New York

Houlihan-Parnes Realtors Secures $2.9M Loan for Retail Property in New York

by Amy Works August 3, 2016

BRONXVILLE, N.Y. — Houlihan-Parnes Realtors has arranged a $2.9 million first mortgage loan for a retail property located at 10-24 Palmer Ave. in Bronxville. The three-story, 23,600-square-foot property features five retail stores with 100 feet of frontage on Palmer Avenue and an auto repair shop on Paxton Avenue. The loan, which was provided by a savings bank, features a 12-year term at a seven-year, 3.47 percent fixed-interest rate and a 30-year amortization schedule. Jeremiah Houlihan of Houlihan-Parnes Realtors secured the financing for the undisclosed borrower.

August 3, 2016

Mixed-Use Multifamily New York Northeast Office Restaurant Retail

Allianz Real Estate to Acquire $420M Stake in Manhattan’s 10 Hudson Yards Tower

by Amy Works August 2, 2016

NEW YORK CITY — Allianz Real Estate has acquired a 44 percent stake — an investment of approximately $420 million — in 10 Hudson Yards, located on Manhattan’s west side. The tower is the first building completed in Related Cos. and Oxford Properties Group’s mixed-use Hudson Yards development. A limited partnership that includes Allianz, Related Cos., Oxford and institutional investors advised by J.P. Morgan Asset Management now own the property. 10 Hudson Yards is 94 percent leased to a variety of tenants, including Coach, L’Oreal USA, SAP and Boston Consulting Group. The planned mixed-use development will feature more than 17 million square feet of commercial and residential space, with more than 100 shops, a collection of restaurants, approximately 4,000 residences, cultural space, 14 acres of public open space and a 750-seat public school. Paul Meyer of Mayer Brown provided legal counsel to Allianz on the transaction.

August 2, 2016

New York Northeast Office

The Rosenblum Companies Sells Office Park in New York for $14.5M

by Amy Works August 2, 2016

ALBANY, N.Y. — The Rosenblum Companies has completed the sale of Corporate Plaza, an eight-building office park located along Washington Avenue Extension in Albany. Cass Hill Development Cos. acquired the asset for $14.5 million. Totaling 150,000 square feet, the plaza is 96 percent leased to 25 corporate, state and nonprofit tenants. The properties are located at 260, 264, 254, 250, 240 and 286 Washington Ave. Ext., 7 Executive Centre Drive and 14 Columbia Circle Drive.

August 2, 2016

Loans New York Northeast Retail

Vanbarton Group Receives $67.5M Acquisition Loan for a 31,210 SF Retail Condo in Manhattan

by Amy Works August 1, 2016

NEW YORK CITY — An affiliate of Vanbarton Group has received $67.5 million in acquisition financing for The Astor retail condominium located at 2139-2157 Broadway in Manhattan. Cushman & Wakefield arranged the floating-rate financing, which was provided by an affiliate of Mesa West Capital. The 31,210-square-foot property is at the base of the The Astor, a 12-story luxury residential complex. The condo features 18,902 square feet of ground-floor space and 12,308 square feet of basement-level space. The property is 100 percent leased to nine commercial tenants, including Barneys New York, Lululemon, Stuart Weitzman, Papyrus and L’Occitane. Steve Kohn, Alex Hernandez and Alex Lapidus of Cushman & Wakefield arranged the financing for the borrower.

August 1, 2016

New York Northeast Retail

Whole Foods Market to Anchor Mixed-Use Development at One Wall Street

by Amy Works August 1, 2016

NEW YORK CITY — Macklowe Properties has partnered with Whole Foods Market to anchor One Wall Street, a residential redevelopment in downtown Manhattan. A three-story 44,000-square-foot Whole Foods Market will anchor the 155,000-square-foot retail portion of the redevelopment. The store is slated to open in late 2018. Designed by Robert A.M. Stern Architects, the retail component will feature 22-foot ceilings. The full renovation of the Ralph Walker-designed Art Deco tower will include a restoration of the iconic three-story Hildreth Meier-designed Red Room into a showroom.

August 1, 2016

Multifamily New York Northeast

The Rosenblum Companies Breaks Ground on $23M Mixed-Use Residential Project in New York

by Amy Works July 29, 2016

TROY, N.Y. — The Rosenblum Companies has broken ground at 501 Broadway in Troy for the development of a $23 million mixed-use loft apartment project. The historic renovation of the former Troy Record newspaper building and the construction of a complementary new addition will bring 101 new apartments and ground-floor retail space to downtown Troy. Construction is slated to take 18 months. Redmark Realty is handling the leasing of the retail space.

July 29, 2016

Hospitality Loans Mixed-Use Multifamily New York Northeast Office Restaurant Retail

Related, Oxford Complete $2B Capitalization of 35 Hudson Yards in NYC

by Amy Works July 29, 2016

NEW YORK CITY — Related Companies and Oxford Properties Group have announced the $2 billion full capitalization of 35 Hudson Yards, the 1.1 million-square-foot tower on the corner of 33rd Street and 11th Avenue in New York City. The tower’s full capitalization includes $1.2 billion in debt financing led by the Children’s Investment Fund. Set to open in 2019, 35 Hudson Yards will contain an Equinox-branded luxury hotel with 200 rooms and a 60,000-square-foot Equinox fitness club and spa, as well as office, residential and retail spaces. The property is being designed by David Childs and Skidmore Owings & Merrill.

July 29, 2016

New York Northeast Office

GFI Realty Services Arranges $37.3M Sale of Two Office Properties in Manhattan

by Amy Works July 28, 2016

NEW YORK CITY — GFI Realty Services has brokered the sale of two office properties located at 40 W. 38th St. and 144 W. 37th St. in Manhattan’s Garment District. An undisclosed buyer purchased the properties for $37.3 million, or $1,400 per square foot. The properties total approximately 27,000 square feet and include an additional 18,000 square feet of buildable space. Jermaine Pugh of GFI Realty represented the buyer, while Sylvia Spielman, also of GFI Realty, represented the seller in the deal.

July 28, 2016

Multifamily New York Northeast

Margules Properties Acquires 60-Unit Multifamily Property in Queens for $12.6M

by Amy Works July 28, 2016

NEW YORK CITY — Margules Properties has acquired a multifamily property located at 86-50 77th St. in the Woodhaven section of Queens. Woodhaven Realty sold the 55,000-square-foot building for $12.6 million. Built in 1928, the property features 60 apartment units. Uri Shoshana of Eastern Union arranged acquisition financing for the transaction, while Ronda Rogovin of Eastern Consolidated brokered the deal.

July 28, 2016

Mixed-Use Multifamily New York Northeast Retail

Alpha Realty Brokers $3.7M Sale of Mixed-Use Building in Brooklyn

by Amy Works July 28, 2016

NEW YORK CITY — Alpha Realty has arranged the sale of a mixed-use building located at 243 Troy Ave. in the Crown Heights section of Brooklyn. Witnick Real Estate Group acquired the building from Up Realty LLC for $3.7 million, or $370 per square foot. The 10,135-square-foot building features 12 apartments and five retail stores. Lev Mavashev and Jacob Aronov of Alpha Realty brokered the off-market transaction.

July 28, 2016

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