MELVILLE, N.Y. — A&G Realty Partners has been retained to arrange the sale of all of The Bon-Ton Stores Inc.’s assets. The retailer, which has stores and leases in 23 states, filed for Chapter 11 bankruptcy in February. Melville-based A&G will arrange the transaction on behalf of a joint venture between Great American Group LLC, Tiger Capital Group LLC and Bon-Ton’s second lien noteholders. The joint venture acquired Bon-Ton’s assets in April after submitting the winning bid to the U.S. Bankruptcy Court for the District of Delaware. The retailer’s assets include 22 fee-owned properties, seven ground leases, and 194 leased properties with a significant amount of lease term remaining. The assets include 157 department stores at regional malls, 39 locations in open-air shopping centers, 16 freestanding stores, nine furniture galleries and two clearance stores, all operating under the Bon-Ton, Boston Store, Bergner’s, Carson’s, Elder-Beerman, Herberger’s and Younkers nameplates. Most of the company’s department stores range from 80,000 to 125,000 square feet, with some as large as 200,000 square feet. In addition to the stores, A&G is marketing the sale of five office facilities and four distribution centers, including a 1.1 million-square-foot fulfillment center in West Jefferson, Ohio.
NEW YORK CITY — JD Carlisle Development Group and Fosun International have received a $350 million loan for the construction of a 66-story luxury condominium project in Manhattan’s NoMad neighborhood. The 199-unit tower will be located at 126 Madison Ave., also known as 15 East 30th St. Once known for its wholesale stores along Broadway Street, NoMad is now a hotbed for luxury condo buildings. Designed by Handel Architects, the project will span 400,408 square feet and include 4,093 square feet of retail space. Amenities will include an indoor pool, private party room, dining room, lounge, fitness center and full-time doorman. The building is slated for completion in 2021. Adam Hakim, James Murad and Andrew Ladeluca of Eastern Consolidated arranged the construction loan, which was provided by Bank of the Ozarks. Jon Mechanic, Nathaniel Lifschitz, Danielle Frank and Shelby Smith of Fried Frank acted as counsel on behalf of the developers. Other recent luxury residential developments for JD Carlisle in Manhattan include 160 Madison Ave., the Beatrice, Centria, Cielo and Morton Square. The New York-based firm was founded in 1946. In addition to 126-132 Madison Ave., Shanghai-based Fosun International owns 28 Liberty St. in Manhattan. — Kristin Hiller
NEW YORK CITY — Rosewood Realty Group has negotiated the sale of four walk-up apartment buildings in the Bronx for $7.3 million. The properties sold for 11 times the current rent roll at a 5.5 percent cap rate. The four-story buildings, which are located at 2542-2548 White Plains Road, are comprised of 24 residential units and eight retail storefronts that include a local grocery, restaurant and beauty salon. Built in 2008, the attached properties total 29,140 square feet. Rosewood Realty represented the buyer, a group of private investors, and the seller, Madison Realty Capital, in the transaction.
WHITE PLAINS, N.Y. — Avison Young has arranged a $120.3 million financing package for the acquisition and redevelopment of the Westchester Financial Center in White Plains. Bridge Investment Group provided the financing. The 571,000-square-foot office complex is located at 50 Main St. and 1-11 Martine Ave. The buyers, a joint venture of Ginsburg Development Cos. and Robert Martin Co., plan to reposition the complex as a pedestrian-friendly, mixed-use development comprised of offices, retail shops, restaurants and luxury residences. The new development will be called City Square. Mack Cali Realty Corp. sold the property. David Krasnoff of Avison Young secured the financing, which will cover the purchase price, residential conversion costs, tenant improvements, capital expenditures, closing fees and other financing costs.
NEW YORK CITY — Madison Realty Capital has provided a $35 million first mortgage loan for the development of a mixed-use project at 90-75 Sutphin Boulevard in Jamaica, Queens. The site currently houses a vacant, six-story 92,000-square-foot commercial building. The borrower, a Queens-based developer, plans to expand the property into a 19-story, 206,197-square-foot development that will include a 181-room hotel, 28,103 square feet of office space and 3,729 square feet of retail space. The loan proceeds will be used to refinance the existing debt, fund an interest reserve and cover costs. Construction on the project is expected to take place over the next 24 months.
NEW YORK CITY — Cushman & Wakefield has negotiated the sale of the Williamsburg campus of Boricua College located at 186 N 6th St. in Brooklyn for $31.1 million. The buyer was developer David Dweck. The campus consists of two adjoining lots with three brick buildings — a main school building, a gymnasium and a four-story multifamily building. All three buildings are vacant. Boricua College maintains three campuses in Manhattan at 3755 Broadway, the Bronx at 890 Washington and in Brooklyn at 9 Graham Ave. Guthrie Garvin, Brendan Maddigan, Ethan Stanton, Michael Gembecki and Alexander Ball of Cushman & Wakefield represented the seller, Boricua College, in the transaction.
NEW YORK CITY — JLL Capital Markets has arranged a $120 million floating-rate loan to refinance 130 West 42nd street, a Class A office tower with ground-floor retail in the Bryant Park neighborhood of Manhattan. The borrower was Tribeca Associates. Aaron Appel, Jonathan Schwartz, Brett Rosenberg and Adam Schwartz led the JLL team in handling the debt assignment. The 29-story office building, which was built in 1918, totals 250,000 square feet and is located within one block of 15 subway lines. Tribeca Associates spent $27 million to upgrade and renovate the property in 2015.
NEW YORK CITY — Cushman & Wakefield has arranged the sale of 238-240 East 3rd Street in Manhattan’s East Village neighborhood for $12 million. Michael F. DeCheser,Patrick Dugan, Mei Ling Wong, Andrew Berry and Bryan Hurley of Cushman & Wakefield represented the seller, Third Street Theater LLC, in the transaction. The buyer was Craftwood Partners. The property currently consists of a commercial building that houses offices, a meeting area and a large theatrical studio. The ground floor is approximately 4,500 square feet with 850 square feet on the mezzanine level and 800 square feet in the basement.
NEW YORK CITY — New York City based investment firm Angelo Gordon has raised $843 million for its second European realty fund, AG Europe Realty Fund II. The fund will seek to identify off-market investment opportunities in the United Kingdom and Western Europe. More specifically, the focus will be on distressed debt and underperforming office, retail, hotel, industrial and residential assets. Angelo Gordon’s first fund, AG Europe Realty Fund LP, closed in 2014 with approximately $570 million in commitments. Since 2009, the firm has invested in approximately $2 billion of assets across 42 transactions in Europe.
NEW YORK CITY — Marcus & Millichap has brokered the sale of 77-79 Madison Street in Manhattan, a six-story, mixed-use building, for $12 million. Barbara Dansker and Zachary Ziskin of Marcus & Millichap represented the seller, a private investor, in the transaction. The buyer was also a private investor. The building, which is located in the Two Bridges neighborhood, consists of 28 residential and four commercial units.