New York

PCCP Provides $66M Loan for 105-Unit Multifamily Property in Midtown Manhattan

by Amy Works February 3, 2017

NEW YORK CITY — PCCP has provided a $66 million senior loan to Coral Realty for the recapitalization and lease-up of Theater House, a newly developed apartment tower located at 237 E. 34th St. in the Kips Bay submarket of Midtown Manhattan. The 25-story property is 99 percent complete with move-in slated for March. Theater House features 105 units in studio, one- and two-bedroom layouts, 7,000 square feet of indoor and outdoor communal space, a 24/7 gym facility and a 24/7 doorman. Coral Realty is a privately owned real estate firm focused on developing residential units in New York City and Florida.

February 3, 2017

New York Northeast Office

Royal Bank of Canada Renews 400,000 SF Office Lease in Lower Manhattan

by Amy Works February 2, 2017

NEW YORK CITY — Royal Bank of Canada has renewed its 400,000-square-foot lease of office space at 200 Vesey Street at Brookfield Place New York in Lower Manhattan. RBC Capital Markets, the corporate and investment banking arm of Royal Bank of Canada, will continue to occupy floors 6 (partial), 8-12, 14 and 25 (partial) at the 51-story office tower until 2032. Bruce Mosler, Ethan Silverstein, Dale Schlather, Al Edwards, John Bestill and Chuck Scott of Cushman & Wakefield represented the tenant. The landlord, Brookfield Properties, was represented in-house.

February 2, 2017

Loans Multifamily New York Northeast

Quadrum Global, Simon Baron Development Receive $70M to Refinance Residential Tower in Manhattan

by Amy Works February 1, 2017

NEW YORK CITY — A partnership between Quadrum Global and Simon Baron Development has secured a $70 million loan for the refinancing of 393 West End Avenue, a 17-story residential tower in Manhattan’s Upper West Side. The 114-unit property features one-, two-, three- and four-bedroom layouts, a 24-hour concierge, rooftop terrace, residents’ lounge, fitness center and children’s playroom. Ayush Kapahi of HKS Capital Partners sourced the loan from Signature Bank.

February 1, 2017

Multifamily New York Northeast

Akelius Acquires 34-Unit Apartment Property in Brooklyn for $16M

by Amy Works February 1, 2017

NEW YORK CITY — Akelius has purchased an apartment building located on Dean Street in Brooklyn for $16 million. An undisclosed seller sold the 34-unit building, which was built in 1920. With this acquisition, Akelius now owns 14 properties in New York, for a total of 30 properties in the United States.

February 1, 2017

Hospitality New York Northeast

JMH Development, Mettle Property to Develop Dual-Branded Hotels in Long Island City

by Amy Works January 31, 2017

NEW YORK CITY — JMH Development and Mettle Property Group have signed a franchise agreement with Hilton to develop a dual-branded Homewood Suites by Hilton and Hampton Inn by Hilton hotel property at 36-20 Steinway St. in Long Island City. Designed by Gene Kaufman Architects, the property will feature 289 hotel rooms consisting of 187 Hampton Inn keys and 102 Homewood Suites keys. Additionally, the property will feature a private roof deck, lobby and lobby bar, fitness center, meeting rooms and 18,000 square feet of retail space. The hotels are slated to open in 2018.

January 31, 2017

New York Northeast Office

SL Green Sells 180,000 SF Office Property in Tarrytown, New York, for $21M

by Amy Works January 27, 2017

TARRYTOWN, N.Y. — SL Green Realty Corp. has entered into an agreement to sell an office building located at 520 White Plains Road in Tarrytown. An undisclosed buyer will purchase the 180,000-square-foot building for $21 million, or $117 per square foot. Jeff Dunne of CBRE represented the buyer in the deal, which is expected to close during the second quarter.

January 27, 2017

Loans Multifamily New York Northeast

Cushman & Wakefield Closes $21.8M in Loans for Two Multifamily Properties in Queens

by Amy Works January 26, 2017

NEW YORK CITY — Cushman & Wakefield has secured two loans, totaling $21.8 million, for two multifamily properties in Queens. The loans feature a 3.25 percent fixed rate for a five-year term. Proceeds of the loans will be used to recapture equity on the properties. The properties are located at 108-20 62nd Drive in the Forest Hills section of Queens and 136-42 Maple Ave. in Flushing. Totaling 130,000 square feet, the properties offer a total of 135 residential units. Morris Betesh, Justin Boruchov, Daniel Belecen and Omar Ferreira of Cushman & Wakefield handled the financing. Dime Savings Bank provided the loans for the undisclosed borrower.

January 26, 2017

Industrial New York Northeast

Coldwell Banker Facilitates $11M Sale of Industrial Property in Brooklyn

by Amy Works January 26, 2017

NEW YORK CITY — Coldwell Banker Commercial Reliable Real Estate has arranged the sale of an industrial property located between Schenk Avenue and Barbey Street in Brooklyn. An undisclosed buyer acquired the 76,000-square-foot property for $11 million. Built in 1914, the property features five buildings and two vacant parking lots. Joseph Hamdan and Mary Kae Higgins of Coldwell Banker Commercial Reliable Real Estate represented the undisclosed seller in the deal.

January 26, 2017

New York Northeast Retail

Alpha Realty Negotiates $6.2M Sale of Retail Property in Brooklyn

by Amy Works January 26, 2017

NEW YORK CITY — Alpha Realty has brokered the sale of a retail property located at 6214 11th Ave. in Brooklyn’s Borough Park section. An undisclosed buyer acquired the property for $6.2 million. The 6,000-square-foot property features eight commercial units. Additionally, the acquisition included a vacant lot with 11,000 square feet of buildable space. Glenn Raff and Lev Mavashev of Alpha Realty represented the undisclosed seller, while Jacob Aranov, also of Alpha Realty, represented the buyer.

January 26, 2017

New York Northeast Office Top Stories

SL Green Sells Minority Interest in Manhattan Skyscraper Project for $525M

by John Nelson January 26, 2017

NEW YORK — SL Green Realty Corp. (NYSE: SLG), the largest office landlord in New York City, has sold a 29 percent interest in One Vanderbilt, a 58-story office tower under construction in Midtown Manhattan. SL Green sold a 27.6 percent interest to the National Pension Service of Korea (NPS) and a 1.4 percent interest to Hines Interest LP. NPS and Hines have committed no less than $525 million in combined equity to the project. “NPS is an extraordinary partner for us at One Vanderbilt and will help realize our shared vision for developing the best building in New York City,” says Marc Holliday, CEO of SL Green. “Hines has been with us at One Vanderbilt from the beginning and will be a terrific addition to the joint venture.” SL Green Realty Corp. and Hines are co-developing the building, and AECOM’s Tishman Construction is serving as the general contractor. Tishman broke ground on the project in October 2016. Upon completion in 2020, the skyscraper will be located adjacent to Grand Central Terminal. As part of the development, SL Green has committed $220 million for public improvements to the mass transit hub. In September 2016, SL Green closed on $1.5 billion …

January 26, 2017

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