New York

CNY Construction Tops Out 22-Story Apartment Building in Manhattan

by Amy Works September 18, 2017

NEW YORK CITY — CNY Construction, as general contractor, has topped out 21 East 12th, a 22-story apartment building being developed by William Macklowe Co. and Goldman Sachs. Located in Manhattan’s Greenwich Village, the building will feature 51 one-, two-, three- and four-bedroom units, a residents’ lounge, fitness room and garden. Additionally, the property will feature 19,487 square feet of retail space. The project team consists of SLCE Architects and Selldorf Architects. Completion is slated for fourth quarter 2018.

September 18, 2017

Market Reports New York Northeast Northeast Market Reports Retail

Online Retailers Find Success With Omni-channel Efforts in New York City

by Taylor Williams September 18, 2017

As America’s brick-and-mortar retail sector continues to come to grips with the impact of e-commerce on its long-term future, it is worthwhile to track the progress of the growing number of retailers who have chosen to step away from a web-only platform. These retailers are establishing an omni-channel presence by setting up operations in physical stores, and many are showing signs of success. Many such retailers are choosing to set up shop along the streets of New York City, with its massive and steadily growing population and its broad demographic mix. Despite the recent, well-publicized increase in the city’s available inventory of retail space, New York City remains the preferred market to launch a brand with aspirations of building a meaningful national profile. Considering the more-youthful and trendy profile of a large proportion of online shoppers, these “adding-bricks-to-our-clicks” companies are gravitating toward New York City submarkets that deliver this coveted, younger demographic. Moreover, e-commerce players possess a ton of data profiling their customers — including their buying behavior and their browsing interests and habits — and retailers tap this intelligence when making decisions about where to locate stores as well as how they should be merchandised to best cater to …

September 18, 2017

Industrial New York Northeast

GTJ REIT Acquires 248,370 SF Industrial Building in Montgomery, New York

by Amy Works September 15, 2017

MONTGOMERY, N.Y. — GJT REIT has purchased an industrial building located at 201 Neelytown Road in Montgomery for an undisclosed price. Situated on 43 acres, the 248,370-square-foot distribution facility is leased to FedEx Ground on a 10-year term. GTJ REIT now owns 49 properties, totaling approximately 6 million square feet, in the Tri-State area. The name of the seller was not released.

September 15, 2017

Loans New York Northeast Office

Savanna Receives $100M in Construction Financing for Office Development in Manhattan

by Amy Works September 14, 2017

NEW YORK CITY — Savanna has received $100 million in construction financing for an office building development at 106 W. 56th St. in Manhattan. When completed, the 26-story property will feature 90,000 square feet of high-end office space. Designed by Perkins Eastman, the tower is slated for completion in the third quarter of 2018. Kellogg Gaines, Aaron Niedermayer and Douglas Baillie of JLL arranged the financing, which includes a senior construction loan from United Overseas Bank and mezzanine financing from Canyon Partners Real Estate.

September 14, 2017

Mixed-Use New York Northeast Office Retail

SL Green, RXR Realty to Acquire 48.7 Percent Interest in Worldwide Plaza in Manhattan

by Amy Works September 14, 2017

NEW YORK CITY — SL Green Realty Corp. has partnered with RXR Realty to acquire a 48.7 percent interest in Worldwide Plaza, a Class A mixed-use property in Midtown Manhattan. New York REIT is selling the interest and will continue to own the remaining equity with WWP Sponsor, its existing partner. Slated to close in the fourth quarter, the transaction values the asset at $1.7 billion. Developed in 1989, Worldwide Plaza consists of a 49-story, 1.8 million-square-foot office tower, a 252,000-square-foot retail building with parking garage and a large open-air plaza. Tenants at the office tower include Nomura Holdings, Cravath Swaine and Moore LLP, WebMD, WNet.org, Rubenstein and CBS Broadcasting. The retail building features a five-stage off-Broadway theater, a 475-space parking garage and TMPL, a state-of-the-art fitness gym. At the time of sale, the property was 100 percent leased.

September 14, 2017

New York Northeast Office

KABR Group Sells Office Building in White Plains, New York, for $13.7M

by Amy Works September 14, 2017

WHITE PLAINS, N.Y. — KABR Group has completed the sale of an office building located at 75 S. Broadway in downtown White Plains. Zef Perlleshi acquired the fully renovated building for $13.7 million. New York Department of Education, General Services Administration and New York Worker’s Compensation Board are tenants at the four-story building, which was 96 percent occupied at the time of sale. Multiple offers were made for the building on Ten-X Commercial’s Offer Select transaction platform. Dan Lessing of DSR Group brokered the transaction.

September 14, 2017

Loans New York Northeast Retail

Houlihan-Parnes Realtors Secures $2.1M in Refinancing for a Shopping Center in the Bronx

by Amy Works September 14, 2017

NEW YORK CITY — Houlihan-Parnes Realtors has arranged a first mortgage refinancing for a one-story strip shopping center in the Bronx. Located at 3408-3418 Boston Post Road, the property features 12,600 square feet of rentable space. Ed Graf of Houlihan-Parnes secured the loan, which features a fixed rate for five years and a 30-year amortization schedule, for the undisclosed borrower.

September 14, 2017

Affordable Housing Multifamily New York Northeast

Jonathan Rose Cos. Closes $233M Fund for Affordable Housing Preservation

by Amy Works September 13, 2017

NEW YORK CITY — Jonathan Rose Cos., a green real estate investment, development and project management firm, has closed a $233 million impact fund. The fund is the firm’s fourth institutional fund focused on acquiring and preserving affordable multifamily housing, implementing practical green strategies to reduce environmental impacts and operating costs and to fund social, educational and other services for residents. The fund closed with aggregate capital commitments of $233 million, reaching the top end of its $150 to $250 million target. Institutional investors, investment advisors and leading impact-investment managers, as well as family offices and high net-worth investors, contributed to the success of the fund. A key component of the fund’s strategy is to develop “communities of opportunities,” adding programs and facilities to properties including on-site community centers, computer-filled classrooms, health and wellness rooms, social service rooms, exercise facilities and community gardens. The programs and facilities were implemented to develop initiatives to connect residents with a range of health, education and social services. As of July 2017, the fund has deployed more than $64 million equity investments. Among the fund’s initial investments is a portfolio of more than 3,300 apartment units across 18 assets in eight states and the District …

September 13, 2017

Loans New York Northeast Retail

Ready Capital Structured Finance Closes $4.7M Loan for Retail Space in Manhattan

by Amy Works September 13, 2017

NEW YORK CITY — Ready Capital Structured Finance has closed a $4.7 million loan for a retail condo located in Manhattan’s Financial District for an undisclosed borrower. The borrower plans to renovate the ground floor and basement space of the 4,900-square-foot property and re-lease the property at market rental rates. The non-recourse, interest-only loan features a 24-month term with one extension option and flexible pre-payment. Additionally, the loan is inclusive of a facility to provide for capital expenditures, leasing costs, interest and carry reserves, as well as an equity earn out if certain performance metrics are achieved.

September 13, 2017

Multifamily New York Northeast Top Stories

Fortis Property Group Obtains $297M Construction Loan for 325,000 SF Mixed-Use Project in Brooklyn

by Nellie Day September 13, 2017

NEW YORK CITY — Fortis Property Group has received a $297 million construction loan to develop River Park, a three-building mixed-use project in the Cobble Hill neighborhood of Brooklyn. The 325,000-square-foot project will feature 172 luxury condominium units, 66,900 square feet of community space and 328 parking spaces. Fortis acquired 18 buildings on three adjacent sites that formerly housed the Long Island College Hospital (LICH) medical campus. The company purchased LICH in 2015 for $240 million from the State University of New York. Fortis financed the first phase of the acquisition with a $107.25 million bridge loan from Madison Realty Capital (MRC). The new loan proceeds from MRC will be used to retire the previous bridge loan and complete construction of the three luxury residential condominium buildings. This includes a waterfront tower at 350 Hicks St. (“1 River Park”); a high-rise condominium tower at 95 Pacific St. (“2 River Park”); and a contextual condominium building at 349 Henry St./112 Pacific St. (“5 River Park”). River Park 1, 2 and 5 will anchor the new Brooklyn Waterfront District. Rogers Partners is designing the properties. Brooklyn-based Fortis Property Group is a real estate investment, operations and development company. It has acquired, developed …

September 13, 2017

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