New York

Kimco Signs First Retail Leases for $180M Boulevard Redevelopment in New York’s Staten Island

by Nellie Day May 3, 2017

NEW YORK CITY — Kimco Realty (NYSE: KIM) has signed its first round of retail leases at The Boulevard, a $180 million lifestyle center in the Staten Island borough of New York City. The project is a redevelopment of Hylan Plaza, which has been shuttering its existing retailers over the past several months. Situated on Ebbitts Street and Hylan Boulevard, The Boulevard will feature 50 stores in a 460,000-square-foot, multi-level format. The first retailers to sign onto the project include ShopRite (68,000 square feet), Alamo Drafthouse (41,000 square feet), Party City (13,000 square feet), PetSmart (23,500 square feet) and Chase Bank (5,100 square feet). Modell’s sporting goods store and Mandee will be relocating within the center, absorbing 16,000 square feet and 11,000 square feet, respectively. Construction at the redevelopment is scheduled to commence in early summer or late fall, with a grand opening scheduled for summer 2019. Existing Hylan Plaza tenants that have shuttered in anticipation of this redevelopment include United Artist movie theater, Toys “R” Us/Babies “R” Us, the Salvation Army, Kids Place and Subway. Rainbow Shops and Telco are scheduled to close by the end of this month. S9 Architecture is designing the redevelopment to feature ground-floor retail …

May 3, 2017

Loans Multifamily New York Northeast

Greystone Provides $82.3M in Refinance, Acquisition Loans for Multifamily Properties in New York

by Haisten Willis May 2, 2017

NEW YORK CITY — Greystone has provided $82.3 million in Fannie Mae DUS loans for the refinance and acquisition of multifamily properties in Long Island and Queens. Avrom Forman of Greystone originated the loans on behalf of KRCM Astoria Portfolio Corp. and 590-600 Realty Corp. Total financing included two seven-year Fannie Mae loans with one year of interest-only payments and 30-year amortization schedules. The transactions included: The $47.6 million refinancing of Fulton Manor Apartments, a 337-unit property in Hempstead located near Hofstra and Adelphi universities. With the proceeds from the above transaction, the borrower acquired a multifamily portfolio in the Astoria neighborhood of Queens. Greystone financed three mixed-use, non-contiguous properties totaling 119 units, including retail space for $34.7 million. Prior to acquisition, the properties saw $10 million in renovations.

May 2, 2017

Loans New York Northeast Office

Houlihan-Parnes Secures $17.5M Loan for Office Property in Yorktown Heights, N.Y.

by Haisten Willis May 2, 2017

YORKTOWN HEIGHTS, N.Y. — James Houlihan of Houlihan-Parnes Realtors has secured a $17.5 million first mortgage for an office property located at 2649-2651 Strang Blvd. in Yorktown Heights. The current owners acquired the property in October 2014. The seven-year, fixed-rate loan features a 50 percent loan-to-value ratio and includes an option to extend for another five years. Elizabeth Smith of Goldberg, Weprin, Finkel, Goldstein LLP was the attorney representing the borrower at closing. The property includes two buildings consisting of 200,000 square feet along with 695 on-site parking spaces. Tenants include Putnam County Savings Bank, ENT & Allergy Associates, Mercy College and New York-Presbyterian Medical Group-Hudson Valley Hospital.

May 2, 2017

Loans New York Northeast Office

Ariel Property Advisors Arranges $1.3M Loan Closing for Office Building in Hartsdale, N.Y.

by Haisten Willis May 2, 2017

HARTSDALE, N.Y. — Ariel Property Advisors has arranged a $1.3 million loan on an office property located at 210 N. Central Ave. in Hartsdale. Ariel arranged the 4.5-year recourse loan at 4.4 percent for the 17-unit, 46,000-square-foot office property. Situated near White Plains, the building — originally an elementary school — was owned free and clear by a family and leased to Empire State College as its anchor tenant. Currently 55 percent occupied, Ariel also negotiated the option for an additional $1.6 million in proceeds once the property reaches a predetermined occupancy threshold.

May 2, 2017

Hospitality Loans New York Northeast

Silver Arch Capital Partners Secures $30.4M Acquisition Loan For Out Hotel in New York City

by Haisten Willis May 1, 2017

NEW YORK CITY — Silver Arch Capital Partners has secured a $30.4 million loan for the purchase of the Out Hotel in Midtown Manhattan. The borrower, real estate management company Merchants Hospitality, has entered a partnership with hotel and restaurant branding company Cachet Hospitality Group to rebrand the 105-room, three-story hotel as the Cachet Boutique New York. A New York-based investment firm was the lender. Playboy Enterprises has partnered with Cachet to construct a Playboy Club franchise location on the property’s ground floor. Expected to open later this year, Cachet Boutique New York will feature an open-air garden and an outdoor spa. A central feature of the hotel, the Great Lawn, will be a 2,000-square-foot indoor-outdoor wine bar and meeting space. The Eden restaurant will provide on-site dining space. The property is located on West 42nd Street between 10th and 11th avenues. The Carlton Group’s Howard Michaels and Steven Weiss represented the borrower in the transaction.

May 1, 2017

Multifamily New York Northeast

Rosewood Realty Group Secures $39M Sale of Multifamily Portfolio in NYC

by Haisten Willis April 28, 2017

NEW YORK CITY — Rosewood Realty Group has secured the $39 million sale of a six-building multifamily portfolio in the Bronx. The portfolio includes 209 rent-stabilized apartments and spans 186,520 square feet in the Mount Hope, Fordham Heights and University Heights neighborhoods. The addresses are 2442 Morris Ave.; 2226, 2322 and 2333 Loring Place N.; and 1715-1717 & 1727-1729 Walton Ave. Rosewood’s Aaron Jungreis represented the seller, Emerald Equity Group. Marcus & Millichap’s Seth Glasser, Michael Fusco, Peter Von der Ahe and Joe Koicim represented the buyer, Pistilli Realty Group, an Astoria-based investment firm led by the Pistilli family. The buildings sold for $206 per square foot.

April 28, 2017

New York Northeast Restaurant Retail

Cushman & Wakefield Brokers Sale of The Woodmere Club in Woodmere, N.Y.

by Haisten Willis April 28, 2017

WOODMERE, N.Y. — Cushman & Wakefield has brokered the sale of The Woodmere Club, a golf and country club in Woodmere, to a joint-venture real estate investment entity. Cushman & Wakefield’s metropolitan area capital markets group orchestrated the deal. Weiss Properties and 2020 Acquisitions purchased the 110-acre property, which is located at 99 Meadow Drive. The club features the original clubhouse built in 1908, 18 holes of golf, six tennis courts, a swimming pool, fitness center and several dining options.

April 28, 2017

Multifamily New York Northeast

Besen & Associates Negotiates $11.4M Acquisition of Multifamily Property in NYC

by Haisten Willis April 28, 2017

NEW YORK CITY — Besen & Associates has negotiated the $11.4 million acquisition of a multifamily property located at 24-10 through 24-20 29th St. in the Astoria neighborhood of Queens. The property includes three four-story buildings containing 27 units. There are eight two-bedroom apartments and 19 three-bedroom apartments. The buildings total 25,000 square feet on a 15,000-square-foot lot with 150 feet of street frontage. The property was built in 1935 and is located two blocks from subway lines N and Q. Greg Corbin and Aaron Kline of Besen & Associates represented the buyer in the transaction.

April 28, 2017

Loans Multifamily New York Northeast Retail

Bellwether Enterprise Secures $37M Financing for Mixed-Use Property in NYC

by Haisten Willis April 27, 2017

NEW YORK CITY — Bellwether Enterprise Real Estate Capital, the commercial and multifamily mortgage banking subsidiary of Enterprise Community Investment, has secured $37 million in financing for The Larkspur, a mixed-use property in the Central Harlem neighborhood of Manhattan. The eight-story building includes 116 apartment units along with seven ground-floor commercial spaces. Bellwether provided a fixed-rate CMBS loan with a 12-year term through Fannie Mae. The terms of the financing ensure that at least 20 percent of the units are reserved for low-income families or individuals. Jim Gillespie of Bellwether Enterprise’s New York office arranged the loan for The Lemle & Wolff Cos.

April 27, 2017

Multifamily New York Northeast Top Stories

BRP, CNY Group Break Ground on $407M Transit-Oriented Development in Queens

by John Nelson April 27, 2017

NEW YORK CITY — Developer BRP Cos. and general contractor CNY Group have broken ground on The Crossing at Jamaica Station, a $407 million, two-building development in downtown Jamaica in the Queens borough of New York City. The 669-unit affordable housing development will be situated at the Metropolitan Transit Authority’s (MTA) Jamaica Station, which features a link to AirTrain JFK, John F. Kennedy’s International Airport’s mass transit line. The Crossing will feature a 30-story high-rise located at Archer Avenue and Sutphin Boulevard between the Long Island Rail Road and three MTA subway lines. The other building will span 15 stories. FXFOWLE Architects designed both buildings to achieve LEED Silver certification. In addition to housing, the property will feature 45,000 square feet of retail and community space and 187 above-grade parking spaces. The development is part of Greater Jamaica’s revival and represents the largest private investment in downtown Jamaica in decades, according to CNY Group. Goldman Sachs provided $300 million in construction financing on behalf of BRP. The developer will also use $41.6 million in Low Income Housing Tax Credit equity and $65.2 million in tax-exempt bonds issued by the New York City Housing Development Corp. The New York City Department …

April 27, 2017

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