NEW YORK CITY — Denihan Investments has completed a redemption agreement with Pebblebrook Hotel Trust for the transfer of ownership of six jointly-owned hotels in Manhattan at a total value of $820 million. Through the agreement, Denihan becomes the sole owner of four of the assets, totaling 917 rooms — The Benjamin, Fifty NYC, Gardens NYC, and Shelburne NYC, while Pebblebrook assumes full ownership of Dumont NYC and Manhattan NYC, totaling 870 rooms. The portfolio is a subset of Denihan’s portfolio, which also includes The James hotels in New York, Chicago and the to-be-built West Hollywood location, as well as The Surrey and The Carlton in New York City. Carl Schwartz and Anthony Bonan of Hunton & Williams LLP advised Pebblebrook in the transaction.
NEW YORK CITY — Rosewood Realty Group has arranged the sale of a five-building multifamily portfolio in the Fordham Manor section of the Bronx. An undisclosed buyer acquired the 214-unit portfolio for $35.8 million. Totaling 194,944 square feet, the buildings are located at 2489 Morris Ave., 1225 Sherman Ave., 2101 and 2499 Grand Ave. and 1900 Grand Course. Aaron Jungreis of Rosewood Realty Group represented the undisclosed seller and buyer in the deal.
SYRACUSE, N.Y. — The Pyramid Companies, owners of Destiny USA, has partnered with Hilton to open Embassy Suites by Hilton Syracuse – Destiny USA as the first hotel within the 2.4 million-square-foot shopping complex in Syracuse. The $48 million hotel will feature Embassy Suites’ Design Option III, a concept that allows developers the flexibility to customize a property’s design while remaining true to the brand’s pillars. Additionally, the all-suites hotel will feature an on-site restaurant and pool. Upon completion in fall 2017, the hotel will be operated by Aimbridge Hospitality. The project was financed by a M&T Bank, Berkshire Bank and Tompkins Trust Co.
FOREST HILLS, N.Y. — Knighthead Funding has provided a $27 million first mortgage construction loan to Paraag Sarva for the development of a mixed-use apartment building in Forest Hills. The loan is structured with a 36-month term, a prime-based floating rate and interest-only payments. Slated for completion in 2018, the development will feature 27 one-bedroom units and 19 two-bedroom units, with an average unit size of 975 square feet. Additionally, the property will feature 8,282 square feet of ground-floor retail space and a 23-car subterranean parking garage.
NEW YORK CITY — Rockrose Development has received a $65 million mortgage refinance loan for a residential rental building located at 100 Jane St. in Manhattan’s West Village. Andrew Singer and Kathleen McSharry of The Singer & Bassuk Organization arranged the financing, which was provided by Wells Fargo. Acquired in 1981, the nine-story building features 123,646 square feet, 148 residential units, a fitness center, roof deck and landscaped interior courtyard.
NEW YORK CITY — Rosewood Realty Group has brokered the sale of a four-building retail portfolio in the Homecrest neighborhood of Brooklyn. Embkay by Select LLC sold the contiguous buildings to 325 Realty Inc. for $12.1 million. The 19,300-square-foot portfolio comprises 1805-1811, 1815 and 1817 Avenue U and 2073-2075 E. 18th St. Michael Guttman of Rosewood Realty represented the seller, while Guttman and Jacob Setton, also of Rosewood Realty, represented the buyer in the deal.
NEW YORK CITY — Eastern Union Funding has arranged a $10.3 million acquisition loan on behalf of ABJ Properties for its $16 million purchase of a multifamily portfolio in Harlem. The six-building portfolio comprises 82 apartments and six retail spaces. The properties are located at 53-55 W. 130th St., 165 W. 122nd St., 56 W. 127th St., 2401 Adam Clayton Powell Jr. Blvd., and 342 and 346 Lenox Ave. Meir Kessner and Ira Zlotowitz of Eastern Union Funding secured the loan, which was provided by Customers Bank.
NEW YORK CITY — Barone Management, as developer, has opened a Marriott Fairfield Inn & Suites, located at 538 W. 58th St. in New York City. Designed by Gene Kaufman Architect, the 85,000-square-foot hotel features 226 rooms in two seemingly separate structures — an 18-story tower and an adjoining 10-story building, which are recessed from the street at different depths. The hotel features a below-grade ground floor and lobby, an office center, fitness center, breakfast bar and a sunken entryway with a 2,300-square-foot landscaped plaza.
MIDDLETOWN, N.Y. — Cushman & Wakefield has arranged the sale of an office building located at 85 Crystal Run Road in Middletown. A private equity group acquired the 164,070-square-foot Class A property from an affiliate of Madison International Realty and its operating partner for an undisclosed price. Situated on 21 acres, the four-story property serves as the corporate accounts services location for Empire Blue Cross Blue Shield. The building features ample parking, multiple on-grade entryways, a naturally-lit atrium lobby, cafeteria and fitness center infrastructure. Andrew Merin, David Bernhaut, Gary Gabriel, Brian Whitmer, Frank DiTommaso and Andrew Schwartz of Cushman & Wakefield represented the seller and procured the buyer.
NEW YORK CITY — Thor Equities has started the site work for Red Hoek Point, a 7.7-acre waterfront office campus located in Brooklyn’s Red Hook neighborhood. Designed by Foster + Partners, the project will feature two heavy timber buildings totaling 795,000 square feet of creative office space on three levels and 23,000 square feet of retail and restaurant space. Additionally, the design features 125,000-square-foot open floor plates. Additional amenities at the office campus will include a central open courtyard, a 1.8-acre green rooftop on each building, walking/meeting trails, bike valet, on-site underground parking and a kayak launch. The site is surrounded by water on three sides and offers clear views of the Statue of Liberty and Lower Manhattan.