NEW YORK CITY — Strathspey Crown Holdings LLC has signed a 10-year lease to quadruple its space at 570 Lexington Avenue in New York City. The Newport Beach, Calif.-based firm will now occupy 16,000 square feet of office space at the landmark Art Deco building. Comprising the 27th, 28th and 35th floors, the new space will feature high-end finishes and an architecturally distinctive stairwell between the 27th and 28th floors. David Turino provided in-house representation for the property owner and manager, The Feil Organization, while Strathspey was represented in-house for the transaction.
NEW YORK CITY — First Capital Real Estate Investments has acquired United Realty Advisors LP, the external advisor to United Realty Trust Inc. (URTI), and other affiliated entities. Immediately prior to the acquisition, First Capital and its affiliates entered into an asset contribution agreement with URTI pursuant to which First Capital and affiliated entities contributed 28 assets to the REIT, including 18 hotels, five retail and self-storage properties, various residential and commercial land for development, and contract rights to acquired 13 additional hotels and more than 1,000 multifamily units. The contributed assets exceed $175 million in value. Both transactions closed on Sept. 15.
NEW YORK CITY — Soundview Real Estate Partners and Chartwell Hospitality are developing a two-building Marriott hotel at New York City’s John. F. Kennedy International Airport. The partnership has tapped Gene Kaufman Architect to design the 260,000-square-foot project, which Soundview and Chartwell plan to break ground on in 2016.
HEMPSTEAD, N.Y. — An undisclosed buyer has acquired an apartment building located at 148 Greenwich St. in Hempstead. The 40-unit asset was sold for $6.3 million, or $127 per square foot, in an all-cash transaction. Built in 2006, the 49,952-square-foot property features a mix of studio, one-bedroom and two-bedroom units. Each unit features updated kitchen appliances, finishes and a private balcony. On-site amenities include a meeting room and a storage room. Daniel Abbondandolo and Benjamin Efraimov of Cushman & Wakefield brokered the transaction. The name of the seller was not released.
NEW YORK CITY — Marcus & Millichap has brokered the sale of an apartment building located at 30 Huntington St. in Brooklyn. The six-unit property sold for $1.4 million. Shaun Riley, Derek Bestreich and Adam Lobel of Marcus & Millichap’s Brooklyn office represented the seller and buyer, both limited liability companies, in the transaction.
LONG ISLAND AND DIX HILLS, N.Y. — NorthMarq Capital has arranged $12.9 million in financing for a four-property retail portfolio in Suffolk County, Long Island, and a retail plaza in Dix Hills. In the first transaction, the four-property portfolio in Suffolk County was refinanced for $4.4 million. The portfolio contains a combined 131,500 square feet of retail space. NorthMarq arranged a fully amortizing 18-year loan through its correspondent relationship with a life insurance company. In the second transaction, the company arranged $8.5 million in refinancing for Dix Hills Plaza, a 51,820-square-foot retail property located at 1815-1819 E. Jericho Turnpike in Dix Hills. NorthMarq structured a 9-year term with a 25-year amortization schedule through its relationship with a local bank for the borrower. Ernest DesRochers and Charles Cotsalas of NorthMarq Capital secured the financing in both transactions.
NEW YORK CITY — Marcus & Millichap has brokered the sale of a 16,000-square-foot apartment building located at 5201 Clarendon Road in Brooklyn. The 17-unit property sold for $2.8 million. Derek Bestreich, Erik Rodriguez and Lucien Sproviero of Marcus & Millichap’s Brooklyn office represented the seller, a private investor, and the buyer, a limited liability company, in the transaction.
NEW YORK CITY — New York Life Real Estate Investors has completed the sale of an office building located at 575 Lexington Ave. in Midtown Manhattan’s Plaza District submarket. The sellers were a joint venture partnership that included Prudential Real Estate Investors and Normandy Real Estate Partners. The partnership acquired the 745,000-square-foot building in 2012 and repositioned the property with a full renovation of the lobby and storefront, new elevator cabs, modernized building systems and new tenant fit-outs. Additionally, the partnership renewed and expanded Cornell University’s lease at the building to a total of 212,000 square feet through 2028. The name of the buyer and the acquisition price were not released.
NEW YORK CITY — Eastern Consolidated has brokered the sale of a mixed-use, elevator building, located at 49 Greene St. in SoHo. The six-story property sold for $31 million, or $1,240 per square foot. The 25,000-square-foot building features seven apartment units and a 5,500-square-foot vacant retail space. Peter Hauspurg of Eastern Consolidated represented the seller, Les Pieds Nickle’s Inc., while Deborah Gutoff of Eastern and Robert Dankner of Prime Manhattan Residential represented the buyer, EMP Capital, in the transaction.
NEW YORK CITY — GFI Realty Services has arranged the sale of a development site located at 11 E. 115th St. in East Harlem. The 46,867-square-foot property sold for $10 million in an off-market transaction. Yosef Katz of GFI represented the buyer, Albert Rabizadeh, and the seller, Rubin Schron’s Cammeby’s International, in the transaction. The buyer is currently developing plans for a rental community to be constructed on the site.