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.
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.
NEW YORK CITY — Richter + Ratner, serving as construction manager, is completing a core-and-shell renovation and structural redevelopment of the 160,000-square-foot Bow Tie Building, located at 1514 Broadway in Times Square. The multimillion-dollar renovation began in February 2016 and will continue through early 2017. The project will create 25,000 square feet of additional floor space for new retail tenants by infilling the atrium space of the former Toys R Us flagship store. The new anchor tenants, Gap and Old Navy, will each occupy 31,000 square feet of the three-story building with additional retail tenants filling the remaining space. Bow Tie Partners has owned the building since 1977. Project team members include Carlton Architecture, Jack Green Associates and GMS Engineering.
NEW YORK CITY — Bestreich Realty Group has arranged the sale of a five-building multifamily assemblage located at 255-265 Linden St. in Brooklyn. An undisclosed buyer acquired the property for $9.2 million. Totaling 34,900 square feet, the assets feature 39 apartment units. Derek Bestreich, Luke Sproviero and Steve Reynolds of Bestreick Realty Group represented the undisclosed seller and buyer in the deal.
NEW YORK CITY — Madison Realty Capital has signed a lease with Urban Soccer, an operator of indoor and outdoor competitive and recreation leagues in Europe, at Whale Square in Brooklyn’s Sunset Park. Urban Soccer will occupy 63,000 square feet of space on the third floor of the 500,000-square-foot mixed-use property. Madison Realty Capital acquired the property last summer and is currently redesigning and repositioning the property into commercial space designed for innovative and creative tenants. David Falk, Eric Cagner, Whitten Morris and Joseph Sipala of Newmark Grubb Knight Frank represented Madison Realty in the deal.
NEW YORK CITY — Newmark Holdings has received a $120 million refinancing loan with BNY Mellon and TD Bank of a three-building, 390,000-square-foot office portfolio located at 740 Broadway, 2-20 Astor Place and 440 Lafayette in New York City. The properties are currently more than 93 percent leased with a roster of prominent tenants, including New York University, Walgreens and L2 Inc. The new loan replaces the existing financing held by Mid-First & Amalgamated Bank that was originated in April 2008 and totaled approximately $53 million. Paul Talbot provided in-house representation for Newmark Holdings in the deal.
NEW YORK CITY — CBCS Equities and Barone Management have developed EVEN Hotel Brooklyn, a 13-story hotel located at 46 Nevins St. in downtown Brooklyn. Designed by Gene Kaufman Architect, the 83,000-square-foot hotel features 202 rooms, a 1,300-square-foot fitness center, in-room fitness zones with cork flooring and personal exercise equipment, and Cork & Kale Market and Bar. The project team included HVS Design, Andrew Myers Interior Design and Ambius. EVEN Hotel Brooklyn is an IHG hotel.
NEW YORK CITY — GFI Realty Services LLC has arranged the $195 million sale of 23-02 49th Ave., a seven-story, 656,000-square-foot warehouse in the Long Island City section of Queens. The property is fully occupied by three tenants whose leases are expiring in 2020: the New York City Housing Authority, Eagle Transfer Co. and Mayo Studios. The undisclosed buyers plan on converting the building into office space upon the termination of the current leases. According to Crain’s New York, the buyers are Westbrook Partners, a privately owned real estate investment management firm, and investor Andrew Chung, a former executive with the Carlyle Group. Crain’s reports the sellers are Ruby Schron and the Fruchthandler family. “Long Island City office is booming, and industrial conversion is bringing many new office properties to market,” says Yisroel Pershin, director of GFI Realty. “Once the property is converted to office use, the buyers anticipate strong leasing activity because of the unmet demand for creative office facilities and the ability to offer space at a 50 percent discount to Manhattan rates.” Pershin and Yosef Katz of GFI Realty brokered the sale of the warehouse, which traded at a capitalization rate below 3 percent. “The extremely low …
MORRISTOWN, N.J. — NorthMarq Capital’s Morristown office has arranged $91.5 million in refinancing for a 13-property medical office portfolio with 11 assets in Northern New Jersey, one in New York and one in Florida. Gregory Nalbandian of NorthMarq secured the financing for the borrower, Regent Medical Properties. The five-year, fixed-rate loan was bifurcated between a $81.5 million senior loan placed with Natixis Real Estate Capital and a $10 million mezzanine loan placed with Morrison Street Capital. The portfolio is a 353,000-square-foot core medical office portfolio with several buildings featuring on-site surgery centers within close proximity to major hospitals.
WHITE PLAINS, N.Y. — Rand Commercial has arranged the sale of an office building located at 10 County Center in White Plains. Ascot Properties NYC sold the 208,000-square-foot building to Bajraktari Realty Management Corp. for $9.2 million. Paul Adler, Ann Silver and Nick Spano of Rand Commercial represented the seller and buyer in the deal.