NEW YORK CITY — Urban View Development has received $10.2 million in construction loans for two ground-up condominium developments in Brooklyn’s East Bushwick neighborhood. SKW Funding provided the loans, $5 million and $5.2 million, for the two projects at 301 Covert St. and 1229 Putnam Ave. Urban View Development plans to construct 38 condominium units, 19 at each site, which are currently vacant lots. Each project will offer 17 one-bedroom units and two two-bedroom units, with prices ranging from $470,000 to the mid-$700,000s. Menelik Tefera of SKW Funding originated and the led the due diligence and execution of the loans.
NEW YORK CITY — Marcus & Millichap has arranged the $20.5 million sale of 30-58 34th St. and 30-64 34th St., a pair of five-story apartment buildings totaling 70 units in the Astoria neighborhood of Queens. The sales price equates to almost $293,000 per unit. Peter Von Der Ahe, Joe Koicim, Shaun Riney, Noah Kossoff and Dylan Walsh of Marcus & Millichap represented the seller, Takis Tsagronis, and procured the buyer, Urban American. Located near the 30th Avenue subway station, the properties total 49,600 square feet and feature 48 one-bedroom units, 16 two-bedroom units and six three-bedroom units.
NEW YORK CITY — Construction has begun on Hotel Indigo, a brand of the InterContinental Hotels Group, at 8-10 Maiden Lane in the Financial District of Manhattan. Designed by Gene Kaufman Architect (GKA), the 90,000-square-foot hotel will include 24 stories and 190 rooms as well as a ground-floor restaurant and rooftop bar.
NEW YORK CITY — The Style, a pair of condominiums designed by Gene Kaufman Architect (GKA) and originally slated for delivery last summer, are now open at 51 E. 131st St. and 48 East 132nd St. in the East Harlem neighborhood of Manhattan. The Fane Organization was the developer for both properties. Located on a single parcel of land, the structures surround a 1,900-square-foot courtyard with trees, benches and tables. The 8,300-square-foot property at 51 E. 131st St. spans six stories and 12 units, while an adjacent 13,000-square-foot building spans seven stories and 19 units. The units in both structures are a mix of studios and one- and two-bedroom apartments. Amenities at The Style include a fitness center, recreation space and indoor bike storage. Pitchon Design Group handled interior design responsibilities.
NEW YORK CITY — SCG Retail, a division of The Shopping Center Group, has arranged the lease of a new location for Quality Eats at 3 E. 28th St. in Manhattan. Quality Eats is a steakhouse concept owned by Quality Branded Restaurants. The 5,000-square-foot location is expected to open late this year. Allan Stillman and Michael Stillman founded Quality Branded Restaurants, formerly known as Fourth Wall Restaurant Group, in 2007. The first location for Quality Eats opened more than a year ago in Greenwich Village. The restaurant recently signed a lease for a second Manhattan location on the Upper East Side at 1496 Second Ave. Brandon Berger and Jackie Totolo of RKF represented the landlord, Winter Properties, while Taryn Brandes of SCG Retail represented the tenant in the transaction.
MELVILLE, N.Y. — A&G Realty Partners has launched a division focused on maximizing the value of real estate assets and leases in non-retail sectors. The formal launch of the non-retail properties division follows several years in which A&G worked to broaden its reach to sectors including office, industrial, higher education and multifamily.
NEW YORK CITY — A partnership between Ivanhoé Cambridge and Callahan Capital Properties has acquired 85 Broad Street, a 1.1 million-square-foot office tower located in Manhattan’s Financial District, for $650 million. The 30-story tower recently underwent a capital improvement program, which included the renovation of existing amenities and the addition of new building services. The property amenities include a 14,000-square-foot wellness center with a yoga room, Le Pain Quotidien restaurant, a 125-seat tenant cafeteria, conference center and bike room. “We are proud to acquire such a high-quality, marquee property,” says Arthur Lloyd, president of Ivanhoé Cambridge. “85 Broad Street features state-of-the-art building services and amenities and appeals to both traditional and TAMI users. This acquisition expands our footprint, and brings our New York office portfolio to more than 6.7 million square feet.” Office tenants at the tower include Oppenheimer & Co., WeWork, PureFunds, MSQ Ventures and Nielsen. Goldman Sachs originally built the tower to serve as its headquarters in the 1980s, according to reports by Bloomberg. The company moved to 200 West St. in 2010. Montreal-based Ivanhoé Cambridge invests in properties and real estate companies in select cities around the world. Through subsidiaries and partnerships, the company holds interests in …
NEW YORK CITY — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has arranged the $72.9 million sale of a multifamily portfolio in New York City. The portfolio includes 17 buildings containing 194 residential units and five commercial spaces in central and northern Brooklyn. IPA’s Peter Von Der Ahe, Joe Koicim, Shaun Riney, Daniel Greenblatt and Thomas Shihadeh represented the seller, a private investor, and procured the buyer, a real estate fund. Located in Brooklyn’s Prospect Heights, Crown Heights, Williamsburg and Bedford-Stuyvesant neighborhoods, the portfolio includes 167,668 square feet. The properties are located at 874 Bergen St., 942 Bergen St., 267 Clifton Place, 1400 Dean St., 135 Devoe St., 147 Grand St., 95 Kingston Ave., 403 Macon St., 244 New York Ave., 585 Park Place, 306 Prospect Place, 299 Putnam Ave., 303 Putnam Ave., 927 Putnam Ave., 931 Putnam Ave., 701 Saint Marks Ave. and 276 Throop Ave.
NEW YORK CITY — Zeev Douek of Q10 New York Realty Advisors, an affiliate of Houlihan-Parnes Realtors, has secured $29.3 million in financing for two apartment buildings in the Queens borough of New York City. The buildings include a total of 240 units with a unit mix of studios and one- and two-bedroom units. Both loans were placed with a New York-based bank. The five-year, fixed-rate loans provided for a cash-out refinancing of $6 million.
WHITE PLAINS, NEW YORK — CBRE has arranged a 101,000-square-foot office lease for Sumitomo Mitsui Banking Corp. at 1 N. Lexington Ave. in White Plains. Sumitomo is a Japanese banking and financial services company headquartered in Tokyo. The company signed a 13-year lease at the office complex. CBRE’s William Cuddy Jr. and Jacqueline Novotny represented the landlord, Gateway One Group, in the transaction. Williams Peters, Derek Trulson, Robert Ageloff and Paul Tortora of Jones Lang LaSalle acted on behalf of Sumitomo.