NEW YORK CITY — Quadrum Global and Simon Baron Development (SBD) have signed a 99-year ground lease at 267 West 87th St. in Manhattan’s Upper West Side. The partnership plans to develop an 18-story, 100,000-square-foot residential building on the site. The 10,000-square-foot tract of land currently houses a parking garage, which will be demolished to make way for new project. This is the fifth joint venture project between Quadrum and SBD and the second deal on the Upper West Side. Terms of the lease were not released.
NEW YORK CITY — Keen Realty has partnered with Summit Investment Management LLC to form Keen-Summit Capital Partners LLC (Keen-Summit). Keen-Summit’s offerings will include real estate transactional and advisory services, corporate finance services and capital solutions. Keen-Summit is based in the New York City metro area, while Summit Investment will continue to be based in Denver.
NEW YORK CITY — Rosewood Realty Group has arranged the sale of a four-building, 283-unit apartment complex located at 1711-1751 Fulton St. in Brooklyn’s Bedford-Stuyvesant neighborhood. Bushburg Properties purchased the 277,200-square-foot complex for $38 million from E&M Associates. In addition to the residential space, the property features nine commercial units, as well as parking spaces. Aaron Jungreis of Rosewood Realty Group represented both parties in the transaction.
NEW YORK CITY — RKF has arranged the sale of a retail and office property located at 497 Broome St. in New York City’s SoHo district. John Dee Corp. sold the 5,700-square-foot property to an undisclosed buyer for $18.75 million. The former home of The Original Teddy Bear factory, the property features 1,200 square feet of ground-floor retail space and 4,500 square feet of office space. Brian Segall and Chris Masi of RKF represented both parties in the 1031 exchange transaction.
NEW YORK CITY — GFI Realty Services has brokered the sale of a three-story walk-up apartment building located at 255 Himrod St. in Brooklyn’s Bushwick neighborhood. The vacant property, which is fully renovated, sold for $1.95 million or $325,000 per unit. Constructed in 1931, the property features six apartment units. Daniel Shragaei of GFI represented the buyer and seller in the transaction. The names of the buyer and seller were not released.
NEW YORK CITY — Empire State Realty Trust Inc. has announced that OnDeck Capital Inc. has expanded its headquarters space by approximately 79,000 square feet at 1400 Broadway by in New York. The company, a platform for small business loans, will now occupy 117,000 square feet within the property. Paul Ippolito of Newmark Grubb Knight Frank represented OnDeck in the lease negotiations, while Keith Cody of ESRT, along with Scott Klau, Erik Harris and Neil Rubin of Newmark Grubb Knight Frank, represented the landlord.
NEW YORK CITY — Cushman & Wakefield has brokered the sale of the Vanguard Retail Portfolio, a three-building portfolio in Queens. The properties, which total 44,858 square feet, were sold in all-cash transactions totaling $23.8 million, or $530 per square foot. The 18-unit, 33,698-square-foot property at 221-02/50 Horace Harding Expressway sold for $17 million. The seven-unit, 8,970-square-foot property, located at 137-67/79 Queens Blvd./138-09 84th Dr., sold for $5.6 million. The third property, located at 138-07/11 Queens Blvd., sold for $1.2 million. Thomas Donovan, Stephen Preuss and Brian Sarath of Cushman & Wakefield negotiated the transaction. The buyer was an undisclosed local investor.
NEW YORK CITY — Acadia Realty Trust is nearing the completion of a $3.7 million capital improvement campaign at five properties located in Brooklyn’s Sheepshead Bay neighborhood. Located at 3780-3858 Nostrand Ave., the properties total more than 70,500 square feet of office and retail space. The capital improvements program includes renovations to the façade, storefronts, vacant office suites, lobbies, elevators and bathrooms. Additional improvements are underway to reopen the below-grade garage to better service tenants and customers. Acadia Realty Trust originally purchased the portfolio in 2012 for $18.5 million.
NEW YORK CITY — Himmel + Meringoff and The Swig Company, co-owners of 1460 Broadway, have selected MdeAS Architects to redevelop and reposition the 16-story mixed-use office tower in New York City. Planned renovations and construction for the 215,000-square-foot building include an office component, renovations to the 35,000-square-foot ground- and lower-ground retail space, a new three-story glass façade, new retail storefronts and a revitalized building entry. Construction for the property’s office component is scheduled to begin in April, and renovation to the retail space is expected to end by 2015.
PORT WASHINGTON, N.Y. — Local voters have approved a $69.9 million construction bond issue for improvements and renovations at the Port Washington Union Free School District in Port Washington. The construction program will encompass seven schools, an administration building and athletic facilities owned by the district. The properties include Paul D. Schreiber Senior High School, Carrie Palmer Weber Middle School, John Philip Sousa Elementary School, Guggenheim Elementary School, John J. Daly Elementary School, South Salem Elementary School, Manorhaven Elementary School. BBS Architects, Landscape Architects and Engineers is providing architectural, interior design, mechanical, electrical and plumbing, civil engineering and site and athletic field design services for the entire project. The improvement and renovation plan is slated to begin this summer. The Port Washington Union Free School District serves grades K-12 with a current enrollment of 4,994 students.