New York

Eastern Consolidated Arranges $27M Sale of Two Multifamily Properties in Chelsea

by Amy Works December 10, 2015

NEW YORK CITY — Eastern Consolidated has brokered the sale of two multifamily properties located in the Chelsea neighborhood of Manhattan. Skyland Management LLC sold the properties to 117 West 15th Street LLC and 119 West 15th Street LLC for $27 million, or $1,085 per square foot. Totaling 25,330 square feet, the properties include a five-story walk-up at 117 W. 15th St. and a six-story walk-up at 119 W. 15th St. The assets feature a total of 40 units in a mix of studio, one-, two- and three-bedroom layouts. Steven Zimmerman and Gabriel Saffioti of Eastern Consolidated represented the seller and buyer in the transaction.

December 10, 2015

Multifamily New York Northeast

SL Green Sells Stake in Multifamily Building in Brooklyn

by Amy Works December 8, 2015

NEW YORK CITY — SL Green Realty Corp. is selling its 90 percent stake in the residential condominium property at 248-252 Bedford Ave. in Brooklyn. The 72-unit multifamily building, which was owned in partnership with Magnum Real Estate Group, has a gross market valuation of $55 million, or $1,242 per square foot, excluding the retail portion of the property. The transaction is expected to close in the first quarter of 2016. SL Green acquired its interest in the 44,279-square-foot property, along with 12 townhomes, for $54.9 million in 2012. The company has since sold off the 12 townhomes for gross sales totaling $25.5 million. SL Green will retain its interest in the building’s street-level retail condominium, which comprises 51,470 square feet.

December 8, 2015

Loans New York Northeast Office

Newmark Holdings Receives $100M Refinancing for Manhattan Office Building

by Amy Works December 8, 2015

NEW YORK CITY — Newmark Holdings has received $100 million in refinancing for 560 Broadway, a six-floor, 122,454-square-foot office building in Manhattan’s Soho neighborhood. The funding will be used for a major capital improvement plan that will reposition and upgrade the property. The property, which Newmark Holdings purchased in 1986, is currently 100 percent occupied with a tenant roster that includes Converse, Dean & Deluca and Lerer Hippeau Ventures. The funding was provided by TD Bank and BNY Mellon.

December 8, 2015

Multifamily New York Northeast

Westbridge Realty Group Brokers $4.2M Sale of Multifamily Property in Queens

by Amy Works December 8, 2015

NEW YORK CITY — Westbridge Realty Group has arranged the sale of a newly constructed multifamily property located at 64-64 Wetherole St. in the Rego Park neighborhood of Queens. The seven-story, 10,465-square-foot building features eight residential apartments. The property was delivered vacant with a 421-a tax abatement in place. Steven Westreich and Hen Vaknin of Westbridge Realty brokered the off-market transaction, which closed for an undisclosed sum. The names of the buyer and seller were not released.

December 8, 2015

Loans New York Northeast Office Retail

Ready Capital Closes $9.9M Bridge Loan for Mixed-Use Property in NYC

by Amy Works December 4, 2015

NEW YORK CITY — Ready Capital Structured Finance has closed a $9.9 million value-add loan on a leasehold interest for a mixed-use retail and office property at 313-315 W. 125th St. and an adjacent undeveloped land parcel located at 316 W. 126th St. in Harlem. Proceeds of the loan will be used for the acquisition, renovation and stabilization of the vacant 27,145-square-foot mixed-use property and the 4,166-square-foot land parcel. The loan features a two-year term with a one-year extension. The property is one block from the Apollo Theater and a variety of retailers, including Old Navy, Banana Republic Factory Store and DSW.

December 4, 2015

New York Northeast Retail

Aquazzura to Open First U.S. Location in Manhattan

by Amy Works December 4, 2015

NEW YORK CITY — Aquazzura, a Florence, Italy-based shoe retailer, has leased 2,221 square feet of retail space at 935 Madison Ave. in Manhattan for its first U.S. location. Situated between 74th and 75th streets, the shoe retailer will occupy 1,144 square feet on the ground floor and 1,077 square feet on the lower level. The retail space features 17 feet of frontage on Madison Avenue, with the building’s original 1876 façade, as well as 18-foot ceilings on the ground floor and 10-foot ceilings on the lower level. Ariel Schuster, Jackie Totolo and Brandon Elias of RKF, along with Joel Isaacs and Joshua Lewin of Isaacs and Company represented the landlord, JZS Madison LLC, in the transaction. Marc Simon, also of Isaacs and Company, represented the tenant.

December 4, 2015

New York Northeast Office

Ariel Property Advisors Launches Capital Services Division

by Amy Works December 4, 2015

NEW YORK CITY — Ariel Property Advisors has launched a Capital Services business line. Ariel Property Advisors: Capital Services will focus on multifamily, commercial, retail, development, mixed-use and industrial properties and work with the firm’s current investment sales and research professionals to structure financing for commercial real estate properties throughout the New York metropolitan area. Ariel Property Advisors has hired Paul McCormick, a 10-year veteran of the commercial mortgage industry, to lead the business line expansion and serve as vice president of Capital Services.

December 4, 2015

Loans New York Northeast Office

Paramount Completes $1B Refinancing of 1633 Broadway in Manhattan

by Amy Works December 3, 2015

NEW YORK CITY — Paramount Group has completed a $1 billion refinancing of 1633 Broadway, a 2.6 million-square-foot office building in Manhattan. The seven-year loan is interest only at LIBOR plus 175 basis points and can be increased by $250 million to a total $1.25 billion. The proceeds from the loan were used to repay existing $926 million loan and fund $42 million of swap breakage costs. Landesbank Banden-Württemberg New York Branch, Landesbank Hessen-Thüringen Girozentrale, DekaBank Deutsche Girozentrale, ING Capital and Wells Fargo Securities served as joint lead arrangers for the loan. Landesbank Banden-Württemberg New York Branch will serve as administrative agent and Wells Fargo National Association will serve as syndication agent. Eastdil Secured arranged the financing for the borrower.

December 3, 2015

Multifamily New York Northeast

TGM Associates Sells 360-Unit Multifamily Property in Fishkill, N.Y., to Hampshire Properties

by Amy Works December 3, 2015

FISHKILL, N.Y. — TGM Associates has sold TGM Village at Merritt Park to New York City-based Hampshire Properties for an undisclosed sum. Located at 80 Jefferson Blvd. in Fishkill, the property features 360 apartment units in a mix of one-, two- and three-bedroom floor plans ranging from 754 square feet to 1,328 square feet. Brian Whitmer of Cushman & Wakefield brokered the transaction. TGM originally purchased the property in 2006.

December 3, 2015

New York Northeast Retail

H&M to Open at Westfield World Trade Center in Lower Manhattan

by Amy Works December 3, 2015

NEW YORK CITY — H&M, a global fashion retailer, is opening its first location in Lower Manhattan. Situated within Westfield World Trade Center, the 25,000-square-foot store is slated to open in spring 2016. This location will be the first store in the United States to apply for LEED certification. The interior of the store will operate on renewable power sources, use less energy than a conventional office building, utilize LED lighting and Energy Star equipment and implement a recycling program throughout the store. The Westfield World Trade Center location is H&M’s 18th store in New York City.

December 3, 2015

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