NEW YORK CITY — Investment banking advisory firm Evercore has signed a 95,000-square-foot office lease expansion at Park Avenue Plaza, a 45-story, 1.2 million-square-foot building in Midtown Manhattan. Evercore’s additional space is located across floors 39 through 41, and the company now occupies about 500,000 square feet total at Park Avenue Plaza. Alan Desino of Colliers represented Evercore in the lease negotiations. Marc Packman, Charles Laginestra, Clark Briffel and Josh Fisher represented the landlord, Fisher Brothers, on an internal basis.
YONKERS, N.Y. — Developers have released plans to build two new multifamily projects in Yonkers, about 20 miles north of New York City. The developments represent a total of $186.6 million in private investment and are expected to create 503 construction jobs. The Yonkers Industrial Development Agency recently granted final approval of financial incentives for both projects. Miroza Tower, which a subsidiary of Azorim Construction Co. Ltd. is developing, will rise 27 stories at 44 Hudson St. The $133.5 million project will comprise 250 apartment units, 25 of which will be designated as affordable housing. Amenities will include a party room, library, conference room, gym, two resident lounges, a rooftop garden and children’s playroom. The tower will also include 1,920 square feet of first-floor retail space and a 252-space parking garage. Azorim is receiving a sales tax exemption of $5.8 million, a mortgage recording tax exemption of $1.3 million and a 20-year payment in lieu of taxes (PILOT) agreement valued at $12.4 million. The project is expected to create 324 construction jobs. The Center for Urban Rehabilitation and Empowerment Inc. (CURE), a local nonprofit, and Conifer Realty LLC in partnership with the City of Yonkers are developing the second project, …
NEW YORK CITY — Locally based developer The Moinian Group has begun vertical construction of 7 Platt Street, a 35-story apartment tower in Manhattan’s Financial District. The 170,000-square-foot building will house 250 units in studio, one- and two-bedroom configurations, as well as some penthouses. Amenities will include a fitness center, library, coworking pods, lounge spaces, private dining spaces with outdoor terrace access, a gaming area, rooftop deck, golf putting area and a communal entertainment kitchen. The design team includes Rockwell Group and Hill West Architects. Completion is scheduled for late 2025.
NEW YORK CITY — New Jersey-based intermediary Cronheim Mortgage has arranged a $15.4 million loan for the refinancing of the Hampton Inn Manhattan/Downtown-Financial District. The pet-friendly, recently renovated hotel has 81 rooms and offers amenities such as a fitness center, business center and complimentary breakfast. David Turley led the Cronheim team that arranged the loan through an undisclosed national bank on behalf of the borrower, Virginia-based Shamin Hotels.
NEW YORK CITY — Berkadia has secured the title of top agency lender for 2023. The firm closed roughly $6.6 billion in Freddie Mac loans and $5.3 billion in Fannie Mae loans, good for the first and second place, respectively, among qualified government-sponsored enterprise (GSE) lenders. Berkadia was also the top HUD lender in terms of volume, closing $1.2 billion in HUD-insured loans in 2023.
NEW YORK CITY — Locally based firm Innovo Property Group (IPG) is nearing completion of Borden Studios, a 220,000-square-foot film and TV production facility in the Long Island City area of Queens. The facility is part of The Borden Complex, a 900,000-square-foot industrial project that is a redevelopment of a former warehouse of online grocer FreshDirect. Borden Studios will feature four sound stages ranging in size from 11,800 to 16,200 square feet, 43,000 square feet of office space, 56,000 square feet of support space and more than 8,800 square feet of outdoor amenity and gathering space. Full completion is slated for the spring. IPG acquired the asset in January 2019 with Atalaya Capital Management and Nan Fung Group for $75 million and subsequently received a $155 million construction loan in early 2021. Long-term financing was secured in summer 2022, and the development team topped out the project in February 2023.
RONKONKOMA, N.Y. — Lumber Plus, a distributor of Brazilian woods and flooring products, has signed a 33,000-square-foot industrial lease in the Long Island community of Ronkonkoma. Metropolitan Realty Associates owns the building at 2175 Fifth Ave. after buying it for $6.4 million in 2022. Frank Frizalone, Nick Gallipoli, Thomas Deluca, John Giannuzzi and Ryan Korzekwinski of Cushman & Wakefield represented both parties in the lease negotiations. Lumber Plus plans to move in during the second quarter.
ELMONT, N.Y. — The Feil Organization has refinanced Home Depot Shopping Center, a 269,490-square-foot property located at 600 Hempstead Turnpike in the Long Island community of Elmont. Feil has owned the property since 1992. At the time of the loan closing, the center was fully leased, with Marshalls and Target serving as the other anchor tenants. Estreich & Co. arranged the $23.5 million loan for the refinancing through Principal Asset Management on behalf of Feil.
NEW YORK CITY — Mulligan Security has signed a 15,788-square-foot office lease renewal and expansion at 7 Penn Plaza in Midtown Manhattan. The private security and fire safety contracting firm now occupies 24,788 square feet across the entire second floor. The renewal term is 12 years. David Hollander and David Katz of CBRE represented the tenant in the lease negotiations. Andrew Wiener, David Turino and Henry Korzec represented the landlord, The Feil Organization, on an internal basis.
NEW YORK CITY — JLL has arranged a $33 million loan for the refinancing of 111 West 19th Street, an eight-story, 189,731-square-foot office and retail building in Manhattan’s Chelsea neighborhood. The building was originally constructed in 1901 and comprises eight suites, according to StreetEasy.com. Aaron Niedermayer of JLL arranged the financing through Citigroup Inc. on behalf of the borrower, locally based investment firm The Kaufman Organization.