New York

Greystone Development Secures $42M in Financing for Residential Condo Renovation in Manhattan

by Amy Works November 28, 2016

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.

November 28, 2016

Loans Multifamily New York Northeast Seniors Housing

Monticello Arranges $20.3M Refinancing for Skilled Nursing Facility Near New York City

by Amy Works November 28, 2016

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.

November 28, 2016

New York Northeast Office

JV Buys 140,000 SF Commercial Building in Manhattan for $109M

by Amy Works November 23, 2016

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.

November 23, 2016

Hospitality Loans New York Northeast

Meridian Capital Arranges $13M Construction Loan for New Marriott Towne Suites in Long Island City

by Amy Works November 23, 2016

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.

November 23, 2016

Market Reports New York Northeast Northeast Market Reports Office

Rochester, New York Renaissance: CBD Office Sector on the Rise

by Jaime Lackey November 23, 2016

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 …

November 23, 2016

Loans Multifamily New York Northeast Seniors Housing

HFF Secures $29.5M Construction Loan for Seniors Housing Condo Community in Long Island

by Amy Works November 22, 2016

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.

November 22, 2016

Multifamily New York Northeast

Cushman & Wakefield Negotiates $29.4M Sale of Two-Building Multifamily Property in Manhattan

by Amy Works November 22, 2016

NEW YORK CITY — Cushman & Wakefield has arranged the sale of The Clarke, two contiguous buildings located at 222-224 W. 21st St. in Manhattan’s Chelsea neighborhood. Slate Property Group sold the property to a local investor for $29.4 million. The five-story buildings contain a total of 22,437 square feet and 27 free-market apartment units, including two Section 8 units, in a mix of one-, two-, three-, four- and five-bedroom layouts. Brock Emmetsberger and James Nelson of Cushman & Wakefield, along with David Schechtman, Lipa Lieberman and Abie Kassim of Meridian Capital Group, represented the seller. Jingying Wu of Sagewood Equity represented the buyer in the deal.

November 22, 2016

Industrial New York Northeast

Seagis Property Group Acquires Two Warehouses at JFK Airport

by Amy Works November 22, 2016

NEW YORK CITY — Seagis Property Group has acquired two warehouse buildings adjacent to JFK International Airport in Queens. The properties total 60,000 square feet. The name of the seller and acquisition price were not released. The acquisition complements Seagis’ existing JFK holdings, which total 850,000 square feet in 45 buildings.

November 22, 2016

Multifamily New York Northeast

Fairfield Properties Acquires Multifamily Property in Long Island for $36.5M

by Amy Works November 21, 2016

NEW YORK CITY — Fairfield Properties has acquired a multifamily property located at 365 Stewart Ave. in Long Island’s Garden City for $36.5 million. Built in 1938, the four-story building features 80 apartment units. Aaron Jungreis of Rosewood Realty Group represented the buyer and the seller, Va Garden City LLC National Registered Agents Inc., in the deal.

November 21, 2016

Multifamily New York Northeast

Cushman & Wakefield Brokers Sale of Two Multifamily Properties in Manhattan

by Amy Works November 21, 2016

NEW YORK CITY — Cushman & Wakefield has arranged the sale of two multifamily buildings located at 234 E. 95th St. and 446 E. 88th St. in Manhattan’s Upper East Side. A local investor acquired the properties, which total 40 apartment units. The property located at 234 E. 95th St. features 20 one-bedroom units and sold for nearly $670 per square foot. The 8,200-square-foot building also features additional 7,508 square feet of air rights. The 9,000-square-foot property, located at 446 E. 88th St., features 20 one-bedroom, rent-stabilized units and 1,988 square feet of additional air rights. The property sold for $760 per square foot. Guthrie Garvin, Thomas Gammino and Michael Gembecki of Cushman & Wakefield. The buyer, a local investor, was self-represented in the transaction.

November 21, 2016

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