NEW YORK CITY — Fundrise, a platform for crowdfunded online real estate investment, has partnered with 306 7th Street LLC to provide $2 million in funding for an apartment repositioning in Brooklyn’s Park Slope. The partnership has selected JLB Project Management to oversee the three-unit apartment repositioning. Fundrise investors are projected to receive a gross annual return of 11 percent paid current quarterly over an 18-month term. Crowdfunding is the practice of funding a project or venture by raising many small amounts of money from a large number of people, typically via the Internet. JPB Project Management specializes in high-quality, boutique projects in and around New York City. The firm has completed several similar renovations in the area.
NEW YORK CITY — Shorenstein Properties has undertaken a $30 million renovation and enhancement program at 1407 Broadway, a 1.1 million-square-foot office/retail building in New York. Designed by Fogarty Finger, the capital improvement program will include a new lobby and building entrance, façade improvements, elevator cab upgrades and updated retail storefronts. Shorenstein acquired the property’s ground lease from Abraham Kamber Associates and the sublease from Lighthouse in April 2015 for $330 million. Shorenstein has retained CBRE as the exclusive office space leasing agent. SRS Real Estate Partners will lead all retail brokerage activity.
ALBANY, N.Y. — Winn Companies, in partnership with Albany Housing Authority, has opened Livingston School Apartments in Albany after a $20.7 million adaptive reuse project. The company converted the four-story, 230,000-square-foot historic building into 103 units of mixed-income housing for seniors. The new property features 12 studio apartments, 76 one-bedroom apartments and 15 two-bedroom apartments. Eleven units are handicapped accessible and five are equipped for hearing or visually impaired residents. The Architectural Team served as architect and Keith Construction served as general contractor on the project, which was funded by federal and state low-income housing tax credits, and federal and state historic tax credits. Winn Companies includes Winn Development and Winn Residential. With the addition of Livingston School, Winn Residential now manages 9,200 apartments at 58 residential properties in New York State, as well as more than 4,000 homes for members of the U.S. Army at Fort Dunn.
NEW YORK CITY — Strathspey Crown Holdings LLC has signed a 10-year lease to quadruple its space at 570 Lexington Avenue in New York City. The Newport Beach, Calif.-based firm will now occupy 16,000 square feet of office space at the landmark Art Deco building. Comprising the 27th, 28th and 35th floors, the new space will feature high-end finishes and an architecturally distinctive stairwell between the 27th and 28th floors. David Turino provided in-house representation for the property owner and manager, The Feil Organization, while Strathspey was represented in-house for the transaction.
NEW YORK CITY — First Capital Real Estate Investments has acquired United Realty Advisors LP, the external advisor to United Realty Trust Inc. (URTI), and other affiliated entities. Immediately prior to the acquisition, First Capital and its affiliates entered into an asset contribution agreement with URTI pursuant to which First Capital and affiliated entities contributed 28 assets to the REIT, including 18 hotels, five retail and self-storage properties, various residential and commercial land for development, and contract rights to acquired 13 additional hotels and more than 1,000 multifamily units. The contributed assets exceed $175 million in value. Both transactions closed on Sept. 15.
NEW YORK CITY — Soundview Real Estate Partners and Chartwell Hospitality are developing a two-building Marriott hotel at New York City’s John. F. Kennedy International Airport. The partnership has tapped Gene Kaufman Architect to design the 260,000-square-foot project, which Soundview and Chartwell plan to break ground on in 2016.
HEMPSTEAD, N.Y. — An undisclosed buyer has acquired an apartment building located at 148 Greenwich St. in Hempstead. The 40-unit asset was sold for $6.3 million, or $127 per square foot, in an all-cash transaction. Built in 2006, the 49,952-square-foot property features a mix of studio, one-bedroom and two-bedroom units. Each unit features updated kitchen appliances, finishes and a private balcony. On-site amenities include a meeting room and a storage room. Daniel Abbondandolo and Benjamin Efraimov of Cushman & Wakefield brokered the transaction. The name of the seller was not released.
NEW YORK CITY — Marcus & Millichap has brokered the sale of an apartment building located at 30 Huntington St. in Brooklyn. The six-unit property sold for $1.4 million. Shaun Riley, Derek Bestreich and Adam Lobel of Marcus & Millichap’s Brooklyn office represented the seller and buyer, both limited liability companies, in the transaction.
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.