New York

KeyBank Provides $28.6M in Financing for Seniors Housing Development in New York

by Amy Works February 1, 2016

ST. LAWRENCE COUNTY, N.Y. — KeyBank has provided $28.6 million in financing for Cambray Court Apartments, an affordable seniors housing redevelopment in St. Lawrence County. The redevelopment is in partnership with Omni Housing Development LLC and managed by United Helpers. The project will replace 72 flood-threatened, garden-style apartments with one accessible four-story energy-efficient building featuring 71 apartment units. Designated as affordable housing, the community will feature 52 units for residents earning 30 to 50 percent or less of the area median income (AMI); 13 units for residents earning at or below 60 percent of AMI; five units for residents earning 80 percent of AMI; and one unit for residents earning 90 percent of the AMI. On-site amenities include well-lit parking spaces, elevator access to each floor, laundry facilities, walking trails, a patio, a garden and a community room with a kitchen. The redevelopment project team includes Beardsley Architects and Engineers and Bette & Cring Construction Group.

February 1, 2016

Loans Multifamily New York Northeast

Meridian Capital Secures $10M Acquisition Loan for Fee Position in NYC Multifamily Property

by Amy Works February 1, 2016

NEW YORK CITY — Meridian Capital Group has arranged $10 million in acquisition financing for the purchase of the fee position in a multifamily property in Manhattan’s Morningside Heights neighborhood. The borrower, Fine Times Inc., has purchased the fee position beneath a 20-story, 96-unit multifamily property located at 1080 Amsterdam Ave. The 10-year loan, provided by a local balance sheet lender, features a 3.7 percent fixed rate and interest-only payments for the full term. Shamir Seidman of Meridian’s New York City office negotiated the financing on behalf of the borrower.

February 1, 2016

Multifamily New York Northeast

Morgan Acquisitions Acquires Two Multifamily Properties in New York for $33M

by Amy Works January 29, 2016

PAINTED POST AND CAMILLUS, N.Y. — Morgan Acquisitions LLC has acquired two multifamily properties in New York for a total of $33 million. Erastus LLC and Archimedes Associates LLC sold the 286-unit Emerald Springs in Painted Post for $22 million, or $77,000 per unit; and the 146-unit Steeplechase Apartments in Camillus for $11 million, or $75,000 per unit. Located at 12 Pond View Court in Painted Post, Emerald Springs features 38 residential buildings, a fitness center, outdoor swimming pool, tennis courts, basketball courts, playground, grilling and picnic areas, 150 carports and 48 garages. Located at 5625 W. Genesee St. in Camillus, Steeplechase Apartments features 17 two-story buildings, a clubhouse, a swimming pool, tennis courts, 48 carports and 23 garages. Victor Nolletti, Steve Witten and Still Hunter represented the seller and procured the buyer in the transaction. J.D. Parker, also of Marcus & Millichap, served as broker of record for the deal.

January 29, 2016

Mixed-Use Multifamily New York Northeast Retail

Cushman & Wakefield Negotiates $21.5M Sale of Two Properties in Manhattan

by Amy Works January 29, 2016

NEW YORK CITY — Cushman & Wakefield has arranged the sale of two properties located at 126-128 E. 13th St. and 123 E. 12th St. in Manhattan’s East Village neighborhood. Ultimate Realty sold the properties to an undisclosed buyer for a total of $21.5 million. The 15,600-square-foot property on 13th Street is currently leased by Peridance, a dance studio, until March 2028 with a five-year option, while the 4,804-square-foot property on 12th Street features ground-floor retail space and a three-bedroom duplex apartment with a private rooftop on the upper floor. James Nelson and Matthew Nickerson of Cushman & Wakefield represented the seller in the transaction.

January 29, 2016

Loans Multifamily New York Northeast

Meridian Capital Arranges $16.3M Loan for Multifamily Loft Building in New York City

by Amy Works January 29, 2016

NEW YORK CITY — Meridian Capital Group has arranged a $16.3 million mortgage on behalf of Park Avenue South LLC for the refinancing and consolidation of its senior and mezzanine debt secured by a multifamily property located at 220 Park Ave. South in New York City. Allan Lieberman of Meridian Capital secured the five-year financing, which was provided by a local savings bank, features a 3 percent fixed rate. Built in 1990, the nine-story property features 38 loft-style apartment units and 2,650 square feet of ground-level and mezzanine retail space, which is currently occupied by Haru, a Japanese restaurant.

January 29, 2016

New York Northeast Retail

Picone Construction Completes 12 Gates Brewing Co. Facility in New York

by Amy Works January 29, 2016

WILLIAMSVILLE, N.Y. — Picone Construction has completed the construction of 12 Gates Brewing Co. at 80 Earhart Drive in Williamsville. The brewery is designed as a production facility and tap room with light fare and snacks. Project work included select demolition, carpentry, millwork, concrete reinforcement and foundations, building insulation and metal roofing, door and frames, storefront, glass and glazing, drywall and acoustic, floor sealing, wall protection, signage, food service equipment, painting, plumbing, process piping systems, cooler installs, HVAC and electrical.

January 29, 2016

Multifamily New York Northeast Student Housing

United Group to Develop 268-Bed Student Housing Property at Hudson Valley Community College in New York

by Amy Works January 28, 2016

TROY, N.Y. — Hudson Valley Community College (HVCC) has selected Troy-based United Group to develop a student housing community at the corner of Morrison and Vandenburgh avenues in Troy. Located within walking distance to HVCC’s campus, the proposed College Suites at Hudson Valley will house 268 students and feature a fitness center, laundry facilities, bike storage and on-site management offices. Additionally, each of the 72 apartment suites will be fully furnished and include all utilities.

January 28, 2016

Mixed-Use Multifamily New York Northeast Retail

Thor Equities Acquires 55,000 SF Mixed-Use Property in Harlem

by Amy Works January 28, 2016

NEW YORK CITY — Thor Equities has acquired a 55,000-square-foot mixed-use property located at 556-566 W. 126th St. in Harlem for an undisclosed price. The six-story property features 58 apartments and five commercial units with more than 100 feet of retail frontage. Additionally, the property is adjacent to the new $7 billion, 17-acre expansion of Columbia University and in close proximity to Morningside Park, Barnard College, Teachers College and Columbia’s main campus. The name of the seller was not released.

January 28, 2016

Multifamily New York Northeast

Alpha Realty Brokers Sale of 31-Unit Apartment Building in Brooklyn

by Amy Works January 28, 2016

NEW YORK CITY — Alpha Realty has arranged the sale of an apartment building located at 415 Lincoln Ave. in Brooklyn’s Cypress Hill neighborhood. A local private investor acquired the property for $4 million, which is a gross rent multiple of 11.4x and a cap rate of 4.5 percent. The 22,400-square-foot asset features 31 apartment units. Lev Mavashev of Alpha Realty represented the buyer and seller, a local private investor, in the transaction.

January 28, 2016

Multifamily New York Northeast

Marcus & Millichap Brokers $1.8M Sale of Apartment Property in Queens

by Amy Works January 28, 2016

NEW YORK CITY — Marcus & Millichap has arranged the sale of an apartment property located at 2041 Palmetto St. in Queens. A limited liability company acquired the six-unit property for $1.8 million. Shaun Riney, Thomas Shihadeh and George Koncilja of Marcus & Millichap’s Brooklyn office represented the seller, a limited liability company, and the buyer in the transaction.

January 28, 2016

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