New York

Marcus & Millichap Brokers $12.3M Sale of Three-Building Multifamily Portfolio in Brooklyn

by Amy Works May 23, 2016

NEW YORK CITY — Marcus & Millichap has arranged the sale of a three-building multifamily portfolio located in the Bedford-Stuyvesant neighborhood of Brooklyn. The assets sold for $12.3 million, or $514,000 for unit. Located at 293 Stuyvesant Ave., 3 MacDonough St. and 5 MacDonough St., the portfolio totals 29,872 square feet and features 24 multifamily units. Shaun Riney, Peter Von Der Ahe, Joe Koicim and Thomas Shihadeh of Marcus & Millichap represented the undisclosed seller and procured the undisclosed buyer.

May 23, 2016

Loans Mixed-Use Multifamily New York Northeast Office Retail

Springhouse Partners Receives $37M Acquisition, Renovation Financing for NYC Mixed-Use Property

by Amy Works May 20, 2016

NEW YORK CITY — Springhouse Partners has received $37 million in acquisition and renovation financing for the purchase and renovation of a mixed-use property located at 51-55 Irving Place between New York City’s Gramercy and Union Square neighborhoods. Ronnie Levine and Jeff Berkes of Meridian Capital Group negotiated the three-year loan, provided by Mesa West Capital, for the buyer. The loan features full-term interest-only payments and two one-year extension options. The seven-story property totals 56 residential units, five retail spaces and one office space, as well as unused air rights. Springhouse Partners is an investment firm founded by Adam Verner in 2010.

May 20, 2016

Multifamily New York Northeast Top Stories

Meridian Capital Arranges $104M Acquisition Financing for The Hamilton in New York City

by Christina Cannon May 20, 2016

NEW YORK CITY — Meridian Capital Group has arranged a $104 million loan for the acquisition of The Hamilton, a 265-unit multifamily property on the Upper East Side of New York City. Bonjour Capital purchased the 38-story building, which is located at 1735 York Ave. A balance sheet lender provided the seven-year loan, which features a fixed rate of 3.6 percent and three years of interest-only payments. Shaya Ackerman and Shaya Sonnenschein of Meridian Capital Group arranged the financing. “Meridian was able to obtain uniquely favorable terms, including three years of interest-only payments, based on the high quality of the asset and its potential for value-add upside, the strength and reputation of the sponsor and Meridian’s active relationship with the lender,” says Shaya Ackerman, a managing director for Meridian Capital. Apartments at The Hamilton feature granite kitchen countertops, marble bathrooms and individually controlled air-conditioning in each room. Building amenities include a 24-hour uniformed doorman, fitness center with locker rooms and saunas, landscaped roof deck, a children’s playroom, furnished lounge with kitchen, billiards lounge, laundry facility, attached garage and a complimentary shuttle bus service. Residents are also in close proximity to the 4 and 6 subway lines and the Metropolitan Museum of …

May 20, 2016

Loans New York Northeast Office

SL Green, Vornado Complete $900M Refinancing of 280 Park Avenue

by Amy Works May 19, 2016

NEW YORK CITY — SL Green Realty Corp. and Vornado Realty Trust have closed on the $900 million refinancing of 280 Park Avenue, a 1.2 million-square-foot office building in Manhattan that is jointly held by the companies. The new three-year loan features four one-year extension options and a floating interest rate of LIBOR plus 2 percent. The loan replaces the previous $721 million indebtedness that carried an interest rate of 6.35 percent. The office building recently under went a $150 million redesign and renovation of the building’s façade and interior. Renovations included the creation of an expansion world-class lobby, an extensive program to enhance environmental sustainability, a complete redesign of the building’s adjacent plaza and building-wide infrastructure upgrades, including new elevator cabs and bathrooms, new thin line perimeter induction units, new electrical distribution and state-of-the-art security.

May 19, 2016

Loans Multifamily New York Northeast

Soho Properties Receives $219M in Financing for 45 Park Place in Manhattan

by Amy Works May 19, 2016

NEW YORK CITY — Soho Properties has received $219 million in financing for the construction of 45 Park Place, a luxury condominium project located at 43-51 Park Place in Manhattan’s Financial District. Malayan Banking Berhad, New York Branch and four other financial institutions provided a $174 million Sharia-compliant senior construction loan, and BERNI, an investment vehicle of Saudi Arabian hedge fund Mohammed Alsubeaei & Sons Investments Co., provided a $45 million mezzanine loan for the project. Senior financiers for the project include Malayan Banking Berhad, London Branch; Intesa Sapaolo S.p.A.; Warba Bank K.S.C.P.; and MSD Capital LP. Joseph Sarcinella, Gerard Hefner, Konstantinos Melitsanopoulos and Rose Plager-Unger of Reed Smith LLP represented the New York Branch of Malayan Banking Berhad in the deal. BERNI was represented by Mons Dajani, Michael Reed, Pat McDonald and Maher Haddad of Baker & McKenzie LLP. Designed by SOMA Architects, in collaboration with Ismael Leyva Architects, the 43-story property will feature 112,721 square feet of residential condominiums, 788 square feet of retail space at ground level and a 2,821-square-foot public plaza. The residential component will feature 48 condos, including one-, two-, three- and four-bedroom apartments on floors four through 43, full-floor layouts on floors 24 to 39, …

May 19, 2016

Multifamily New York Northeast

Rockrose Tops Out 974-Unit Apartment Tower in Long Island City

by Amy Works May 19, 2016

NEW YORK CITY — Rockrose Development Corp. has topped out The Hayden, a 974-unit residential tower located at 43-25 Hunter St. in Court Square in Queens’ Long Island City. As New York City’s largest “80/20” project outside of Manhattan, 20 percent or 195 apartments will be offered as affordable housing units, with the remainder as market-rate rentals. Slated for completion in first quarter 2017, The Hayden will comprise 970,000 square feet with 19,400 square feet of retail space on the ground floor, 348 studio units, 458 one-bedroom rentals and 167 two-bedroom apartments. On-site amenities will include two rooftop terraces, a fitness center, basketball court, billiard room, rooftop solarium and lawn, yoga studio, Zen garden, screening room, library and children’s playroom.

May 19, 2016

New York Northeast Top Stories

Sovran Self Storage Enters Agreement to Acquire LifeStorage for $1.3B

by John Nelson May 19, 2016

BUFFALO, N.Y. — Sovran Self Storage Inc. (NYSE: SSS), a self storage real estate investment trust (REIT), has entered into a definitive agreement to acquire LifeStorage LP, a privately owned self storage operator, for approximately $1.3 billion. Sovran has secured $1.35 billion in bridge financing, but the REIT intends to permanently finance the transaction with proceeds from future equity and debt offerings. “We are delighted to announce this acquisition. LifeStorage has built a high-quality national portfolio, and these stores will enhance and complement our physical footprint and digital presence,” says David Rogers, CEO of Buffalo-based Sovran, which operates over 550 self storage facilities in 26 states under the name “Uncle Bob’s Self Storage.” LifeStorage, which is the sixth-largest private owner and operator of self storage facilities in the United States, currently operates 92 properties in nine states. Upon completion of the acquisition, Sovran will own 84 LifeStorage stores with a purchase contract for three additional certificates of occupancy deals to be delivered in late 2016 and early 2017. The newly acquired facilities are located within Sovran’s existing markets, including 25 facilities in Chicago, 19 facilities across the Texas major markets including eight in Austin and five in Dallas, and three …

May 19, 2016

New York Northeast Office Retail

Related, LargaVista Break Ground for 80,000 SF Office/Retail Building in SoHo

by Amy Works May 18, 2016

NEW YORK CITY — Related Cos. and LargaVista Cos. have broken ground for 300 Lafayette Street, an 80,000-square-foot office and retail building located in SoHo. The seven-story building will feature 50,000 square feet office space on floors three through seven and 30,000 square feet of retail space on the first two floors. The office portion of the building will include a separate lobby from the flagship retail space. Designed by COOKFOX Architects for LEED Silver certification, the property is slated for completion in early 2018. JLL has been retained to market for lease both portions of the property.

May 18, 2016

Multifamily New York Northeast

IPA Negotiates $56.5M Sale of 86-Unit Apartment Complex in Brooklyn

by Amy Works May 18, 2016

NEW YORK CITY — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has brokered the sale of Mohawk Apartments, a six-building apartment complex located at 369-379 Washington Ave. and 76-84 James Place in Brooklyn. An undisclosed buyer acquired the 91,514-square-foot asset for $56.5 million. Built in 1905 and rehabilitated in the 1980s, the complex features 86 apartment units in a mix of one-, two- and three-bedroom layouts, as well as a commercial unit. Peter Von Der Ahe, Joe Koicim, Shaun Riney, James Saros and Michael Salvatico of IPA represented the undisclosed seller and procured the buyer.

May 18, 2016

Multifamily New York Northeast Retail

Benchmark Real Estate Group Sells Residential/Retail Building in Manhattan for $47.5M

by Amy Works May 17, 2016

NEW YORK CITY — Benchmark Real Estate Group has sold a residential and retail building located at 885 10th Ave. in Manhattan’s Midtown West neighborhood. A private family acquired the 37,000-square-foot property for $47.5 million. The six-story building features 36 newly upgraded apartment units, a roof deck, laundry facilities, bike/general storage and a smartphone-based intercom system. Additionally, the building features two ground-floor retail spaces that are fully leased and 20,000 square feet of buildable air rights. Eric Anton, Jeff Julien and Steven Rutman of HFF represented the seller in the deal.

May 17, 2016

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