2017

NEW YORK CITY — Sugar Hill Capital Partners has purchased a six-story multifamily building located at 200 Haven Ave. in Manhattan’s Washington Heights neighborhood. Rudd Realty Management sold the property for $41 million, or $328.55 per square foot. The 125,789-square-foot building features 95 apartment units, an indoor parking garage for 50 vehicles, laundry facilities and storage. Lazer Sternhell, Peter Vanderpool and Elan Teichman of Cignature Realty represented the buyer and seller in the deal.

August 7, 2017

Multifamily New York Northeast

Cushman & Wakefield Negotiates $26.7M Sale of Residential Property in Manhattan

by Amy Works August 7, 2017

NEW YORK CITY — Cushman & Wakefield has arranged the sale of the residential portion of 1 Coesnties Slip, as known as 66 Pearl Street, in Manhattan. An undisclosed buyer acquired the six-building multifamily asset for $26.7 million. Totaling 32,843 square feet, the property features 42 residential units. The property’s 34 free-market apartments recently underwent an extensive renovation and upgrade program. Bob Knakal, Will Suarez, Jonathan Hageman, George D’Ambrosio, Maurice Suede and Sean Rucker of Cushman & Wakefield represented the undisclosed seller in the deal.

August 7, 2017

Mixed-Use Multifamily New York Northeast Retail

Lalezarian Properties Tops Out 38-Story Mixed-Use Tower in Manhattan

by Amy Works August 4, 2017

NEW YORK CITY — Lalezarian Properties has topped out 515 West 36th Street, a mixed-use tower located on Manhattan’s West Side. Designed by Ismael Leyva Architects, the 38-story, 248,000-square-foot tower will feature 13,000 square feet of commercial retail space on the cellar level, groundfloor and third floor; parking on the second floor; a community facility on the fourth through seventh floors; and residential space, totaling 251 units, on the remaining floors. Completion is tentatively slated for spring 2018.

August 4, 2017

Mixed-Use Multifamily New York Northeast Retail

Meridian Investment Negotiates $19M Sale of Mixed-Use Property in Manhattan’s Kips Bay

by Amy Works August 4, 2017

NEW YORK CITY — Meridian Investment Sales has brokered the sale of a mixed-use property located at 240 E. 28th St. in Manhattan’s Kips Bay neighborhood. A.D. Real Estate Investors sold the property to a private buyer, managed by Sal Notaro, for $19 million. Built in 1920, the six-story building features 28 residential units and two ground-floor retail spaces. The property recently underwent a more than $1 million renovation program, which upgraded the lobby, interior hallways, laundry facilities and façade. Adam Sprung of Meridian represented the buyer and seller in the deal. Meridian Investment Sales is the commercial property sales division of Meridian Capital Group.

August 4, 2017

Market Reports New York Northeast Northeast Market Reports Retail

High-End, Specialty Retailers See More Promise in Western New York

by Taylor Williams August 2, 2017

A trend in retail activity in Western New York and the Finger Lakes Region over the past six to 12 months has been the announcement or arrival of a number of high-end or specialty retailers and restaurants. Although traditionally these retailers are more selective about the markets they enter, as they continue to grow nationally they have to expand the list of potential markets they will consider. Some of them find that the Buffalo and Rochester metropolitan areas are markets in which high-end or specialty retailers or restaurants can thrive, particularly when Upstate New York’s lower occupancy costs and lighter competition are sufficient to offset potentially lower unit volumes. Whole Foods’ much-anticipated Western New York debut will be this summer in the Northtown redevelopment project by W.S. Development in Amherst. Whole Foods has also signed a lease in Brighton, a suburb of Rochester, for a 50,000-square-foot store at Palazzo Plaza, a proposed 90,000-square-foot shopping center on Monroe Avenue at Interstate 590. The project, being developed by the Daniele Family Companies, is currently making its way through the entitlement process. In a sign of the renaissance in progress in both Downtown Buffalo and Downtown Rochester, the first-ever national brand polished steakhouse …

August 2, 2017

Mixed-Use New York Northeast Top Stories

TF Cornerstone to Develop 1.5 MSF Mixed-Use Project in Long Island

by Nellie Day August 2, 2017

NEW YORK CITY — TF Cornerstone is set to develop a 1.5 million-square-foot mixed-use development in Long Island City’s Anable Basin inlet. The $925 million, 4.5-acre project will include residential, commercial, industrial and academic spaces in the New York borough of Queens. The office portion will feature 277,500 square feet of Class A office space and 80,000 square feet of “step-up” office space for start-ups and fast-growing companies in the technology, arts, design and creative industries. Another 22,500 square feet will be dedicated to pre-built incubators for arts, technology and creative industry startups with flexible co-working spaces. The industrial portion will include nearly 100,000 square feet of light industrial space, as well as a 5,000-square-foot “fab lab” for digital fabrication and hardware prototype assembly. About 10,000 square feet will be utilized for an Arts and Technology Accelerator, which will provide education, training, incubation and economic opportunities. This accelerator was designed to forge new collaborations and businesses by merging art, technology and hardware, and to support an ecosystem for technological innovations and entrepreneurship. Another 10,000 square feet will be set aside for classroom space to foster workforce development and training in growing economic sectors, including arts, technology and advanced manufacturing industries. …

August 2, 2017

Mixed-Use Multifamily New York Northeast Office

Olshan Properties, Millhouse Properties Acquire Two-Building Apartment Complex in Manhattan for $40.1M

by Amy Works August 1, 2017

NEW YORK CITY — A joint venture between Olshan Properties and Millhouse Properties has acquired a two-building apartment complex located at 385 and 395 Fort Washington Ave. in the Washington Heights section of Manhattan. Scandinavian Homes sold the properties for $40.1 million. The properties comprise a total of 115 apartments and four office units. Michael Weiser, Barak Jacobov, Shawn Sadaghait and Yisroel Pershin of GFI Realty represented the buyer and the seller in the deal.

August 1, 2017

Industrial Loans New York Northeast

Knighthead Funding Closes $15M Acquisition Loan for Industrial Buildings in Brooklyn

by Amy Works July 31, 2017

NEW YORK CITY — Knighthead Funding has closed a $15 million first mortgage acquisition loan for three industrial buildings in the East Williamsburg section of Brooklyn. The borrower was not disclosed. The property has an existing as of right to build a residential development containing approximately 103,500 square feet. The property was acquired for $28 million.

July 31, 2017

New York Northeast Retail

NAI Long Island Brokers Three Deals Totaling $15.5M for AT&T Locations on Long Island

by Amy Works July 31, 2017

LAKE GROVE, CARLE PLACE AND VALLEY STREAM, N.Y. — NAI Long Island has brokered deals for three new corporate locations for AT&T Mobility in Lake Grove, Carle Place and Valley Stream for a total transaction value of $15.5 million. Al Centrella of NAI Long Island brokered the three transactions on behalf of AT&T Mobility. The company acquired a 4,164-square-foot retail space located at 2093 Smith Haven Plaza in Lake Grove. Matthew O’Grady of C&B Realty represented the undisclosed seller. In Carle Place, AT&T leased a 5,000-square-foot retail space at 235 Old Country Road from Jim Dalta of Park East LLC. In the third transaction, AT&T leased 4,500 square feet of retail space within Plaza at Green Acres in Valley Stream from Jeremy Isaacs of Ripco Realty in conjunction with Macerich.

July 31, 2017

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