New York

GFI Brokers Sale of East Williamsburg Corner Development Site For $5.5M

by Jaime Lackey October 28, 2015

NEW YORK CITY — GFI Realty Services has brokered the $5.5 million sale of 310-312 Graham Avenue, a 5,000-square-foot development site located in the East Williamsburg section of Brooklyn. Max Koshkerman of GFI represented the seller. Moshe Gelbstein and Joseph Landau of GFI represented the buyers. Both the buyers and the seller are local investors. The property includes a two-story mixed-use building, which was delivered vacant to the buyers. The buyer plans to construct a seven-story mixed-use building with 23 apartments, parking and a commercial unit. The site is located on the northeast corner of Graham Avenue and Ainslie Street and has a maximum buildable area of approximately 16,700 square feet including 1,700 square feet of air rights acquired from the adjacent parcel.

October 28, 2015

Market Reports Multifamily New York Northeast Northeast Market Reports

NYC Multifamily Market Shows No Sign of Slowing Down

by Jaime Lackey October 28, 2015

New York City’s multifamily market in the second quarter of 2015 was able to continue the momentum of 2015’s first quarter and generate an impressive $3.30 billion in gross consideration. The quarter also saw 364 properties trade over 225 transactions, which is a 33 percent increase in transaction volume compared to the same quarter last year. Boosting significant growth, both Brooklyn and Manhattan saw a number of institutional and portfolio deals again this quarter. Of the trades in Manhattan, the top 10 percent made up approximately 73 percent of Manhattans dollar volume and four of the five largest multifamily transactions to occur in NYC happened in Brooklyn, which contributed to both submarkets ending the quarter with dollar volumes above $1 billion for the second time in as many quarters. Pricing throughout the city continues to evolve by most measures. Gross rent multiples have increased by 1.4 year-over-year and the average price per square foot in Manhattan has eclipsed $900. Compared to last year, average capitalization rates were down 60 basis points in The Bronx, and are down in Brooklyn and Northern Manhattan. These are the signs of solid fundamentals in the market. Institutional caliber multifamily deals had a big second …

October 28, 2015

Loans Mixed-Use Multifamily New York Northeast Retail

HFF Arranges $200M for Acquisition and Pre-Development for 151 East 60th Street in Manhattan

by Jaime Lackey October 27, 2015

NEW YORK CITY — Holliday Fenoglio Fowler LP (HFF) has secured $200 million in financing for the acquisition and pre-development of a 19,684-square-foot development site at 151 East 60th St., which is located at Lexington Avenue across from Bloomingdale’s in Manhattan. The undeveloped parcel has zoning square footage that will accommodate up to 350,000 square feet; development is slated to begin in March 2017. Working on behalf of Kuafu Properties, HFF placed the floating-rate loan with Mack Real Estate Credit Strategies. Loan proceeds will facilitate the purchase of the fee simple interest in the property and fund pre-development costs towards construction of a luxury residential tower with approximately 40,000 square feet of retail space. Christopher Peck and Jay Marshall led HFF’s debt placement team.

October 27, 2015

New York Northeast Office

Mission Capital Secures $70M Loan for Manhattan Office Property

by Jaime Lackey October 27, 2015

NEW YORK CITY — Mission Capital Advisors has arranged $70 million in financing for 88 University Place, a 94,000-square-foot building in the heart of Midtown South/Greenwich Village. Mack Real Estate Credit Strategies provided the floating-rate loan on behalf of the sponsor, an investment group led by fashion designer Elie Tahari, which recently purchased the property in an off-market transaction for approximately $75 million. The property, which was constructed in 1906, consists of 11 stories of commercial loft space and ground-floor retail. A forward lease is in place with WeWork, the real estate co-sharing office space company. WeWork will occupy eight of the 10 floors, with the company expected to eventually occupy all 10 floors. Jonathan More, Ari Hirt and Jamie Matheny of the Mission Capital Debt & Equity Finance Group secured the loan. Ownership plans to invest significantly in capital improvements, including new lobby entranceways, new elevator cabs and mechanical upgrades, common area improvements, and HVAC upgrades.

October 27, 2015

Multifamily New York Northeast

Madison Equities and Pizzarotti Group Acquire 45 Broad Street for $86M

by Jaime Lackey October 26, 2015

NEW YORK CITY — Madison Equities and Italian multi-national construction services company Impresa Pizzarotti & C. Spa have acquired 45 Broad Street from 45 Broad Street L/CAL LLC for $86 million. The property is located in the heart of Manhattan’s Financial District near the New York Stock Exchange and World Trade Center and offers approximately 290,000 square feet of floor area ratio (FAR) for development. Madison Equities and Pizzarotti plan a condominium tower constructed atop an amenity-filled podium. The developers will deliver condominium units for occupancy in 2019. 45 Broad Street will be designed by noted architect Cetra Ruddy, whose recent projects include One Madison Avenue, Walker Tower and the Orion.

October 26, 2015

Loans New York Northeast Retail

Procida Provides $14.5M Construction Loan for Hotel in Nyack, N.Y.

by Jaime Lackey October 26, 2015

NYACK, N.Y. — Procida Funding’s 100 Mile Fund has provided a $14.5 million construction loan for a newly constructed 133-key Time Hotel in Nyack. The sponsor needed immediate financing to complete construction of the hotel, which is expected to open this fall. The hotel is built in an industrial-style former factory with views of the Hudson River and Tappan Zee Bridge. The property features 3,500 square feet of meeting space, a pool, a fitness center, a bike program, local shuttle services, as well as a Tesla charging station. Début Hotel Group and Hampshire Hotels Management partnered with developer WY Group to deliver the property.

October 26, 2015

New York Northeast Office

Cushman & Wakefield Arranges $85M Sale of Brooklyn Office Property

by Haisten Willis October 23, 2015

NEW YORK CITY — Thor Properties has purchased a Class A office property at 180 Livingston Street, located between Smith and Hoyt streets in downtown Brooklyn, from Treeline Cos. Stephen Palmese of Cushman & Wakefield brokered the $85 million all-cash sale. The property is a 154,000-square-foot office condominium that occupies floors three through six of the building and features three office tenants, with the MTA serving as the anchor. The property also holds development potential with an additional approximately 142,525 buildable square feet as-of-right, which can be expanded to approximately 213,155 square feet with use of an inclusionary housing bonus. The sale price equates to approximately $552 per square foot.

October 23, 2015

North-Bellmore-Public-Library-Southeast-rendering[1]

New York Northeast Office

Elite Construction to Manage $8.9M Expansion and Renovation of North Bellmore Public Library

by Haisten Willis October 23, 2015

NORTH BELLMORE, N.Y. – The North Bellmore Public Library Board of Trustees has selected Elite Construction as construction manager for the expansion and renovation of the library building located at 1551 Newbridge Rd. in North Bellmore. Designed by the Pleasantville, N.Y.-based architectural firm of Gallin Beeler Design Studio (GBds), the project will completely renovate and expand the outdated library structure, originally constructed in 1962 and expanded in 1986. The improvements will include a gut renovation of the existing two-story, 13,000-square-foot building and a 4,200-square-foot addition. The project is financed through a 15-year, $8.9 million bond issue approved by the North Bellmore voters in May of 2015. In addition to Elite and GBds, the project team includes structural engineer The Di Salvo Engineering Group; mechanical, electrical, and plumbing (MEP) engineer TAS Engineering; and civil engineer Galli Engineering.

October 23, 2015

Multifamily New York Northeast

New York REIT Sells 163 Washington Avenue

by Haisten Willis October 23, 2015

NEW YORK CITY — New York REIT (NYSE: NYRT) has completed the previously announced sale of 163 Washington Avenue in Brooklyn. Located in the Clinton Hill neighborhood, the Class A apartment property includes 49 residential units, a 1,176-square-foot retail unit, and 38 parking spaces. Originally developed as condominiums in 2009, the property’s units average 825 square feet each. Units feature stainless steel appliances, balconies, loft-style ceilings and cityscape views. Rob Rizzi, Jeff Julien and Rob Hinckley of HFF represented the seller.

October 23, 2015

New York Northeast Retail

Thor Equities to Sell Manhattan Retail Condo To Harbor Group International for $68M

by Jaime Lackey October 22, 2015

NEW YORK CITY — Thor Equities has signed an agreement to sell the retail condo at 445 Fifth Ave. in Midtown Manhattan to Harbor Group International for $68 million. Thor Equities purchased the 20,000-square-foot property in 2011 for $32.5 million. The company signed Charming Charlie to the majority of the building’s retail space on the first and second floors.

October 22, 2015

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