NEW YORK CITY — Ariel Property Advisors has brokered two transactions of multifamily properties in Northern Manhattan. In the first deal, an undisclosed buyer acquired a 15,300-square-foot property, located at 304 E. 147th St. in Hamilton Heights, for $7.3 million. The building features 33 residential units in a mix of studio, one- and two-bedroom layouts. Victor Sozio, Shimon Shkury, Michael Tortorici, Matthew Gillis and Joshua Kwilecki of Ariel Properties represented the buyer and undisclosed seller. In the second transaction, an undisclosed buyer acquired an 11,105-square-foot apartment building located at 422 Saint Nicholas Ave. in Central Harlem for $4.3 million. The building features two two-bedroom units and eight three-bedroom units, as well as 9,178 square feet of air rights for future development. Victor Sozio, Joshua Kwilecki and Matthew Gillis represented the buyer and undisclosed seller in the deal.
EASTCHESTER, TUCKAHOE AND GREENBURGH, N.Y. — Q10 New York Realty Advisors, an affiliate of Houlihan-Parnes Realtors, has arranged an $8.9 million permanent loan secured by three properties in Westchester County, N.Y. The borrower is a long-term owner of the properties, which include a retail strip center in Eastchester and two warehouse/industrial buildings in Tuckahoe and Greenburgh. The warehouse buildings are net-leased to Verizon. Jeanne Cronin of Q10 secured the five-year loan, which features a 30-year amortization schedule, through a community bank for the borrower.
NEW YORK CITY — Capital One has provided an $80 million construction/mini-perm loan for 1 Hotel Brooklyn Bridge, located on Brooklyn’s waterfront. The loan was initially part of a larger financing package that included a recently completed 107-unit condominium building. Capital One previously provided a $160 million loan to the borrower, a joint venture between Starwood Capital Group and Toll Brothers, to finance initial construction of the project. The 194-key hotel, which opened yesterday, is the third property in Starwood’s 1 Hotel brand. The property features 20,000 square feet of meeting/event space, a 24-hour fitness center, rooftop bar and pool and a 12,000-square-foot indoor/outdoor restaurant.
SMITHTOWN, N.Y. — Benchmark Senior Living is developing Whisper Woods, an assisted living community located at Route 25A and River Heights Drive in Smithtown. Slated to open in June 2018, the $25 million property will feature 101 units. Project members include EW Howell Construction Group and Moseley Architects. The property will be Benchmark’s first assisted living facility in New York.
HARRIMAN, N.Y. — NAI James E. Hanson has brokered the sale of an industrial building, located at 2 Bailey Farm Road in Harriman. Contract Packaging Services acquired the 96,500-square-foot property from Why Associates for an undisclosed price. Situated on 20 acres, the property features five loading docks and 80 parking spaces, as well as the option for a 100,000-square-foot expansion. The buyer exercised its purchasing option on the property after completing a five-year lease at the location. Kenneth Lundberg and Patrick Lennon of NAI Hanson represented the seller in the deal.
NEW YORK CITY — Clipper Realty has entered into an agreement to acquire a residential property located at 107 Columbia Heights in Brooklyn. The Jehovah’s Witnesses is selling the apartment property for $87.5 million, or $569 per square foot. The 154,000-square-foot property features 161 apartment units. The buyer plans to create 12 additional units by converting various public spaces on the property. The acquisition is expected to close in May.
NEW YORK CITY — Spotify, a digital music service, is relocating its U.S. headquarters to 4 World Trade Center in Lower Manhattan from its current location in Midtown South. The company will occupy 378,000 square feet at the office building, which is owned by Silverstein Properties. Spotify is expected to move in early 2018. The relocation and expansion will accommodate more than 1,000 new jobs as well as 832 existing jobs.
NEW YORK AND TOKYO — SoftBank Group Corp., a Tokyo-based tech conglomerate, has entered into a definitive merger agreement under which the company will acquire equity firm Fortress Investment Group LLC (NYSE: FIG) for approximately $3.3 billion in cash. Founded in 1998, Fortress has 1,100 employees and $70.1 billion in assets under management as of Sept. 30, 2016. Private equity funds and permanent capital vehicles, including commercial real estate, comprise about 65 percent of the company’s portfolio. Within the multifamily sector, Fortress manages New Senior Investment Group Inc., a seniors housing REIT that as of Sept. 30 owned 154 properties in 37 states. “Fortress’ excellent track record speaks for itself, and we look forward to benefitting from its leadership, broad-based expertise and world-class investment platform,” says Masayoshi Son, chairman and CEO of SoftBank Group Corp. “For SoftBank, this opportunity will immediately help expand our group capabilities, and, alongside our soon-to-be-established SoftBank Vision Fund platform, will accelerate our SoftBank 2.0 transformation strategy of bold, disciplined investment and world class execution to drive sustainable long-term growth,” adds Son. SoftBank’s global portfolio of companies includes advanced telecommunications, internet services, artificial intelligence, smart robotics, clean energy technology and Internet of Things (IoT) providers. Last …
MONTICELLO, N.Y. — A joint venture between Heidenberg Properties Group, Strategic Real Estate Partners and Norse Realty Group has acquired Thompson Square Shopping Center in Monticello. An undisclosed seller sold the 117,944-square-foot property for $19.1 million. A 54,300-square-foot ShopRite anchors the property, which was 90 percent leased at the time of sale. Tenants include Staples, AutoZone, Monticello Cinemas, Catskills Hudson Bank, Brother Bruno’s, Subway and GameStop. This is the second joint venture acquisition between the three companies.
HAUPPAUGE, N.Y. — CBRE has arranged the sale of an office property located at 150 Motor Parkway in Hauppauge. UA Properties acquired the building from RA 150 Motor Parkway, an entity controlled by RNY Property Trust, for $21 million as part of a 1031 exchange. The 201,258-square-foot building features a theater-style media room and boardroom, café, health club and bank branch with drive-through ATM. Jeffrey Dunne, David Gavin, Travis Langer and Philip Heilpern of CBRE represented the seller and procured the buyer in the deal.