New York

Grenadier-Village-Meridian-Capital-Group

Meridian Capital, Capital One Arrange $18M in Refinancing for Multifamily Property in New York

by Amy Works February 23, 2015

LIVERPOOL, N.Y. — Meridian Capital Group and Capital One have arranged an $18 million mortgage for the refinancing for Grenadier Village, a multifamily property in Liverpool. The 25-year, self-liquidating loan, which was provided by a life insurance company, features a 4.63 percent fixed-rate. Located at 100 Kings Park Dr., Grenadier Village offers 534 apartment units. Seth Grossman of Meridian Capital and Greg Reed and Kristen Croxton of Capital One arranged the financing for the undisclosed borrower.

February 23, 2015

Loans Mixed-Use New York Northeast

Meridian Capital Arranges $30M in Refinancing for NYC Mixed-Use Property

by Amy Works February 20, 2015

NEW YORK CITY — Meridian Capital Group has arranged a $30 million loan for the refinancing for a mixed-use property in New York City. The borrower is BLDG Management. The five-year loan, which was provided by a regional balance sheet lender, features a 2.85 percent fixed-rate. Located at 330 Bleecker St., the property features 199 apartments and 3,800 square feet of retail space. Carol Shelby and Dani Sabesan of Meridian Capital arranged the financing.

February 20, 2015

Multifamily New York Northeast

Marcus & Millichap Arranges $1.3M Sale of Multifamily Property in Brooklyn

by Amy Works February 20, 2015

NEW YORK CITY — Marcus & Millichap has brokered the sale of an apartment building located at 469 Harman St. in Brooklyn. The six-unit apartment property sold for $1.3 million. Shaun Riley, Dan Greenblatt and Thomas Shihadeh of Marcus & Millichap’s Brooklyn office represented the seller and the buyer, both private investors, in the transaction.

February 20, 2015

Loans New York Northeast Office

Meridian Capital Arranges $40M Acquisition Financing for Office Property in NYC

by Amy Works February 19, 2015

NEW YORK CITY — Meridian Capital Group has arranged a $40 million loan for the acquisition of an office property located at 145 West 45th St. in New York City. The five-year loan, provided by a regional balance sheet lender, features a 3.5 percent fixed-rate and interest-only payments for the full term. A partnership led by the Aini family acquired the 12-story, 90,000-square-foot office building from an undisclosed seller. Rael Gervis and David Hayum of Meridian’s New York City office arranged the financing.

February 19, 2015

Multifamily New York Northeast

Ariel Property Advisors Brokers Sale of Two Bushwick Development Sites

by Amy Works February 19, 2015

NEW YORK CITY — Ariel Property Advisors has brokered the sale of two development sites at 406 Cornelia St. and 1536 Putnam Ave. in the Bushwick section of Brooklyn for $3.8 million, or $157 per buildable square foot. The properties are zoned for residential use and offer a combined total of 24,200 buildable square feet. The site at 406 Cornelia Street offers 13,200 buildable square feet and the site at 1536 Putnam Avenue offers 11,000 buildable square feet. Daniel Tropp, Michael Tortorici, Mark Spinelli and Jonathan Berman of Ariel Property Advisors represented the seller, a private owner, and procured the buyer, a developer, in the transaction.

February 19, 2015

New York Northeast Office

Dalan Management Buys Two Midtown South Office Buildings for $36M

by Amy Works February 18, 2015

NEW YORK CITY — Dalan Management has purchased two 12-story office buildings located at 10 and 12 East 33rd St. in New York City’s Midtown South neighborhood. The assets, which feature 22 full-floor office lofts and ground-floor retail space, sold for $36 million as part of a 1031 exchange. Additionally, the properties, which total 61,100 square feet, are zoned for conversion to residential or hotel space. Timour Shafran and Phil Fierro of Citicore represented Dalan, while Pavan Uttam of UP Real Estate Advisors represented the seller, Adee Associates, in the transaction.

February 18, 2015

Multifamily New York Northeast

IPA Arranges $15.9M Sale of Multifamily Property in New York

by Amy Works February 18, 2015

MAMARONECK, N.Y. — Institutional Property Advisors (IPA) has brokered the sale of Soundview Apartments, an apartment building overlooking Long Island Sound in Mamaroneck. Bayou Properties Inc. purchased the 86-unit property for $15.9 million, or $184,300 per unit. Located at 151 Fenimore Road and built in 1926, the property features eight studios, 36 one-bedroom units, 41 two-bedroom units and one three-bedroom unit. Additionally, the property features a 21-car parking garage, fitness room, on-site laundry and a private courtyard. Steve Witten, Victor Nolletti, Adam Mancinone and Blake Barbarisi of IPA represented the seller, Soundview Apartments Co., in the transaction. J.D. Parker of Marcus & Millichap is the broker of record in New York. IPA is a division of Marcus & Millichap that specializes in serving institutional and major private real estate investors.

February 18, 2015

New York Northeast Retail

Marcus & Millichap Brokers Sale of 107,065 SF Retail Property in New York

by Amy Works February 18, 2015

SPENCERPORT, N.Y. — Marcus & Millichap has arranged the sale of Spencerport Village Plaza, a retail property located at 27 Slayton Ave. in Spencerport. A private institution purchased the 107,065-square-foot property for $8.8 million. Joseph French, Thomas Dalzell, Mike James and Nathan Barnes of Marcus & Millichap represented the seller, a private investor, and the buyer in the transaction.

February 18, 2015

Healthcare New York Northeast

Cardiovascular Associates Expands, Relocates to Queens Shopping Center

by Amy Works February 17, 2015

NEW YORK CITY — Jackson Heights Cardiovascular Associates has signed a long-term lease for space at Jackson Heights Shopping Center. The medical facility will accompany 13,780 square feet of the 142,274-square-foot retail center, which is located in the Queen’s Jackson Heights neighborhood. The tenant will occupy the entire second floor of the newly renovated portion of the shopping center. Jackson Heights Cardiovascular Associates is slated to move into the new space in the second quarter of 2015. Bill Bergman of Muss Development provided in-house representation for landlord, while Brian Jaffe of DY Realty Services represented the tenant in the transaction.

February 17, 2015

Hospitality New York Northeast

ARTIC Buys Majority Interest of The Manhattan at Times Square Hotel for $535M

by Amy Works February 16, 2015

NEW YORK CITY — Al Rayyan Tourism Investment Co. (ARTIC), the hospitality subsidiary of Al Faisal Holding Co., has purchased a 97 percent interest in The Manhattan at Times Square Hotel. Rockpoint Group, Highgate Hotels and a Goldman Sachs fund sold the interest for $535 million. Built in 1962, the 22-story hotel features 689 rooms and suites and commercial space. Situated at 790 Seventh Ave., the hotel covers an entire block and offers 900,000 square feet of potential development rights. Hodges Ward Elliott (HWE) represented the sellers in the deal. Additionally, HWE procured the acquisition financing, which was provided by Goldman Sachs, for ARTIC. Highgate Hotels will continue to manage the property.

February 16, 2015

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