POUGHKEEPSIE, N.Y. — New Jersey-based investment firm Reynolds Asset Management has received a $19.5 million Fannie Mae loan for the refinancing of Violet Estates, an 84-unit multifamily property located north of New York City in Poughkeepsie. Violet Estates is reserved for renters age 55 and above and offers studio, one- and two-bedroom units. Amenities include a resident lounge, fitness center, bocce ball courts and a dog park. The property also houses 7,000 square feet of retail space that is leased to users in the food-and-beverage, fitness and art businesses, among others. Allan Edelson of Walker & Dunlop originated the financing.
LAKE LUZERNE, N.Y. — Locally based brokerage firm Muroff Hospitality Group has negotiated the sale of the Lamplight Inn Bed & Breakfast in Lake Luzerne, about 60 miles north of Albany. The property was built in 1890 and consists of 12 suites, a dining room and an owner’s apartment. Mitch Muroff of Muroff Hospitality Group represented the seller and procured the buyer, both of which were private investors, in the transaction. The sales price was approximately $1.2 million.
NEW YORK CITY — Bloomberg LP has signed a 946,815-square-foot office lease extension at 731 Lexington Avenue in Manhattan. The extension term is 11 years, and the business journalism organization will now keep its headquarters at the 56-story, 1.3 million-square-foot building through 2040. Developed by Vornado Realty Trust (NYSE: VNO) and owned by its affiliate, publicly traded REIT Alexander’s Inc., 731 Lexington Avenue also houses 250,000 square feet of retail and restaurant space and 105 condos. Bloomberg’s physical footprint in New York spans more than 2 million square feet across three buildings.
ALBANY, N.Y. — An affiliate of New Jersey-based Heidenberg Properties has acquired At Colonie Center, a 243,395-square-foot retail center in Albany for $28 million. Whole Foods Market anchors the property, which was 58 percent leased at the time of sale. Other tenants include Floor & Decor and Sierra Trading Post. Justin Smith, Chris Peterson, Sam Koonce and Danielle Donovan of Atlantic Capital Partners represented the undisclosed seller in the transaction and procured Heidenberg Properties as the buyer. Scott Aiese and Stephen Van Leer of JLL arranged a $17.6 million acquisition loan through Provident Bank on behalf of Heidenberg.
NEW YORK CITY — Walker & Dunlop has arranged a $155 million loan for the refinancing of The Lexington Hotel in Midtown Manhattan, which is part of the Marriott Autograph Collection family of brands. Hudson Bay Capital provided the loan. Jordan Casella, Aaron Appel, Keith Kurland, Jonathan Schwartz, Adam Schwartz and Christopher de Raet of Walker & Dunlop originated the loan on behalf of the borrower, a joint venture between MCR Hotels, Island Capital Group and Three Wall Capital. The joint venture first acquired the property in 2021. The 28-story building was originally constructed in 1929 and houses 725 rooms, including six specialty suites. One of those suites is known as the Norma Jeane Suite and once served as the residence of Marilyn Monroe and her then-husband, New York Yankees legend Joe DiMaggio. (Marilyn Monroe was born Norma Jeane Mortenson.) The hotel’s amenities include 3,000 square feet of meeting and event space and an onsite restaurant and bar. The property also houses retail space that is leased to Crunch Fitness and Starbucks. “This transaction not only underscores the resilience of the New York City hospitality market but also reaffirms the enduring appeal of this city as a major tourist and …
NEW YORK CITY — Locally based brokerage firm Stav Equities has arranged the $5.7 million sale of two multifamily redevelopment sites in Brooklyn. The buildings at 21 Montauk Ave. and 22 Milford St. were previously used as storage facilities for a local furniture business. The buyer, Moses Rabinowitz, plans to redevelop the sites into apartment buildings totaling 96 units. Jacob Stavksy of Stav Equities represented Rabinowitz and the undisclosed seller in the off-market transaction.
NEW YORK CITY — Locally based firm Extell Development Co. has topped out a 30-story, 435,000-square-foot medical office project at 1520 First Ave. on Manhattan’s Upper East Side. Designed by Perkins Eastman Architects, the building will occupy a full city block between East 79th and East 80th streets and house ambulatory care and surgical facilities. Additional building features will include multiple outdoor terraces and mechanical systems to enhance comfort and energy efficiency, as well as ground-floor retail space. The Hospital for Special Surgery (HSS) has preleased eight floors totaling 195,580 square feet to serve as the facility’s anchor tenant. HSS will house orthopedic and rheumatology physician’s offices, as well as ancillary services for treatment of musculoskeletal conditions. Newmark has been tapped to lease the remainder of the space. Lendlease provided preconstruction management services for the project, full completion of which is slated for the second quarter of 2025.
HYDE PARK, N.Y. — Pennsylvania-based developer Shaner Hotel Group has completed a $55 million Marriott-branded hotel in Hyde Park, about 90 miles north of New York City. Marriott will operate the 137-room hotel, which will be located within the $1 billion Bellefield at Historic Hyde Park mixed-use development, under its Residence Inn brand. Amenities include a fitness center, onsite restaurant and a convenience mart. T-Rex Capital Group is the master developer of Bellefield at Historic Hyde Park.
NEW YORK CITY — Cushman & Wakefield has brokered the $7 million sale of a multifamily development site in The Bronx. The site at 3083 Webster Ave. can support approximately 100,000 buildable square feet of product. Jonathan Squires, Josh Neustadter and Austin Weiner of Cushman & Wakefield represented the seller, Atlantis Management, in the transaction. The buyer, SKF Development, plans to build an affordable housing complex that will be financed with Low-Income Housing Tax Credits and subsidies from the NYC Department of Housing Preservation & Development and NYC Housing Development Corp.
NEW YORK CITY — A joint venture between two locally based investment firms, Zar Property NY and HPNY, has acquired a 57,000-square-foot office building located at 26-30 W. 61st St. in Manhattan’s Lincoln Square area. At the time of sale, the property was fully leased to the New York Institute of Technology, which has 24 months remaining on its lease. The seller was The Brodsky Organization. The joint venture purchased the property in an all-cash transaction.