New York

Cronheim Mortgage Secures $92.5M Loan for 807,000 SF Power Center in New York

by Amy Works April 29, 2016

MIDDLETOWN, N.Y. — Cronheim Mortgage has secured $92.5 million in financing for Orange Plaza, a power center located at the corner of Route 211 and Dunning Road in Middletown. The borrower is National Realty and Development Corp. The 10-year loan features a 30-year amortization and was funded by American General Life Insurance Co., The United States Life Insurance Co., National Union Fire Insurance Co. of Pittsburgh and American Home Assurance Co. After acquiring the property in 2001, the borrower began a four-year repositioning program at the 807,000-square-foot center that included the demolition of approximately 600,000 square feet of enclosed mall space and the creation of a stacked layout and outparcels. Current tenants include Walmart, Kohl’s, Burlington Coat Factory and The Home Depot. Andrew Stewart and Dev Morris of Cronheim arranged the financing for the borrower.

April 29, 2016

Healthcare New York Northeast Office

NYU Langone Medical Center Leases 389,522 SF of Office Space in Midtown Manhattan

by Amy Works April 29, 2016

NEW YORK CITY — NYU Langone Medical Center has signed a 30-year lease with Columbia Property Trust Inc. for an entire office property located at 222 E. 41st St. in Midtown Manhattan. The triple-net lease encompasses all 389,522 square feet of Class A office space at the building, including all 25 floors, the lobby, common areas and parking garage. NYU Langone is slated to take possession of the property at year end, following the expiration of the current tenant’s lease for 353,541 square feet. The new tenant plans to convert the property into a combination of medical office, ambulatory care facilities and other ancillary uses. Columbia recently upgraded the property, which it acquired in 2007. Paul Amrich, Neil King, James Ackerman and Jackie Marshall of CBRE represented the landlord, while Bruce Mosler and Mark Mandell of Cushman & Wakefield represented the tenant. Financial terms of the transaction were not released.

April 29, 2016

Loans New York Northeast Office

Equicap Arranges $8.1M Acquisition Loan for Office Condo in Chelsea

by Amy Works April 29, 2016

NEW YORK CITY — Equicap has arranged $8.1 million in financing for the acquisition of an office condo in the Manhattan’s Chelsea neighborhood. The 10-year loan features a competitive interest rate and will be used to fund the $10.8 million acquisition price. Additionally, the undisclosed borrower will use proceeds of the loan to build out the 13,000-square-foot office space. Daniel Hilpert of Equicap negotiated the financing.

April 29, 2016

Industrial New York Northeast Top Stories

Gramercy Property Trust Acquires Industrial Portfolio for $115.2M

by Christina Cannon April 29, 2016

NEW YORK — Gramercy Property Trust (NYSE: GPT) has acquired a 12-building industrial portfolio for $115.2 million. The seller in the deal was undisclosed. The portfolio consists of approximately 1.5 million square feet. The majority of the assets are located in major markets including New Jersey, Los Angeles, Chicago, Baltimore and Toronto. The aggregate net operating income for the first year is approximately $9.4 million with an 8.1 percent initial cap rate. The weighted average remaining lease term is 13 years. In addition to the acquisition, Gramercy assumed three mortgages totaling $37.3 million and one mortgage totaling approximately $10.9 million in Canadian dollars. Collectively, the loans have a remaining term of 5.5 years and a weighted average interest rate of 4.8 percent. Gramercy is a real estate investment trust specializing in acquiring and managing single-tenant, net-leased industrial and office properties. The company’s stock price closed Thursday, April 28 at $8.46 per share, up from $7.79 a year ago.

April 29, 2016

Multifamily New York Northeast

IPA Brokers $33M Sale of 56-Unit Apartment Building in Manhattan

by Amy Works April 28, 2016

NEW YORK CITY — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has arranged the sale of an apartment building located at 15 E. 36th St. in Manhattan’s Midtown South neighborhood. The eight-story property sold for $33 million, or just under $590,000 per unit. The building features 16 one-bedroom apartments, 39 studios and a basement apartment. The property features 34 free-market apartments and 21 rent-stabilized units. Peter Von Der Ahe, Joe Koicim, David Lloyd and Corey Isdaner of IPA represented the seller and procured the buyer in the transaction. The names of the seller and buyer were not released.

April 28, 2016

Hospitality New York Northeast

Riverside Developers to Open The William Vale Hotel in Brooklyn

by Amy Works April 28, 2016

NEW YORK CITY — Riverside Developers is constructing The William Vale, a 21-story boutique hotel in Brooklyn’s Williamsburg neighborhood. Slated to open in late June, the hotel will feature 183 rooms with floor-to-ceiling windows, complimentary WiFi, smart television systems and turndown service. Additional hotel features include a 60-foot pool and deck, rooftop lounge, 24-hour fitness center, a ballroom and meeting rooms, as well as food and beverage options led by NoHo Hospitality Group and Chef Andrew Carmellini. Albo Liberis designed the hotel, which is located on Wythe Avenue between 12th and 13th streets.

April 28, 2016

New York Northeast Office Retail

Avison Young Negotiates $21M Sale of Office/Retail Building in Manhattan

by Amy Works April 28, 2016

NEW YORK CITY — Avison Young has arranged the sale of an office and retail building located at 310 Lenox Ave. in Manhattan’s Central Harlem section. A group of New York-based real estate investors acquired the property for $21 million. Built in 1940 and improved in 2006, the three-story building consists of approximately 24,659 gross square feet of above-grade space and a full basement of approximately 8,493 square feet. Additionally, the property has approximately 9,313 square feet of additional zoning floor area that is expected to be accessed by the new ownership entity. The property’s best-known tenant is Red Rooster, a restaurant led by chef Marcus Samuelsson. Neil Helman, Charles Kingsley, Jon Epstein and Vincent Carrega of Avison Young represented the seller, National Basketball Players Association, in the transaction.

April 28, 2016

New York Northeast Retail

Flexible Format Target Joins Shopping Center on Long Island

by Amy Works April 28, 2016

ELMONT, N.Y. — Target is opening a flexible format store as an anchor tenant at the Home Depot shopping center located at 600 Hempstead Turnpike in Elmont. The 24,500-square-foot store is slated to open late this fall or early spring 2017 in a space formerly occupied by OfficeMax. The new format stores vary in size and assortment, allowing for smaller footprints and locally relevant experiences for shoppers. Jeffrey Howard of Ripco Realty represented the tenant, while Randall Briskin provided in-house representation for the landlord, The Feil Organization.

April 28, 2016

Loans Multifamily New York Northeast

Capital One Provides $110M Loan to Refinance 1,416-Unit Apartment Complex in the Bronx

by Amy Works April 26, 2016

NEW YORK CITY — Capital One has provided a $110 million loan to refinance Eastchester Heights Apartments, a 118-building apartment complex in the Bronx. The floating-rate, interest-only loan has an initial term of 30 months, with an option to extend in six month increments for an additional 30 months. The borrower is owned by entities controlled by Taconic Investment Partners and Clarion Partners. Featuring four- and six-story apartment buildings, the apartment complex offers a total of 1,416 residential units. After acquiring the complex in 2007, Taconic renovated nearly half of the apartments, completed installation of apartment electric meters, converted boiler to natural gas and replaced stairwells in many common hallways, as well as concluded a two-year, 200,000-square-foot roof and parapet replacement project. Evan Pariser of HFF arranged the financing for the borrower.

April 26, 2016

Hospitality Loans New York Northeast

Pembrook Capital Provides $25.8M Loan for Hudson Yards Area Development

by Amy Works April 26, 2016

NEW YORK CITY — Pembrook Capital Management has provided a $25.8 million mezzanine loan with a first mortgage conversion feature to an affiliate of McSam Hotel Group to finance a West Side development site located within the Hudson Yards Redevelopment Area. The borrower plans to develop a 506-room Hyatt Place Hotel on the site. Demolition of existing structures is currently underway, with construction expected to commence in 2017. The purpose of the loan is a refinancing to facilitate a partner buyout and for predevelopment. Stuart Boesky of Pembrook Capital arranged the financing.

April 26, 2016

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