Seven years after the worst recession this country has seen since the Great Depression, New York City is riding high again. Manhattan has emerged as a vital center for global retail activity where we continue to see dynamic growth — driven by its economic fundamentals, urban migration, and its cultural and lifestyle attractions. Gone are the days when suburban expansion sounded the death knell for high street retail. Since 2010, in the near-aftermath of the economic collapse and for the first time in decades, urban cores are growing at a faster rate than their suburban counterparts. Eighty percent of Americans now live in urban areas, and retailers and property owners in New York City and around the world are scrambling to adapt. Millennials represent 24 percent of the overall U.S. population and are leading this urban charge. They want to live close to work. They’re driven by technology — and they demand an omni-channel retail experience that integrates smartphone and tablet use with a personalized, service-oriented, in-store approach. And importantly, it’s estimated they will represent nearly 30 percent of U.S. retail spending — the total of which was $4.6 trillion this year — by 2020. Manhattan also continues to benefit …
NEW YORK CITY — Construction has topped out for 252 East 57th Street, a 65-story condominium tower in New York City. Developed by World Wide Group and Rose Associates, the tower has reached its highest point of more than 700 feet. Designed and constructed by SOM, DeSimon, Flack + Kurtz, SLCE Architects and Lend Lease LMB Inc., the tower features a curved glass façade that amplifies the residential surface areas and offers views of Manhattan, Central Park and the East River. Upon completion the tower will feature 93 condominiums in two-, three-, four- and five-bedroom configurations. On-site amenities include a gated porte-cochere and a residents’ club with a terrace, pool and spa. Occupancy is slated for late 2016, with residences starting at $4.5 million.
NEW YORK CITY — Anbau, a developer of luxury residential properties, has broken ground for Citizen360, a condominium property located at 360 E. 89th St. in Manhattan’s historic Yorkville neighborhood. Designed by The SHoP Architects, the 34-story building will feature 84 residences in a mix of one, two-, three- and four-bedroom layouts ranging from 900 to 4,500 square feet. On-site amenities include a lobby with green space, a fitness center with yoga and training studios, an entertainment suite with adjoining screening room, private resident lounges, multi-media studio, art studio and children’s playroom. Additional building services include a 24-hour doorman and indoor, on-site parking services for purchase. Sales for the residences are slated to start this fall.
NEW YORK CITY — Besen & Associates has brokered the sale of a four-building multifamily portfolio located in the Bronx for $4.5 million, or $121 per square foot. The 36,918-square-foot portfolio consists of four walk-up apartment buildings located at 723 Oakland Place, 2078 Vyse Ave., 2408 Webster Ave. and 2420 Webster Ave. The portfolio contains 34 apartments and 177 rooms. Amit Doshi and Richard Torres of Besen & Associates represented the seller, Prana Investments, and procured the undisclosed buyer in the transaction.
NEW YORK CITY — Cushman & Wakefield has brokered the sale of a mixed-use loft building located at 9 E. 16th St. in the Ladies’ Mile Historic District of Manhattan. The seven-story, elevator-serviced building sold for $30 million, or $978 per square foot. The 30,680-square-foot property features 15 large loft units, of which 12 are fair market and three are rent stabilized, and one ground-floor commercial unit, which is currently occupied by a restaurant. Paul Smadbeck, John Ciraulo, Rob Stufano and Craig Waggner of Cushman & Wakefield brokered the all-cash transaction. The names of the seller and buyer were not released.
NEW YORK CITY — GFI Realty Services has arranged the sale of a multifamily property located at 477 Third St. in Brooklyn’s Park Slope neighborhood. The 20-unit apartment building sold for $12 million, or $818 per square foot. The five-story walk-up features a mix of one- and two-bedroom units, as well as on-site laundry facilities. The buyer, a multi-generational local investor, plans to implement improvements to the property and maintain it as a long-term rental building. Erik Yankelovich of GFI Realty represented the undisclosed seller, while Moshe Gelbstein, also of GFI Realty, represented the buyer in the transaction.
NEW YORK CITY — New York REIT Inc. has closed on a $325 million in refinancing for 1440 Broadway, an office building located steps away from Times Square. The 25-story building features 755,679 square feet of office space. The completion of the financing is another step in the company’s strategic initiatives plan to build a best-in-class Manhattan real estate portfolio for the benefit of its shareholders.
NEW YORK CITY — Vanbarton Group has acquired Riverdale Crossing, a shopping center located in the Bronx, for $133 million. The 159,037-square-foot center is anchored by the soon-to-be BJ’s Wholesale Club and 98 percent leased to nationally recognized retail tenants. Angelo Gordon & Co., in a joint venture with Metropolitan Realty Associates, developed and sold the property. Acquisition financing was provided by Northwestern Mutual. Eastdil Secured represented the seller, while Hunton & Williams LLP served as legal counsel for Vanbarton.
NEW YORK CITY — The Singer & Bassuk Organization (SBO) has received $80 million in permanent financing for 501 Madison Avenue, a 30-story office and retail property owned by heirs of Cornelius Vanderbilt III. The loan is the last phase of a three-part series of interim, construction and permanent financing, which SBO first started to arrange in 2013, that aggregate to more than $160 million for the 200,000-square-foot asset. The property has undergone numerous renovations, including a new façade for the first- and second-floor retail spaces; new building entrance, lobby, elevators, windows, and cooling tower; electrical-system upgrades; and revitalized multi-tenant common areas. Tenants at the property include Carlo Pazolini, Oscar Heyan Inc., Randi Rahm, Innisfree M&A Inc. and The World Jewish Congress Foundation. The loan was provided by AXA Equitable Life Insurance Company.
NEW YORK CITY — Ariel Property Advisors has arranged the sales of two properties, totaling $11.7 million, in East Harlem. In the first transaction, a private investor acquired a six-story mixed-use property located at 124-128 E. 107th St. in East Harlem for $9.1 million, or $449 per square foot. The 20,395-square-foot building contains 34 residential units, two commercial units and two superintendent units. Victor Sozio, Shimon Shkury, Michael Tortorici, Josh Berkowitz and Matthew Gillis of Ariel Property represented the seller, a private real estate firm, and procured the buyer. In the second deal, a private investor purchased a development site located at 2282 Second Ave. in East Harlem for $2.6 million, or $215 per buildable square feet. The property offers approximately 12,191 total buildable square feet for mixed-use development. Samuel Atlas, Tortorici, Sozio, Gillis and Berkowitz of Ariel Property represented the seller, a private real estate firm, and procured the buyer in the transaction.