New York

Eastern Consolidated Arranges $120M in Construction Financing for New Hyatt Place Hotel in Manhattan

by Taylor Williams March 13, 2017

NEW YORK CITY — Eastern Consolidated has secured a $210 million debt and equity package to finance the construction of a new, 180,000-square-foot Hyatt Place Hotel in Manhattan’s Garment District. The financing consists of a $95 million first-mortgage loan from Bank of the Ozarks and a $25 million preferred equity investment by Square Mile Capital Management. Adam Hakim and James Murad of Eastern Consolidated arranged the financing on behalf of the McSam Hotel Group, a New York-based hotel development firm. “With a revitalized theater district, thriving hospitality industry and constantly improving retail, the Times Square area is a magnet for tourists,” Hakim said. “New York City hosted a record 60.3 million visitors last year, which boosted the city’s hotel occupancy rate to an average of 90.1 percent, and more visitors are expected this year.” The 25-story, 520-key hotel will be located at 350 W. 39th St., in between Eighth and Ninth avenues in the Hudson Yards submarket. The chairman of McSam Hotel Group, Sam Chang, purchased the site in 2015 for $112 million; terms of sale allow him to develop up to 300,000 square feet of the property, according to The Real Deal. Consequently, plans for a 123,000-square-foot, 21-story, 380-room hotel …

March 13, 2017

Healthcare New York Northeast

Seavest, Ciminelli Secure Financing for Conventus MOB in Downtown Buffalo

by Haisten Willis March 10, 2017

BUFFALO, N.Y. — Seavest Healthcare Properties and Ciminelli Real Estate Corp. have secured permanent financing for the seven-story, 350,000-square-foot Conventus medical office building on the Buffalo Niagara Medical Campus (BNMC) in downtown Buffalo. The $75 million, five-year takeout loan replaces the building’s initial construction loan. Both loans were provided by M&T Bank and KeyBank. Located at 1001 Main St., Conventus is connected on two full floors to a children’s hospital and will also be connected to a new medical school by a skybridge. Serving as the northern gateway to the BNMC, the $110 million Conventus building is certified LEED Platinum.

March 10, 2017

New York Northeast Restaurant Retail

Japanese Restaurant Raku to Open Second Location in Manhattan

by Haisten Willis March 10, 2017

NEW YORK CITY — Eastern Consolidated’s retail leasing division has arranged a 10-year lease at 48 Macdougal St. in SoHo for Raku, a Japanese restaurant. It will be Raku’s second location in Manhattan. The restaurant will occupy a 1,200-square-foot space located between West Houston and Prince Streets. Eastern Consolidated’s Joe Robinson arranged the lease for Raku, and David Graff of Compass represented the landlord.

March 10, 2017

Industrial New York Northeast

Cushman & Wakefield Brokers $4.5M Sale of Land in Brooklyn

by Haisten Willis March 9, 2017

NEW YORK CITY — On behalf of Li & Associates Development, Cushman & Wakefield has brokered the sale of a 16,500-buildable-square-foot development site at 296-300 St. Nicholas Ave. in Bushwick, Brooklyn to 300 St. Nicholas LLC. The all-cash transaction was valued at $4.5 million or approximately $273 per buildable square foot.

March 9, 2017

New York Northeast Office

Rauxa Expands, Relocates New York Office to Brookfield Place in Lower Manhattan

by Haisten Willis March 8, 2017

NEW YORK CITY — Brookfield Property Partners and JLL today announced that Rauxa, an independent advertising agency, will expand and relocate its New York operations with a move to 225 Liberty St. at Brookfield Place New York in Lower Manhattan. The company has signed a 50,000-square-foot, 11-year lease at the Class A, 2.7 million-square-foot office tower. The agency will relocate its New York office from SoHo. JLL’s Paul Glickman, John Wheeler, Michael Berman and Clayton Kline represented Brookfield Properties in the transaction. JLL’s Steven Rotter, Justin Haber and Richard Miller represented Rauxa. Rauxa will occupy part of the 43rd floor and the entire 44th floor at 225 Liberty St., which is located at the intersection of Liberty and West streets. The 44-story building was constructed in 1987.

March 8, 2017

Mixed-Use New York Northeast

Interior Fit-Out Completed for 45,000 SF Fernandez-Duminuco Hall Addition in Manhattan

by Haisten Willis March 7, 2017

NEW YORK CITY – Construction manager Richter+Ratner (R+R) and architect Beyer Blinder Belle have completed the interior fit-out of Xavier High School’s 45,000-square-foot Fernandez-Duminuco Hall. The project is located on six floors and the cellar level of a 25-story mixed-use building at 35 W. 15th St. Xavier is a Jesuit college preparatory school for young men founded in 1847 in the Chelsea neighborhood of Manhattan. The school’s campus includes six buildings located alongside the Church of Saint Francis Xavier. Fernandez-Duminuco Hall is Xavier’s first campus expansion in more than 90 years. The $11.7 million, nine-month project called for the construction of a science, technology, engineering, arts and math (STEAM) classroom, music facilities, a recording studio, student project space and a multi-use area that hosts theater productions and major assemblies. Fernandez-Duminuco Hall is located within a larger 170,000-square foot, 330-foot tall luxury residential condominium tower named 35XV, which was designed by FXFowle. The developer, Alchemy Properties, obtained the air rights for the new building from Xavier High School in exchange for locating the hall inside the new development. In addition to R+R, Beyer Blinder Belle and McLaren Engineering, the project team included owner’s representative Sterling Project Development; structural engineer for the …

March 7, 2017

Loans Mixed-Use New York Northeast

Madison Realty Capital Provides $18M First Mortgage Loan for Mixed-Use Portfolio in Brooklyn

by Haisten Willis March 7, 2017

NEW YORK CITY – Madison Realty Capital (MRC), an institutionally-backed real estate investment firm focused on real estate equity and debt investments, has provided an $18 million first mortgage loan to finance the acquisition of an eight-property, 64,438-square-foot mixed-use portfolio in Greenpoint, Brooklyn. The portfolio consists of 3 Sutton St., 5 Sutton St., 657 Meeker Ave., 661 Meeker Ave., 667 Meeker Ave., 669 Meeker Ave., 673 Meeker Ave. and 164-166 Kingsland Ave. The buyer contributed $11 million of cash equity to complete the acquisition, and plans to maximize value through renovation and repositioning. In total, there are 73 market rate residential units and 14 commercial units in the portfolio. Rosewood Realty Group’s Aaron Jungreis, Ben Khakshoor and Mike Kerwin brokered the deal.

March 7, 2017

New York Northeast Retail

HFF Handles $15.1M Sale of Grocery-Anchored Retail Center in Metro Albany

by Haisten Willis March 6, 2017

EAST GREENBUSH, N.Y. – HFF has secured the $15.1 million sale of Columbia Plaza, a 137,647-square-foot grocery-anchored retail center in East Greenbush. HFF marketed the property on behalf of the seller, a partnership between Capstone Realty Group and WP Realty. Nigro Cos., based in Albany, N.Y., purchased the asset free and clear of existing debt. Anchored by Price Chopper, Columbia Plaza is 89.3 percent leased and home to Peebles, Dollar Tree, Pet Stop, Vineyard Wine & Spirit, Nishiki Sushi, Hair Studio One, Liberty Tax Service, Quality Hearing, NBT Bank and Computer Answers. The three-building center was completed in 1988. Situated on 14.6 acres at 501 Columbia Turnpike, Columbia Plaza is located 3.5 miles southeast of Albany. The center’s Columbia Turnpike location places it in one of the main retail corridors in East Greenbush, a community located along the Hudson River. Columbia Turnpike is accessible from Interstates 8, 787 and 90 in addition to State Highways 151, 43 and 9J. The HFF investment sales team representing the seller was led by Jose Cruz, Kevin O’Hearn, Michael Oliver and Stephen Simonelli with assistance from Andrew Scandalios.

March 6, 2017

Affordable Housing New York Northeast Office

Jonathan Rose Cos. Acquires Forest City’s Affordable Housing Business

by Amy Works March 3, 2017

NEW YORK CITY — Jonathan Rose Cos. is purchasing Forest City Realty Trust’s affordable housing business in a deal valued at more than $500 million. The acquisition includes 48 affordable housing communities in seven states, totaling nearly 8,500 units; Forest City Capital, an MAP-designated FHA lender; and Forest City’s affordable housing property management group. The purchase will bring Jonathan Rose Cos.’s total unit count to more than 15,000 nationwide and expand its operations to 15 states and the District of Columbia. The properties, management company and mortgage company will be rebranded with the Rose Communities name. The management company will be renamed Rose Community Management and the finance company will become Rose Community Capital. The transactions are scheduled to close throughout the first and second quarter. The management company and Forest City Capital are slated to transfer on March 1. The acquisitions have been approved by Forest City’s board and the closings, which require HUD approvals, will continue through the spring.

March 3, 2017

Mixed-Use Multifamily New York Northeast Retail

Urstadt Biddle Properties Sells Retail Property for Redevelopment in White Plains, New York

by Amy Works March 3, 2017

WHITE PLAINS, N.Y. — Urstadt Biddle Properties has completed the disposition of its Westchester Pavilion property, a former power center mall in White Plains. Maple and Broadway Holdings, a subsidiary of Lennar Corp. through its Lennar Multi-Family Communities, acquired the site for $56.6 million. The buyer plans to raze the property and develop a high-end, mixed-used property with residential and retail space.

March 3, 2017

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