NEW YORK CITY — Holding company Tide Rock has signed a two-year, 4,123-square-foot office lease at 340 Madison Avenue in Manhattan. The company is taking space on the 22nd floor of the 750,000-square-foot building. Jack Cohen of Spaces CRE represented the tenant in the lease negotiations. William Elder and Andrew Ackerman represented the landlord, RXR, in an internal basis.
BINGHAMTON, N.Y. — TSB Capital Advisors has arranged a loan of an undisclosed amount for the refinancing of Twin River Commons, a 371-bed student housing property located near the State University of New York (SUNY) at Binghamton campus. The floating-rate loan was secured on behalf of the borrower, Chicago-based Harrison Street. The community offers units in studio through four-bedroom configurations with bed-to-bath parity. Shared amenities include a fitness center, clubhouse, fireplace lounge with billiards and games, package lockers and an outdoor courtyard and kitchen. The direct lender was not disclosed.
NEW YORK CITY — Locally based brokerage firm and financial intermediary Ariel Property Advisors has arranged a $6 million loan for the refinancing of a portfolio of four multifamily buildings totaling 22 units in Brooklyn’s Bedford-Stuyvesant area. The portfolio, which was fully occupied at the time of the loan closing, includes five commercial units. Matthew Dzbanek, Matt Swerdlow, Rhea Vivek and Anthony Priest of Ariel arranged the nonrecourse, fixed-rate loan, which carried a five-year term and a 30-year amortization schedule. The borrower and direct lender were not disclosed.
NEW YORK CITY — Northampton Capital Partners has signed a 5,542-square-foot office lease at 340 Madison Avenue in Manhattan. The alternative asset management firm is taking space on the 10th floor of the 750,000-square-foot building. David Mainthow and Steven Langton of Cushman & Wakefield represented the tenant in the lease negotiations. Paul Glickman, Matt Astrachan, Cynthia Wasserberger, Dan Turkewitz and Harrison Potter of JLL, along with internal agents William Elder and Andrew Ackerman, represented the landlord, RXR.
NEW YORK CITY — Marcus & Millichap has brokered the $7.1 million sale of a 12,320-square-foot office and retail building located at 36-41 Bell Blvd. in the Bayside area of Queens. The two-story building comprises 12 spaces, with retail space on the ground floor and office space on the second floor. Anthony Cerrone and Michael Tuccillo of Marcus & Millichap represented the seller and procured the buyer, both of which were private investors that requested anonymity, in the transaction.
NEW YORK CITY — Yaupon Capital Management has signed a 6,917-square-foot office lease at 340 Madison Avenue in Manhattan. The investment management firm is taking space on the third floor of the 750,000-square-foot building. Ben Friedland and Hugh McDonald of CBRE represented the tenant in the lease negotiations. Paul Glickman, Matt Astrachan, Cynthia Wasserberger, Dan Turkewitz and Harrison Potter of JLL, along with internal agents William Elder and Andrew Ackerman, represented the landlord, RXR.
WEBSTER, N.Y. — The Coca-Cola Co. (NYSE: KO) has broken ground on a $650 million production facility for its dairy brand Fairlife in the Central New York community of Webster, located just west of Rochester. About 250 people are expected to work at the 745,000-square-foot facility, which will source from local milk co-operatives to produce its line of dairy-based beverages before distributing them to retailers across the region. Completion is slated for the fourth quarter of 2025. Empire State Development provided $21 million in assistance for the project through the performance-based Excelsior Jobs Tax Credit Program in exchange for job creation commitments. The Atlanta-based soft drink giant acquired Fairlife in 2020.
COLONIE, N.Y. — New York City-based Olshan Properties has welcomed three new tenants to Northway Mall, a 480,000-square-foot shopping and dining destination located just outside of Albany in Colonie. The new tenants are Mattress Firm (4,745 square feet), Mission BBQ (4,329 square feet) and Club Pilates (1,846 square feet). Each company’s space is located within a standalone building that previously housed a Petco and which Olshan repositioned to support multiple tenants.
NEW YORK CITY AND STAMFORD, CONN. — MCR and Building and Land Technology (BLT) have secured a $632 million loan for the refinancing of a portfolio of 53 hotels across the United States. The financing features a three-year, fixed-rate term, and was securitized in a single-asset, single-borrower CMBS transaction. This type of financing structure is reserved for large properties or portfolios. MCR and BLT acquired the 53 hotels between 2013 and 2015. The portfolio totals 5,958 guest rooms across 14 states. According to MCR, the portfolio is valued at approximately $960 million. MCR also stated that the properties are concentrated in high-growth markets such as Texas, Arizona, Virginia and North Carolina. The portfolio is comprised of eight Marriott and Hilton extended stay and select-service brands, including Residence Inn by Marriott, Courtyard by Marriott, TownePlace Suites by Marriott, Hilton Garden Inn and Hampton Inn by Hilton. The hotels are managed by MCR’s in-house operations team. MCR and BLT have collectively made more than $118 million in capital improvements since acquiring the properties, including upgrades to the guest rooms and public spaces, as well as property maintenance. MCR is a hotel manager headquartered in New York City. The company’s $5 billion portfolio …
NEW YORK CITY — Marcus & Millichap has brokered the $12.6 million sale of four apartment buildings totaling 113 units in Harlem. The buildings house units in two-, three-, four- and five-bedroom floor plans and collectively include eight retail spaces. Seth Glasser, Michael Fusco and Benny Katz of Marcus & Millichap represented the seller and procured the buyer, both of which were private investors that requested anonymity, in the transaction.