LONG ISLAND AND DIX HILLS, N.Y. — NorthMarq Capital has arranged $12.9 million in financing for a four-property retail portfolio in Suffolk County, Long Island, and a retail plaza in Dix Hills. In the first transaction, the four-property portfolio in Suffolk County was refinanced for $4.4 million. The portfolio contains a combined 131,500 square feet of retail space. NorthMarq arranged a fully amortizing 18-year loan through its correspondent relationship with a life insurance company. In the second transaction, the company arranged $8.5 million in refinancing for Dix Hills Plaza, a 51,820-square-foot retail property located at 1815-1819 E. Jericho Turnpike in Dix Hills. NorthMarq structured a 9-year term with a 25-year amortization schedule through its relationship with a local bank for the borrower. Ernest DesRochers and Charles Cotsalas of NorthMarq Capital secured the financing in both transactions.
NEW YORK CITY — Marcus & Millichap has brokered the sale of a 16,000-square-foot apartment building located at 5201 Clarendon Road in Brooklyn. The 17-unit property sold for $2.8 million. Derek Bestreich, Erik Rodriguez and Lucien Sproviero of Marcus & Millichap’s Brooklyn office represented the seller, a private investor, and the buyer, a limited liability company, in the transaction.
NEW YORK CITY — New York Life Real Estate Investors has completed the sale of an office building located at 575 Lexington Ave. in Midtown Manhattan’s Plaza District submarket. The sellers were a joint venture partnership that included Prudential Real Estate Investors and Normandy Real Estate Partners. The partnership acquired the 745,000-square-foot building in 2012 and repositioned the property with a full renovation of the lobby and storefront, new elevator cabs, modernized building systems and new tenant fit-outs. Additionally, the partnership renewed and expanded Cornell University’s lease at the building to a total of 212,000 square feet through 2028. The name of the buyer and the acquisition price were not released.
NEW YORK CITY — Eastern Consolidated has brokered the sale of a mixed-use, elevator building, located at 49 Greene St. in SoHo. The six-story property sold for $31 million, or $1,240 per square foot. The 25,000-square-foot building features seven apartment units and a 5,500-square-foot vacant retail space. Peter Hauspurg of Eastern Consolidated represented the seller, Les Pieds Nickle’s Inc., while Deborah Gutoff of Eastern and Robert Dankner of Prime Manhattan Residential represented the buyer, EMP Capital, in the transaction.
NEW YORK CITY — GFI Realty Services has arranged the sale of a development site located at 11 E. 115th St. in East Harlem. The 46,867-square-foot property sold for $10 million in an off-market transaction. Yosef Katz of GFI represented the buyer, Albert Rabizadeh, and the seller, Rubin Schron’s Cammeby’s International, in the transaction. The buyer is currently developing plans for a rental community to be constructed on the site.
NEW YORK CITY — GFI Realty Services has arranged a $150.6 million floating-rate loan on behalf of an office building located at 330 W. 42nd St. in Manhattan. Constructed in 1931, the 33-story building offers 590,000 square feet of office space. The building has occupancy of 90 percent. Daniel Lerer and Will Watkins of GFI procured the loan from Natixis, an investment bank.
NEW YORK CITY — HREC Investment Advisors has arranged a $7.1 million loan for the acquisition of Comfort Inn Red Hook in Brooklyn. Located one block from the Brooklyn Cruise Terminal and Battery Tunnel, the hotel features 81 rooms. A bridge lender provided the capital. Geoff Davis and Mike Armstrong of HREC represented the investment group that purchased the hotel in the financing deal.
NEW YORK CITY — An undisclosed buyer has acquired a retail building located at 41-19 Bell Blvd. in the Bayside neighborhood of Queens. The single-story, 4,648-square-foot property sold for $4 million, or $860 per square foot, in an all-cash transaction. The property is currently net leased to a Lucille Roberts gym. Zoned for mixed use with residential and commercial options, the property features a mezzanine and lower levels, as well as 11,426 buildable square feet. Stephen Preuss of Cushman & Wakefield handled the transaction. The name of the seller was not released.
ONEONTA, N.Y. — Marcus & Millichap has brokered the sale of Clinton Plaza, a retail property located on Main Street in Oneonta. A limited liability company acquired the 44,666-square-foot property for $3.5 million. Chip Collins, Anthony Asencio, Alan Cafiero and Ben Sgambati of Marcus & Millichap’s New Jersey office represented the seller, a private investor. Asencio, Sgambati and Cafiero also represented the buyer in the sale. J.D. Parker, also of Marcus & Millichap, assisted in closing the transaction.
NEW YORK CITY — Devli Group has topped out the construction of a 44,000-square-foot boutique hotel located at 44 W. 29th St. in New York City’s Madison Square Park area. Designed by Gene Kaufman Architect, the 18-story hotel will feature 109 rooms. The property will include a sunken garden, a multi-level restaurant and lounge, a 740-square-foot rooftop salon and a total of 2,700 square feet of bar and lounge space. Studio Mai is designing the hotel’s interior spaces.