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Equity Residential to Acquire 11-Property Multifamily Portfolio from Blackstone for $964M

by Katie Sloan

CHICAGO AND NEW YORK CITY — Equity Residential (NYSE: EQR) has agreed to acquire an 11-property apartment portfolio from Blackstone (NYSE: BX) for $964 million. The acquisition is the largest U.S. multifamily purchase by any public real estate investment trust in the past seven years, according to reports by The Wall Street Journal.  The portfolio includes four properties totaling 1,357 units in Atlanta; four properties totaling 1,237 units in the Dallas/Fort Worth metropolitan area; and three properties totaling 978 units in Denver. Further details on the communities were not disclosed.  The properties were attractive to Equity Residential — one of the largest owners of multifamily assets in the U.S. with 79,738 units across 299 properties — due to their locations in markets where the Chicago-based firm is targeting growth, as well as the properties’ appeal to high-end renters. The acquisition is expected to close in the third quarter and will include separate transactions with Blackstone Real Estate Income Trust, Blackstone Real Estate Partners and Blackstone Property Partners. Eastdil Secured, RBC Capital Markets, Santander and Sumitomo Mitsui Banking Corporation (SMBC) acted as Blackstone’s financial advisors in the transaction. Simpson Thacher & Bartlett served as Blackstone’s legal counsel. Neal Gerber & Eisenberg, Hogan …

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Leasing ActivityNew YorkNortheastOffice

Stark Office Suites Signs 11,816 SF Office Lease in Midtown Manhattan

by Taylor Williams

NEW YORK CITY — Stark Office Suites has signed an 11,816-square-foot office lease in Midtown Manhattan. The provider of executive suites and virtual workspace solutions is taking a full floor at 825 Third Avenue, a 530,000-square-foot building that recently underwent a $150 million capital improvement program. Tom Bow, Ashlea Aaron, Sayo Kamara and Bailey Caliban internally represented the landlord, The Durst Organization, in the lease negotiations. Craig Lemle and Roi Shleifer of Savills represented the tenant.

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2868-Webster-Avenue-Bronx
DevelopmentMultifamilyNew YorkNortheast

Douglaston Development Receives Financing for $190M Bronx Affordable Housing Project

by Taylor Williams

NEW YORK CITY — Douglaston Development has received financing for a $190 million affordable housing project that will be located in the Bedford Park neighborhood of the Bronx. The building at 2868 Webster Ave. will rise 12 stories and house 277 units. The financing includes $83.4 million in tax-exempt bond proceeds and $17.4 million in subsidies allocated by The New York City Housing Development Corp. The New York City Department of Housing Preservation & Development also provided a $52.6 million subsidy under its Extremely Low- and Low-Income Affordability Program. Wells Fargo provided Low-Income Housing Tax Credits as well as a letter of credit for the project. Units will come in studio, one-, two- and three-bedroom floor plans and will be reserved for households earning up to 70 percent of the area median income. Sixty units will be set aside as supportive units. The project represents the second phase of a two-phase development that also includes a 188-unit seniors housing complex that opened in fall 2023. Levine Builders, the general contracting affiliate of Douglaston Development, will build the community. Construction is expected to be complete in 2027.

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IndustrialLoansNew YorkNortheast

JLL Arranges $10M Permanent Loan for Warehouse, Distribution Building in Montgomery, New York

by Taylor Williams

MONTGOMERY, N.Y. — JLL has arranged a $10 million permanent loan for an 80,260-square-foot warehouse and distribution building in Montgomery, about 75 miles north of Manhattan. The facility at 18 Leonards Drive, which was completed earlier this year and was fully leased at the time of the loan closing, features a clear height of 36 feet, 16 loading docks, two drive-in doors and parking for 50 cars and 14 trailers. Michael Klein and Max Custer of JLL originated the fixed-rate debt on behalf of the borrower, Frassetto Cos. An undisclosed life insurance company provided the loan.

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The-Monarch-Queens
DevelopmentMultifamilyNew YorkNortheast

BRP Cos. Completes 605-Unit Multifamily Project in Queens

by Taylor Williams

NEW YORK CITY — Locally based developer BRP Cos. has completed The Monarch, a 605-unit multifamily project in the Jamaica area of Queens. The building rises 25 stories and spans 542,000 square feet. In addition to 14,000 square feet of retail space, The Monarch houses 498 one-bedroom apartments and 107-two bedroom residences, with 182 units reserved for households earning between 80 and 130 percent of the area median income. Residences are furnished with individual washers and dryers, stainless steel appliances and floor-to-ceiling windows. Amenities include indoor basketball and pickleball courts, a golf simulator, fitness center with a yoga studio, resident lounge, conference room, children’s playroom, dog run, sky lounge and multiple outdoor terraces including an amphitheater. Construction began in January 2021. Rents start at $2,330 per month for a one-bedroom apartment.

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LoansNew YorkNortheast

LoanCore Capital Provides $85M Loan for Refinancing of Queens Industrial Condo

by Taylor Williams

NEW YORK CITY — LoanCore Capital, a Connecticut-based asset management firm, has provided an $85 million loan for the refinancing of an industrial condo in the Jamaica area of Queens. The space in question comprises the first two floors of Terminal Logistics Center, a newly built, five-story facility located at 130-02 S. Conduit Ave. Max Herzog, Marko Kazanjian, Max Hulsh and Andrew Cohen of Institutional Property Advisors, a division of Marcus & Millichap, originated the loan. The borrower is a partnership between New York-based investment and development firm Triangle Equities and Goldman Sachs Urban Investment Group. Triangle Equities acquired the site in 2018, broke ground in 2020 and recapitalized the property with $61 million in equity from Goldman Sachs in spring 2023.

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Leasing ActivityNew YorkNortheastRetail

Empire Adventure Park Opens 35,572 SF Entertainment Center on Long Island

by Taylor Williams

WESTBURY, N.Y. — Empire Adventure Park, an entertainment concept that features esports, laser tag, trampolines and obstacle courses, has opened a 35,572-square-foot center in the Long Island village of Westbury. The center is situated within Samanea New York, a 750,000-square-foot shopping, dining and entertainment destination. Empire Adventure Park joins a tenant roster that includes Dave & Buster’s, The Cheesecake Factory, Bloomingdale’s Furniture Outlet, X-Golf and 99 Ranch Supermarket. Lesso Mall Development owns the property, which is now 78 percent leased.

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20-Exchange-Place-Manhattan
MultifamilyNew YorkNortheastTop Stories

Dermot Co., PGGM Acquire 57-Story Apartment Tower in Manhattan’s Financial District

by Taylor Williams

NEW YORK CITY — A partnership between locally based investment firm The Dermot Co. and Dutch pension fund PGGM has acquired 20 Exchange Place, a 57-story apartment tower in Manhattan’s Financial District, in an off-market transaction. The deal marks the seventh property acquired by this partnership. Multiple news outlets, including Crain’s New York Business and the New York Business Journal, report that the sales price was $370 million. The seller was a partnership led by DTH Capital, a New York City-based owner-operator focused on converting office buildings into residential complexes. The new ownership plans to implement a value-add program to unit interiors and amenity spaces. The property was originally constructed in 1931 as the headquarters of Citigroup’s predecessor, City Bank Farmers Trust Co. Following a multifamily conversion, which began about 20 years ago, 20 Exchange Place now features 767 apartments in studio, one- and two-bedroom floor plans. Amenities include a fitness center, coworking lounge, children’s playroom, gaming room and an outdoor terrace. Theater operator Emursive occupies the building’s ground-floor retail space. “This rare opportunity, which came to us through an existing relationship, has enabled us to acquire an iconic property at a highly attractive basis that is significantly below replacement …

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Lorimer-House-Brooklyn
LoansMultifamilyNew YorkNortheast

JLL Arranges $173M Loan for Refinancing of Brooklyn Apartment Community

by Taylor Williams

NEW YORK CITY — JLL has arranged a $173 million bridge loan for the refinancing of Lorimer House, a 270-unit apartment community located in the South Williamsburg area of Brooklyn. Designed by ODA Architecture, the eight-story, newly constructed building offers studio, one- and two-bedroom units, with private outdoor spaces available in select residences. Amenities include indoor and outdoor lounges, a fitness center, pet spa, party room, work-study lounge and a rooftop deck. Aaron Niedermayer and Ethan Stanton of JLL arranged the loan through TPG Real Estate Credit on behalf of the borrower, a joint venture between The Loketch Group, The Joyland Group and Meral Property Group.

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125-W.-57th-St.
DevelopmentNew YorkNortheastOfficeRetail

Partnership Begins Leasing 260,000 SF Office, Retail Project in Midtown Manhattan

by Taylor Williams

NEW YORK CITY — A partnership between developers Alchemy-ABR Investment Partners and Cain International has begun leasing a 260,000-square-foot speculative office and retail project located at 125 W. 57th St. in Midtown Manhattan. Designed by FXCollaborative, the 30-story building houses 180,000 square feet of office space starting on the 14th floor, with an average of 10,300 square feet of rentable space per floor. Most suites will have access to private terraces. Gensler designed the office amenity deck, which includes a conference center, tenant lounge, event space with catering facilities and private meeting rooms. Office tenant build-outs are scheduled to begin this fall, and the development team expects move-ins to begin during the first quarter of 2025. JLL is the leasing agent.

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