New York

Heritage Equity Partners, Lichtenstein Group to Redevelop Five Warehouses in Brooklyn

by Amy Works November 24, 2015

NEW YORK CITY — Heritage Equity Partners and Lichtenstein Group have partnered to redevelop five vacant warehouses into Bushwick Generator. The interconnected buildings at 215 Moore St. in Brooklyn will be transformed into a 75,000-square-foot light industrial, office and retail property, offering space office or workspaces ranging from 1,500 square feet to 20,000 square feet. Brooklyn-based ABS Partners has been retained as the office leasing agent for the property, which is geared toward new economy industries, including tech, creative arts and food production.

November 24, 2015

Loans Multifamily New York Northeast

Ready Capital Closes $17.6M Loan for Multifamily Property in New York

by Amy Works November 24, 2015

PENFIELD, N.Y. — Ready Capital Structured Finance, a nationwide commercial real estate bridge and mezzanine lender, has closed a $17.6 million value-add loan for a multifamily property in Penfield. The loan features a three-year term with a one-year extension and is structured in the stretch senior loan program up to 85 percent loan-to-cost. The property, Penbrooke Meadows, features 350 apartment units. Ready Capital originates, manages and finances non-recourse floating- and fixed-rate loans of up to five years on transitional, value-add and event-driven commercial and multifamily real estate opportunities.

November 24, 2015

Mixed-Use Multifamily New York Northeast Retail

LCOR Breaks Ground for 55 Bank Street in White Plains

by Amy Works November 23, 2015

WHITE PLAINS, N.Y. — LCOR has broken ground for 55 Bank Street, a mixed-use development in White Plains. The $250 million, 760,000-square-foot transit-oriented development will offer residential and retail space. The first phase of the project will include a 16-sory, 288-unit residential building with 3,000 square feet of ground-floor retail space and 381 parking spaces. Phase II will consist of a 16-story building with 273 homes, 3,350 square feet of retail space and 189 parking spaces. Twenty percent of the 561 residential units will be workforce designated housing. The project is located adjacent to the Metro-North White Plains Railroad Station, which offers express service into Grand Central Station in New York City.

November 23, 2015

Loans Multifamily New York Northeast

UC Funds Provides $12M Equity Investment for Multifamily Property in Malta, N.Y.

by Amy Works November 23, 2015

MALTA, N.Y. — UC Funds has provided a $12 million ground-up construction equity investment for a multifamily development in Malta, a suburb 20 miles north of Albany, N.Y. The investment will be used to develop a vacant parcel of land into 292-unit, Class AAA multifamily property consisting of 16 two- and three-story buildings. The property will feature high-end unit layouts, including granite countertops, crown moldings and luxurious fixtures. Additionally, the community will feature a swimming pool, spa, fitness center and juice bar. The property will be located adjacent to a planned 1,414-acre nanotechnology hub, which is home to Global Foundries, a leading microchip manufacturer that employs 3,600 local residents.

November 23, 2015

Loans Mixed-Use Multifamily New York Northeast Retail

Hudson Cos. Acquires Williamsburg Development Site for Residential, Retail Project

by Amy Works November 23, 2015

NEW YORK CITY — New York City-based Hudson Cos. has acquired a development site at 94 N. Third St. in Brooklyn’s Williamsburg neighborhood for the development of a residential and retail project. The seven-story building will feature 75 studio, one- and two-bedroom rental units and 15,000 square feet of ground-level retail space. Additionally, 20 percent of the apartments will be reserved for affordable housing for low-income households. On-site amenities will include doorman and concierge service, a gym, tenant lounge, underground parking, bike storage and tenant storage. Tenants will also have access to landscaped courtyards and roof terraces equipped with gas grills and tables for dining. Marvel Architects is serving as architect for the project, which is slated to begin construction soon. Hudson Cos. received a $6.5 million bridge loan from W Financial to acquire the site.

November 23, 2015

Multifamily New York Northeast

Cushman & Wakefield Brokers Sale of Two Residential Development Sites in Brooklyn

by Amy Works November 23, 2015

NEW YORK CITY — Cushman & Wakefield has arranged the sale of two development sites, located at 181 Troutman St. and 303 Stockholm St. in Brooklyn’s Bushwick neighborhood. The sites sold for $2.6 million, or $236 per buildable square foot, in an all-cash transaction. The residential development sites, which were delivered vacant, combine to offer approximately 11,000 buildable square feet. The site at 181 Troutman St. is currently improved by a two-story, 2,025-square-foot two-unit building; and 303 Stockholm St. is a vacant lot. Michael Amirkhanian of Cushman & Wakefield handled the transaction. The names of the seller and buyer were not released.

November 23, 2015

Industrial Mixed-Use New York Northeast Office

IRG Purchases 2 Million SF Pfizer Campus in Pearl River, N.Y.

by Amy Works November 20, 2015

PEARL RIVER, N.Y. — Industrial Realty Group (IRG) has acquired the more than 2 million-square-foot Pfizer campus in Pearl River, located 20 miles north of Manhattan. IRG plans to transform the 200-acre campus into a dynamic mixed-use, multi-tenant campus, which will bring businesses and job opportunities to Rockland County. The acquisition includes approximately 38 buildings of laboratory, manufacturing, office and support buildings. Pfizer will retain and operate 500,000 square feet and lease back approximately 1.2 million square feet from IRG. Terms, including sales price, of the acquisition were not released. IRG plans to transform the 2 million-square-foot Pfizer campus in Pearl River, N.Y., into a mixed-use, multi-tenant campus.

November 20, 2015

Indiana Midwest New York Northeast Retail

Stan Johnson Co. Brokers Sale of Two Grocery Stores Totaling $15.3M

by Amy Works November 20, 2015

LOCKPORT, N.Y., AND KOKOMO, IND. — Stan Johnson Co. has arranged the sale of two grocery stores located in Lockport and Kokomo for a combined $15.3 million. Bluejay Management LLC acquired the 55,000-square-foot Tops Markets at 3945 Lockport-Olcott Road in Lockport and the 55,264-square-foot Marsh Supermarket at 208 E. Southway Blvd. in Kokomo. Josh Pardue of Stan Johnson Co. represented the seller, Fields Realty, in the transaction.

November 20, 2015

Loans Mixed-Use Multifamily New York Northeast Retail

Silver Arch Capital Partners Closes $8M Loan for Mixed-Use Properties in NYC

by Amy Works November 20, 2015

NEW YORK CITY — Silver Arch Capital Partners, a private lender, has closed an $8 million first mortgage loan secured by two mixed-use properties in New York City. The borrowers, Mooney House LLC and 127 Mott Street LLC, will use the loan proceeds to pay off an existing mortgage, renovate the properties and fund reserves and closing costs. The properties are 18 Bowery/1-7 Pell St., which features four residential apartments and two ground-level commercial spaces in two buildings; and 127 Mott St., which consists of 12 residential units and one commercial space in two buildings. Both properties were acquired in 2014 and have undergone more than $375,000 in capital improvements. Additionally, each property has more than 6,000 square feet of excess development rights.

November 20, 2015

Loans Multifamily New York Northeast

Greystone Secures $9.5M Loan for 527-Unit Co-op in Queens

by Amy Works November 19, 2015

NEW YORK CITY — Greystone has closed a $9.5 million loan for the refinancing of Rego Park Gardens, a cooperative apartment building in Queens. Andrew Ellis of Greystone and Peter Grazide of Total Real Estate Finance Solutions arranged the loan for the undisclosed borrower. The loan includes a 15-year term with a 30-year amortization schedule. Located in the Elmhurst neighborhood of Queens, Rego Park Gardens features 527 multifamily units. This loan is the company’s first Freddie Mac Fast-Track Co-op Early Lock loan.

November 19, 2015

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