New York

Cushman & Wakefield Arranges $13.2M Sale of Mixed-Use Property in Manhattan

by Amy Works July 30, 2015

NEW YORK CITY — Cushman & Wakefield has brokered the sale of a mixed-use property located at 23 E. 17th St. in Manhattan’s Ladies’ Mile Historic District. The 10,998-square-foot property sold for $13.2 million, or $1,205 per square foot. Built in 1902, the six-story property consists of two ground-floor retail spaces, one second-floor commercial space and apartment units on the upper floors. Thomas Gammino Jr., John Ciraulo and Craig Waggner of Cushman & Wakefield brokered the transaction. The names of the buyer and seller were not released.

July 30, 2015

Multifamily New York Northeast

Marcus & Millichap Arranges $1.4M Apartment Building Sale in Brooklyn

by Amy Works July 30, 2015

NEW YORK CITY — Marcus & Millichap has brokered the sale of an apartment building located at 252 Union Ave. in Brooklyn. The four-unit property sold for $1.4 million. Shaun Riney, Michael Salvatico and James Saros of Marcus & Millichap’s Brooklyn office represented the seller, a private investor, and the buyer, a developer, in the transaction.

July 30, 2015

New York Northeast Office

KZA Realty Group Brokers Two Sales Totaling $4.7M in the Bronx

by Amy Works July 29, 2015

NEW YORK CITY — KZA Realty Group has brokered two sales transactions totaling $4.7 million in the Bronx. In the first purchase, The Transit Worker’s Union acquired a three-story, 34,456-square-foot building located at 2475 Westchester Ave. for $3 million. The buyer will use the property to provide counseling on affordable housing, healthcare services, representation and related service to Transit Worker’s Union members. Michael Gilbert of Gilco Realty represented the seller, 437 East 165th Street Realty Corp., in the transaction. In the second deal, Azimuth Development Group purchased a 6,691-square-foot licensed parking lot for $1.7 million. The buyer plans to use the lot as a development site. David Simone of Cushman & Wakefield represented the seller, 1164 Wheeler Avenue LLC, in the transaction. Kathy Zamechansky of KZA Realty Group represented the buyers in both deals.

July 29, 2015

Multifamily New York Northeast

Marcus & Millichap Arranges $2.5M Sale of Multifamily Property In Brooklyn

by Amy Works July 29, 2015

NEW YORK CITY — Marcus & Millichap has arranged the sale of a multifamily property located at 910 Prospect Place in Brooklyn. The eight-unit property sold for $2.5 million. Shaun Riney, Derek Bestreich and Lucien Sproviero of Marcus & Millichap’s Brooklyn office represented the seller, a private investor, and the buyer, a developer, in the transaction.

July 29, 2015

Loans New York Northeast Retail

HFF Arranges $44M Refinancing for Retail Condo in Manhattan

by Amy Works July 28, 2015

NEW YORK CITY — HFF has arranged a $44 million refinancing loan for a fully leased retail condominium located at 611 Avenue of the Americas in Manhattan’s Chelsea neighborhood. The company secured a 15-year, fixed-rate non-recourse loan through Allianz Real Estate of America Inc. on behalf of the US Allianz insurance companies for the borrower, The Parkland Group. Located at the base of a 10-story luxury residential property developed by The Parkland Group, the building features three retail spaces and 41 residences, which were not included in the financing. The 30,000 square feet of retail space is leased to Chase Bank, Duane Reade and Modell’s Sporting Goods. Rob Rizzi and Jennifer Keller of HFF arranged the financing for the borrower.

July 28, 2015

Multifamily New York Northeast

HAP Investments Breaks Ground on 120,000 SF Multifamily Project in East Harlem

by Amy Works July 28, 2015

NEW YORK CITY — HAP Investments has broken ground on a multifamily property at the corner of Third Avenue and E. 121st Street in Manhattan’s East Harlem neighborhood. The company plans to develop a 17,500-square-foot vacant lot into a 120,000-square-foot residential property. The property will feature 78,000 square feet of residential space, 26,000 square feet of commercial space, 5,000 square feet of parking and 1,000 square feet of community facility space. The new project will be an 80/20 rental development with at least 20 percent of the units designated as affordable housing for low-income residents. Karl Fischer Architect PLLC is providing architectural services for the project.

July 28, 2015

New York Northeast

McGraw Hill Financial Agrees to Buy SNL Financial for $2.2B

by Amy Works July 27, 2015

NEW YORK CITY — New York City-based McGraw Hill Financial Inc. (NYSE: MHFI) has agreed to acquire Charlottesville, Va.-based SNL Financial from New Mountain Capital for $2.2 billion. SNL Financial will join McGraw Hill’s roster of subsidiaries, including Standard & Poor’s Rating Services, the S&P Dow Jones Indices and Platts. SNL provides data and analysis on the banking, insurance, energy and real estate industries. This acquisition comes two years after McGraw Hill staked its future on financial services by selling off its publishing business. According to the company, McGraw Hill will finance the transaction by issuing $1.7 billion of long-term debt, and the economic impact will be partly offset by tax benefits with an estimated present value of about $550 million. McGraw Hill Financial’s stock price dropped to $99.54 per share as of late morning Monday in intraday trading, down from $105.58 per share at the close of business on Friday, July 24.

July 27, 2015

Loans New York Northeast

Cushman & Wakefield Closes $104M Loan in Long Island City

by Amy Works July 27, 2015

NEW YORK CITY — Cushman & Wakefield has closed a $104 million loan in the Long Island City neighborhood of Queens. The loan is collateralized by a nine-parcel development site north of One Court Square. The site offers 780,000 buildable square feet potential for residential, office, retail and hotel use. Morris Betesh of Cushman & Wakefield handled the financing. The name of the borrower was not released.

July 27, 2015

Mixed-Use New York Northeast Retail

Silvershore Sells 4,415 SF Mixed-Use Building in SoHo for $9.6M

by Amy Works July 27, 2015

NEW YORK CITY — Silvershore Properties has completed the sale of a mixed-use building located at 19 Howard St. in Manhattan’s SoHo Cast Iron Historic District. The three-story, 4,415-square-foot property sold for $9.6 million, or $2,174 per square foot. The property features additional air rights and was delivered vacant to the undisclosed buyer. Robert Burton of Cushman & Wakefield represented the seller in the transaction.

July 27, 2015

Industrial New York Northeast

TerraCRG Arranges 76,000 SF Lease of Loft Building in Brooklyn

by Amy Works July 27, 2015

NEW YORK CITY — TerraCRG has brokered the lease of 76,000 square feet of loft space at 80 Hudson Ave. in Brooklyn’s Vinegar Hill section. The former Global Storage building features two interior loading docks, two exterior loading docks and eight parking spaces. The tenant, a local developer, has not disclosed plans for the property. Ofer Cohen, Dan Marks, Peter Schubert and Joey Terzi of TerraCRG represented the landlord and the tenant in the deal.

July 27, 2015

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