NEW YORK CITY — Investcorp has invested in two office buildings in Manhattan’s Garment District for a total purchase price of $156 million. Located at 229 W. 36th St. and 256 W. 38th St., the properties are fully leased to a diverse roster of more than 20 long-term tenants. Combined the properties offer approximately 267,000 square feet of office space. As part of the transaction, Investcorp has entered into a joint venture with Brickman, a New York-based owner/operator. Brickman maintains a joint venture investment in the properties and will serve as the leasing and management agent.
NEW YORK CITY — CBRE has arranged the sale of a multifamily property located at 1654 Monroe Ave. in the Bronx. A private investment company sold the property to an undisclosed buyer for $7.7 million in a multi-faceted transaction. The six-story building features 50 apartment units. Fully occupied at the time of sale, the property recently underwent major renovations and rehabilitation as part of the New York City 8A program. Elli Klapper, Charles Berger and Jay Gelbtuch of the CBRE Tri-State Investment Properties team represented the seller in the transaction. The proceeds of the 1031 exchange sale were applied to the acquisition of two retail properties in Austin, Texas, and Wauchula, Fla.
NEW YORK CITY — Greystone Bassuk has secured a $217.5 million loan for an affiliate of The Gotham Organization for the refinancing of The Ashland, a 53-story multifamily tower located at 250 Ashland Place in Brooklyn. The 30-year, fixed-rate loan was originated by Wells Fargo Multifamily Capital and securitized through Fannie Mae’s multifamily Mortgage-Backed Securities program. Greystone Bassuk served as exclusive advisor on the transaction. Designed by SPAN Architects, the 547,000-square-foot property features 586 mixed-income apartment units, 11,500 square feet of cultural office space and 17,000 square feet of retail space, which is occupied by Gotham Market. On-site amenities include a fitness studio, outdoor fitness area, outdoor screening area, multiple indoor lounges, playroom and stroller/bicycle room.
NEW YORK CITY — Greystone Bassuk has secured a $103 million construction loan with Bank of China for an affiliate of The Moinian Group. The borrower will use the loan to construct 572 11th Avenue, a 13-story apartment building located in Manhattan. Designed by CetraRuddy, the 185,000-square-foot building will feature 164 apartment units over 25,000 square feet of street-level and below-grade retail space. Additionally, 46 of the apartments will be set aside for low- and moderate-income households pursuant to the new 421-a Program and the New York City Department of Housing Preservation and Development’s Inclusionary Housing Program.
NEW YORK CITY — Clipper Realty has purchased an apartment building located at 10 W. 65th St. on Manhattan’s Upper West Side. Touro sold the property for $79 million, or $585 per square foot. The 82,230-square-foot building features 82 apartments and 53,000 square feet of air rights. New York Community Bank provided Clipper Realty with a $34.5 million, 10-year loan for the acquisition of the property. Aaron Jungreis and Devin Cohen of Rosewood Realty Group represented the buyer and the seller in the transaction.
NEW YORK CITY — Silverback Development has secured a $43.1 million loan to facilitate construction for 67 Livingston Street, a condominium development in the heart of Brooklyn Heights. Melody Business Finance provided the financing for the project, which includes the conversion of a former student housing dormitory into a residential condo building. Situated on a 3,404-square-foot lot on Livingston Street, the 29-story building will feature full-floor residences with outdoor spaces and panoramic views of the Manhattan skyline, the Brooklyn and Manhattan bridges and the Statue of Liberty.
NEW YORK CITY — Cove Property Group and an institutional partner have received $479 million in construction financing for Hudson Commons, a 701,364-square-foot trophy office building in the Hudson Yards/Penn Plaza submarket of Manhattan. The 25-story building is located at 441 Ninth Ave. between 34th and 35th streets. Hudson Commons will comprise a 17-story structure atop an existing eight-story building. The development will feature 14 private terraces and balconies and onsite basement parking for up to 140 vehicles. The design will incorporate varied floor plans with high ceilings, as well as sustainable elements, such as terraces and green roofs. Kohn Pedersen Fox is designing Hudson Commons. The new building will be equidistant between Penn Station and the new 7 Train extension that services Hudson Yards. It will also feature access to the Port Authority and Lincoln Tunnel. Cove Property Group purchased the asset in December 2016 for $330 million. EmblemHealth had owned the existing 423,000-square-foot building since 1994. The structure was originally built as a warehouse in 1962 before it was converted to office space in 1983. Loan proceeds will reposition and redevelop the asset into a Class A office tower with full-block frontage along Ninth Avenue. The project is …
NEW YORK CITY — Cushman & Wakefield has negotiated the sale of an apartment building located at 110 W. 69th St. on Manhattan’s Upper West Side. A private family owner sold the building to an Upper West Side investor for $28.9 million. The nine-story, 30,159-square-foot building features 36 apartments, 27 of which are free-market or vacant. Paul Smadbeck, Hall Oster, Teddy Galligan, Conrad Martin and Bryan Smadbeck of Cushman & Wakefield represented the seller and buyer in the transaction.
NEW YORK — The Moinian Group has broken ground on 3 Hudson Boulevard, a planned 53-story, 2 million-square-foot office tower located within the 60-acre Hudson Yards district on Manhattan’s far west side. The New York-based developer, which owns, manages and has in development more than 4 million square feet of commercial and residential real estate holdings throughout Manhattan, expects to deliver the Class A building by 2021. The property will occupy an entire block between 11th Avenue and Hudson Boulevard Park from West 34th to West 35th streets. The building offers convenient access to the No. 7 subway extension. The Metropolitan Transit Authority (MTA) recently completed infrastructural work on that site, opening the door for construction to begin. Designed by Dan Kaplan of architecture firm FXFOWLE, the property will feature a multi-tiered lobby anchored by 50,000-square-foot floorplates, as well as 12,600 square feet of retail space with multiple entrances. Individual floors within the building will average about 40,000 square feet each, and feature 10-foot ceiling heights, 5-foot window modules and column-free corners that allow for more open spaces. Floor-to-ceiling glass arrangements will provide for ample natural light throughout the building. The rooftop will offer an entertainment space, outdoor terrace and …
POUGHKEEPSIE, HOPEWELL JUNCTION AND MIDDLETOWN, N.Y. — Houlihan-Parnes Realtors has secured the placement of $50 million in first mortgages for four garden-style apartment properties located in New York. Totaling 657 residences, the properties are located at 510 Maloney Road in Poughkeepsie, 228 Route 376 in Hopewell Junction and 644 Silverlake-Scotchtown Road and 100-700 Stratford Lane in Middletown. The loans feature a 4.04 percent fixed rate with interest-only payments for a 10-year term. Robert Tiburzi Jr. and James Coleman of Houlihan-Parnes arranged the financing. Elizabeth Smith of Goldberg Weprin Finkel Goldstein LLP represented the undisclosed borrower in financing.