ITHACA, N.Y. — EdR has begun construction on a new on-campus housing project at Cornell University. The Maplewood Graduate and Professional Student Housing complex will feature 872 beds in 441 units, a playground for children, a community center, study areas and Wi-Fi. The 15-acre project is set to open in August 2018 with a mix of townhouses and apartments.
NEW YORK CITY — Several new restaurants have been announced at Hudson Yards on the west side of Manhattan. Opening in late 2018, restaurants at the site will include Chef Thomas Keller’s American restaurant, a new concept from David Chang’s Momofuku, Chef Costas Spiliadis’ Greek seafood restaurant Estiatorio Milos, a brasserie concept from D&D London and an American Grill concept from Chef Michael Lomonaco. In partnership with Related Cos. and Oxford Properties Group, José Andrés’ ThinkFoodGroup will also debut a new Spanish concept.
NEW YORK CITY — Coach Inc. (NYSE: COH) has agreed to acquire Kate Spade & Co. (NYSE: KATE) for $18.50 per share in cash for a total transaction value of $2.4 billion. The acquisition is an important step in Coach’s evolution, according to Victor Luis, CEO of Coach. “Kate Spade has a truly unique and differentiated brand positioning with a broad lifestyle assortment and strong awareness among consumers, especially millennials,” says Luis. “Through this acquisition, we will create the first New York-based house of modern luxury lifestyle brands, defined by authentic, distinctive products and fashion innovation.” Coach expects the combined company to realize $50 million in savings through improved efficiencies, scale, inventory management and supply chain optimization, according to Kevin Wills, CFO of Coach. So far, the deal looks promising for Coach as shares of its stock closed at $45.20 per share on Tuesday, May 9, the highest mark since 2014. Shares of Kate Spade stock also jumped post-announcement, closing at $18.40 on Tuesday, up from $16.97 on Friday, May 5. Yesterday, Goldman Sachs raised Coach’s rating to buy from neutral. BofA Merrill Lynch is providing bridge financing to Coach for the acquisition. Coach plans to pay the $2.4 billion …
NEW YORK CITY — Eastern Consolidated has negotiated the $100 million sale of a residential development assemblage in the NoMad neighborhood of Manhattan to the Rockefeller Group. The assemblage includes 170,000 square feet across three contiguous buildings at 30-36 E. 29th St. and includes surrounding air rights. The existing buildings will be razed to make room for a ground-up condominium development with just under 100 feet of frontage on East 29th Street. Eastern Consolidated’s Brian Ezratty represented the three sellers: Extell Development, the owner of 30-32 E. 29th St.; W Brothers, the owner of 34 E. 29th St.; and 29th Street Partners LLC, the owner of 36 E. 29th St. Ezratty and Eastern Consolidated’s Ron Solarz procured the buyer, the Rockefeller Group.
NEW YORK CITY — Rosewood Realty Group has arranged the $15.3 million sale of a five-building multifamily portfolio in the Hollis neighborhood of Queens. The portfolio consists of five two-story apartment complexes with 100 apartments and 37 parking spots. The addresses are: 196-03, 196-07 and 196-11 Jamaica Ave. and 91-15 and 91-21 196th St. The portfolio totals 45,000 square feet and the buildings were built in 1950. Black Spruce Management, a Manhattan-based real estate investment/management company, was the seller. A private investor was the buyer. Rosewood’s Aaron Jungreis brokered the deal.
CHAPPAQUA, N.Y. — On behalf of a joint venture partnership between The Grossman Co. and Summit Development, CBRE has secured financing for a $68 million venture for Chappaqua Crossing, a soon-to-be-constructed retail center in Chappaqua. The 120,000-square-foot retail center will be anchored by a Whole Foods. CBRE’s Kyle Juszczyszyn, Chris Coutts, Lenny Pierce, Jeffrey Dunne and David Gavin procured the institutional joint venture equity partner in addition to securing construction financing of $44 million with M&T Bank. Along with Whole Foods, tenants will include Life Time Fitness, Pet Valu, Chase Bank, AT&T and GoHealth Urgent Care.
NEW YORK CITY — Jason Maier of Stan Johnson Co. has arranged the $10.8 million sale of a 3,962-square-foot retail property net leased to Bank of America at 6601 18th Ave. in the Bensonhurst neighborhood of Brooklyn. A private buyer utilizing a 1031 tax-deferred exchange purchased the property at a 4.2 percent cap rate. This is the second time Jason Maier and his team have sold this property, having represented the original developer in 2013 when it sold for $8.8 million.
ELMSFORD, N.Y. — Cushman & Wakefield has arranged the sale of Heritage Corporate Park, a 100-percent occupied flex/office property in Elmsford. PAG Investments acquired the 155,033-square-foot asset from an entity controlled by RNY Property Trust. Located at 80 and 100 Grasslands Road, Heritage Corporate Park sits on 8.5 acres in Westchester County’s commercial and industrial corridor. A 67,454-square-foot flex building at 100 Grasslands Road features a three-bay loading dock, 24-foot clear height, and showroom and warehouse space. It is complemented by a three-story, 87,579-square-foot office building at 80 Grasslands Road. Amenities include parking, on-site cafeteria service and a yoga and fitness studio. The property has served as the headquarters location for Amscan Inc. for more than 20 years and also serves as home to several other tenants. Cushman & Wakefield’s Andrew Merin, David Bernhaut, Gary Gabriel, Brian Whitmer, Frank DiTommaso and Al Mirin led the transaction.
WEST NEW YORK, N.J. — Marcus & Millichap has arranged the $1.9 million sale of a 3,500-square-foot net leased property in West New York. A Sleepy’s/Mattress Firm occupies the property. Michael Lombardi and Alexander Pildes of Marcus & Millichap’s New Jersey office marketed the property on behalf of the seller, a private investor. The team also secured and represented the buyer, a private investor.
SAYVILLE, N.Y. — Breslin Realty has brokered a long-term lease with Chipotle Mexican Grill at Sayville Plaza in Sayville. Chipotle will occupy 2,300 square feet of newly constructed space in a shopping center located at the northwest corner of Sunrise Highway and Johnson Avenue. Other tenants at Sayville Plaza include Kmart, Bed Bath & Beyond, OfficeMax, Babies R Us, Modell’s Sporting Goods, Old Navy, Pier 1 Imports, The Vitamin Shoppe, Chase Bank, Sprint and Panera Bread. Breslin’s Robert Delavale negotiated the transaction on behalf of the landlord.
