NEW YORK CITY — Cushman & Wakefield has brokered the sale of a storage facility located at 305 E. 61st St. in Manhattan’s Upper East Side. An undisclosed buyer acquired the property for $40 million in an all-cash transaction. The 11-story, 65,886-square-foot building, which features 358 individual storage lockers, was vacant at the time of sale. Bob Knakal, Clint Olsen and Jonathan Hageman of Cushman & Wakefield arranged the transaction. The name of the seller was not disclosed.
NEW YORK CITY — Corona Operating Co. has acquired a conversion site located at 37-10 114th St. in the Corona neighborhood of Queens. Meadows Corona LLC sold the site for $37.3 million. The site offers 226,800 buildable square feet and currently houses an eight-story building with 95,040 square feet above ground with additional built out and useable cellar space of 11,880 square feet. Previously, the building operated as a 200-room hotel featuring a pool, exercise facility, multiple event spaces and parking for 86 cars. The building was vacant at the time of sale. Stephen Preuss of Cushman & Wakefield represented the seller in the deal.
NEW YORK CITY — Cushman & Wakefield has arranged the sale of two contiguous multifamily buildings located at 341-343 E. 65th St. in Manhattan’s Upper East Side. Guthrie Garvin and Michael Gembecki of Cushman & Wakefield arranged the transaction, which was valued at $16.5 million, or $803 per square foot. The five-story, walk-up buildings total approximately 20,540 square feet and feature 40 one-bedroom apartments, of which 37 are rent stabilized and the remaining are rent-controlled.
NEW YORK CITY — Meridian Capital Group has arranged $17.9 million in construction financing for the development of a multifamily property located in the Jamaica neighborhood of Queens. David Hayum and Tal Savariego of Meridian secured the three-year, interest-only construction loan, provided by a regional balance sheet lender, for the Long Island-based borrower. Located at 177-30 Wexford Terrace, the ground-up development will feature 68 apartments and a community facility.
NEW YORK CITY — Quadram Global is developing two Arlo micro-hotel brand hotels in Manhattan. Both hotels were designed by Gene Kaufman Architect. Located at 231 Hudson St., the 11-story, 325-key Arlo Hudson is slated to open on September 6. The 97,000-square-foot hotel will feature a rooftop terrace with a bar/lounge, a ground-floor courtyard with lounge and Harold’s Meat +3, the latest eatery of Chef Harold Moore, executive chef and owner of Commerce Restaurant. The interiors of the Hudson Square property were designed by AvroKO, and the landscape was designed by MDD Landscape Design. Located at 11 E. 31st St., the 37-story, 250-key Arlo NoMad is scheduled to open later this fall. The 91,000-square-foot hotel will feature a roof deck, small but well-appointed guest rooms, dining and lounging options and public spaces.
NEW YORK CITY — An affiliate of Silver Star Motors has topped out the construction of a mixed-use building located at 37-14 36th St. in Queens’ Long Island City. Designed by Montroy Andersen DeMarco, the 10-story, 135,000-square-foot building will feature a Silver Star Mercedes-Benz dealership on the first two floors and 85 apartments on the upper floors. The apartments will be a mix of 30 studios, 27 one-bedroom units, 28 two-bedroom units and two three-bedroom units. Occupancy is expected in summer 2017. The project team includes 1 Oak Contracting, MNS Real Estate, Fogarty Finger Architecture, Dealer Solutions and Design, Gilsanz Murray Steficek, Lilker Engineering, GZA GeoEnvironmental, DeRosier Engineering and Sage Security.
NEW YORK CITY — Thor Equities has acquired a retail co-op located at 125 Greene St. in Soho for $12.6 million. Featuring more than 3,400 square feet of space, the property is occupied by Kisan, a French fashion boutique. The name of the seller was not released.
NEW YORK CITY — TerraCRG has arranged the sale of a multifamily loft building located at 65 Bogart St. on the East Williamsburg/Bushwick border of Brooklyn. Acuity Capital Partners sold the property to Sugar Hill Capital Partners for $39.5 million, or $742 per square foot. The converted multifamily loft building totals more than 50,000 square feet and features 51 apartment units. Ofer Cohen, Melissa Warren and Dan Marks of TerraCRG were the sole brokers in the deal.
NEW YORK CITY — Newmark Holdings has closed on $30 million in refinancing for 5-9 Union Square West, a mixed-use building in New York City’s Union Square. The eight-story, 105,000-square-foot building is currently over 93 percent leased to a variety of tenants, including Staples and Rockwell Architecture Design. Provided by Amalgamated Bank, the new loan features a seven-year term with a fixed interest rate of 3.13 percent and five years of interest-only payments.
NEW YORK CITY — HFF has brokered the sale of an apartment building located at 333-335 Carroll St. in Brooklyn’s Carroll Gardens neighborhood. 333 Carroll Condominium LLC sold the newly redeveloped Class A building to an undisclosed buyer for $27.2 million. Built in 1931 as a warehouse loft building, the property was redeveloped into residences in 2014. The five-story property features 30 units in a mix of studio, one-, two- and three-bedroom units. Apartments feature open layouts, 10-foot ceilings, hardwood floors, reclaimed wood, walk-in closets, stainless steel appliances, open-island kitchens and oversized windows. On-site amenities include a rooftop deck, a fully-furnished lounge with TV and pool table, fitness center and below-grade parking. Andrew Scandalios, Jeff Julien and Rob Hinckley of HFF represented the seller in the deal.