New York

SBE Entertainment Agrees to Purchase Morgans Hotel Group In High-End Niche

by Haisten Willis May 11, 2016

LOS ANGELES AND NEW YORK CITY — SBE Entertainment has agreed to purchase Morgans Hotel Group Co. (NASDAQ: MHGC). The deal has a reported equity value of about $82 million. Morgans is the operator of high-end hotels, including the Mondrian in Los Angeles and the Royalton in New York City. When the transaction closes, Los Angeles-based SBE will acquire Morgans’ portfolio of 13 owned, operated or licensed hotel properties in London, Los Angeles, New York, Miami, San Francisco, Las Vegas and Istanbul, including its Hudson New York and Delano South Beach properties. The $82 million purchase price equates to $2.25 per share in cash, according to a statement from Morgans. Under terms of the agreement, SBE will acquire all of the outstanding shares of Morgans common stock in cash, which, together with the exchange of Morgans’ Series A preferred securities, the assumption of debt and transfer of capitalized leases, represents a total enterprise value of approximately $794 million The per share price represents a 69 percent premium over Morgans’ unaffected closing price on May 5, and a 54 percent premium to Morgans’ volume weighted average price for the 30 days up to and including May 5. “Morgans’ board of directors carefully …

May 11, 2016

New York Northeast Office

EmblemHealth Leases Build-to-Suit Office Building in Brooklyn

by Amy Works May 10, 2016

NEW YORK CITY — EmblemHealth has signed a 20-year lease for a build-to-suit office building at 101 Pennsylvania Ave. in the East New York section of Brooklyn. Atlantic 2644 LLC, the building owner, broke ground on the project for the nonprofit health plan in January. When completed in third quarter 2017, the new building will feature 75,000 square feet of medical office space and 90,000 square feet of structured parking. Designed by Array Architects, the seven-story building will feature a lobby and ambulatory care treatment facilities on the ground floor, parking for 153 cars on the second through fourth floors and medical office space on the fifth through seventh floors.

May 10, 2016

Multifamily New York Northeast

Rosewood Realty Arranges $130M Sale of Six-Building Multifamily Portfolio in Manhattan

by Amy Works May 9, 2016

NEW YORK CITY — Rosewood Realty Group has brokered the sale of a six-building multifamily portfolio in Manhattan’s East Village. Lightstone Group acquired the 181-unit residential portfolio from Pan Am Equities for $130 million. The properties are a six-story, 106-unit building at 85 E. 10th St., and five five-story buildings totaling 75 units at 112-120 E. 11th St. Aaron Jungreis of Rosewood Realty Group represented the buyer and seller in the deal.

May 9, 2016

Multifamily New York Northeast

HAP Investments to Develop 21-Story Residential Towers in Chelsea

by Amy Works May 9, 2016

NEW YORK CITY — HAP Investments is developing a residential complex with both for-sale and rental units at 215 W. 28th St. in Chelsea. Designed by DXA Architects, the two-building, 290,000-square-foot apartment complex will feature residences ranging in size from studios to four-bedroom units, outdoor spaces and 15,000 square feet of amenity space, including a 50-foot pool, full-service gym with yoga studio and children’s interactive space. The residential towers are currently in pre-construction phase with condo units slated for completion in summer 2018 and rental units expected for delivery by year-end 2018.

May 9, 2016

Mixed-Use Multifamily New York Northeast Office Retail

Eastern Consolidated Arranges $165M Sale of Mixed-Use Portfolio in Manhattan

by Amy Works May 6, 2016

NEW YORK CITY — Eastern Consolidated has arranged the sale of a portfolio of nine mixed-use, elevator-serviced buildings in Manhattan’s Washington Heights neighborhood. WHP LLC acquired the portfolio, which totals 487,700 square feet, from Intervest Development Corp. for $165 million. Located on major corridors between W. 164th and W. 192nd streets, the portfolio consists of 413 apartments, of which 70 percent contain two or more bedrooms; 48 street-level retail stores; two professional offices; and one rooftop antenna. Marcia Rose Yawitz, Ron Solarz and Wade Hazelton of Eastern Consolidated represented the seller and procured the buyer in the deal.

May 6, 2016

New York Northeast Office Top Stories

Construction Begins on $380M Tech and Innovation Building in Brooklyn’s Navy Yard

by Christina Cannon May 6, 2016

NEW YORK CITY — Construction is underway on Dock 72, a $380 million project that will bring 675,000 square feet of tech and innovation space to the Brooklyn Navy Yard. The 16-story building is currently slated for delivery in late 2017. Dock 72 is part of Mayor Bill de Blasio’s commitment to spur job growth around Navy Yard, a 300-acre modern industrial and office park. With this project, Navy Yard has over $700 million of construction activity underway or in the planning stages. The new projects at the Brooklyn Navy Yard are expected to increase the number of permanent jobs at the Navy Yard from 7,000 to 16,000 by 2020. Boston Properties Inc. and an affiliate of Rudin Management Company Inc. (Rudin Development) are developing the building in conjunction with Brooklyn Navy Yard Development Corp. (BNYDC). S9 Architecture designed the building, which is centrally located within the Yard on a 60,000-square-foot strip of land that juts out into the East River between two active dry-docks. WeWork, a provider of collaborative co-working office spaces, is also involved in the development process and will anchor Dock 72. WeWork will occupy 222,000 square feet, and the remaining floor plates will range from 40,000 …

May 6, 2016

New York Northeast

C-III Realty Services Combines Operations with NAI Global

by Amy Works May 5, 2016

NEW YORK CITY — C-III Realty Services, an institutional commercial real estate capital markets firm, has combined operations with NAI Global, a global commercial real estate services firm with more than 375 brokerage offices and over 6,700 professionals globally. Through this combination, C-III Realty Services will become NAI Global Capital Markets and bring a growing team of 25 capital markets professionals in New York, Dallas and Nashville to the firm. “This combination is another step in our long-standing strategic objective to scale NAI Global and enhance our stature as an industry leader,” said Jay Olshonsky, president of NAI Global. “We are now even more strongly positioned to compete head-on in both size and full-service capabilities with the largest firms in commercial real estate services.” Including C-III Realty Services’ transactions, NAI Global will have completed more than 2,000 investment sales transactions, totaling approximately $16 billion, over the last five years.

May 5, 2016

Loans New York Northeast Office

Paramount Group Completes $500M Refinancing of 786,647 SF Office Building in Midtown Manhattan

by Amy Works May 4, 2016

NEW YORK CITY — Paramount Group Inc. has completed a $500 million refinancing of an office building located at 31 W. 52nd St. in Midtown Manhattan. The 10-year loan is interest only at a fixed rate of 3.8 percent. Eastdil Secured represented Paramount in the financing transaction. The loan was arranged with AXA Equitable Life Insurance Co., through its advisor Quadrant Real Estate Advisors LLC, and Metropolitan Life Insurance Co. The company realized net proceeds of $65 million after the repayment of the existing loan, swap brokerage costs and closing costs. The 786,647-square-foot property was previously encumbered by a $413.5 million loan that was scheduled to mature in December 2017 and had a weighted average interest rate of 4.23 percent.

May 4, 2016

Loans New York Northeast Office

Houlihan-Parnes Arranges $30M Loan for 220,000 SF Office Condo in the Bronx

by Amy Works May 4, 2016

NEW YORK CITY — Houlihan-Parnes Realtors has placed a $30 million first mortgage on a 220,000-square-foot office condominium at 1775 Grand Concourse in the Bronx. The seven-year, non-recourse loan features a fixed rate with interest-only payments for two years and an option to extend. The mortgage covers a commercial condominium interest in the 300,000-square-foot building that shares ownership with Verizon, which owns the first two floors of the building. Current tenants of the property include Con Edison, Special Citizens Futures Unlimited, Inovalon SME Inc., Safe Horizon, The Bronx Lebanon Hospital Center, Public Health Solutions and Abbott House. Bryan Houlihan and James J. Houlihan of Houlihan-Parnes represented the undisclosed borrower in the transaction.

May 4, 2016

New York Northeast Office

Cushman & Wakefield Brokers $22M Sale of Vacant Loft Building in Tribeca

by Amy Works May 2, 2016

NEW YORK CITY — Cushman & Wakefield has arranged the sale of a five-story loft building located at 51 White St. in Tribeca. 51 White Street LLC acquired the property from R.A Cohen & Associates for $22 million, or $1,064 per square foot. The 20,670-square-foot building features 12.5-foot ceiling heights, oversized windows and a sub-cellar, as well as a roof top with views of the Empire State Building and One World Trade Center. At the time of acquisition, the property was vacant. James Nelson, Will Suarez and David Shalom of Cushman & Wakefield represented the seller, while David Friedman of Vertex Realty Group represented the buyer.

May 2, 2016

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