New York

RM Capital Arranges $57.5M in Construction Financing for Redevelopment of Tammany Hall in NYC

by Amy Works January 6, 2017

NEW YORK CITY — RM Capital has arranged $57.5 million in first mortgage and mezzanine construction financing for the redevelopment of the Tammany Hall building at 44 Union Square in New York City. The borrower, Reading International, will use the financing to renovate and repurpose the six-story 73,322-square-foot retail and office building. Upon completion, the building will feature three contiguous lower levels of retail space and three floors of office space. The historic property is the former headquarters for the Tammany Hall political organization and required a variance and Landmarks Commission to move forward with the redevelopment. Tammany Hall was a New York City political organization founded in 1786 and planned a major role in controlling city and state politics and helping immigrants rise up in American politics. Bank of the Ozarks provided the $50 million senior construction loan, and an affiliate of Fisher Brothers provided the $7.5 million mezzanine loan. Marc Sznajderman, Romano Tio and Bo Diamond of RM Capital secured the financing for the borrower.

January 6, 2017

New York Northeast Office

TCJ Realty Acquires 309,000 SF Office Building in Carle Place, New York, for $17.3M

by Amy Works January 5, 2017

CARLE PLACE, N.Y. — TCJ Realty has acquired One Old Country Road, an office building located in Carle Place, from a private investor for $17.3 million. The five-story, 309,000-square-foot property serves as the headquarters for 1-800-Flowers and is 63 percent occupied by 27 tenants. Jacklene Chesler, Jonathan Schlussel and Darren Leiderman of Colliers International advised the seller and secured the buyer in the deal. Additionally, TCJ Realty appointed Colliers as leasing and managing agent for the property.

January 5, 2017

Industrial New York Northeast

Binswanger Brokers $8M Sale of 435,000 SF Industrial Building in Auburn, New York

by Amy Works January 5, 2017

AUBURN, N.Y. — Binswanger has arranged the sale of an industrial facility located at 4900 Technology Park Blvd. in Auburn. AAF-McQuay Real Property Inc., a subsidiary of Daikin Applied, sold the property to Tessy Plastics for $8 million. Situated on 30.7 acres, the 435,000-square-foot facility features 50-foot by 50-foot column spacing, 35-foot clear ceiling heights, 11 dock-high loading doors and parking for more than 400 vehicles. Additionally, the facility features a 35,000-square-foot office space. Jim Panczykowski of Binswanger brokered the transaction.

January 5, 2017

Multifamily New York Northeast

Marcus & Millichap Brokers $11M Sale of Two Residential Buildings in Queens

by Amy Works January 5, 2017

NEW YORK CITY — Marcus & Millichap has arranged the sale of two adjacent four-story multifamily buildings located at 2819-2821 33rd St. in the Astoria section of Queens. A private 1031 exchange investor acquired the buildings for $11 million, or $510 per square foot. The buildings offer a total of 38 apartment units. Matt Fotis, Lazarus Apostolidis and Zachary Golub of Marcus & Millichap represented the seller, a private investor, and procured the buyer in the deal.

January 5, 2017

New York Northeast Retail

A&G Realty Partners Retained to Sell Lease of 17,000 SF Retail Property in Manhattan

by Amy Works January 5, 2017

NEW YORK CITY — Gracious Home has retained A&G Realty Partners to manage the sale of the lease of its 17,000-square-foot retail property in Manhattan’s Chelsea neighborhood. The retailer is selling the lease on the property due to its recent Chapter 11 bankruptcy filing. Located between Broadway and Sixth Avenue, the property features 8,500 square feet of street-level space and 8,500 square feet of lower level space.

January 5, 2017

Multifamily New York Northeast

Eastern Consolidated Arranges $63.6M Sale of 13-Building Multifamily Portfolio in Manhattan

by Amy Works January 4, 2017

NEW YORK CITY — Eastern Consolidated has brokered the sale of a 13-buildng multifamily portfolio located in Manhattan’s Inwood section. A private real estate investor acquired the portfolio from the long-term private owner for $63.6 million. The portfolio consists of 13 five-story walk-up buildings located on Sherman, Post and Vermilyea avenues and Academy Street. The properties offer a total of two retail stores and 359 residential units in a mix of 93 one-bedroom, 210 two-bedroom, 51 three-bedroom and five superintendent units. Ron Solarz and Matthew Sparks of Eastern Consolidated represented the seller and procured the buyer. Gary Meese, also of Eastern Consolidated, was the analyst for the transaction.

January 4, 2017

Industrial Multifamily New York Northeast

Cushman & Wakefield Brokers Sales of Four Buildings in Brooklyn Totaling $27.5M

by Amy Works January 4, 2017

NEW YORK CITY — Cushman & Wakefield has arranged the sale of four buildings in Brooklyn. Robert Burton and Keegan Mehlhorn of Cushman & Wakefield represented the undisclosed seller in the transactions, which totaled $27.5 million. The portfolio includes 975 Washington Avenue, a 36,732-square-foot, 44-unit multifamily property that sold for $10.5 million; 762 E. Third Street, 32,000-square-foot, 42-unit multifamily building that sold for $8.5 million; 1812 East 18th Street, a 29,500-square-foot, 34-unit multifamily property that sold for $7.6 million; and a 2,133-square-foot industrial property located at 5614 Third Ave., which sold for $850,000. The names of the buyers were not released.

January 4, 2017

Industrial Mixed-Use Multifamily New York Northeast Office Retail

Colony Capital, NorthStar Receive Approval for Merger

by Amy Works December 23, 2016

NEW YORK CITY — Colony Capital Inc., NorthStar Asset Management Group and NorthStar Realty Finance Corp. have received approval from shareholders for the previously announced merger of the three companies. Named Colony NorthStar Inc. (NYSE: CLNS), the combined company will have assets under management in excess of $58 billion, managing capital on behalf of its stockholders, institutional and retail investors in private funds and non-traded and traded real estate investment trusts and 1940 Act companies. Upon closing of the transaction, Thomas Barrack Jr. will be executive chairman of the board of directors, David Hamamoto will be executive vice chairman and Richard Saltzman will be chief executive officer of the new company. The companies expect to complete the merger in January 2017.

December 23, 2016

Multifamily New York Northeast

BCB Property Management Sells 48-Unit Multifamily Property in Brooklyn for $30M

by Amy Works December 23, 2016

NEW YORK CITY — BCB Property Management has completed the disposition of a four-building multifamily asset located at 315-329 Lincoln Place in Brooklyn’s Prospect Heights neighborhood. Related Cos. acquired the buildings for $30 million. Totaling 52,543 square feet, the asset features 13 two-bedroom units, 11 three-bedroom apartments and 24 four-bedroom units. Approximately half of the 48 units were rent-stabilized at the time of sale. Stephen Palmese of Cushman & Wakefield represented the seller in the transaction.

December 23, 2016

Affordable Housing Loans Multifamily New York Northeast

KeyBank Provides $7.6M Construction Loan for Affordable Housing Complex in Utica, New York

by Amy Works December 23, 2016

UTICA, N.Y. — KeyBank Community Development Lending and Investment has provided a $7.6 million construction loan to Rescue Mission of Utica Inc. The loan will be used to construct West Street Apartments, a 42-unit low-income housing tax credit and supportive service property in Utica. Lynne Callis-Wilson of KeyBank arranged the construction loan.

December 23, 2016

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