New York

Incentives Approved for Assisted Living Facility in Patchogue, N.Y.

by Amy Works April 28, 2015

PATCHOGUE, N.Y. — Brookhaven Industrial Development Agency (IDA) has approved incentives for the development of an assisted living facility in Patchogue. Levittown, N.Y.-based D&F Patchogue A.L. LLC plans to develop a five-story 87,000-square-foot facility on 1.33 acres at 18 and 22 Maple Ave. and 131 E. Main St. in downtown Patchogue. Estimated to cost $31 million, the 128-unit facility will feature 46 memory care beds. The facility will be initially owned by D&F and managed by Des Moines, Iowa-based Life Care Services. The IDA financial package includes a Payment in Lieu of Taxes (PILOT) agreement and the developer was granted exemptions from sales tax on construction materials and equipment.

April 28, 2015

Hospitality New York Northeast

Hilton Worldwide Opens First Hilton Garden Inn in Long Island City

by Amy Works April 28, 2015

LONG ISLAND CITY, N.Y. — Hilton Worldwide has opened Hilton Garden Inn New York Long Island City/Manhattan View in Long Island City. As the city’s first Hilton Garden Inn, the hotel features 183 guestrooms, four meeting rooms totaling more than 1,410 square feet of flexible meeting space, and a presidential suite with a view of the Manhattan skyline. The guestrooms feature the brand’s signature bedding, a work desk with an ergonomic desk chair, mini fridges, microwaves and Keurig coffee makers. Additional hotel amenities include complimentary WiFi, 24-hour business center, fitness center and an indoor pool. The hotel is owned by CVR Hotel LLC and managed by Crescent Hotels and Resorts.

April 28, 2015

Multifamily New York Northeast

Greystone’s Waterbridge 47 Slated for Fall Completion

by Amy Works April 28, 2015

NEW YORK CITY — Greystone is developing Waterbridge 47, a condominium development in Brooklyn’s Vinegar Hill/DUMBO neighborhood. Designed by AB Architekten and Durukan Design, the 25-unit property offers a mix of two- and three-bedroom units, including two penthouses with wraparound terraces, featuring plank wood flooring, marble countertops, stainless steel appliances, white lacquer and glass finishes in the kitchen, and in-unit laundry machines. The units range in size from 973 to more than 1,200 square feet and start at $939,750 to $2.3 million. Building amenities include a wine cellar and tasting room, off-site concierge access, roof deck with skyline views, fitness center, inner courtyard, children’s playroom, bicycle storage and private parking. Expected to be complete this fall, the property is almost 60 percent sold.

April 28, 2015

Loans Mixed-Use New York Northeast

Madison Realty Capital Provides $34M Loan for Manhattan Mixed-Use Building

by Amy Works April 27, 2015

NEW YORK CITY — Madison Realty Capital has provided $34 million in financing for the acquisition and renovation of a mixed-use residential and retail building in Manhattan’s Chelsea neighborhood. The loan provides $29 million in immediate acquisition funding and $5 million for planned renovations. Located at 125 West 16th St., the 39,504-square-foot building features 40 residential units and two ground-floor retail units. The name of the borrower was not released.

April 27, 2015

Mixed-Use New York Northeast

Sugar Hill Capital Sells Hamilton Heights Mixed-Use Building for $25.5M

by Amy Works April 27, 2015

NEW YORK CITY — Sugar Hill Capital Partners has completed the disposition of a mixed-use building located in Manhattan’s Hamilton Heights neighborhood to Galil Management, formerly known as E&M Associates, for $25.5 million. Located at 3621 Broadway, the six-story 65,050-square-foot building features 47 apartments, eight stores and an art studio. Additionally, the building includes 31,175 square feet of air rights. Peter Vanderpool and Lazer Sternhell of Cignature Realty Associates represented both parties in the transaction.

April 27, 2015

Multifamily New York Northeast

Prime Manhattan Residential Arranges $9.9M Acquisition of East Village Multifamily Property

by Amy Works April 27, 2015

NEW YORK CITY — Prime Manhattan Residential has arranged the acquisition of a 10,000-square-foot multifamily property located at 52 East Seventh St. in New York City’s East Village. 1637 Abbot Kinney LLC purchased the property for $9.9 million from an undisclosed seller. Originally built in 1910, the 10,000-square-foot building features 17 free-market and three rent-stabilized one-bedroom apartments and 2,000 square feet of ground-floor retail space. The buyers plan to build out the retail space, which is currently vacant. Robert Dankner of Prime Manhattan Residential represented the buyer, while Keith Copley and Pascual Ortiz of Douglas Elliman represented the seller.

April 27, 2015

Loans New York Northeast Office

New York Life Real Estate Investors Originates $205M Loan for Manhattan Office Tower

by Amy Works April 24, 2015

NEW YORK CITY — New York Life Real Estate Investors has originated $205 million in financing for an office tower, located at 757 Third Ave. in Midtown Manhattan. Multi-Employer Property Trust, as advised by Bentall Kennedy (U.S.) Limited Partnership, owns the 503,000-square-foot Class A office property. The loan has a term of 15 years. Eric Becher of New York Life Real Estate Investors’ New York regional office negotiated the transaction.

April 24, 2015

Multifamily New York Northeast

Mill Creek Tops Out 275-Unit Modera Mineola in New York, Launches Leasing

by Amy Works April 23, 2015

MINEOLA, N.Y. — Mill Creek Residential has completed vertical construction for Modera Mineola, a 275-unit apartment community located two blocks from the Mineola Long Island Rail Road transit center in Mineola. The property will feature a mix of studio, one- and two-bedroom units with wood plank-style flooring, wall-to-wall carpeting in the bedrooms, spa-like bathrooms with quartz countertops and under-mounted sinks, gourmet kitchens, stainless steel appliances, walk-in closets and full-size washers and dryers. Community amenities will include a clubroom, 24-hour fitness center, yoga room, business center, swimming pool with sundeck, outdoor kitchens with grills, a bocce court, and an outdoor fireplace. Online leasing for the property has started and move-in is expected for August.

April 23, 2015

New York Northeast Office

RKF Brokers $16.5M Acquisition of 19,008 SF Commercial Condo in NYC

by Amy Works April 22, 2015

NEW YORK CITY — RKF has brokered the sale of a 19,008-square-foot commercial condominium located at 100 West 93rd St. on the Upper West Side in New York City. Coltown Properties acquired the property for $16.5 million and subsequently leased the property to Manhattan Children’s Center, a school that provides scientifically based treatment and education to children with autism spectrum disorders. The two-story asset features 13,834 square feet on the ground floor and 5,174 square feet on the second floor. David Abrams and Marc Finkel of RKF represented the buyer, while Michael Dubin of Savvit Partners represented the seller, Starrett Development. Additionally, Abrams and Finkel represented both parties in the lease transaction.

April 22, 2015

New York Northeast Retail

HFF Closes Sale of Two-Property Ace Self-Storage Portfolio in Upstate New York

by Amy Works April 22, 2015

NEWBURGH AND HYDE PARK, N.Y. — HFF has closed the sale of a two-property Ace Self-Storage portfolio totaling 630 units and 95,878 square feet in Upstate New York. Real Estate Technology sold the assets to World Class Capital Group LLC for an undisclosed price. The portfolio comprises a 388-unit property located at 735 and 765 South St. in Newburgh and a 241-unit facility at 1594 Route 9G in Hyde Park. The buyer plans to add additional units to both facilities, which include climate- and non-climate-controlled units and on-site management. Barbara Guffey led the HFF team that represented the seller in the transaction.

April 22, 2015

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