New York

Embassy Suites by Hilton Tops Out First Hotel in Midtown Manhattan

by Amy Works June 10, 2016

NEW YORK CITY — Co-developers Hidrock Properties and The Buccini/Pollin Group have topped out Embassy Suites New York – Midtown Manhattan, the first Embassy Suites hotel in New York City. Located at 60 W. 37th St., the 40-story, 310-suite hotel features the Design Option III concept, which decreases the amount of land needed while increasing efficiencies in the development process. Designed by Peter Poon Architects, the hotel will feature a lobby bar, a café with adjoining roof deck on the third floor, amenity space on the fourth floor, and an adjacent three-level parking garage with access on 36th Street. The hotel is scheduled to open in early 2017.

June 10, 2016

Loans Multifamily New Jersey New York Northeast

Arbor Funds Four Loans in New York, New Jersey Totaling $29.8M in Loans

by Amy Works June 10, 2016

NEW YORK CITY, AND JERSEY CITY, N.J. — Arbor Commercial Mortgage has funded four loans for properties in New York City and Jersey City totaling $29.8 million. Ari Short of Arbor’s New York office originated the loans, which were funded under the Freddie Mac Small Balance Loan program. The firm provided a $12.6 million loan to a three-property, 97-unit multifamily portfolio in the Bronx. The 20-year refinance loan features a 30-year amortization schedule. In the second loan, Eastern Parkway Portfolio, a five-property, 49-unit multifamily portfolio in Brooklyn, received $9.6 million in financing. The 20-year refinance loan features a 30-year amortization schedule. In the third deal, a 23-unit multifamily property located at 429 Lenox Ave. in New York City received a $5.1 million loan. The 20-year refinance loan features a 30-year amortization schedule. In Jersey City, Arbor provided a $2.4 million loan to a 27-unit multifamily property located at 112-118 Tonnele Ave. The 20-year refinancing features a 30-year amortization schedule.

June 10, 2016

New York Northeast Retail

Joint Venture Completes $45M Sale of 84,000 SF Movie Theater Complex in Queens

by Amy Works June 9, 2016

NEW YORK CITY — A joint venture between Forest City Realty Trust and Madison International Realty has completed the sale of Steinway Street Theaters, known locally as UA Kaufman Astoria Cinemas in Astoria, Queens. An affiliate of Kaufman Astoria Studios acquired the property from the joint venture for $45 million. The 84,000-square-foot movie theater complex opened in 1999.

June 9, 2016

Loans Multifamily New York Northeast Seniors Housing

NorthMarq Arranges $5M Refinancing for Seniors Housing Property in New York

by Amy Works June 9, 2016

MOUNT VERNON, N.Y. — NorthMarq Capital has arranged the $5 million refinancing of Lohman Village, a seniors housing property located at 1 Wartburg Place in Mount Vernon. The loan features a 5-year term and 30-year amortization schedule. The 31-unit property is part of a large seniors housing campus in Mount Vernon known as Wartburg that offers a full spectrum of senior living options. Robert Ranieri of NorthMarq arranged the financing through NorthMarq’s relationship with an undisclosed regional bank.

June 9, 2016

Delaware Industrial New York Northeast

GTJ REIT Purchases Two Industrial Properties in New York City, Delaware

by Amy Works June 8, 2016

NEW YORK CITY, AND NEWARK, DEL. — GTJ REIT Inc. has acquired two industrial properties in two separate transactions. In the first transaction, the REIT purchased a 58,000-square-foot warehouse/garage situated on 1.2 acres in Brooklyn’s East New York neighborhood. The property is currently leased to The City of New York for the Department of Sanitation through 2025. In the second deal, GTJ REIT acquired a 208,000-square-foot warehouse distribution facility situated on 12.4 acres in Newark. Built in 1999, the property is fully leased to Valassis Communications Inc. through 2025. The tenant uses the property to sort and distribute print ad materials from Maine to Northern Virginia on behalf of its customers. Terms of the transactions, including the sellers’ names and acquisition prices, were not released. With these two acquisitions, GTJ now owns 47 properties, consisting of close to 5.5 million square feet on approximately 350 acres of land.

June 8, 2016

New York Northeast Office

1776 Expands to New York City with Campus at Brooklyn Navy Yard

by Amy Works June 8, 2016

NEW YORK CITY — 1776, a public benefit corporation that scouts and funds high-growth startups, plans to open its first New York City campus on the top floor of Building 77 at Brooklyn Navy Yard. The company will become the anchor tenant of the 1 million-square-foot building that is currently undergoing a $185 million renovation. Slated to open in 2017, Building 77 will feature a 60,000-square-foot food manufacturing hub on the ground floor. Additionally, the project will support 3,000 new jobs. 1776 New York City will convene institutions, policymakers and startups to revitalize critical industries like education, energy, food, health, smart cities, transportation and financial services.

June 8, 2016

Multifamily New York Northeast Seniors Housing

Welltower, Hines to Develop 125,000 SF Assisted Living, Memory Care Community in Manhattan

by Amy Works June 7, 2016

NEW YORK CITY — Welltower Inc. and Hines have partnered to develop an assisted living and memory care community at 139 E. 56th St. in Midtown Manhattan. Designed by SLCE Architects, the as-of-right development will have retail space at its base and a senior living and memory care facility above. The 15-story, 125,000-square-foot facility will feature residential units on floors three through 14, community space throughout the property, and outdoor living space on three floors, including landscaped terraces and gardens.

June 7, 2016

Loans Multifamily New York Northeast

Walker & Dunlop Closes $17.5M Acquisition, Repositioning Loan for Multifamily Property in the Bronx

by Amy Works June 7, 2016

NEW YORK CITY — Walker & Dunlop Commercial Property Funding has closed a $17.5 million loan for the acquisition and repositioning of a multifamily property located at 916-926 Southern Blvd. in the Bronx. The short-term high-yield bridge loan was used to fund the acquisition, as well as reserves related to capital improvements and operating shortfalls. Geoff Smith and Tom Toland of Walker & Dunlop originated the deal with Gold Edge Capital. Built in 1911, Southern Boulevard features two adjacent buildings totaling 66 multifamily units. The property will be transformed into 105 units of revitalized, market-rate multifamily housing and 12,333 square feet of ground-floor retail space.

June 7, 2016

Industrial New York Northeast Office

Kalmon Dolgin Arranges $12.1M Sale of Commercial Building in Brooklyn

by Amy Works June 6, 2016

NEW YORK CITY — Kalmon Dolgin Affiliates has brokered the sale of commercial building located at 5718 Second Ave. in Brooklyn’s Sunset Park neighborhood. NYU/Lutheran Medical Center acquired the 32,000-square-foot property from S.I.B.R. Realty LLC for $12.1 million. The two-story building features 20-foot ceilings, a 7,000-square-foot mezzanine and 12,500-square-foot floor plates. Jeffrey Unger and Robert Klein of Kalmon Dolgin represented the buyer and seller in the deal.

June 6, 2016

New York Northeast Office

Fradkin & McAlpin Architects Selected to Redesign Czech Mission to UN in New York City

by Amy Works June 6, 2016

NEW YORK CITY — The Ministry of Foreign Affairs of the Czech Republic has selected Fradkin & McAlpin Architects, in collaboration with Czech firm A69 Architekti, to redesign the 35,000-square-foot Czech Mission to the United Nations, located at 1109 Madison Ave. in New York’s Carnegie Hill Historic District. The project will include a gut-renovation of the interior and the creation of new living spaces, offices and meeting space for the staff of the mission. Construction is slated to begin in the fall of 2017. The building was originally built in 1898 as luxury apartments and features a Beaux Arts exterior.

June 6, 2016

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