NEW YORK CITY — Toll Brothers Inc. has partnered with Gemdale Properties and Investments, an affiliate of Gemdale Corp., to develop a luxury condominium property at 121 E. 22nd St. in Manhattan. Designed by the Office for Metropolitan Architecture, the two-tower property will feature 133 condominium units. The joint venture has secured a $237 million construction loan from a syndicate of five banks, including Bank of New York Mellon, Capital One, China Merchants Bank-New York, MUFG Union Bank and CIT Bank. The debt and equity were arranged by Toll Brothers’ in-house finance team. Additionally, Morrison & Foerster provided legal counsel to Gemdale in the joint venture.
NEW YORK CITY — Cushman & Wakefield has originated a $57.5 million loan on behalf of Chris Xu of United Construction & Development Group for the acquisition of a mixed-use development site located at 39-08 Janet Place in the Flushing neighborhood of Queens. ACORE Capital provided the loan, and Morris Betesh of Cushman & Wakefield handled the transaction. The waterfront site offers 780,446 buildable square feet of residential, retail and office space.
RENSSELAER, N.Y. — Capital District Real Estate Investment Team has started the $1.8 million conversion of a vacant office building, located at 22 High St. in Rensselaer, into Falls Edge Apartments. Once completed the property will feature 12 new apartment units, each with pre-installed WiFi and Sonos home stereo systems, hallway security cameras, granite countertops and in-unit washer/dryers.
NEW YORK CITY — Natixis has originated a $75 million construction loan for the development of 500 Metropolitan Avenue, a mixed-use project located at the corner of Keap Street and Metropolitan Avenue in Brooklyn’s Williamsburg neighborhood. The borrowers are Chetrit Group and Read Property Group. Once completed, the 14-story property will feature a 187-room luxury hotel on the second through seventh floors and 60 residential units on the remaining floors. Additionally, the property will feature a 15,000-square-foot retail space, a 158-space parking garage and 9,000 square feet of indoor meeting and banquet facilities. The financing was arranged by the New York office of Meridian Capital.
NEW YORK CITY — SDG Management has purchased a six-story multifamily building located at 66-72 Fort Washington Ave. in Manhattan’s Washington Heights neighborhood. David Katz sold the property for $18 million, or $264 per square foot. Built in 1920, the 68,178-square-foot building features 44 apartment units and a ground-floor commercial space. Lazer Sternhell and Peter Vanderpool of Cignature Realty represented the buyer and seller in the deal.
CARTHAGE, N.Y. — Marcus & Millichap has facilitated the sale of Carefree Storage, a 53,952-square-foot self-storage facility located at 10889 State Route 26 in Carthage. A private investor sold the property for an undisclosed price. Built in 1986, the property features 443 storage units, ranging in size from 50 square feet to 200 square feet. Michael Mele, Luke Elliot and Kevin Menendez of Marcus & Millichap represented the seller, while Mele and Elliott also represented the buyer, a private investor, in the deal.
NEW YORK CITY — NorthMarq Capital has negotiated the $47.5 million refinance of a 250,000-square-foot Macy’s, located at 136-32 Roosevelt Ave. and 131-52 41st Ave. in the Flushing area of Queens. The transaction was structured with a 25-year term and arranged through NorthMarq’s relationship with a life insurance company. Ernest DesRochers and Matthew Buttram of NorthMarq arranged the financing for the undisclosed borrower.
YONKERS, N.Y. — CBRE has secured a $6 million loan for the acquisition of a multifamily portfolio of three residential properties in Yonkers. The five-year, interest-only, non-recourse fixed-rate loan was provided by Freddie Mac. Jared Sobel of CBRE arranged the loan for the undisclosed buyer. The three-building, 63-unit portfolio was sold by NuRealty Advisors. Michael Nukho and Lukasz Przybylek provided in-house representation for the seller.
NEW YORK CITY — Four Seasons Hotel New York has unveiled its $120 million transformation. Designed by hotelier and design innovator Ty Warner, the renovation includes king-sized, lighted pedestal beds with custom linens, handcrafted furnishings, English Sycamore wood paneling, 100 percent wool carpets and hand-knotted rugs. Additionally, each of the newly designed 368 studio and suite rooms feature oversized windows, panoramic views of Manhattan, oversized deep-soaking bathtubs, remote-controlled mirrored televisions and state-of-the-art entertainment components, including curved televisions.
NEW YORK CITY — Cushman & Wakefield has arranged the sale of a commercial building located at 92-94 Ludlow St. in Manhattan’s Lower East Side. The property sold in an all-cash transaction for $9 million, or $442 per buildable square foot. The site offers up to 20,342 buildable square feet and currently includes a 3,390-square-foot single-story commercial building. Zoned C6-1, the site allows for the development of commercial, residential or community facility spaces. The existing building is currently leased to Hotel Chantelle, a restaurant and club. Michael DeCheser, Darragh Clarke and Mei Ling Wong of Cushman & Wakefield brokered the transaction. The names of the seller and buyer were not released.