NEW YORK CITY — CIT Group Inc., through CIT Real Estate Finance, has provided a $57.5 million senior secured loan to a joint venture between RedSky Capital LLC, JZ Capital Partners and other investors. The joint venture will use the loan to acquire a property along the Brooklyn waterfront. Located in the Greenpoint neighborhood, the property includes 112,226 square feet of land and 19,820 square feet of pier space. The partnership plans to develop a 40-story residential tower on the site when leases for the existing industrial buildings expire in the next two years. The project plans include both market-rate and affordable rental apartments and 100,000 square feet of ground-level retail space. The financing was provided by CIT Bank.
NEW YORK CITY — Eastern Consolidated has arranged the off-market sale of a development site located at 207 West 79th St. on the Upper West Side. Anbau Enterprises purchased the 6,600-square-foot site for $39 million from 79th Street Associates LLC. The site offers 60,000 buildable square feet. The buyer plans to demolish the existing five-story building and develop a 13-story luxury condominium project on the site. George Moss of Eastern Consolidated procured the buyer, while Deborah Gutoff, also of Eastern Consolidated, represented the seller in the transaction.
SYRACUSE, N.Y. — Philadelphia Mills, Pa.-based PaperWorks Industries has signed a lease for 496,200 square feet of industrial space in Syracuse. PaperWorks has leased the space from Orangeball LLC through 2032. Dennis Hennessy of COR Brokerage represented the landlord, while Mark Rupprecht of CBRE/Syracuse represented the tenant in the transaction. Additional terms of the lease were not released.
NIAGARA FALLS, N.Y. — Picone Construction has completed the $10 million Wingate by Wyndham Hotel in Niagara Falls. Located at 333 Rainbow Blvd., the four-story 100,000-square-foot hotel features 110 rooms, an indoor pool, breakfast area, meeting and board space, a fitness center, a restaurant and retail space. The architect of record was Silvestri Architects and the project engineer was Studio T3 Engineering.
NEW YORK CITY — NAI James E. Hanson has facilitated a long-term lease for Plated, a weekly subscription-based service that provides boxes of fresh, seasonal, pre-portioned ingredients and chef-designed recipes. The company will occupy 84,400 square feet of industrial space at 511 Barry St. in the Bronx. Located off the Bruckner Expressway, the site provides easy access to several major highways, including the Major Deegan and Cross Bronx Expressways, as well as the Bronx River Parkway. Barry Cohorsky of NAI Hanson represented Plated, while John Reinertsen and Timothy Sheehan of CBRE Inc. represented the landlord, Baldor Specialty Foods Inc., in the transaction.
NEW YORK CITY — RKF has arranged the sale of a retail condominium located at 50 Bond St. in New York City’s NoHo district. Thor Equities purchased the 6,400-square-foot property from Stewart & Sons for $11 million. The property features seven units with 13-foot ceilings on the ground floor and more than 30 feet of frontage on Bond Street. Eva Scrivo Salon currently occupies the ground-floor retail space. Brian Segall of RKF represented both parties in the transaction.
NEW YORK CITY — TerraCRG has arranged the sale of a multifamily building located at 208 Starr St. in Brooklyn’s Bushwick neighborhood. The asset sold for $1.5 million. The two-story building features four free-market residential apartments, which were delivered vacant. Matthew Cosentino and Eric Satanovsky of TerraCRG represented the undisclosed seller in the transaction. The name of the buyer was not released.
NEW YORK CITY — HFF has arranged $360 million in financing for the development of 100 East 53rd Street, a luxury condominium project in Manhattan’s Midtown East neighborhood. The construction loan was arranged for a joint venture between RFR Holdings LLC and Vanke Holdings LLC/China (HK) Asset Management Co. Ltd. through the Industrial and Commercial Bank of China. The 61-story tower will feature 94 for-sale residences, as well as ground- and second-floor retail and restaurant space. Slated for completion in 2017, the Foster + Partners-designed property will offer studio, one-, two-, three- and four-bedroom floor plans, a swimming pool, sauna, steam room, fitness center, yoga room, Pilates studio, massage/spa treatment rooms, lounge, media room and concierge services. Hines is serving as co-developer of the project along with RFR Holding LLC. Compass and Classic Marketing are handling sales and marketing for the project. Mike Tepedino, Michael Gigliotti and Jennifer Keller of HFF represented the borrower in the financing.
NEW YORK CITY — Marcus & Millichap has brokered the sale of a mixed-use building located at 2070 Frederick Douglass Blvd. in New York City’s West Harlem neighborhood. Prince Street LLC purchased the six-story building for $10.1 million, or $667 per square foot, from 2070 Uptown LLC. The property features 16 residential units and two commercial spaces. Peter Von Der Ahe, Scott Edelstein, Seth Glasser and Brett Garson of Marcus & Millichap represented both parties in the transaction.
NEW YORK CITY — Mortgage Equicap LLC has arranged an $8.5 million bridge loan for mixed-use condominium conversion in New York City’s Tribeca neighborhood. The building will feature four loft residential condos and a ground-floor retail condo. Equicap was able to arrange the bridge loan to replace the in-place construction loan on the property. Daniel Hilpert of Mortgage Equicap negotiated the financing.