New York

Gebroe-Hammer Arranges $327.8M Sale of Multifamily Portfolio in New Jersey

by David Cohen June 6, 2018

HUDSON COUNTY, N.J. — Gebroe-Hammer Associates has arranged the sale of a 118-building, 2,137-unit multifamily portfolio in Hudson County. The Gateway Portfolio was separated into six packages, which sold for a total of $327.8 million. The properties are located throughout Jersey City, West New York, North Bergen, Guttenberg and Union City. Nicholas Nicolaou of Gebroe-Hammer represented the seller, a private investor, in the transaction. “The Gateway Portfolio in its entirety and as separate packages presented an extremely rare multifamily investment opportunity,” says Nicolaou. “It marked the highest concentration of for-sale stabilized assets in Hudson County ever to come to market at a time when asking rents for this apartment submarket are expected to advance upward of 6 percent over the next few years.” The largest of the six packages sold for $190.6 million and involved 67 buildings and 1,272 units in West New York, Jersey City, North Bergen and Guttenberg. The second largest package sold for $97 million and involved 35 buildings and 588 units in Jersey City. The buyer in both transactions was Optimum Holdings LLC. Rounding out the sale of the portfolio was another Jersey City deal which brought $190,000 per unit, two separate transactions in Union City …

June 6, 2018

Acquisitions Multifamily New York Northeast

Rosewood Realty Arranges $36M Sale of Apartment Building in Yonkers

by David Cohen June 6, 2018

YONKERS, N.Y. — Rosewood Realty Group has arranged the $36 million sale of a 143-unit multifamily building located at 525-527 Riverdale Ave. in Yonkers. The seven-story, 161,000-square-foot, rent-regulated building was built in 1981 and sold at a 5.3 percent capitalization rate. The property also includes 124 parking spaces and 13 storage units. Aaron Jungreis of Rosewood represented both the buyer, Emerald Equities, and the seller, 525-527 Riverdale Avenue Property LLC, in the transaction.

June 6, 2018

Development Hospitality New York Northeast

Pendry Hotels to Open First New York City Location at Manhattan West Development

by David Cohen June 6, 2018

NEW YORK CITY — Pendry Hotels, in collaboration with Brookfield Properties, will open its first New York City location at Brookfield’s Manhattan West development in the Hudson Yards district. Pendry Manhattan West will be a 164-room hotel with a restaurant, lounge and open-air terrace bar, as well as meeting and event space. Construction of the hotel is scheduled to begin during the third quarter of 2018, with an estimated completion date of 2021. Manhattan West is a 7 million-square-foot development with more than 6 million square feet of office space and 250,000 square feet of retail anchored by a 35,000-square-foot Peloton Studios location and a 60,000-square-foot Whole Foods. Pendry Manhattan West was designed by architectural firm, Skidmore, Owings & Merrill with interiors by Gachot Studios.

June 6, 2018

Features Lee & Associates New York Northeast Northeast Feature Archive

Manhattan Sees Major Growth Spurt of Service-Oriented Retailers, Says Lee & Associates’ JP Sutro

by David Cohen June 6, 2018

LAS VEGAS— Since joining Lee & Associates in the New York City office in 2012, JP Sutro has closed over $200 million in retail lease transactions. The executive managing director specializes in representing both retail landlords and tenants throughout Manhattan and Brooklyn. REBusinessOnline caught up with Sutro during the RECon show in late May to get his take on the state of the retail market in New York City. The three-day deal making and networking event is the world’s largest global gathering of retail real estate professionals and typically attracts about 37,000 registrants. REBO:Nordstrom’s first foray into New York City has begun. A three-story, 47,000-square-foot men’s store opened at 57th Street and Broadway in April. How significant is it that Nordstrom has entered the market? Sutro:It’s fantastic. All the owners I know that have property on 57th Street have been waiting for this moment. They really think they are going to see an influx of more shoppers and more retailers playing off the Nordstrom’s idea — especially when you hear of other department stores not doing so well. It’s interesting to see Nordstrom having such confidence in the market, especially 57th Street, which has historically been a very strong shopping district. …

June 6, 2018

Acquisitions Hospitality New York Northeast

MGM Resorts, MGM Growth Properties to Acquire Empire City Casino in Yonkers for $850M

by David Cohen June 4, 2018

YONKERS, N.Y. — MGM Resorts International and MGM Growth Properties LLC have announced plans to acquire the property and operations associated with the Empire City Casino’s race track and casino for $850 million. MGM Resorts will buy the property, then transfer it to its real estate subsidiary, MGM Growth Properties, and execute a sale-leaseback transaction to make MGM Resorts the tenant on the 97-acre site. The transactions are expected to close in the first quarter. MGM Resorts will pay $850 million, including the refinancing of Empire City’s outstanding debt, which is expected to be $245 million. MGM Resorts has also agreed to pay an additional $50 million if Empire City is awarded a license for live table games on or prior to Dec. 31, 2022 and MGM Resorts accepts such license by Dec. 31, 2024. Empire City serves approximately 16 million eligible gaming customers in southern New York and is located only 15 miles from Times Square in Manhattan. The casino offers gaming, dining, and entertainment as well as slots, electronic table games and live horse racing.

June 4, 2018

Acquisitions Multifamily New York Northeast

Marcus & Millichap Brokers $5.2M Sale of Apartment Community in Harlem

by David Cohen June 4, 2018

NEW YORK CITY — Marcus & Millichap has brokered the sale of 1975 Adam Clayton Powell Jr. Blvd, a 20-unit apartment community located in Harlem. The property sold for $5.2 million at a cap rate of 3.7 percent. Peter Von Der Ahe, Joe Koicim, Seth Glasser and Jacob Kahn of Marcus & Millichap represented the seller, a private investor, in the transaction. The buyer was Le Vian Properties. The 13,943-square-foot building features 37 feet of frontage on Adam Clayton Powell Jr. Blvd.

June 4, 2018

Loans Multifamily New York Northeast

Meridian Capital Arranges $4.5M Refinancing for Multifamily Property in Queens

by David Cohen June 4, 2018

NEW YORK CITY — Meridian Capital Group has arranged a $4.5 million refinancing for a 40-unit multifamily property in the Jackson Heights neighborhood of Queens. The 10-year loan, which was provided by a balance sheet lender, features a 4 percent interest rate with two years of interest-only payments followed by a 30-year amortization schedule. The borrower was undisclosed. Michael Homapour of Meridian arranged the financing. The four-story property is located on 88th Street in northwestern Queens.

June 4, 2018

Loans Mixed-Use New York Northeast

JLL Arranges $104M Refinancing for Mixed-Use Property in Brooklyn

by David Cohen June 1, 2018

NEW YORK CITY — JLL has arranged a $104 million loan to refinance Redbridge, an 85,000-square-foot mixed-use residential and retail property in the Williamsburg neighborhood of Brooklyn. The property is located at 237–241 Bedford Ave., 160–164 North 4th St. and 159–173 North 3rd St. Retail tenants at Redbridge include Sephora, Alo Yoga, Flywheel, by Chloe, Dig Inn, Sweetgreen and UVA Wines. JLL worked on behalf of RedSky Capital, JZ Capital Partners and Waterbridge Capital to place the loan with JP Morgan Chase & Co. RedSky Capital acquired the portfolio in 2012. The portfolio also includes 20,000 square feet of retail space at 247 Bedford Ave., which is currently occupied by Apple Inc. and The Corcoran Group.

June 1, 2018

Development Multifamily New York Northeast Seniors Housing

WinnDevelopment Officially Opens Active Adult Community in Rochester, New York

by David Cohen June 1, 2018

ROCHESTER, N.Y. — WinnDevelopment has officially opened The Landmark at Sibley Square, an active adult community located at 250 East Main St. in Rochester. Designed for active residents 55 and older, the units are located on floors 7 and 8 of the 1.1 million-square-foot building. The Landmark features one- and two-bedroom units with amenities that include a 24-hour fitness center, community space with a kitchen and living room, a library and a dog park. The opening of The Landmark follows the completion of the 104-unit Spectra at Sibley Square apartments on floors 9-12 of the building. Floors 3-5 have recently been approved for workforce housing with construction scheduled to begin later this year.

June 1, 2018

Acquisitions Industrial New York Northeast

Marcus & Millichap Brokers $6.6M Sale of Warehouse in West Side Manhattan

by David Cohen June 1, 2018

NEW YORK CITY — Marcus & Millichap has brokered the $6.6 million sale of 621 West 55th St., a two-story warehouse on the west side of Manhattan. John J. Stewart, James O’Leary and Nicholas Biedron of Marcus & Millichap represented the seller, a private investor, in the transaction. The buyer was also a private investor. The 5,966-square-foot property measures 30 feet by 100 feet and is located less than a block from the West Side Highway.

June 1, 2018

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