NEW YORK CITY — EagleBridge Capital has arranged $6 million in permanent mortgage financing for a retail building located at 7821 Third Ave. in Brooklyn. Rite Aid Pharmacy and Tutor Time occupy the 19,200-square-foot property. Brian Sheehan and Ted Sidel of EagleBridge secured the financing provided by a leading financial institution.
SMITHTOWN, N.Y. — Marcus & Millichap has arranged the sale of a Walgreens property located at 10 W. Main St. in Smithtown. Situated on the North Shore of Long Island, the property sold for $10.4 million, or $714 per square foot. Constructed in 2006, the 14,560-square-foot building sits on two acres. Simon Jonna and Raymond Jonna of Marcus & Millichap’s Detroit office represented the seller and procured the buyer in the transaction. J.D. Parker of Marcus & Millichap’s Manhattan office is the broker of record for the deal. The names of the seller and buyer were not released.
NEW YORK CITY — Kalmon Dolgin Affiliates has arranged a 50,000-square-foot lease at Liberty View Plaza in Brooklyn for Koppers Specialty Chocolate Co. The company is relocating from a 30,000-square-foot space in Greenwich Village to the space at 850 Third Ave. in Brooklyn’s Sunset Park neighborhood. As part of the deal, Empire State Development, New York State’s economic development agency, will provide Koppers with up to $556,000 in performance-based Excelsior Jobs Program Tax Credits, as the company agreed to create at least 27 new full-time jobs over the next five years and keep the position through at least 2025. Neil Dolgin and Jeffrey Unger of Kalmon Dolgin Affiliates, along with Howard Kesseler and Jordan Gosin of Newmark Grubb Knight Frank, represented the landlord, Salmar Properties, in the transaction.
LONG ISLAND CITY, N.Y. — Marcus & Millichap has brokered the sale of a multifamily property located at 34-27 37th St. in Long Island City. A private investor acquired the eight-unit apartment building for $2.4 million. Matthew Fotis, Zachary Golub and Lazarus Apostolidis of Marcus & Millichap represented the seller, a private investor, and the buyer in the transaction.
NEW YORK CITY — ARM Real Estate has brokered the sale of a 5,150-square-foot residential building located at 17-01 Stanhope St. in the Ridgewood neighborhood of Queens. The three-story, six-unit apartment building sold for $1.6 million in an off-market transaction. Anand Melwani and Harrison Zavala of ARM represented both the seller, a long-term owner, and the buyer, Stanhope Purchaser LLC, in the transaction.
NEW YORK CITY — Savanna, a New York-based real estate private equity and asset management firm, has completed the disposition of 100 Wall Street to Cornerstone Real Estate Advisers, acting on behalf of a Cornerstone-managed fund. The 29-story, 520,000-square-foot office building is 97 percent occupied by tenants, including Lester Schwab Katz and Dwyer, Loeb Holding Corp., Crenshaw Associates and Pcubed. Savanna acquired the property in 2011 and completed $25 million in capital improvements during its ownership period, including a successful prebuild program and future resiliency improvements following Hurricane Sandy in 2012. Douglas Harmon, Adam Spies, Joshua King and Adam Doneger of Eastdil Secured represented Savanna, while Carl Schwartz, Laurie Grasso, Susan Saslow, Larissa Kravanja, Ian Group and Barbara Lau of Hunton & Williams served as legal counsel in the transaction. The sales price was not released.
NEW YORK CITY — SL Green Realty Corp. has inked a 10-year lease with Adidas to occupy retail space at its 115 Spring St. property in Manhattan. The two-level, 5,218-square-foot space will be the new home of Adidas’s Originals boutique. SL Green acquired the retail property in 2014. Jeremy Ezra of RKF represented the tenant, while Ariel Schuster and Ross Berkowitz, also of RKF, represented the landlord in the transaction.
NEW YORK CITY — Greystone Bassuk has closed a $254 million construction-to-perm financing facility with Bank of China’s New York Branch on behalf of an affiliate of BLDG Management Co. The facility was structured as a letter of credit providing credit enhancement to support tax-exempt and taxable variable-rate bonds issued under the New York State Housing Financing (HFA) 80/20 Housing Program. The financing consists of $26 million of 2015 Series A tax-exempt bonds; $23.3 million of 2016 Series A tax-exempt bonds; $125 million of 2016 Series B taxable bonds; and $76.9 million of 2017 Series A taxable bonds providing fund for the construction of 222 E. 44th Street in New York. The project will consist of a 43-story multifamily apartment tower with 441,000 gross square feet and 429 residential units, of which 87 units will be affordable housing. On-site amenities will include concierge and valet services, a penthouse roof deck and lounge, sundeck and barbeque area, indoor swimming pool, resident lounge, golf simulator, children’s playroom, fitness center with indoor basketball court, and bike and tenant storage. Drew Fletcher, Matthew Klauer and Evelyn Savino of Greystone Bassuk secured the financing for the borrower.
NEW YORK CITY — Madison Realty Capital has provided a $9 million loan for the acquisition and construction of a development site at 232 Smith St. in Brooklyn’s Boerum Hill neighborhood. The borrower, a local developer, plans to build a 15,000-square-foot, three-level retail building on the site. Construction on the pre-leased building is slated to start this fall with completion scheduled for summer 2016. A single retail tenant will occupy the entire property.
BUFFALO, N.Y. — Picone Construction has started renovation work on the Stanley M. Makowski Early Childhood Center, located at 1095 Jefferson Ave. in Buffalo. The renovation project includes select demolition, concrete and asphalt paving, doors, frames and hardware, acoustical ceiling panels, tile flooring, athletic flooring and tile carpeting. Additional renovations include painting, electrical, plumbing, gymnasium equipment, climbing wall system, playground equipment, and an artificial turf playground surfacing system. Construction is slated for completion by the end of September. Kideney Architects is providing architectural services for the project.
