New York

Citicore Arranges $14.9M Sale of Mixed-Use Portfolio in the Bronx

by Amy Works June 27, 2016

NEW YORK CITY — Citicore has arranged the sale of a two-building mixed-use portfolio in the Bronx. Steven Staz, a Bronx-based investor, acquired the 81,174-square-foot portfolio from Semper Fi Management 7 Corp. and Cavan Properties for $14.9 million. The portfolio consists of a seven-story, 67-unit apartment building with two commercial stores located at 340 E. 184th St. and a five-story, 34-unit apartment building with five retail units located at 899 E. 169th St. Timour Shafran, Gem Algan and Steven Benatar of Citicore represented the buyer and the seller in the deal.

June 27, 2016

Loans New York Northeast Retail

Madison Realty Capital Provides $16.3M Loan for Retail Condo in Manhattan

by Amy Works June 24, 2016

NEW YORK CITY — Madison Realty Capital has provided a $16.3 million loan to recapitalize a 26,965-square-foot retail condominium located at 68 Elizabeth St. in Manhattan’s Chinatown neighborhood. The retail condo is located on the lower floors of an 81,961-square-foot mixed-use building with 81 residential condominiums units on the upper floors. The retail space is currently occupied by Hong Kong Supermarket and Salon De Tops. The name of the borrower was not released.

June 24, 2016

Multifamily New York Northeast

Cignature Realty Brokers $16M Sale of a 54-Unit Multifamily Building in Washington Heights

by Amy Works June 24, 2016

NEW YORK CITY — Cignature Realty Associates has arranged the sale of a multifamily building located at 548 W. 164th St. in Washington Heights. Barberry Rose Management Co. acquired the 54-unit property for $16 million, or $283 per square foot. Built in 1910, the 56,634-square-foot property features one studio unit, 24 two-bedroom units, 12 three-bedroom units and 17 four-bedroom units. Lazer Sternell and Peter Vanderpool represented the buyer and the seller, Hillcrest Acquisitions LLC, in the deal.

June 24, 2016

New York Northeast Retail

Brookstone Retains RCS Real Estate Advisors as Outsourced Real Estate Department

by Amy Works June 24, 2016

NEW YORK CITY — The innovative and lifestyle products retailer Brookstone Inc. has retained New York-based RCS Real Estate Advisors to operate as its outsourced real estate department. RCS will work with Brookstone to manage its entire retail real estate portfolio and help the company develop growth strategies for its holiday pop-up stores and outlet locations. RCS will be responsible for all lease negotiations, site selection and implementation of Brookstone’s growth plans.

June 24, 2016

Loans New York Northeast Retail

Paradigm Commercial Closes Five Loans Totaling $30M in New York

by Amy Works June 22, 2016

NEW YORK CITY AND WESTCHESTER COUNTY, N.Y. — Paradigm Commercial Real Estate has closed five loans totaling $30 million secured by 20 retail centers in the Bronx and Westchester County. A Connecticut-based private family owns the properties, many of which are occupied by small single-tenant users, including an on-site dry cleaner facility. The loans, which were provided by a regional bank, are fully non-recourse and feature a 30-year amortization schedule.

June 22, 2016

New York Northeast Office

Second City Real Estate Sells Four-Building Office Asset in Syracuse for $15.8M

by Amy Works June 22, 2016

SYRACUSE, N.Y. — Second City Real Estate has completed the sale of Salina Meadows, a four-building office property located at 200, 220 and 231 Salina Meadows Parkway and 301 Plainfield Road in Syracuse. A local investor acquired the 239,320-square-foot Class A office park for $15.8 million. At the time of sale, the office park was 85.2 percent leased to a variety of tenants, including Traveler’s Indemnity Co., Mutual of Omaha Insurance Co., Walgreen Co. and Acadia Insurance Co. Rob Rizzi, Jose Cruz, Kevin O’Hearn, David Fowler and Michael Oliver of HFF represented the seller in the transaction.

June 22, 2016

Market Reports New York Northeast Northeast Market Reports Retail

In NYC, High Retail Rents Still an Issue, but e-Commerce May Loom Larger

by Jaime Lackey June 22, 2016

Although it would appear that retail landlords in New York City are reaping the benefit of high rents — and many are, if they bought at the right time — demand has declined and leasing velocity has slowed, mostly due to inflated landlord expectations, tenant hesitancy and increased supply from tenant defaults. Yes, the Manhattan retail leasing market has softened, but not enough to significantly reduce historically high asking rents. For example, the fourth quarter of 2015 saw ground-floor average asking rent decreasing in the majority of the major corridors over the second quarter 2015. Fifth Avenue, from 49th to 59th, saw an 8 percent decrease; Madison, from 57th to 72nd, saw a 5 percent decrease; West 34th Street, from Fifth to Seventh avenues, saw a 16 percent decrease; and Broadway, from Houston to Broome, saw a 15 percent decrease. The corridors which saw rent increases were modest compared to the rises we saw in early 2015 and 2014. While this is in part due to increasing supply, an adjustment in landlord expectations is having the greatest impact. High rates of default and eviction have plagued New York City for years, mostly due to inexperienced tenants relying on unrealistic revenue …

June 22, 2016

Multifamily New York Northeast

Five Mile Capital, Centurion Group Complete 162-Condo Development in Lower Manhattan

by Amy Works June 21, 2016

NEW YORK CITY — Five Mile Capital and Centurion Group have completed the development of River & Warren, a condominium project located at 212 Warren St. in Lower Manhattan. The project included the renovation and conversion of a 27-story, 324-unit apartment building into a 162-unit condominium building feature two- to five-bedroom layouts. Condos include white oak flooring, kitchens with custom oak and marbled islands, custom floor-to-ceiling millwork cabinetry with white Italian marble countertops, and high-end appliances. On-site amenities include a fitness center, playroom and rooftop park. CetraRuddy Architecture designed the property, while Mc Gowan served as construction manager.

June 21, 2016

Loans Multifamily New York Northeast

World Wide Group Receives $247M in Financing for Three Multifamily Properties in NYC

by Amy Works June 21, 2016

NEW YORK CITY — World Wide Group has secured $247 million in financing for three properties in New York City. The Singer & Bassuk Organization arranged the financing for the borrower. World Wide Group received $50 million in permanent financing for a six-story, 185,000-square-foot property located at 110 Green St. in Brooklyn’s Greenpoint neighborhood. The company acquired the 130-unit apartment building from Meadow Partners for $103 million. World Wide Group also received a $32 million acquisition loan for the $73 million purchase of Luna, a 124-unit residential building located at 42-15 Crescent St. in Long Island City, Queens. Additionally, World Wide secured $165 million in permanent financing for QLIC, a 421-unit apartment building that the company developed in Long Island City.

June 21, 2016

Multifamily New York Northeast

Gotham Organization to Convert Schoolhouse into Condos in Manhattan’s Hell’s Kitchen

by Amy Works June 21, 2016

NEW YORK CITY — Gotham Organization is converting a schoolhouse into a condominium property called Inkwell in the Hell’s Kitchen neighborhood of Manhattan. Located at 520 W. 45th St., the five-story building will feature 18 residences and is the first New York City condominium project designed by AvroKO. The design incorporates features of the former elementary school with blackboards in the kitchens and powder rooms. Additionally, the property features AvroKO-designed custom lighting and furniture throughout, a custom cage light fixture in the gym, entry closets in each unit, and bespoke light fixtures in the kitchens and bathrooms. Slated for completion this fall, the building will feature 16 two-bedroom residences ranging in size from 1,200 square feet to 1,400 square feet and starting at $1.78 million, and two three-bedroom, 1,900-square-foot residences with private gardens starting at $2.75 million. On-site amenities will include a gym with an outdoor lounge, and bike and tenant storage.

June 21, 2016

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