New York

IPA Arranges $72.9M Sale of Multifamily Portfolio in Brooklyn

by Haisten Willis May 26, 2017

NEW YORK CITY — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has arranged the $72.9 million sale of a multifamily portfolio in New York City. The portfolio includes 17 buildings containing 194 residential units and five commercial spaces in central and northern Brooklyn. IPA’s Peter Von Der Ahe, Joe Koicim, Shaun Riney, Daniel Greenblatt and Thomas Shihadeh represented the seller, a private investor, and procured the buyer, a real estate fund. Located in Brooklyn’s Prospect Heights, Crown Heights, Williamsburg and Bedford-Stuyvesant neighborhoods, the portfolio includes 167,668 square feet. The properties are located at 874 Bergen St., 942 Bergen St., 267 Clifton Place, 1400 Dean St., 135 Devoe St., 147 Grand St., 95 Kingston Ave., 403 Macon St., 244 New York Ave., 585 Park Place, 306 Prospect Place, 299 Putnam Ave., 303 Putnam Ave., 927 Putnam Ave., 931 Putnam Ave., 701 Saint Marks Ave. and 276 Throop Ave.

May 26, 2017

Loans Multifamily New York Northeast

Houlihan-Parnes Secures $29.3M Financing for Multifamily Properties in NYC

by Haisten Willis May 26, 2017

NEW YORK CITY — Zeev Douek of Q10 New York Realty Advisors, an affiliate of Houlihan-Parnes Realtors, has secured $29.3 million in financing for two apartment buildings in the Queens borough of New York City. The buildings include a total of 240 units with a unit mix of studios and one- and two-bedroom units. Both loans were placed with a New York-based bank. The five-year, fixed-rate loans provided for a cash-out refinancing of $6 million.

May 26, 2017

New York Northeast Office

CBRE Arranges 101,000 SF Office Lease in White Plains, New York

by Haisten Willis May 26, 2017

WHITE PLAINS, NEW YORK — CBRE has arranged a 101,000-square-foot office lease for Sumitomo Mitsui Banking Corp. at 1 N. Lexington Ave. in White Plains. Sumitomo is a Japanese banking and financial services company headquartered in Tokyo. The company signed a 13-year lease at the office complex. CBRE’s William Cuddy Jr. and Jacqueline Novotny represented the landlord, Gateway One Group, in the transaction. Williams Peters, Derek Trulson, Robert Ageloff and Paul Tortora of Jones Lang LaSalle acted on behalf of Sumitomo.

May 26, 2017

New York Northeast Office

New Office Tenants Sign on at The Summit in Metro NYC

by Haisten Willis May 26, 2017

VALHALLA, N.Y. — Reckson, a division of SL Green Realty Corp., has landed a pair of new offices leases at The Summit in Valhalla, a suburb of New York City. The first is an 11-year, 65,000-square-foot lease with Ascensia Diabetes Care US, a diabetes health management company, and the second is a 16,442-square-foot lease with Exelon Generation Co. an energy company. The Summit is a three-building, 700,000-square-foot office complex, which is now 93 percent occupied. Ascensia will occupy space on the top two floors of 100 Summit when it moves into the building in the fourth quarter of 2017. Exelon is expected to move in this summer and has committed to space on the first floor of 500 Summit. Steve Rotter and Conor Gill of Jones Lang LaSalle acted on behalf of Ascensia. Exelon did not have tenant representation. Reckson was represented in-house on both transactions. CBRE’s Brian Carcaterra and Jacqueline Novotny represented SL Green.

May 26, 2017

Multifamily New York Northeast

Clipper Realty Agrees to Acquire NYC Multifamily Property for $79M

by Haisten Willis May 25, 2017

NEW YORK CITY — Clipper Realty has entered into an agreement to acquire a multifamily property located at 10 W. 65th St. in New York for $79 million. The 82-unit property spans 82,000 square feet plus 53,000 square feet of air rights located near Lincoln Center and Central Park in the Upper West Side submarket of Manhattan. Clipper plans to invest incremental capital to enhance the property. The company expects to finance the acquisition with property level mortgage debt and cash on hand, with expected closing by fourth quarter 2017.

May 25, 2017

Loans Multifamily New York Northeast

Meridian Capital Group Secures $65M Refinancing of Multifamily Property in NYC

by Haisten Willis May 25, 2017

NEW YORK CITY — Meridian Capital Group has secured $65 million to refinance The Blake, a multifamily property in the Upper East Side of Manhattan, on behalf of BLDG Management. A national life insurance company provided the 10-year loan, which features a fixed rate of 4.2 percent and seven years of interest-only payments. Meridian’s Carol Shelby negotiated the transaction. The Blake, located at 220 E. 63rd St., is a 14-story, 181-unit apartment building including one-, two- and three-bedroom units. Building and neighborhood amenities include a 24-hour doorman, valet services, a lounge, fitness center, on-site parking and a subway station one block away.

May 25, 2017

Hospitality Loans New York Northeast

Gehr Group Completes $181M Recapitalization for Gehr Hospitality in NYC

by Haisten Willis May 24, 2017

NEW YORK CITY — The Gehr Group has arranged $20 million in financing from MidFirst Bank for the leasehold interest in the Fairfield Inn & Suites Manhattan/Times Square, completing a $181 million recapitalization of the New York assets held by its newly formed subsidiary, Gehr Hospitality. The first phase of the recapitalization took place in July 2016, when the company secured a $60 million loan from French bank Natixis for the fee interest in the Fairfield Inn & Suites Manhattan/Times Square, a $46.7 million loan from Wells Fargo for the fee interest in the Four Points by Sheraton/Midtown Times Square, and a $54.5 million loan from Guardian Life Insurance Company for the leasehold interest in the Four Points by Sheraton / Midtown Times Square.

May 24, 2017

New York Northeast Retail Top Stories

LNR Partners Sells 723,326 SF Shopping Mall in Westbury, New York for $92M

by Kristin Harlow May 24, 2017

WESTBURY, N.Y. — LNR Partners LLC has sold The Mall at the Source, a 723,326-square-foot shopping center in the Long Island community of Westbury, for $92 million. The transaction included the 210,798-square-foot Fortunoff Building, a vacant anchor property formerly occupied by now-defunct department store Fortunoff. The property, which includes a four-story parking garage, is situated on 38 acres at 1504 Old Country Road. Located 28 miles from New York City, the mall is positioned within the Nassau Hub submarket. LNR sold the property as the manager for CMAT 99-C1 Old Country Road LLC, which is a subsidiary of Starwood Property Trust Inc. There was also a co-seller on the transaction, a real estate mortgage investment conduit (REMIC) trust for which C-III Asset Management LLC is the special servicer. Jose Cruz, Kevin O’Hearn, Chris Phaneuf, Michael Oliver, Stephen Simonelli and Andrew Scandalios of HFF marketed the property on behalf of the sellers. HFF also secured a loan for the Fortunoff Building. An undisclosed private foreign buyer purchased the mall and acquired the title to the Fortunoff Building. Starwood Property Trust is a commercial mortgage real estate investment trust. C-III Asset Management is a real estate investment management and commercial property services company. …

May 24, 2017

Market Reports New York Northeast Northeast Market Reports Office

Cross-Border Investments Continue to Surge in Manhattan

by Camren Skelton May 24, 2017

As the U.S. economy passes through the third largest expansion cycle in the economic history, every sector in the economy has seen phenomenal growth over the last six to seven years. The growth in other industries has had a trickle-down effect on the real estate sector. U.S. real estate has seen rents surging and even surpassing the previous expansion cycle, as well as an increase in leasing and absorption activity and a record rise in the value of sales transactions. Manhattan has always been at the epicenter of this real estate growth. With the combination of developed market and investment-grade properties, Manhattan has regularly attracted the majority of foreign direct investment in the real estate sector throughout the country. Increased demand from TAMI (technology, advertising, media and information) and FIRE (finance, insurance and real estate) sector tenants have made these properties an attractive investment option for both the local institutional investors and foreign direct investment. The Manhattan commercial real estate market has seen a 33 percent (see footnote 1) increase in the transactions above $1,000 per square foot over the last seven years. These values are no longer limited to only trophy properties in Midtown but have spread across both Midtown …

May 24, 2017

Loans Multifamily New York Northeast

KeyBank Arranges $17.4M Financing for Multifamily Property in Metro NYC

by Haisten Willis May 23, 2017

ROCKVILLE CENTRE, N.Y. — KeyBank Real Estate Capital has arranged a $17.4 million Fannie Mae loan for Mill River Residences in Rockville Centre. The affordable multifamily property was built in 1970 and renovated in 2006. Of the 175 units, 95 are age restricted and the remaining 80 are designated for households earning less than 60 percent of area median income. Dirk Falardeau of Key’s commercial mortgage group arranged the first mortgage financing with a seven-year term and 30-year amortization schedule. The loan was used to refinance existing debt.

May 23, 2017

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