NEW YORK CITY — Rosewood Realty Group has brokered the sale of a five-story Inwood apartment building for $10.4 million. The 24,985-square-foot walk-up building is located at 4848 Broadway and includes 37 apartments. It was built in 1924. Rosewood Realty Group’s Aaron Jungreis represented the seller, 4848 Broadway LLC, and Rosewood’s Michael Guttman represented the buyer, 4848 Broadway Residences LLC.
NEW YORK CITY — Blue Ribbon Federal Grill has opened on the ground floor of AKA Wall Street, an all-residential hotel located at 84 William St. in Manhattan’s Financial District. The 98-seat restaurant is located across the street from the Federal Reserve Bank of New York at the corner of Maiden Lane and William Street. The first Blue Ribbon Federal Grill opened its doors in 1992. Asfour-Guzy Architects designed the new Manhattan location.
POUGHKEEPSIE, N.Y. — Avanath Capital Management has acquired Grand Pointe Park, a 156-unit apartment complex in Poughkeepsie, for $19.3 million. The property is located three miles from Poughkeepsie Station, which provides train service to Grand Central Station in New York City. Major employers in the area include IBM, GlobalFoundries and Health Quest. Grand Pointe Park was 98 percent occupied at acquisition and includes a swimming pool, fitness studio and basketball court. Avanath plans exterior upgrades to the clubhouse, pool deck and parking lots. Dmitry Gourkine of CBRE represented both the buyer and the seller. Avanath secured a $13 million loan from Fannie Mae to finance the acquisition. The 10-year loan was structured with a loan-to-value ratio of 67 percent. Grand Pointe Park is located at 161 Clubhouse Drive.
YONKERS & NANUET, N.Y. — Jeremiah Houlihan of Houlihan Parnes Realtors has arranged an $850,000 first mortgage loan for a mixed-use building located at 925-939 Yonkers Ave. in Yonkers. The property consists of a two-story building with the Clairmont Diner on the first floor and three apartments on the second floor, along with an attached one-story building containing an automobile service station. Houlihan also arranged a $1.3 million first mortgage loan for a retail center located at 148-164 E. Route 59 in Nanuet. Tenants include Empire State College, Sterling Optical and Bach-to-Rock music school. The 10-year loans were placed with Savings Banks with a 25-year amortization schedule.
NEW YORK CITY — Eastern Consolidated’s capital advisory division has arranged an $85 million refinancing loan for a 12-story, 140,000-square-foot building with 133 residential and eight commercial units located at 2030 Broadway in Manhattan. Jonathan Aghravi and Charles Han represented the borrower, Ormonde Equities LLC, and secured the loan from a life insurance company. Since acquiring the property in 2004, the sponsor has repositioned it with a series of capital improvements. The property is located in the Upper West Side neighborhood of Lincoln Square, near the Lincoln Center. Transportation is available via the 1, 2, 3, B and C trains.
NEW YORK CITY — Eastern Consolidated’s capital advisory division has arranged a $38.5 million construction loan for a 176,130-square-foot mixed-use development at 178-02 Hillside Ave. in Jamaica, Queens. The project will include 131 apartments on floors three through eight, over 10,000 square feet of retail space for a pharmacy, a 25,000-square-foot medical office space on the lower level and a public parking facility. Eastern Consolidated’s Adam Hakim, Andrew Iadeluca and James Murad arranged the transaction with Bank of the Ozarks on behalf of the borrower, Piermont Properties. Located at the northern end of Jamaica, 178-02 Hillside Ave. offers 200 feet of frontage. The corner site is adjacent to the neighborhoods of Jamaica Hills and Jamaica Estates, and above the F-Train 179 Street/Hillside Avenue Subway station.
WEBSTER, N.Y. — KeyBank Real Estate Capital has provided a $24.8 million Freddie Mac first mortgage loan for Waverlywood Apartments & Townhomes in Webster. The 361-unit multifamily property was built in 1974 and underwent $1.5 million in renovations over the past five years. Upgrades included new carpeting, floor tiling, appliances and boilers. Dirk Falardeau of Key’s Commercial Mortgage Group arranged the non-recourse loan with a seven-year term, two years of interest only and a 30-year amortization schedule. The loan was used to refinance existing debt.
NEW YORK CITY — New Project, a Brooklyn-based fabrication company specializing in museum, exhibition and commercial design/build projects, has purchased a 12,500-square-foot, two-story building in the Greenwood neighborhood of Brooklyn. With the purchase, the company will combine its administrative offices, metal and finish shop, and woodworking facilities into one location at 223 25th St. Since New Project’s founding in 2004, the company has grown from two employees to more than 30. Over the last five years, the firm has experienced a 376 percent growth in revenue. New Project will move to its new location in spring 2017.
NEW YORK CITY — Ricoh USA has signed a 10-year lease for a 30,469-square-foot office space at 711 Third Ave. in New York City. SL Green is the landlord. Ricoh USA will consolidate into 711 Third Ave. from three other Manhattan buildings. Located one block east of Grand Central Terminal, 711 Third Ave. features a mosaic mural designed by expressionist Hans Hofmann in the lobby. The building was recently renovated with new elevator cabs, windows, corridors and restrooms. Other tenants include McKinsey & Co., Goldberg Segalia and Ackman Ziff. CBRE’s Joseph Mangiacotti, Carolyn Sica and Kurt Burdack represented Ricoh USA, while Howard Tenenbaum and Gary Rosen represented the landlord in-house at SL Green.
TARRYTOWN, N.Y. — Cushman & Wakefield has arranged the $30 million sale of 660 White Plains Road, an office building in Tarrytown. GHP Office Realty, a privately held real estate firm, acquired the property from RA 660 White Plains Road LLC, an entity controlled by RNY Property Trust. The six-story building totals 279,000 square feet and features on-site food service, 24-hour access and access to public bus service. It sits on 11 acres in the Tarrytown Corporate Center. Cushman & Wakefield’s Andrew Merin, David Bernhaut, Gary Gabriel, Brian Whitmer, Frank DiTommaso and Al Mirin brokered the transaction. The property is 87 percent leased to more than 40 tenants ranging in size from less than 1,000 square feet to nearly 60,000 square feet.