NEW YORK CITY — A partnership between Quadrum Global, Simon Baron Development, Eagle Point Hotel Partners and KSNY has opened Arlo NoMad, a hotel located at 11 E. 31st St. in Manhattan’s NoMad neighborhood. The 250-key hotel features self-check-in/check-out kiosks, complimentary WiFi, bedside USB charging stations, music lounges, rooftop terrace and patios. This is the second Arlo hotel that Quadrum has opened in New York City.
OAKDALE AND BROOKHAVEN, N.Y. — Dowling College has filed for Chapter 11 bankruptcy protection, and has retained A&G Realty Partners and Madison Hawk to manage the sale of two campuses formerly occupied by the university in Oakdale and Brookhaven. Dowling plans to sell the campuses through two separate, sealed bids as part of its bankruptcy filing. The partnership is currently accepting bids for the university’s 25-acre, waterfront campus in Oakdale. The campus includes over 200,000 square feet of space in six educational, administrative and student housing buildings, including the former W.K. Vanderbilt Estate. The 101-acre Brookhaven campus will be offered for sale in the first quarter of 2017. The property was home to the college’s aviation program, and includes a state-of-the-art athletic complex, a two-story, 65,000-square-foot building and a 10,000-square-foot airplane hangar with runway access to Brookhaven Airport. RSR Consulting is managing the dissolution of the Dowling College estate.
NEW YORK CITY — Cushman & Wakefield has brokered the sale of a land site located at 88 Withers St. in Brooklyn’s Williamsburg neighborhood. BK Developers and RYBAK Development acquired the site from Withers 88 Group LLC for $11.5 million, or $340 per buildable square foot. The corner site was purchased with approved plans for a 39,000-square-foot building comprising 33 residential units and a ground-floor retail unit. The residential portion will include three three-bedroom units, 14 two-bedroom apartments, eight one-bedroom units and eight studio apartments. Brendan Maddigan of Cushman & Wakefield represented the seller in the transaction.
NORTH HILLS, N.Y. — ACORE Capital has provided $156 million in construction financing for Phase II of The Ritz-Carlton Residences, Long Island, North Hills, located 20 miles east of Midtown Manhattan on Long Island’s North Shore. Mike Tepedino, Michael Gigliotti and Geoff Goldstein of HFF worked on behalf of RXR Realty LLC to place the construction loan with ACORE Capital. HFF previously secured construction financing on the borrower’s behalf for the first phase of the condominium project in 2013, which is now more than 90 percent sold. The first 120-unit phase of the property was recently completed, and offers two- and three-bedroom units. The second phase of the project will consist of an additional 120 units totaling approximately 270,211 square feet. Each unit will have a minimum of two indoor parking spaces available. Community amenities include indoor and outdoor swimming pools, a fitness center and yoga studio, resident lounge, private reception rooms, boardroom, billiards room, coffee and espresso bar, and movie theater. The Ritz-Carlton Hotel Company manages the property and offers the full array of Ritz-Carlton’s services, including concierge, doormen, porters and membership in The Ritz-Carlton’s worldwide reservations network. The community also offers a number of a-la-carte services such as housekeeping, …
NEW YORK CITY — Greystone Development has secured $42 million in total financing for the renovation of a landmark Beaux-Arts building located at 164 W. 74th St. in Manhattan’s Upper West Side. An institutional lender provided $32.5 million in construction financing, while Black Bear Asset Management provided $9.5 million in preferred equity for the project. Greystone is developing the project in a joint venture with Prime Rok Real Estate. The residential condominium renovation includes a 30,000-square-foot build-out across the eight-story building. Architect Barry Rice and Winter McDermott Design have designed the transformation of the property.
VALHALLA, N.Y. — Monticello Asset Management has arranged a $20.3 million refinancing for a skilled nursing facility in the New York City suburb of Valhalla. An investment vehicle associated with Monticello provided the bridge-to-HUD loan. The borrower is the owner-operator of the facility. The name of facility was not disclosed; the property features 88 rooms with a total of 160 licensed beds. The property also provides physical therapy, occupational therapy, speech therapy, subacute care, orthopedic rehabilitation, wound care and memory care services.
NEW YORK CITY — Taconic Investment Partners, in partnership with TH Real Estate and Squire Investment LLC, has acquired a commercial building located at 817 Broadway in Manhattan’s Greenwich Village. The partnership acquired the 14-story, 140,000-square-foot property in an off-market transaction for $109 million. Built in 1900, the property was designed by George B. Post. Mesa West Capital provided the mortgage financing for the acquisition and redevelopment of the property. The partnership plans to reposition the building into a Class A institutional property.
NEW YORK CITY — Meridian Capital Group has arranged $13 million in ground-up construction financing for the development of the Marriott Towne Suites hotel located at 38-42 11th St. in Long Island City. The two-year construction loan, provided by a local savings bank, features full-term interest-only payments and an extension option. Midtown Properties, the borrower, is developing the 10-story extended-stay hotel that will feature 133 guest rooms. Eli Finkel and Michael Ryback of Meridian Capital arranged the financing.
Rochester’s story is similar to those of other cities with once prominent downtowns. Starting in the 1970s, businesses and families largely fled to the suburbs as newer and nicer suburban offices were built. Larger companies, including many staple downtown dwellers such as large law and accounting firms, left the downtown in search of free parking, shorter commutes and a suburban lifestyle for their employees. Yet Rochester was a small city with big businesses. Bausch & Lomb was founded in Rochester in 1853. Eastman Kodak started business there in 1888 and beginning in 1906, Xerox Corporation was formed. Kodak is still based in Rochester, though it is a much smaller entity than it was before the digital era, and Xerox moved to Norwalk, Connecticut, years ago. However, the core technology culture never left Rochester. Over the past few years the University of Rochester — the area’s largest employer — received more than $1.9 billion in research money, most of it from the federal government. Organizations like High Tech Rochester, Greater Rochester Enterprise and the Rochester Downtown Innovation Zone have played important roles in the region’s comeback. In 2015, the Rochester region won a nationwide competition and was named the site for …
NEW YORK CITY — HFF has arranged $29.5 million in construction financing for Phase II of The Vineyards at Blue Point, an active adult condominium community restricted to residents age 55 and older in Long Island’s Blue Point area. Evan Pariser of HFF arranged the construction loan through Bank of the Ozarks for the borrowers, Ornstein Leyton Co. and Latus Partners. Upon completion, the 280-unit property will encompass 44 buildings with townhomes and single-level flats. The units will feature oversized master bedrooms, in-unit washer/dryers and attached garages. Situated on 65 acres, the community features a heated outdoor swimming pool and bocce club, along with the Vineyards Club, which includes a fitness center, social rooms and lounge space.
