ITHACA, N.Y. — The Kendal Corp. has opened the first phase of the repositioning and expansion of Kendal at Ithaca, a full-service seniors housing community located on a 105-acre campus in Ithaca. The opening marks the completion of a $30 million expansion, which began in 2012. Master planned by Perkins Eastman, the new property features an inviting entrance and reception area, expanded fitness center, new casual dining bistro, 24 new high-end apartments for independent living and a new skilled nursing center, which replaced the original care center. The second phase redevelopment will transform former nursing rooms into an enlarged health clinic for the community. The single-story skilled nursing center was designed on the neighborhood model, which divides the center into three distinct neighborhoods, each with its own kitchen and pantry, dining and living rooms and 16 private resident rooms with sensitively designed outdoor space. The master plan also includes interior and exterior renovations to the main dining room and common areas, as well as passive and active outdoor courtyards and an expansion of the community’s preexisting walking paths.
NEW YORK CITY — A joint venture between Slate Property Group and GreenOak Real Estate has acquired RiverTower at Sutton Place, located at 420 E. 54th St. in New York City’s Sutton Place neighborhood. Equity Residential sold the property for $390 million. The 38-story residential building features 311 rental units in one-, two- or three-plus bedroom layouts, a bicycle room, 28,000-square-foot landscaped plaza, an on-site 182-car parking garage and a fitness center. The joint venture plans to reposition RiverTower at Sutton as the premier, full service rental property in Sutton Place through a comprehensive building renovation and unit upgrades. Darcy Stacom and William Shanahan of CBRE represented the seller in the transaction.
NEW YORK CITY — Cushman & Wakefield has brokered the sale of an apartment building located at 440 W. 47th St. in Manhattan’s Midtown West neighborhood. The asset sold for $23.5 million, or $760 per square foot. The five-story building consists of one commercial unit and 46 residential units. The unit mix includes two studios, four one-bedroom units, 39 two-bedroom units and one three-bedroom unit. Sixteen of the units are rent stabilized and 30 are free-market units. Bob Knakal, Jonathan Hageman and Chris Brodhead of Cushman & Wakefield handled the transaction. The names of the buyer and seller were not released.
NEW YORK CITY — TerraCRG has arranged the sale of a 58-unit multifamily building located at 15-25 Crown St. in Brooklyn’s Crown Heights neighborhood. Sterling Equities acquired the 51,000-square-foot multifamily building from BCB Property Management for $20.7 million, or $357,000 per unit. The six-story building features one four-bedroom unit, nine three-bedroom units, 19 two-bedroom units, 27 one-bedroom units and two studio apartments. Adam Hess, San Shalumov, Eddie Setton and Kirill Galperin of TerraCRG were the sole brokers in the transaction.
NEW YORK CITY — GFI Realty Services has arranged the sale of two apartment buildings located at 684A and 684B Myrtle Ave. in Brooklyn’s Clinton Hill neighborhood. Local investors acquired the properties from Joseph Rizzuto for $3.8 million. The two four-story apartment buildings feature 12 residential units and a ground-floor retail unit. Isaac Moskowitz of GFI Realty Services represented the seller, while Yosef Katz, also of GFI, represented the buyers in the transaction.
YONKERS, N.Y. — QIC has extended its existing joint venture relationship with Forest City Realty Trust through the acquisition of a 51 percent stake in Westchester’s Ridge Hill shopping center in Yonkers. The 1.3 million-square-foot open-air shopping center is anchored by Lord & Taylor, Whole Foods Market, Legoland Discovery Center, The Cheesecake Factory, Dick’s Sporting Goods, REI, Showcase Cinema and approximately 70 specialty stores. This agreement with Forest City brings the total number of assets acquired by QIC on behalf of clients to 11.
NEW YORK CITY — Hersha Hospitality Trust (NYSE: HT) has signed definitive agreements to sell ownership interests in seven of its limited-service hotels in Manhattan for a total purchase price of $571.4 million. The Philadelphia-based hotel REIT sold its interests to joint venture partner Cindat Capital Management Ltd. Totaling 1,087 rooms, the hotels include Holiday Inn Express Times Square, Candlewood Suites Times Square, Hampton Inn Times Square, Hampton Inn Chelsea, Hampton Inn Herald Square, Holiday Inn Wall Street and Holiday Inn Express Wall Street. “Manhattan’s preeminence as a financial, cultural and technological hub, combined with the security and scarcity of its real estate, provides significant yield for a strategic, long-term partner such as Cindat,” says Neil Shah, president and chief operating officer of Hersha Hospitality. “We intend to utilize a portion of the sale proceeds to make hotel investments in Washington, D.C., and California, continue our share repurchase program and repay debt.” The proposed joint venture is structured with Cindat as the preferred joint venture partner holding a 70 percent ownership stake, while Hersha retains a 30 percent equity interest. Cushman & Wakefield represented Hersha in the transaction. Hersha will continue to fully own 10 hotels in New York City …
NEW YORK CITY — Eastern Consolidated has arranged the sale of all of the shares of a residential co-op building located at 61-63 Crosby St. in SoHo. The four-story, 20,600-square-foot property sold for $42 million, or more than $2,000 per square foot. The building consists of loft apartments on the second, third and fourth floors, and an artist studio/loft apartment and one retail space on the ground floor. The property also features 6,537 square feet of development rights. Peter Hauspurg and Michael Coghill of Eastern Consolidated, along with former Eastern brokers David Schechtman and Abie Kassin, represented the co-op owners, while Adelaide Polsinelli, also of Eastern, represented the buyer, Crosby 61 LLC, in the transaction.
NEW YORK CITY — SL Green Realty Corp. and The Moinian Group have signed a lease with Nordstrom to anchor three levels of retail space at 3 Columbus Circle in New York City. The store has signed a 23-year lease for 43,000 square feet of retail space. The new location will serve as an expansion of the Nordstrom full-line flagship store, which is debuting on West 57th Street. Derek Trulson of JLL and Stephen Stephanou of Crown Retail Services represented Nordstrom, while Jeff Winick of Winick Realty Group represented the landlord in the lease transaction.
NEW YORK CITY — Nets Sports and Entertainment, a subsidiary of Forest City Realty Trust, has completed the previously announced sale of its equity interests in Barclays Center arena and the Brooklyn Nets basketball team to Onexim Sports and Entertainment Holding USA. The purchase price for the non-controlling 20 percent equity interest in the team was $125.1 million, and the purchase price for the 55 percent equity interest in the arena was $162.6 million. The transaction values the team at approximately $875 million and the arena at $825 million, inclusive of debt for each asset. Evercore ISI advised Net Sports and Entertainment in the transaction.