NEW YORK CITY — Regional brokerage firm Adirondack Capital Partners (ACP) has arranged the $16 million sale of a 36,000-square-foot industrial complex in the Long Island City area of Queens. Built in 1960, the two-story building at 11-40 Borden Ave. was fully leased at the time of sale to Distribution International, which specializes in construction supplies. Wickersham Realty sold the property to San Francisco-based Terreno Realty Corp. (NYSE: TRNO). Chad Sinsheimer of ACP brokered the deal, which traded at a cap rate of 4.4 percent, on behalf of both parties.
NEW YORK CITY — Life Time will open a 52,000-square-foot fitness club at 10 Bryant, a 30-story office building located at 452 Fifth Ave. in Midtown Manhattan. The facility will feature a cold plunge pool and a steam room, a spa with red light therapy service, coworking and library spaces, barre and yoga studios and personal training space. JLL represented the landlord, Property & Building Corp., in the lease negotiations.
NEW YORK CITY — International development and construction firm Skanska has completed the renovation of the Hospital for Special Surgery Sports Medicine Institute West Side in Midtown Manhattan. The project transformed the fourth floor of the facility into an outpatient clinic and introduced 15 new exam rooms, offices and a storage area. Skanska, working with Batska Consulting Group, also upgraded the building’s mechanical, electrical and plumbing systems to accommodate the new operations. Additional improvements included the integration of a new X-ray room and an ultrasound-guided injection exam room. Construction began in August 2024.
MIDDLETOWN, N.Y. — Marcus & Millichap has brokered the sale of Storage Solutions USA and Bay Wash Car Wash in Middletown, about 75 miles north of New York City. The site spans 4.2 acres, and the property consists of 30,475 net rentable square feet of storage space across 288 units and a self-service car wash with five self-service bays and one in-bay automatic wash. Andreas Makris, Kevin Bledsoe, Alan Cafiero and Matt Junkin of Marcus & Millichap represented the undisclosed seller in the transaction and procured the buyer, Manas Equities.
NEW YORK CITY — Macerich (NYSE: MAC) has signed a 12,000-square-foot office lease at 825 Third Avenue in Midtown Manhattan. The Southern California-based retail owner-operator is relocating its New York City office from Fifth Avenue to the 33rd floor of the 40-story building, which recently underwent a $150 million capital improvement program. Gordon Ogden and James Hart of Bradford Allen represented Macerich in the lease negotiations. Tom Bow, Ashlea Aaron, Bailey Caliban and Sayo Kamara represented the landlord, The Durst Organization, on an internal basis.
NEW YORK CITY AND ST. LOUIS — New York City-based investment manager BlackRock Inc. (NYSE: BLK) has announced plans to acquire net-lease real estate investment firm ElmTree Funds. BlackRock has entered into a definitive agreement with ElmTree, which has $7.3 billion in total assets under management as of March 31. The transaction is expected to close in the third quarter of 2025, subject to regulatory approvals and customary closing conditions. Established in 2011 and based in St. Louis, ElmTree owns and operates real estate properties, with a focus on single-tenant, build-to-suit industrial assets. ElmTree’s portfolio includes investments in 122 properties across 31 states. Additionally, ElmTree’s portfolio includes six office locations. BlackRock’s upfront consideration will be paid primarily in stock, with the potential for additional consideration subject to ElmTree Funds’ performance over the next five years. Additional financial details were not disclosed. Upon closing of the deal, ElmTree will be integrated into Private Financing Solutions (PFS), a new platform created through BlackRock’s combination with HPS Investment Partners. (BlackRock completed its acquisition of investment firm HPS earlier this month.) “The net lease market is estimated at $1 trillion, and our continued belief in the industrial build-to-suit model is rooted in the mission-critical …
NEW YORK CITY — NYC Elite Gymnastics Inc. has signed a 20-year, 20,908-square-foot retail lease renewal in Manhattan’s Tribeca neighborhood. The company’s facility at 40 Worth St. encompasses 10,987 square feet of ground-level space, 2,761 square feet of lower-level mezzanine space and 7,160 square feet of space on the lower level. Roy Lapidus of GFP Real Estate represented both the tenant and the landlord, an entity doing business as 40 Worth Street Associates LLC, in the lease negotiations.
NEW YORK CITY — A partnership between two developers, New York-based Baron Property Group and Miami-based LargaVista Cos., has received $388.5 million in construction financing for a 561-unit multifamily project in the Long Island City neighborhood of Queens. Designed by CetraRuddy, the development will consist of 451 apartments and 110 condos, as well as 21,000 square feet of retail space, that will be housed within a 46-story building at 30-25 Queens Blvd. Starwood Capital Group, Gotham Organization and Blackstone Real Estate Debt Strategies provided the financing, which was co-arranged by Ayush Kapahi of HKS Real Estate Advisors and Anthony Ledesma of DIA Capital Group. Rental and condo residences will feature studio, one- and two-bedroom floor plans. Amenities will include a rooftop pool, basketball and pickleball courts, a content creation and recording studio, fitness center, private outdoor terraces with grilling stations, a solarium with a kitchen, pet spa, coworking lounges and a game room. Completion is slated for 2028.
NEW YORK CITY — Locally based developer BFC Partners has landed a $250 million construction loan for 1709 Surf Avenue, a 420-unit affordable housing project on Coney Island. The project marks the third and final phase of a 1,242-unit, three-building affordable housing development along Surf Avenue that is valued at approximately $700 million. Income restrictions across the three buildings range from 30 to 130 percent of the area median income. Project partners include the New York City Department of Housing Preservation and Development, the New York City Housing Development Corp. and Citi Community Capital. Construction is slated for a 2028 completion.
NEW YORK CITY — Tailwind Management has signed a 14,000-square-foot office lease at 299 Park Avenue, a 1.2 million-square-foot building in Midtown Manhattan. The business consulting firm is relocating from 485 Lexington Ave. Greg Taubin of Savills represented the tenant in the lease negotiations. David Falk, Peter Shimkin, Andy Sachs and Eric Cagner of Newmark, along with internal agents Marc Packman and Clark Briffel, represented the landlord, Fisher Brothers.