New York

Apollo Agrees to Acquire Bridge Investment Group for $1.5B

by Taylor Williams February 24, 2025

NEW YORK CITY AND SALT LAKE CITY — Global alternative asset manager and private equity firm Apollo (NYSE: APO) has entered into an agreement to acquire Bridge Investment Group Holdings Inc. (NYSE: BRDG) in an all-stock transaction valued at approximately $1.5 billion. The deal is expected to close in the third quarter. Based in Salt Lake City, Bridge operates nearly a dozen offices nationwide and has approximately $49 billion in assets under management. In addition to some 13.5 million square feet of industrial holdings, the company’s portfolio includes nearly 65,000 residential units across the market-rate, workforce/affordable housing, seniors housing and single-family rental verticals. Bridge was ranked No. 21 on the American Seniors Housing Association’s (ASHA) 2024 list of largest seniors housing owners. Under the terms of the agreement, Bridge stockholders will receive 0.07081 shares of Apollo common stock for each share of Bridge common stock at closing. Both parties value the per-share price at $11.50, which represents a premium of about 45 percent over the company’s closing stock price of $7.92 per share on Friday, Feb. 21. Upon closing, Bridge will operate as a standalone platform within Apollo’s asset management business. Bob Morse, the current executive chairman of Bridge, will …

February 24, 2025

Acquisitions Multifamily New York Northeast

Brax Realty Arranges $8.5M Sale of Brooklyn Apartment Building

by Taylor Williams February 21, 2025

NEW YORK CITY — Locally based brokerage firm Brax Realty has arranged the $8.5 million sale of an eight-unit apartment building in the Williamsburg neighborhood of Brooklyn. According to LoopNet Inc., the building at 150 N. Ninth St. rises four stories and was originally constructed in 1910. Units at the property also recently underwent gut renovations and now feature modern finishes. Alan Stenson of Brax Realty brokered the deal. The buyer and seller were not disclosed.

February 21, 2025

Acquisitions Industrial New York Northeast

Venture One Buys 50,043 SF Industrial Building in Farmingdale, New York

by Taylor Williams February 21, 2025

FARMINGDALE, N.Y. — Chicago-based investment firm Venture One Real Estate has purchased a 50,043-square-foot industrial building in Farmingdale, located on Long Island. The building at 220 Sherwood Ave. features suites that range in size from 11,373 to 25,383 square feet, as well as four exterior docks, four drive-in doors and a 155-foot truck court. David Pennetta, Stephen Cadorette and Tom DeLuca of Cushman & Wakefield represented the undisclosed seller in the transaction.

February 21, 2025

Development Loans Multifamily New York Northeast Walker & Dunlop

Walker & Dunlop Arranges $158M Construction Loan for Manhattan Multifamily Project

by Taylor Williams February 20, 2025

NEW YORK CITY — Walker & Dunlop has arranged a $158 million construction loan for an 83-unit multifamily project in Manhattan’s Turtle Bay neighborhood. The 26-story building at 401 E. 51st St. will feature for-sale condominium residences, with units to be offered in studio, one-, two-, three-and four-bedroom floor plans. The building will also house a five-bedroom penthouse. Amenities will include a fitness center, resident lounge and a private dining area. Aaron Appel, Keith Kurland, Jonathan Schwartz, Adam Schwartz, Sean Reimer and Sean Bastian of Walker & Dunlop arranged the financing through TYKO Capital on behalf of the borrower, CBSK Developers.

February 20, 2025

Leasing Activity New York Northeast Office

NYCBS Signs 35,469 SF Office Lease at Radio Tower in Upper Manhattan

by Taylor Williams February 19, 2025

NEW YORK CITY — New York Cancer & Blood Specialists (NYCBS) has signed a 35,469-square-foot office lease in Upper Manhattan. The oncology practice will occupy three full floors at Radio Tower, a mixed-use building in the Washington Heights neighborhood. Marty Cottingham, Michael Gottlieb, Patrick Steffens, Joel Wechsler and Alexis Odgers of Avison Young represented the landlord, Youngwoo & Associates, in the lease negotiations. Arthur Mirante II of Savills and Ari Malul of Schuckman Realty represented NYCBS.

February 19, 2025

Leasing Activity New York Northeast Office

SharkNinja to Open 14,296 SF Office in Midtown Manhattan

by Taylor Williams February 19, 2025

NEW YORK CITY — SharkNinja will open a 14,296-square-foot office in Midtown Manhattan. The Massachusetts-based product design and technology company plans to occupy an entire floor at 41 Madison Avenue, a 42-story, 560,000-square-foot building. Steven Jacobson of Hopkinson Associates represented SharkNinja in the negotiations for the 10-year lease. Robert Steinman represented the landlord, Rudin, on an internal basis.

February 19, 2025

Hospitality Loans New York Northeast

Cronheim Mortgage Arranges $40M Loan for Refinancing of Manhattan Hotel

by Taylor Williams February 18, 2025

NEW YORK CITY — New Jersey-based intermediary Cronheim Mortgage has arranged a $40 million loan for the refinancing of the 158-room Chelsean New York Hotel. The hotel is located at 160 W. 25th St. in Lower Manhattan and includes an onsite bar and restaurant known as The Rose. Beau Williams and Drew Gilligan of Cronheim arranged the debt through an undisclosed lender. The borrower, The Lam Group, will use a portion of the proceeds to fund capital improvements.

February 18, 2025

Leasing Activity New York Northeast Retail

Nordstrom Rack to Open 25,000 SF Store in Lake Grove, New York

by Taylor Williams February 18, 2025

LAKE GROVE, N.Y. — Fashion retailer Nordstrom Inc. will open a new 25,000-square-foot in Lake Grove, a hamlet located on Long Island, under its Nordstrom Rack brand. Scheduled to open in fall 2025, the store will be situated within the 150,000-square-foot Smith Haven Plaza. Other tenants at the shopping center include Trader Joe’s, Old Navy, Athleta and Ulta Beauty. A partnership between Breslin Realty Development Corp. and Colin Development LLC owns Smith Haven Plaza.

February 18, 2025

Leasing Activity New York Northeast Office

S Rothschild Signs 47,000 SF Office Lease Renewal in Midtown Manhattan

by Taylor Williams February 17, 2025

NEW YORK CITY — S Rothschild has signed a 47,000-square-foot office lease renewal in Midtown Manhattan. The apparel manufacturer will remain at 1407 Broadway, a 1.1 million-square-foot, 43-story building that was originally constructed in 1950, for another 10 years. Peter Sabesan and Matthew Feigen of Cresa represented the tenant in the lease negotiations. Bob Forman represented the landlord, Shorenstein Properties, on an internal basis.

February 17, 2025

Development Life Sciences New York Northeast Top Stories

New York City Council Approves Two Life Sciences Projects in Manhattan Totaling 2.5 MSF

by Taylor Williams February 17, 2025

NEW YORK CITY — The New York City Council has approved two life sciences projects representing hundreds of millions of dollars in capital investment and thousands of new jobs, according to a press release issued by New York City Mayor Eric Adams and the New York City Economic Development Corp. The first project is known as Science Park and Research Campus (SPARC) Kips Bay and will be located on the current site of Hunter College’s Brookdale Campus on the east side of Manhattan. SPARC Kips Bay will encompass an entire city block and will feature more than 2 million square feet of academic, public health and life sciences space. SPARC Kips Bay is expected to generate more than $42 billion in economic impact over the next 30 years and to account for the creation of more than 15,000 total jobs (12,000 unionized construction jobs and 3,100 permanent jobs). Construction is expected to begin before the end of year in the form of decommissioning and demolishing of existing structures on the future site of the campus. International developer Skanska has been named construction manager of SPARC Kips Bay. The development team will also make public infrastructure improvements, including the creation of …

February 17, 2025

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