New York

E&M Associates Acquires Two Multifamily Properties for $72.3M

by Amy Works June 12, 2015

NEW YORK CITY — E&M Associates has acquired two multifamily properties in New York City’s Astoria neighborhood for $72.3 million from Related Cos. Located at 11-15 Broadway and 30-50 21st St., the properties are known as Astoria at Hallet’s Cove and Montenegro of Astoria, respectively. The properties offer a total of 144 rental units and 64 parking spaces. Astoria at Hallet’s Cove is an eight-story, 76,100-square-foot elevator building with 79 apartments, and Montenegro of Astoria is an eight-story, 59,240-square-foot elevator building with 65 apartments. Aaron Jungreis of Rosewood Realty Group represented both properties in the transaction.

June 12, 2015

Loans New York Northeast Office

HFF Arranges $25M Loan for 124,382 SF Office Building in Manhattan

by Amy Works June 12, 2015

NEW YORK CITY — HFF has arranged $25 million in refinancing for an office building located at 99 Madison Ave. in Manhattan. HFF placed the 15-year, fixed-rate loan with Voya Investment Management for the borrower, Windsor Management. Built in 1915, the 124,382-square-foot building features ground-floor retail space with offices on the upper floors. The property is fully leased to 12 tenants, including HAB Bank. Steven Klein and Jonathan Rosner of HFF arranged the financing for the borrower.

June 12, 2015

Mixed-Use New York Northeast

Cushman & Wakefield Brokers $2.5M Sale of Mixed-Use Property in Long Island City

by Amy Works June 12, 2015

NEW YORK CITY — Cushman & Wakefield has brokered the sale of a mixed-use property located at 36-01 Vernon Blvd. in the Long Island City neighborhood of Queens. The asset sold for $2.5 million, or $278 per square foot. The four-story, 9,000-square-foot building features one commercial unit and seven three-bedroom apartments. David Chkheidze of Cushman & Wakefield brokered the transaction. The names of the buyer and seller were not released.

June 12, 2015

New York Northeast Office

Silverstein Properties, BIG Unveil 2 World Trade Center

by Amy Works June 11, 2015

NEW YORK CITY — Silverstein Properties Inc. and Bjarke Ingels Group (BIG) have unveiled 2 World Trade Center, located at 200 Greenwich St. in New York City. The 80-story, 2.8 million-square-foot office building will feature a 38,000-square-foot lobby and access to the World Trade Center Transit Hub. Designed by BIG, the tower will feature a stacked design, which allows for 38,000 square feet of outdoor terraces within the property. Upon completion, the property will be 50 percent occupied by 21st Century Fox and News Corp.

June 11, 2015

New York Northeast Retail

CBRE/NE Brokers Sale of River Mall Shopping Center in New York

by Amy Works June 11, 2015

BALDWINSVILLE, N.Y. — CBRE/New England, along with CBRE Syracuse, has brokered the sale of River Mall Shopping Center in Baldwinsville. Phillips Edison & Co. sold the 165,000-square-foot property for an undisclosed price to RMSC Holdings. The property is anchored by Tops Market and fully leased to a roster of national and regional credit tenants. Nat Heald, Bill Moylan, Chris Angelone and Michael Finn of CBRE represented the seller and procured the buyer in the deal.

June 11, 2015

Mixed-Use New York Northeast

Marcus & Millichap Arranges $6.5M Sale of Mixed-Use Property in New York

by Amy Works June 11, 2015

EAST FISHKILL, N.Y. — Marcus & Millichap has arranged the sale of Heritage Square, a mixed-use property located in East Fishkill. The 72,423-square-foot property sold for $6.5 million. Nathan Pealer of Marcus & Millichap represented the seller, a subsidiary of a financial institution, in the transaction. The name of the buyer was not released.

June 11, 2015

Multifamily New York Northeast

Sugar Hill Capital Partners Sells Multifamily Property in NYC for $25.5M

by Amy Works June 10, 2015

NEW YORK CITY — Sugar Hill Capital Partners has completed the sale of a 60,078-square-foot multifamily property, located at 580 St. Nicholas Ave. in New York City’s Hamilton Heights, for $25.5 million. Built in 1914, the six-story elevator apartment building features 93 apartments and one commercial unit. Michael Guttman of Rosewood Realty Group represented the seller, while Roni Abudi of GFI represented the buyer, a private investor, in the transaction.

June 10, 2015

Loans New York Northeast

Coney Island Property Renovation Funded by $11M Arranged by Progress Capital Advisors

by Amy Works June 10, 2015

CONEY ISLAND, N.Y. — Progress Capital Advisors | The Funding Source arranged an $11 million construction-to-permanent loan for a Hurricane Sandy-damaged 52,000-square-foot mixed-use building in Coney Island. The loan was used to renovate the building, which now includes a 9,400-square-foot Dollar Tree, a 15,000-square-foot Blink Fitness and space for the Human Resources Administration – City of New York. The original renovation loan was a LIBOR floating-rate loan, which recently converted to a permanent loan at 4.25 percent for 10 years with a 25-year amortization schedule. Kathy Anderson of Progress Capital Advisors | The Funding Source arranged the loan for the owner, Steve Samuels.

June 10, 2015

New York Northeast Retail

Thor Retail Advisors Arranges 15,800 SF Lease for Blue Bottle Coffee

by Amy Works June 9, 2015

NEW YORK CITY — Thor Retail Advisors has arranged a lease for 15,800 square feet at 279 McKibbin St. in Brooklyn’s Bushwick neighborhood. California-based Blue Bottle Coffee will use the space to operate a coffee roasting warehouse and Tartine baking facility for its New York area operations, as well as a café and bakery. The facility features 20-foot ceilings and more than 150 feet of frontage. Matthew Seigel of Thor Retail Advisors brokered the transaction. Terms of the lease were not released.

June 9, 2015

Multifamily New York Northeast

Macedonia Plaza, a 143-Unit Apartment, Opens in Queens

by Amy Works June 8, 2015

NEW YORK CITY — BRP Companies and its development partners have opened Macedonia Plaza, an affordable housing complex located at 37-08 Union St. in the Flushing neighborhood of Queens. The 14-story, 161,760-square-foot property features 143 affordable rental apartments, with 27 studios, 58 one-bedroom apartments, 55 two-bedroom units, two three-bedroom apartments and one super unit. The property also features 9,000 square feet of retail space, which will be occupied by Tree of Life NY grocery store. The project team includes African Methodist Episcopal Church, New York City Department of Housing Preservation and Development (HPD), New York City Housing Development Corp. (HDC), Capital One and Hudson Housing Capital. The total development cost of the project was $49.8 million. HDC provided an initial $26.4 million in tax-exempt bonds to finance construction, $9.6 million of which is a permanent source of funding, as well as $9.3 million in corporate reserves through its Low-Income Affordable Marketplace Program. HPD provided $6.3 million in city capital funding and $1.9 million in federal HOME funding. Hudson Housing Capital provided $18.5 million in tax credit equity leveraged from qualifying Low Income Housing Tax Credits, and BRP Companies provided $4.2 million in funding for the project.

June 8, 2015

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