New York

Mc Gowan Completes Renovation, Modernization of The Nightingale-Bamford School in Manhattan

by Amy Works October 10, 2016

NEW YORK CITY — Mc Gowan, a construction management firm, has completed the renovation and modernization of The Nightingale-Bamford School, a private K-12 school located at 20 E. 92nd St. on Manhattan’s Upper East Side. Mc Gowan served as general contractor for the project, which included the modernizing of the existing 75,000-square-foot property and integrating 25,000 square feet from two adjacent townhouses into the main building. Renovations included the reconfiguration of spaces to a more user-friendly design; expansion of the existing library for middle and upper schools; the addition of modern teaching technology in classrooms; an upgrade of cafeteria spaces; replacement of all floors, ceiling and millwork; an upgrade of the fire alarm system; and replacement of all light fixtures.

October 10, 2016

New York Northeast Retail

Target Leases 27,354 SF at 500 East 14th Street in the East Village

by Amy Works October 10, 2016

NEW YORK CITY — Target has signed a lease for 27,354 square feet of retail space at 500 E. 14th St. in the East Village. The retailer plans to open a flexible format store at the location within Extell Development Co.’s new mixed-use building. Target will occupy 9,649 square feet on the ground floor and 17,705 square feet on the lower level at the two-story, 56,610-square-foot building. The new Target location is slated to open in 2018. Robert Futterman, Ariel Schuster, Brandon Eisenman and Ike Bibi of RKF represented Extell, while Richard Skulnik and Peter Ripka of Ripco Real Estate Corp. represented the tenant in the deal.

October 10, 2016

Hospitality New York Northeast Top Stories

BH Properties Buys Three Hotel Leases in Manhattan for $338.2M

by Nellie Day October 10, 2016

NEW YORK — BH Properties has purchased a portfolio of three New York City hotel leases for $338.2 million. Lexington Realty Trust sold the leased fee positions, which give the owner rights to the rent revenue without actually owning the property, similar to a ground lease. The acquisition is BH Properties’ first transaction in Manhattan and the largest transaction in the firm’s history. The deal was structured as a reverse 1031 exchange. BH Properties restructured its balance sheet to acquire the assets. The firm plans to divest up to 25 properties throughout the country in the next six months. Acquiring the leased fee positions in New York provided the firm with an opportunity to dispose of some properties that are either outside its target market or are no longer a focus for its investment strategy, according to Steve Gozini, the firm’s president. Ascott Residence Trust owns the Element, a 411-room hotel on 311 W. 39th St., and the 369-room Sheraton Tribeca at 370 Canal St. Magna Hospitality owns the 399-room Doubletree Hotel at 8 Stone St. Magna also manages all three assets. The three hotels were built in 2010, opened in 2011 and stabilized in 2012. Magna was the original developer of …

October 10, 2016

Hospitality Industrial New York Northeast Office Retail

NorthStar Income II Commits More Than $370M in Capital

by Amy Works October 7, 2016

NEW YORK CITY — NorthStar Real Estate Income II has closed on two portfolio transactions in which it committed approximately $370 million of equity capital, substantially investing all of the company’s current investable capital. Through subsidiaries of its operating partnership, NorthStar Income II originated a $98 million subordinate interest investment in a portfolio of 39 industrial properties in 17 states. The more than 6 million-square-foot portfolio is currently 100 percent leased with an average remaining lease term of 11 years. Additionally, NorthStar Income II acquired a diversified portfolio of limited partnership or similar equity interest in 41 private equity real estate funds, managed by 20 institutional-quality real estate managers from a company managed by NorthStar Income II’s sponsor. NorthStar Income II acquired the funds for $273 million, or a price equal to 92.25 percent of the record date net asset value. Twenty-five percent of the acquisition was funded at closing and the remaining will be funded on December 31. Located in 24 states as well as international locations, the properties include mixed-use, multifamily, office and hotel assets.

October 7, 2016

New York Northeast Office

Eastern Consolidated Negotiates $90M Sale of Office Property in Tribeca

by Amy Works October 7, 2016

NEW YORK CITY — Eastern Consolidated has arranged the sale of an office property located at 13-17 Laight St. in Tribeca. The Vanbarton Group acquired the property, which was previously the main venue for the Tribeca Film Festival, for $90 million. The six-story property features 82,500 square feet of office space. Brian Ezratty and Roberto Ortiz of Eastern Consolidated represented the seller, 810-VE Laight LLC, a partnership between Whitestar Advisors and VE Equities, in the transaction.

October 7, 2016

Loans Multifamily New York Northeast

National Cooperative Bank Closes $46M Loan for 763-Unit Co-op in Coram, New York

by Amy Works October 7, 2016

CORAM, N.Y. — National Cooperative Bank has closed a $46 million first mortgage loan for North Isle Village Inc., a multifamily cooperative located at 50 Gibbs Road in Coram. Proceeds of the loan were used to refinance existing debt and to fund current and future capital improvements, including roof and road repairs, HVAC replacement, indoor and outdoor pool repairs and tennis court replacement. Built between 1973 and 1985, the property has 54 two-story garden-style apartment buildings offering a total of 763 units. On-site amenities include a clubhouse, indoor and outdoor pool, laundry facilities, tennis courts, basketball court, playground, outdoor seating areas, paved jogging trail with obstacle course, fitness center, and picnic and barbecue areas. The property converted to cooperative ownership in 1987.

October 7, 2016

New York Northeast Office

Mack Cali Realty Completes $9.6M Sale of Two Office Buildings in Basking Ridge, New Jersey

by Amy Works October 7, 2016

BASKING RIDGE, N.J. — Mack Cali Realty Corp. has completed the disposition of two office buildings, located at 222 and 233 Mount Airy Road in Basking Ridge. Exclusive Management acquired the assets, which total 115,961 square feet, for $9.6 million. At the time of sale, the buildings were 65 percent leased. Jeffrey Dunne, Kevin Welsh, Brian Schulz and Jeremy Neuer of CBRE represented the seller and procured the buyer in the deal.

October 7, 2016

Mixed-Use Multifamily New York Northeast Office Retail

IPA Facilitates $29.3M Sale of Mixed-Use Property in Queens

by Amy Works October 6, 2016

NEW YORK CITY — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has arranged the sale of The Roosevelt, a mixed-use property located at 40-07 73rd St. in the Jackson Heights neighborhood of Queens. An undisclosed buyer acquired the property for $29.3 million. The building features 31 residential units, 10 commercial tax lots and a parking garage. Peter Von Der Ahe and Joe Koicim of IPA, along with Shaun Riney and Michael Salvatico of Marcus & Millichap, represented the undisclosed seller and procured the buyer in the deal.

October 6, 2016

Mixed-Use New York Northeast Office Retail

TerraCRG Arranges $5.1M Sale of Conversion Site in Brooklyn

by Amy Works October 6, 2016

NEW YORK CITY — TerraCRG has arranged the sale of a former daycare facility, located at 1057 Fulton St. in the Clinton Hill neighborhood of Brooklyn. An undisclosed buyer acquired the building for $5.1 million, or $493 per square foot. The buyer plans to convert the 10,337-square-foot property, which was vacant at the time of sale, into a mixed-use building. Ofer Cohen, Dan Marks and David Algarin of TerraCRG were the sole brokers in the transaction.

October 6, 2016

Hospitality New York Northeast

HREC Facilitates Sale of Inn at The Finger Lakes in Auburn, New York

by Amy Works October 4, 2016

AUBURN, N.Y. — HREC Investment Advisors has arranged the sale of Inn at The Finger Lakes, located at 12 Seminary Ave. in Auburn. TJ Hospitality acquired the 77-room property for an undisclosed price. Mark von Dwingelo and Pat Culligan of HREC represented the seller, FLH Development, in the deal.

October 4, 2016

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