NEW YORK CITY — Locally based brokerage firm Ariel Property Advisors has negotiated the $8.9 million sale of a 55,000-square-foot multifamily development site in Harlem. The site at 7-11 E. 115th St. features 135 feet of frontage and can support 68,000 buildable square feet of residential product under the ‘City of Yes’ initiative, as well as an 88,000-square-foot community facility. Shimon Shkury, Victor Sozio, Alexander Taic, Michael Tortorici and Erik Moloney of Ariel represented the seller, Global Asset Management Inc., in the deal. Hillstone Properties NY represented the buyer, Kodra Construction.
NEW YORK CITY — HKS Real Estate Advisors has arranged $6.9 million in acquisition financing across two loans for a trio of apartment buildings totaling 22 units in Brooklyn. The buildings at 104 and 112 Fort Greene Place offer a combined 16 units, while the building at 1094 Dean St. has six units. Derby Copeland Capital provided both loans, which totaled $4.5 million and $2.4 million, respectively. Michael Lee and Jacob Kaufman of HKS arranged the loans on behalf of the borrower, Lloyd Properties.
WEBSTER, N.Y. — Locally based brokerage firm Endeavor Real Estate Group has arranged the sale of the 328-unit Country Manor Apartments in Webster, located outside of Rochester in upstate New York. Built in phases between the late 1960s and early 1970s, the garden-style property offers one- and two-bedroom units and amenities such as a leasing office with a shared conference room, fitness center, pool, picnic areas, tennis courts and a dog park. Manhattan-based private equity firm PH Realty Capital sold Country Manor Apartments to metro Philadelphia-based multifamily owner-operator Morgan Properties for an undisclosed price. James Buckley and Patrick Salvato of Endeavor brokered the deal.
CLIFTON PARK, N.Y. — Locally based firm Standard Brokerage Co. has negotiated the sale of a portfolio of two industrial buildings totaling 153,400 square feet that are situated “at and around” 620 Van Patten Drive in Clifton Park, located outside of Albany. According to LoopNet Inc., the building at 620 Van Patten Drive was built in 2001 and totals 38,400 square feet. The sale included 27 adjacent acres that can support new industrial development. The buildings were leased to four tenants at closing. The buyer and seller were not disclosed.
NEW YORK CITY — Grammarly has signed a 23,038-square-foot office lease in Midtown Manhattan. The provider of AI-supported writing assistance services will occupy the entire eighth floor at 360 Park Avenue South, a 450,000-square-foot building that was recently repositioned. Justin Haber and Kyle Riker of JLL represented Grammarly in the lease negotiations. Peter Turchin, Gregg Rothkin, Ross Zimbalist, Arkady Smolyansky, Hayden Pascal and Trevor Larkin from CBRE represented the landlord, Boston Properties (BXP).
NEW YORK CITY — A partnership between two local owner-operators, Foxy Development and Selfhelp Realty Group, has broken ground on The Perennial, a $150 million affordable housing project that will be located in the Forest Hills neighborhood of Queens. The project is a conversion of the former Parkway Hospital building, which has been shuttered since 2008. Of the 145 total units, 124 will be senior units, 44 residences within which will be reserved for formerly homeless individuals. The remaining apartments will be family units. All residences will be reserved for households earning 50 percent or less of the area median income. Project partners include architect Newman Design, Cityscape Engineering, Suffolk Construction and MEP engineer Mottola Rini. TD Bank provided construction financing for the project, and The Community Preservation Corp. will provide permanent financing. Construction is expected to be complete in late 2027.
YONKERS, N.Y. — New Jersey-based financial intermediary Cronheim Mortgage has arranged a $10.3 million loan for the refinancing of a two-building, mixed-use portfolio in Yonkers, located north of New York City. The portfolio consists of Nepperhan Plaza, an office and retail building, and YoHo Lofts, a multi-story industrial loft building that has been converted to artist housing. The names of the direct lender and borrower were not disclosed.
LIVERPOOL, N.Y. — Marcus & Millichap has brokered the sale of America Stores It, a 407-unit self-storage facility in Liverpool, located about 10 miles northwest of Syracuse. Built on 5.6 acres in 2023, the property offers 47,700 net rentable square feet of space across 31 climate-controlled units and 376 non-climate-controlled units. Nathan Coe, Gabriel Coe and Brett Hatcher of Marcus & Millichap represented the seller and procured the buyer, both of which requested anonymity, in the transaction. John Horowitz of Marcus & Millichap assisted in closing the deal as the broker of record. The sales price was also not disclosed.
NEW YORK CITY — A partnership between The Community Preservation Corp., Shelter Rock Builders and the New York City Department of Housing Preservation and Development has completed a 31-unit affordable housing project in Brooklyn. The project represents Phase I of the Bedford-Stuyvesant North & Central development and comprises nine three-family and two two-family buildings with 11 for-sale units and 20 rental units. Phase II of the project will add another 76 units.
NEW YORK CITY — Rithm Capital Corp., a global alternative asset manager, has entered into a definitive agreement to acquire Paramount Group Inc. (NYSE: PGRE), a vertically integrated real estate investment trust (REIT) that owns, operates, manages and redevelops Class A office properties in New York City and San Francisco. The purchase price is approximately $1.6 billion. New York City-based Paramount’s portfolio includes 13 owned and four managed office assets totaling more than 13.1 million square feet, 85.4 percent of which was leased as of June 30. Under the terms of the agreement, which has been approved by the boards of directors of both companies, Rithm will acquire all outstanding shares of Paramount common stock for $6.60 per fully diluted share. Paramount’s stock price closed at $7.38 per share Tuesday, Sept. 16, up from $5.08 per share one year ago, a more than 45 percent increase. Rithm expects to fund the transaction with a combination of cash and liquidity from its balance sheet and potential opportunities from co-investors. New York City-based Rithm says the addition of the Paramount portfolio will create new opportunities for investors to access its real estate platform and bolster its asset management business. “We believe the …