New York

Rosewood Realty Group Negotiates $76.3M Sale of Kushner Astoria Portfolio

by Haisten Willis April 21, 2017

NEW YORK CITY — Rosewood Realty Group has negotiated the $76.3 million sale of a four-building multifamily and retail portfolio in the Astoria neighborhood of Queens for $76.3 million. Rosewood’s Aaron Jungreis represented the seller, Kushner Cos., in the transaction. Queens-based investor Karan Singh was the buyer. The portfolio includes 21-80 38th St., 21-81 38th St., 23-05 30th Ave. and 23-15 30th Ave., totaling 143 apartments and 11 retail spaces across 123,500 square feet. Former owner RockFarmer Properties purchased the portfolio in 2013 for $32 million and sold it to Kushner for $51 million in January 2015. About 60 percent of the portfolio’s apartments are free-market. Kushner Cos. reportedly invested about $10 million in the buildings over the past two years.

April 21, 2017

Loans New York Northeast Retail

CBRE Secures $68M Financing for Retail Development in Chappaqua, N.Y.

by Haisten Willis April 20, 2017

CHAPPAQUA, N.Y. — Jeffrey Dunne, Kyle Juszczyszyn and David Gavin of CBRE have secured $68 million in financing for the development of Chappaqua Crossing in Chappaqua. Dunne, Juszczyszyn and Gavin represented The Grossman Co. and Summit Development in arranging the loan for the planned 120,000-square-foot retail center. The team was responsible for procuring the 90 percent institutional joint venture equity partner in addition to securing the new construction financing of $44 million with M&T Bank. Whole Foods will anchor Chappaqua Crossing, which will sit on a 19.1-acre site inside a 114-acre mixed-use development. Other tenants will include Life Time Fitness, Pet Valu, Chase Bank, AT&T and GoHealth Urgent Care.

April 20, 2017

Hospitality Industrial Mixed-Use Multifamily New York Northeast

M&M Negotiates $12M Sale of Land Tract in NYC

by Haisten Willis April 19, 2017

NEW YORK CITY — Marcus & Millichap has negotiated the $12 million sale of two vacant lots and a third lot with a warehouse building totaling 12,725 square feet at 814-826 Bedford Ave. in Brooklyn. Jakub Nowak and Jason Grunberg of Marcus & Millichap’s Brooklyn office represented the seller, Prezant Auto Glass, and procured the buyer, a private developer. The site is located near the Myrtle Avenue retail corridor, the Pratt Institute and G train subway stops. The three lots include 132 feet of frontage on Bedford Avenue and 100 feet of frontage on Park Avenue, and all are zoned for mixed-use development. The buyer plans to build a synagogue with a hotel or apartments above it.

April 19, 2017

Healthcare Loans Mixed-Use New York Northeast

Houlihan Parnes Secures $2.3M Loan for Medical Office Building in White Plains, N.Y.

by Haisten Willis April 19, 2017

WHITE PLAINS, N.Y. — Jeremiah Houlihan and James Coleman of Houlihan Parnes Realtors have secured a $2.3 million first mortgage loan for a medical office building located at 280 Mamaroneck Ave. in downtown White Plains. The three-story building contains a retail store, medical tenants, a self-service elevator and on-site parking for 60 cars. The 10-year loan features a 30-year amortization schedule and was placed with a savings bank. The lender charged no commitment fee and the loan includes sliding scale prepayment penalties.

April 19, 2017

Multifamily New York Northeast

Cadre Sells Multifamily Portfolio in NYC for $70M

by Haisten Willis April 18, 2017

NEW YORK CITY — Cadre has closed on the $70 million sale of a portfolio consisting of four multifamily apartment buildings in the Astoria neighborhood of Queens. Acquired in January 2015, the portfolio was renovated during Cadre’s ownership, including improvements to common areas and individual units, such as the addition of bedrooms and bathrooms to some units.

April 18, 2017

New York Northeast Office

Spector Group Unveils Design for Heineken USA Headquarters in White Plains, N.Y.

by Haisten Willis April 18, 2017

WHITE PLAINS, N.Y. — Spector Group, a New York-based architecture and interior design firm, has unveiled the new design for the headquarters of Heineken USA. Heineken is consolidating two locations into a single location at its headquarters at 360 Hamilton Ave. in White Plains. The project consisted of redesigning the two-floor, 60,000-square-foot space to increase densification and to expand and update the bar and social area, which is used to cater large events and for training programs.

April 18, 2017

Multifamily New York Northeast

Rosewood Realty Arranges $20.9M Sale of Multifamily Property in NYC

by Haisten Willis April 18, 2017

NEW YORK CITY — Rosewood Realty Group has arranged the $20.9 million sale of an apartment property located at 188-30 and 188-34 87th Dr. in the Holliswood neighborhood of Queens. A Brooklyn-based family purchased the six–story, 68,466-square-foot property, adding to its other holdings in Queens, Brooklyn and the Bronx. The 1950-built building includes 96 apartments as well as a storage area, laundry room and indoor parking for up to 40 vehicles.

April 18, 2017

Industrial New York Northeast

MTA, Urbahn Architects Renovate Subway Station in Brooklyn, NYC

by Haisten Willis April 14, 2017

NEW YORK CITY — The Metropolitan Transportation Authority (MTA) and Urbahn Architects have completed the renovation of the Morgan Avenue subway station house in Brooklyn. Serving the L train line, the Morgan Avenue station house is located near the intersection of Bogart Street and Harrison Place in the East Williamsburg neighborhood. MTA served as project manager as well as structural, civil, mechanical, electrical and plumbing engineer for the upgrades. Double M Construction was the general contractor. The station opened on July 14, 1928, as part of an extension of the BMT Canarsie line. Renovations included replacement of the 400-square-foot brick and limestone façade, repairs to the roof and installation of a new framed entrance with transom windows, exterior LED lighting and exterior signage.

April 14, 2017

Mixed-Use Multifamily New York Northeast Retail

Bestreich Realty Arranges $11.4M Sale of Mixed-Use Building in NYC

by Haisten Willis April 14, 2017

NEW YORK CITY — Bestreich Realty Group has arranged the $11.4 million sale of a six-story mixed-use building in the Williamsburg neighborhood of Brooklyn. The property is located at 66 Graham Ave. and features 30 rent-stabilized apartments and six retail spaces including two clothing stores, a jewelry store, a 99-cent store, a barbershop and a newsstand. The 25,900-square-foot building was built in 1925. Bestreich Realty Group’s Luke Sproviero and Derek Bestreich represented both the buyer, local investor Morris Weinberg, and the seller, father and son clothing moguls Ruby and Victor Azrak, who had owned the building since 1986.

April 14, 2017

Loans New York Northeast Retail

Eastern Consolidated Secures $6M Refinancing Loan for Retail Center in NYC

by Haisten Willis April 14, 2017

NEW YORK CITY — Eastern Consolidated’s capital advisory division has secured a $6 million loan to refinance the ground lease for a 33,636-square-foot shopping center. The property is located at 945 White Plains Road in the Soundview neighborhood of The Bronx. Tenants at the center include Modell’s Sporting Goods, Party City and GameStop. Sam Zabala and Charles Han of Eastern Consolidated represented the borrower, M&M of Bruckner LLC, which is operated by the Modell family, and secured a loan from Signature Bank.

April 14, 2017

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