New York

ING Capital Provides $570M Acquisition Loan for Sony Building in Manhattan

by John Nelson June 2, 2016

NEW YORK CITY — ING Capital LLC, part of Dutch global financial institution ING Group (NYSE: ING), has originated a $570 million bridge loan for the acquisition a 37-story skyscraper located at 550 Madison Ave. in Manhattan. ING Capital provided the financing to Olayan America, the U.S. investment arm of The Olayan Group, an international real estate investor based in Saudi Arabia. Olayan America will purchase the office tower, also known as the Sony Building, from The Chetrit Group for $1.3 billion, according to The Real Deal. Ron Cohen of JLL represented Olayan America in the transaction, and Doug Harmon of Eastdil Secured represented The Chetrit Group. Located within the Plaza District of Manhattan, the tower features 852,830 square feet of rentable mixed-use space, including approximately 776,000 square feet of office space, retail frontage on Madison Avenue, and exhibition and museum space. One restaurant tenant currently occupies 5,000 square feet at the tower, which is nearly 100 percent vacant, according to ING Capital. “The property has been maintained to a high standard and has never previously been available to the open market for office leasing,” says Tony Fusco, head of real estate at Olayan America. According to The Real Deal, …

June 2, 2016

Multifamily New York Northeast

Cushman & Wakefield Arranges $10.5M Sale of Residential Building in Manhattan

by Amy Works June 1, 2016

NEW YORK CITY — Cushman & Wakefield has brokered the sale of a five-story residential building located at 240 E. 52nd St. in Manhattan. Coutinho Properties sold the asset for $10.5 million, or $1,122 per square foot. The 9,361-square-foot building features 15 one-bedroom units and a fully furnished basement. Hall Oster and Clint Olsen of Cushman & Wakefield represented the seller, while Stacy Gim of PD Properties represented the undisclosed buyer.

June 1, 2016

Loans Multifamily New York Northeast

Tremont Realty Capital Secures $6.6M in Refinancing for Housing Community in New York

by Amy Works June 1, 2016

RIVERHEAD, N.Y. — Tremont Realty Capital has arranged a $6.6 million loan for the refinance of Oakland Ridge MHC, a 100-space manufactured housing community located on the north side of Long Island in Riverhead. The non-recourse loan was structured with a 10-year term and a 30-year amortization schedule with two years of interest-only payments. John Chase of Tremont Realty Capital arranged the loan for the undisclosed borrower.

June 1, 2016

Hospitality New York Northeast

KZA Realty Brokers $1.9M Acquisition of 32,000 SF Lot in the Bronx

by Amy Works June 1, 2016

NEW YORK CITY — KZA Realty Group has arranged the acquisition of a 32,000-square-foot lot located at 857-859 Concourse Village West in the Bronx. 857-59 Hotel LLC purchased the property from Howard Jaffe of 857 Concourse Village and Nydia Valentin of 859 Concourse Village for $1.9 million. The buyer plans to develop a hotel on the site. Kathy Zamechansky and Dan McVeigh of KZA Realty represented the buyer and sellers in the transaction.

June 1, 2016

New York Northeast Office

KZA Realty Group Brokers $3.4M Acquisition of 17,002 SF Lot in the Bronx

by Amy Works May 31, 2016

NEW YORK CITY — KZA Realty Group has arranged the acquisition of a lot located at 972 Washington Ave. in the Bronx. Post Graduate Center for Mental Health acquired the property from Tammuz LLC for $3.4 million. The site features 79,000 square feet of buildable space and air rights from 962 Washington Ave. Kathy Zamechanksy of KZA Realty Group represented the buyer, while Ross Schneiderman of Friedland Realty Advisors represented the seller.

May 31, 2016

New York Northeast Office Retail

Marcus & Millichap Arranges $25M Sale of Office, Retail Building in Manhattan

by Amy Works May 27, 2016

NEW YORK CITY — Marcus & Millichap has brokered the sale of an office and retail building located at 243 Canal St. in Manhattan’s Chinatown neighborhood. The six-story building sold for $25 million, or $1,152 per square foot. The 21,700-square-foot property features two elevators, a full basement with 11-foot ceilings, a ground-floor retail unit and five floors of loft-style office space. Barbara Dansker, Steven Lusby and Zachary Ziskin of Marcus & Millichap represented the seller and procured the buyer. The names of the seller and buyer were not released.

May 27, 2016

Healthcare New York Northeast Office

MIDI Opens New $5M Headquarters, Innovation Center in New York

by Amy Works May 27, 2016

SMITHTOWN, N.Y. — MIDI, an international medical research, design and engineering firm, has opened its new 6,500-square-foot headquarters and innovation center in the Village of The Branch, a part of Smithtown on Long Island. Stalco Construction served as general contractor for the new $5 million medical and life sciences facility, which is located at 226 E. Main St. Whitetop Mountain Professional Properties developed the17,300-square-foot building, which also houses a 10,800-square-foot diagnostic imaging center operated by Northwell Health, formerly North Shore-LIJ Health System. Featuring an open-space layout, the facility features a collaborative workspace, an engineering and design lab, a manufacturing shop, and a conference room with teleconferencing system, as well as executive and administrative offices.

May 27, 2016

Multifamily New York Northeast

SunCal, Diversified Realty Break Ground on $1B Mixed-Use Development along Hudson River in New York

by Amy Works May 26, 2016

SLEEPY HOLLOW, N.Y. — A joint venture between SunCal and Diversified Realty Advisors has broken ground on Edge-On-Hudson, a $1 billion development on the Hudson River in Sleepy Hollow, located approximately 20 miles upriver from New York City. The 70-acre project will contain 1,177 units of housing, 135,000 square feet of retail space, 30,000 square feet of office space and a 140-room boutique hotel, the first in Sleepy Hollow. The project will also feature 16 acres of open space and a waterfront promenade that links the existing Westchester County RiverWalk to the south and Kingsland Point Park to the north. Edge-On-Hudson is being built on the site of the former General Motors assembly plant. The space has been empty since the automotive manufacturer vacated in 1996. Phase I will include 306 units of housing, including 40 senior affordable units and 21 affordable workforce units. There will be 188 loft-style apartments in the four-story Loft District section at the eastern edge of the property, plus 46 three- and four-story condominium homes and 72 townhomes in the Central Park District. These neighborhoods will also include green space, a central park, a new roundabout and a village green at the base of Beekman …

May 26, 2016

Multifamily New York Northeast

IPA Brokers $58M Sale of Three Multifamily Buildings in Manhattan

by Amy Works May 26, 2016

NEW YORK CITY — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has arranged the sale of three contiguous multifamily buildings located at 50-58 E. Third St. in Manhattan’s East Village neighborhood. The assets sold for $58 million, or $817,000 per unit. The properties feature 51 free-market apartments, 18 rent-stabilized units and two rent-controlled apartments. Some of the apartments were recently renovated to include stainless-steel appliances, wine coolers, Caesarstone countertops, washer/dryers, video-intercom systems, recessed lighting, wide-plank oak flooring, marble-clad bathroom and high-gloss white cabinets. Peter Von Der Ahe, Joe Koicim, David Lloyd and Corey Isdaner of IPA represented the undisclosed seller and procured the undisclosed buyer.

May 26, 2016

New York Northeast Office

Kinsey Capital Negotiates $38.2M Acquisition of 29,162 SF Office Property in Manhattan

by Amy Works May 25, 2016

NEW YORK CITY — Kinsey Capital has arranged the acquisition of an office property located at 4-6 E. 34th St. in Manhattan’s NoMad neighborhood. An affiliate of Caerus Group acquired the 29,162-square-foot property from the Zionist Organization of America for $38.2 million, or $1,312 per square foot. The property also features air rights to allow for a total of 52,300 square feet. Brent Glodowski of Kinsey Capital represented the buyer, while CBRE represented the seller.

May 25, 2016

Newer Posts

Older Posts