New York

Thor Equities Buys 180 Bedford Avenue in Brooklyn to Develop 14,500 SF Retail Building

by Amy Works October 17, 2016

NEW YORK CITY — Thor Equities has acquired 180 Bedford Avenue in Brooklyn’s Williamsburg neighborhood from an undisclosed seller for $30 million. The company plans to develop a retail building. Designed by Fradkin & McAlpin Architects, the 14,500-square-foot building will feature 120 feet of wrap-around frontage on Bedford Avenue and North Seventh Street. The building will feature brick exterior finishes, floor-to-ceiling glass windows, a 2,500-square-foot roof deck, and 12,000 square feet of floor space divided equally among three floors, including a lower level with 12-foot ceilings. Additionally, the building’s plumbing, electrical and HVAC systems are designed to accommodate a commercial kitchen, should a future tenant need one.

October 17, 2016

Loans Multifamily New York Northeast Seniors Housing

Housing & Healthcare Finance Secures $27M for Seniors Housing Community in Yonkers, New York

by Amy Works October 17, 2016

YONKERS, N.Y. — Housing & Healthcare Finance (HHC Finance) has arranged $27 million in refinancing for an assisted/independent living community in Yonkers. Located on 10 acres, the 195-bed property is the only facility in the area with the Medicaid Assisted Living Program. HHC Finance arranged the financing with an interest rate below 3 percent through HUD for the undisclosed borrower.

October 17, 2016

Loans New York Northeast Office

Houlihan-Parnes Realtors Places $4.2M Loan for Office Building in Greenburgh, New York

by Amy Works October 14, 2016

GREENBURGH, N.Y. — Houlihan-Parnes Realtors has placed a $4.2 million first mortgage for an office building located at 297 Knollwood Road in Greenburgh, a suburb of White Plains, N.Y. The non-recourse loan features a 4 percent fixed interest rate for 10 years. A 10,000-square-foot branch of the General Services of America – US Social Security Administration occupies the 35,000-square-foot building. Andrew Greenspan of Houlihan-Parnes Realtors closed the loan, while Lee Pollock of Pollock & McGuire LLP represented the undisclosed borrower.

October 14, 2016

Multifamily New York Northeast

Ariel Property Advisors Arranges $5M Sale Development Site in South Bronx

by Amy Works October 14, 2016

NEW YORK CITY — Ariel Property Advisors has brokered the sale of a development site located at 417 Gerard Ave. in the Mott Havens section of the South Bronx. Treetop Development purchased the site from Galaxy General Contracting for $5 million, or $100 per buildable square foot. Zoned M1-4/R8A, the 9,816-square-foot site provides 49,680 buildable square feet as-of-right. Jason Gold, Scot Hirschfield, Marko Agbaba and Victor Sozio of Ariel Property Advisors represented the seller and procured the buyer in the deal.

October 14, 2016

Industrial New York Northeast

Matrix Development Breaks Ground on Matrix Global Logistics Park in Staten Island

by Amy Works October 13, 2016

NEW YORK CITY — Matrix Development Group has broken ground on the first of two buildings at Matrix Global Logistics Park in Staten Island. The two speculative buildings, totaling 975,000 square feet and 450,000 square feet, are the first of four total buildings slated for the park. Scheduled for completion in spring 2017, the cross-docked buildings will feature ample overhead doors, trailer parking and auto parking.

October 13, 2016

Multifamily New York Northeast Seniors Housing

Chelsea Senior Living, AVR Realty Plan $27M Assisted Living Community on Long Island

by Amy Works October 13, 2016

YAPHANK, N.Y. — A joint venture between Chelsea Senior Living and AVR Realty plans to develop a $27 million, 118-bed assisted living facility in the Long Island town of Yaphank. The joint venture is seeking governmental approval from the Yaphank Town Planning Board and economic incentives from the Town of Brookhaven Industrial Development Agency to build the community. If approved and built, it will be located within The Boulevard, a 322-acre mixed-use development. Phase I of The Boulevard is already approved, and includes a 240-unit multifamily community. Plans call for two buildings totaling 99,492 square feet, including a 77-bed building for special needs and memory care, and a 41-bed supportive care building. The developers purchased the site from Rose-Breslin Associates LLC and aim to begin construction in 2017. Based in Farnwood, N.J., Chelsea Senior Living owns and operates 13 seniors housing communities in New York and New Jersey.

October 13, 2016

Multifamily New York Northeast Office

TerraCRG Brokers $84M Sale of Iconic One Prospect Park West Building in Brooklyn

by Amy Works October 12, 2016

NEW YORK CITY — TerraCRG has arranged the sale of One Prospect Park West, an iconic building located at the corner of Union Street and Prospect Park West in Brooklyn’s Park Slope neighborhood. An undisclosed buyer acquired the property from Haysha Deitsch for $84 million. The nine-story, 169,410-square-foot building is positioned to be converted into residences. The property overlooks Prospect Park and Grand Army Park and features frontage on Prospect Park West, Union Street and President Street. Ofer Cohen and Adam Hess of TerraCRG brokered the transaction.

October 12, 2016

Multifamily New York Northeast

Pacolet Milliken Enterprises Acquires 63-Unit Apartment Building in Brooklyn for $52M

by Amy Works October 12, 2016

NEW YORK CITY — Pacolet Milliken Enterprises, a privately owned investment company controlled by the shareholders of Milliken & Co., has acquired an apartment building located at 341 Eastern Parkway in the Crown Heights section of Brooklyn. An undisclosed seller sold the building for $52 million. The newly constructed property features 63 apartments and ground-floor retail leased to Capital One, Starbucks Coffee and Statcare Urgent Medical Care. Scott Burk of Eastern Consolidated represented the buyer, while Matt Sparks and Alexandrea Rossland, also of Eastern Consolidated, along with Bluejay Management represented the seller in the transaction.

October 12, 2016

Loans New York Northeast Office Top Stories

Paramount Completes $850M Refinancing of 1.8 MSF Office Building in Manhattan

by Jeff Shaw October 12, 2016

NEW YORK CITY — Paramount Group Inc. (NYSE: PGRE) has received an $850 million refinancing for 1301 Avenue of the Americas, a 1.8 million-square-foot trophy office building located between 52nd and 53rd streets in Midtown Manhattan. The 45-story office tower includes 30,000 square feet of ground-floor and concourse-level retail space. The property also features in-building access to Rockefeller Center and views of Central Park. Cushman & Wakefield arranged the five-year, interest-only loan, which matures in October 2021 and has two one-year extension options. The net proceeds from the financing were used to repay the company’s 2017 debt maturities at 900 Third Avenue in Manhattan and Waterview in Washington, D.C. Paramount plans to use the remaining proceeds to help fund the previously announced acquisition of One Front Street in San Francisco, which is expected to close by the end of the year. “By capitalizing on today’s attractive credit markets for our high-quality, Class A assets, we strengthen our balance sheet and fortify our position in the market,” says Albert Behler, chairman, CEO and president of Paramount. “Over the past 10 months, we have successfully financed over $2.35 billion of debt at attractive rates,” adds Wilbur Paes, chief financial officer of Paramount. …

October 12, 2016

New York Northeast Retail

DLC, DRA Advisors Acquire 16 Property Retail Portfolio Totaling 4.85 Million Square Feet

by Amy Works October 11, 2016

TARRYTOWN, N.Y. — A joint venture between Tarrytown-based DLC Management Corp. and New York City-based DRA Advisors LLC has acquired a 16-property retail portfolio totaling 4.85 million square feet in New York and Alabama. The portfolio was acquired from DDR. The acquisition will bring DLC’s owned square footage to approximately 21.7 million square feet. The joint venture has plans to re-develop several of the newly acquired centers, and DLC will open a new satellite office in Buffalo, New York, to help facilitate the management of the new properties.

October 11, 2016

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