NEW YORK CITY — Nonprofit organization ElderServe Health has signed a 14,551-square-foot office lease renewal in the Midwood area of Brooklyn. The space is located on the second floor of the building at 1630 E. 15th St., which was constructed in 2006. Bert Rosenblatt, Peter Sabesan and Alex Gerome of Cresa represented the tenant, which does business as RiverSpring Health Plans, in the lease negotiations. Mike Taylor represented the landlord, Lincoln Property Co., on an internal basis.
MONTAUK, N.Y. — Marcus & Millichap has negotiated the $34.3 million sale of a portfolio of nine buildings totaling 48,145 square feet in Montauk, located on Long Island’s South Fork. Known as Gosman’s Dock, the portfolio spans 11.6 acres and consists of four restaurants, a fish market, six retail stores, four staff residences, a parking area, marina, fish charter facilities and a boat rental site. The sale also included vacant land that can support the development of a 46-room hotel. Henri Kessler, Michael Tuccillo and Eric Anton of Marcus & Millichap represented the seller, a group that includes the Gosman Family, and procured the buyer, private equity firm Black Diamond Capital Management.
NEW YORK CITY — Newmark has arranged a $675 million loan for the refinancing of Independence Plaza, a 1,328-unit apartment complex located at 40 Harrison St. in the Tribeca area of Manhattan. A consortium of lenders consisting of Deutsche Bank, Wells Fargo, Bank of America and Morgan Stanley provided the debt to the borrower, a partnership between Vornado Realty Trust (NYSE: VNO) and Stellar Management. Jordan Roeschlaub, Nick Scribani, Jonathan Firestone and John Caraviello led the transaction for Newmark. Independence Plaza consists of three 39-story residential towers, a series of townhomes, an onsite parking garage and four contiguous blocks of retail frontage for a total footprint of 1.4 million square feet. Units come in studio, one-, two- and three-bedroom floor plans, as well as and duplexes, and many apartments are newly renovated and feature walk-in closets, large balconies and washers and dryers. Amenities include a pool, fitness center and a children’s play area. According to the property website, there are currently five units available for rent. — Taylor Williams
BAY SHORE, N.Y. — JLL has arranged a $140 million loan for the refinancing of Shoregate, a 418-unit, newly constructed apartment community located in the Long Island community of Bay Shore. The four-story, transit-oriented property houses 334 market-rate units and 84 affordable apartments, as well as 1,650 square feet of retail space. Amenities include a pool and patio area, fitness center, outdoor barbecue stations, dog washing area, a rooftop deck, indoor golf simulator and courts for bocce ball and pickleball. Kellogg Gaines, Geoff Goldstein and Michael Gigliotti of JLL arranged the loan through Truist Financial Corp. on behalf of the borrower, a partnership led by Tritec Real Estate Co.
NEW YORK CITY — Pillar Property Management has topped out The Earl Monroe New Renaissance Basketball School, a $35 million academic project in the Mott Haven area of The Bronx. The five-story, 69,000-square-foot building is located at 647 Elton Ave. and will eventually house an 8,000-square foot gymnasium, 27 regular and specialty classrooms, a library/media production studio and a dedicated broadcast studio. New Renaissance Basketball Association will operate the school, which expects to have an enrollment of about 400 students, via a long-term lease with Pillar. The project team includes ESKW/Architects, IMC Architecture, JV Construction & Consulting and Brisa Builders. Construction began last fall, and completion is slated for early- to mid-2026.
NEW YORK CITY — New York City-based investment firm Time Equities Inc. has purchased a 38-unit apartment building in the Ditmas Park area of Brooklyn for $13.1 million. Built by Lightstone Management in 2018, the building at 323 E. 19th St. offers one- and two-bedroom units and was fully occupied at the time of sale. According to StreetEasy, amenities include a fitness center, package rooms, a rooftop deck and onsite laundry facilities. The seller was not disclosed. M&T Bank financed the acquisition.
NEW YORK CITY — Fisher Brothers and Blackstone Real Estate have received $850 million in CMBS debt for the refinancing of 1345 Avenue of the Americas, a 50-story office tower in Midtown Manhattan. Morgan Stanley, J.P. Morgan Chase and Citibank provided the debt to the locally based co-investors. The refinancing was executed as part of a larger recapitalization of the 2 million-square-foot building, which also saw funds backed by Blackstone acquire a 46 percent interest in the property at a valuation of $1.4 billion. Fisher Brothers also increased its majority ownership of the asset as part of the transaction. The building was 92 percent leased at the time of the loan closing, with nearly 1.1 million square feet of leases signed since 2023. Tenants include the Intercontinental Exchange, Equitable Financial, Fortress Investment Group and law firm Paul, Weiss, Rifkind, Wharton & Garrison LLP. Fisher Brothers completed a $120 million capital improvement project at 1345 Avenue of the Americas in 2021. Designed by Skidmore, Owings & Merrill, the project upgraded the building’s exterior, redesigned the lobby with touchless elevators and added a new amenity floor with flexible meeting space, a tenant lounge, wellness center and an indoor terrarium. “The completion of …
BURLINGTON, N.J. — Newmark has secured a 154,000-square-foot industrial lease in Burlington, located outside of Philadelphia in Southern New Jersey. According to LoopNet Inc., the newly constructed building at 1804 River Road features a cross-dock configuration, a clear height of 36 feet, two drive-in bays, 50 exterior dock doors and 229 car parking spaces. Kyle Eaton, Robert Loderstedt, Michael Schipper and Haylee McCabe of Newmark represented the tenant, automotive parts supplier GMB North America, in the lease negotiations. The name and representative of the landlord were not disclosed.
NEW YORK CITY — MIC Capital Partners has signed an 18,214-square-foot office lease expansion in Midtown Manhattan. The division of Mubadala, a global investment firm and sovereign wealth fund of the government of Abu Dhabi, is renewing and doubling its footprint to 36,428 square feet at the Seagram Building at 375 Park Ave. Justin Aronson of CBRE represented the tenant in the lease negotiations. A.J. Camhi and Paul Milunec represented the landlord, RFR, on an internal basis.
NEW YORK CITY — Charney Cos. and Tavros have unveiled plans to build 175 Third Street, a 1 million-square-foot apartment tower in Brooklyn’s Gowanus area. The 27-story building will feature more than 1,000 units, approximately 250 of which will be designated as affordable housing. The development cost, including the land purchase, is estimated at roughly $1 billion, according to the New York Post. The project marks the fifth building on four different sites in the new Gowanus Wharf development by Charney and Tavros. Catalyzed by the major Gowanus rezoning in 2021, the new development will feature a public park along the Gowanus Canal. According to a release, the project will contribute to the rehabilitation of the canal while supporting the continued evolution of the industrial Brooklyn neighborhood. Bjarke Ingels Group (BIG) designed the new tower along with dencityworks | architecture. BIG previously completed a design for the same site in 2023 for a different owner. Charney and Tavros purchased the site in May for $160 million. “Our design for 175 Third Street in Gowanus is conceived as a three-dimensional neighborhood of building blocks stacked to frame a central park cascading down toward the canal waterfront,” says Bjarke Ingels, founder and …