New York

Tishman Speyer Moving Ahead with Construction of 1.1M SF Office, Retail Project in Long Island City

by Amy Works July 15, 2016

NEW YORK CITY — Tishman Speyer, in partnership with Qatar Diar, is moving ahead with the construction of a 1.1 million-square-foot office and retail project in Long Island City. The project concludes Tishman Speyer’s purchase of 1.8 million square feet of development rights from New York City, which included a 700,000-square-foot office building that the company completed in 2011. Designed by MdeAS Architects, the new commercial project will comprise two 27-story towers connected by a four-story podium featuring a mix of retail, food hall, restaurant and parking garage space. Construction is slated to begin in early 2017, with completion scheduled for 2019. More than 800,000 square feet of the available office space in the development has been preleased, including 250,000 square feet to WeWork, a shared office space provider. Fried Frank acted as counsel to Tishman Speyer in the closing of the company’s $770 million transaction to develop the two towers. The transaction included the acquisition of the site from the New York City Economic Development Corp., an equity investment by Qatari Diar, construction financing and tax benefits from the New York City Industrial Development Agency. The Fried Frank team included Jonathan Mechanic, Tal Golomb, Michael Barker, Michael Werner, Janice Mac …

July 15, 2016

Mixed-Use New York Northeast Office Retail

Triangle Equities Completes 88,000 SF Multi-Use Complex in the Bronx

by Amy Works July 15, 2016

NEW YORK CITY — Triangle Equities has completed Triangle Plaza Hub, a multi-use complex located in the South Bronx. The $35 million, 88,000-square-foot complex is occupied by Fine Fare Supermarket, Metropolitan College of New York, Brightpoint Health, DaVita Dialysis Center, Vistasite Eye Care, Boston Market and Dunkin’ Donuts. A 3,900-square-foot retail space on the ground floor and a 3,000-square-foot pad site adjacent to the public plaza are available for lease.

July 15, 2016

Multifamily New York Northeast

Rosewood Realty Group Brokers $18.3M Sale of Multifamily Building in Brooklyn

by Amy Works July 14, 2016

NEW YORK CITY — Rosewood Realty Group has arranged the sale of a six-story multifamily building located at 2147 E. 17th St in Brooklyn’s Sheepshead Bay neighborhood. 2147 LLC acquired the elevator-serviced building from 2147 BKLYN 12 Realty LLC for $18.3 million. Built in 1939, the 57,552-square-foot building features 60 apartments. Aaron Jungreis of Rosewood Realty represented both the seller and buyer in the deal.

July 14, 2016

Industrial New York Northeast

HelmsleySpear Arranges $10.5M Sale of Warehouse Property in Queens

by Amy Works July 13, 2016

NEW YORK CITY — HelmsleySpear LLC has arranged the sale of a commercial building located at 19-40 Flushing Ave. in the Ridgewood section of Queens. Farmville, Va.-based Tri-Boro Shelving acquired the 25,234-square-foot warehouse for $10.5 million, or $416.10 per square foot. The warehouse features 17-foot ceilings, eight loading docks and 8,000 square feet of outdoor parking. The buyer plans to renovate the property. Gregg Slotnick of HelmsleySpear represented the undisclosed seller in the transaction.

July 13, 2016

Multifamily New York Northeast

Redwood Realty Negotiates $6.3M Sale of 37-Unit Apartment Property in New York

by Amy Works July 13, 2016

PEARL RIVER, N.Y. — Redwood Realty Advisors has arranged the sale of Courtland Gardens, a garden apartment property located in Pearl River. The 37-unit property sold for $6.3 million, or $171,621 per unit. Kevin and McCrann and Thomas Gorman of Redwood Realty Advisors represented the undisclosed seller in the deal. The name of the buyer was not released.

July 13, 2016

Loans Multifamily New York Northeast

Houlihan-Parnes Realtors Secures $1.5M in Refinancing for Apartment Building in the Bronx

by Amy Works July 12, 2016

NEW YORK CITY — Houlihan-Parnes Realtors has arranged $1.5 million in refinancing for a five-story walk-up apartment building located at 840 Bronx Park South in the Bronx. The five-year non-recourse loan includes a five-year option term and a 30-year amortization schedule. The property features 13 residential units and one retail store. Ed Graf of Houlihan-Parnes secured the financing for the undisclosed borrower.

July 12, 2016

Multifamily New York Northeast Top Stories

Fairstead Capital Acquires Savoy Park Apartments in Harlem for $315M

by Christina Cannon July 12, 2016

NEW YORK CITY — Fairstead Capital has acquired Savoy Park Apartments, a 1,790-unit multifamily campus in the Central Harlem neighborhood of Manhattan, for $315 million. An investor group that includes L+M Development Partners and Savanna sold the property, which is situated on 10.5 acres. Savoy Park consists of seven 16-story buildings, and is 100 percent rent-stabilized. Under the terms of the deal, Fairstead Capital will maintain the apartments as affordable housing until at least 2052. Fairstead Capital plans to upgrade the complex with renovations to interior common spaces, landscaping, public spaces and security systems. Savoy Park offers studio, one- and two-bedroom units and includes amenities such as walking paths, courtyards, playgrounds, laundry facilities, on-site parking and on-site maintenance and management. The complex, built in 1959, was last renovated in 2005. A real estate fund created by Citigroup and L+M purchased the complex, formerly known as Delano Village, in 2012, according to Real Estate Weekly. The deal, which prevented the property from going into foreclosure, was valued at $210 million. Savills Studley’s Jeffrey Baker and Graham Hobbs, along with Ariel Property Advisors’ Victor Sozio and Shimon Shkury, brokered the deal. Fairstead Capital is a real estate investor and manager specializing in …

July 12, 2016

Multifamily New York Northeast

Cushman & Wakefield Brokers $14.4M Sale of Three Multifamily Properties in Brooklyn

by Amy Works July 11, 2016

NEW YORK CITY — Cushman & Wakefield has brokered the sale of three multifamily buildings located at 257 Quincy St., 570 Jefferson Ave. and 308 Stuyvesant Ave. in Brooklyn’s Bedford-Stuyvesant neighborhood. The Mann Group sold the properties to an undisclosed buyer for $14.4 million, or $313,043 per unit. The 17,650-square-foot Quincy Street property features 21 units, the 7,364-square-foot Jefferson Avenue property offers nine units, and the 8,320-square-foot Stuyvesant Avenue building contains 16 units.

July 11, 2016

Loans Multifamily New York Northeast

Capital One Provides $32M Loan to Refinance Residential Building in Manhattan

by Amy Works July 8, 2016

NEW YORK CITY — Capital One has provided a $32 million, fixed-rate Freddie Mac loan for the refinancing of Turtle Bay Towers, a 27-story cooperative apartment complex located in Manhattan’s Turtle Bay neighborhood. The 15-year loan will be used to pay off existing debt on the property and to fund future capital improvements and repairs. Jonathan Smith of Capital One arranged the financing for the undisclosed borrower. Built in 1929 for commercial use and converted to residential use in the mid-1970s, the complex features 338 units in a mix of studio, one-, two- and three-bedroom apartments.

July 8, 2016

Multifamily New York Northeast

Cignature Realty Brokers $11.1M Sale of Apartment Building in Manhattan

by Amy Works July 8, 2016

NEW YORK CITY — Cignature Realty has arranged the sale of an apartment building located at 880 Saint Nicholas Ave. in the Hamilton Heights section of Manhattan. Shamah Properties acquired the 37-unit apartment building from 880 St. Nick LLC for $11.1 million. Peter Vanderpool and Lazer Sternhell of Cignature represented the buyer and the seller in the deal.

July 8, 2016

Newer Posts

Older Posts