NEW YORK CITY — CBCS Equities and Barone Management have developed EVEN Hotel Brooklyn, a 13-story hotel located at 46 Nevins St. in downtown Brooklyn. Designed by Gene Kaufman Architect, the 83,000-square-foot hotel features 202 rooms, a 1,300-square-foot fitness center, in-room fitness zones with cork flooring and personal exercise equipment, and Cork & Kale Market and Bar. The project team included HVS Design, Andrew Myers Interior Design and Ambius. EVEN Hotel Brooklyn is an IHG hotel.
NEW YORK CITY — GFI Realty Services LLC has arranged the $195 million sale of 23-02 49th Ave., a seven-story, 656,000-square-foot warehouse in the Long Island City section of Queens. The property is fully occupied by three tenants whose leases are expiring in 2020: the New York City Housing Authority, Eagle Transfer Co. and Mayo Studios. The undisclosed buyers plan on converting the building into office space upon the termination of the current leases. According to Crain’s New York, the buyers are Westbrook Partners, a privately owned real estate investment management firm, and investor Andrew Chung, a former executive with the Carlyle Group. Crain’s reports the sellers are Ruby Schron and the Fruchthandler family. “Long Island City office is booming, and industrial conversion is bringing many new office properties to market,” says Yisroel Pershin, director of GFI Realty. “Once the property is converted to office use, the buyers anticipate strong leasing activity because of the unmet demand for creative office facilities and the ability to offer space at a 50 percent discount to Manhattan rates.” Pershin and Yosef Katz of GFI Realty brokered the sale of the warehouse, which traded at a capitalization rate below 3 percent. “The extremely low …
MORRISTOWN, N.J. — NorthMarq Capital’s Morristown office has arranged $91.5 million in refinancing for a 13-property medical office portfolio with 11 assets in Northern New Jersey, one in New York and one in Florida. Gregory Nalbandian of NorthMarq secured the financing for the borrower, Regent Medical Properties. The five-year, fixed-rate loan was bifurcated between a $81.5 million senior loan placed with Natixis Real Estate Capital and a $10 million mezzanine loan placed with Morrison Street Capital. The portfolio is a 353,000-square-foot core medical office portfolio with several buildings featuring on-site surgery centers within close proximity to major hospitals.
WHITE PLAINS, N.Y. — Rand Commercial has arranged the sale of an office building located at 10 County Center in White Plains. Ascot Properties NYC sold the 208,000-square-foot building to Bajraktari Realty Management Corp. for $9.2 million. Paul Adler, Ann Silver and Nick Spano of Rand Commercial represented the seller and buyer in the deal.
NEW YORK CITY — Tishman Speyer, in partnership with Qatar Diar, is moving ahead with the construction of a 1.1 million-square-foot office and retail project in Long Island City. The project concludes Tishman Speyer’s purchase of 1.8 million square feet of development rights from New York City, which included a 700,000-square-foot office building that the company completed in 2011. Designed by MdeAS Architects, the new commercial project will comprise two 27-story towers connected by a four-story podium featuring a mix of retail, food hall, restaurant and parking garage space. Construction is slated to begin in early 2017, with completion scheduled for 2019. More than 800,000 square feet of the available office space in the development has been preleased, including 250,000 square feet to WeWork, a shared office space provider. Fried Frank acted as counsel to Tishman Speyer in the closing of the company’s $770 million transaction to develop the two towers. The transaction included the acquisition of the site from the New York City Economic Development Corp., an equity investment by Qatari Diar, construction financing and tax benefits from the New York City Industrial Development Agency. The Fried Frank team included Jonathan Mechanic, Tal Golomb, Michael Barker, Michael Werner, Janice Mac …
NEW YORK CITY — Triangle Equities has completed Triangle Plaza Hub, a multi-use complex located in the South Bronx. The $35 million, 88,000-square-foot complex is occupied by Fine Fare Supermarket, Metropolitan College of New York, Brightpoint Health, DaVita Dialysis Center, Vistasite Eye Care, Boston Market and Dunkin’ Donuts. A 3,900-square-foot retail space on the ground floor and a 3,000-square-foot pad site adjacent to the public plaza are available for lease.
NEW YORK CITY — Rosewood Realty Group has arranged the sale of a six-story multifamily building located at 2147 E. 17th St in Brooklyn’s Sheepshead Bay neighborhood. 2147 LLC acquired the elevator-serviced building from 2147 BKLYN 12 Realty LLC for $18.3 million. Built in 1939, the 57,552-square-foot building features 60 apartments. Aaron Jungreis of Rosewood Realty represented both the seller and buyer in the deal.
NEW YORK CITY — HelmsleySpear LLC has arranged the sale of a commercial building located at 19-40 Flushing Ave. in the Ridgewood section of Queens. Farmville, Va.-based Tri-Boro Shelving acquired the 25,234-square-foot warehouse for $10.5 million, or $416.10 per square foot. The warehouse features 17-foot ceilings, eight loading docks and 8,000 square feet of outdoor parking. The buyer plans to renovate the property. Gregg Slotnick of HelmsleySpear represented the undisclosed seller in the transaction.
PEARL RIVER, N.Y. — Redwood Realty Advisors has arranged the sale of Courtland Gardens, a garden apartment property located in Pearl River. The 37-unit property sold for $6.3 million, or $171,621 per unit. Kevin and McCrann and Thomas Gorman of Redwood Realty Advisors represented the undisclosed seller in the deal. The name of the buyer was not released.
NEW YORK CITY — Houlihan-Parnes Realtors has arranged $1.5 million in refinancing for a five-story walk-up apartment building located at 840 Bronx Park South in the Bronx. The five-year non-recourse loan includes a five-year option term and a 30-year amortization schedule. The property features 13 residential units and one retail store. Ed Graf of Houlihan-Parnes secured the financing for the undisclosed borrower.
