New York

The Feil Organization Signs 80,000 SF of New Leases at 7 Penn Plaza

by Amy Works January 28, 2015

NEW YORK CITY — The Feil Organization has completed 80,000 square feet of new leases at 7 Penn Plaza, a 18-story, 368,000-square-foot building, in New York. Recent leases include TranSystems’ 6,800-square-foot lease on the seventh floor, SourceOne’s relocation to 11,000 square feet on the fourth floor, RCG Longview and Estrich & Co.’s relocation to 17,000 square feet on the 14th floor, Guilford Publication’s 11,500-square-foot lease on the 12th floor, and National Hemophilia Foundation’s lease of 11,000 square feet on the 12th floor. Additionally, Retail, Wholesale and Department Store Union (RWDSU) signed for 23,000 square feet on two floors of the building. All tenants are expected to be open by summer. David Turino of The Feil Organization represented Feil in all the transactions. Michael Beyda of Benchmark Properties represented Guildford; Eric Thomas of Cresa New York represented the National Hemophilia Foundation; Brian Gella and Laurence Briody of CBRE represented RWDSU; and Joseph Mangiacotti of CBRE represented TranSystems in the transactions. Jeffrey Management Corp. is the building’s leasing and managing agent.

January 28, 2015

Mixed-Use New York Northeast

Savanna Closes Fourth Fund, Completes more than 2.5M SF of Acquisitions in 2014

by Amy Works January 28, 2015

NEW YORK CITY — Savanna closed its fourth fund with more than $440 million in commitments and added five New York City properties, totaling more than 2.5 million square feet, to its portfolio in 2014. Savanna Real Estate Fund III L.P. held its final closing in the fall with commitments from a wide variety of institutional investors, including insurance companies, sovereign wealth funds, public and private pension funds, foundations, fund of funds and wealth management companies. The firm’s 2014 acquisitions in New York City include One Court Square, a 1.5 million-square-foot office tower in Long Island City; 540 West 26th Street, a development site in Chelsea; 110 William Street, a 930,000-square-foot office building in the Financial District; 10 Madison Square Park, a retail condo in the Flatiron District; and 141 Willoughby Street, a development site in downtown Brooklyn. So far in 2015, Savanna has acquired the former Schlitz Brewery in Bushwick and 461 West 14th Street, a newly built retail property in the Meatpacking District. Additionally, the firm plans to close on the purchase of a 175,000-square-foot property in the Bronx within the next month.

January 28, 2015

New York Northeast Retail

Eastern Consolidated Arranges Lease for Tribeca Retail Property

by Amy Works January 28, 2015

NEW YORK CITY — Eastern Consolidated has arranged a long-term lease with Jacadi, a high-end children’s fashion company. The company will occupy 1,500 square feet of ground-floor retail space at 106 Reade St. in Tribeca. The property offers 20 feet of sidewalk frontage, more than 200 square feet of mezzanine space, 16-foot tin ceilings, exposed brick walls and sub-cellar storage space. James Famularo and Ravi Idnani of Eastern Consolidated represented the undisclosed landlord, while Jason Turner of Zelnick & Co. represented the tenant in the transaction.

January 28, 2015

Multifamily New York Northeast Seniors Housing

IPA Arranges $16M Sale of Skilled Nursing Facility in New York

by Amy Works January 27, 2015

DUNKIRK, N.Y. — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has completed the sale Chautauqua County Home, a 133-room skilled nursing facility located near Lake Erie in Dunkirk. The asset sold for $16 million, or $74,000 per bed. The buyer has upgrades planned for the 216-bed facility that will improve operations and profitability. Joshua Jandris and Mark Myers of IPA Marcus & Millichap’s Manhattan office represented the seller, Chautauqua County, and procured the buyer, a regional provider.

January 27, 2015

Civic New York Northeast

$14.1M Riverhead Charter School Opens in New York

by Amy Works January 27, 2015

CALVERTON, N.Y. — Riverhead Charter School (RCS), a $14.1 million charter school, has opened in Calverton. Situated on 5.8 acres at 3685 Middle Country Road, the 50,000-square-foot school features a two-story classroom wing with 16 classrooms, an auditorium/gymnasium, a library, an administration wing and a kitchen wing. The new school building was financed through two bonds totaling $21.3 million. Capital Markets Advisors served as RCS’s independent financial advisor for the transaction. RCS is the only K-8 charter school in New York’s Suffolk County. The project team includes Stalco Construction as general contractor; BBS Architects, Landscape Architects and Engineers as architect, interior designer, site designer, and mechanical, electrical and plumbing engineer; SCC as construction manager; and PW Grosser Consulting as civil engineer.

January 27, 2015

New York Northeast Retail

Marcus & Millichap Brokers $5.9M Sale of Retail Property in Queens

by Amy Works January 27, 2015

NEW YORK CITY — Marcus & Millichap has arranged the sale of a retail property located at 7508 and 7524 Broadway in Queens. The 7,940-square-foot property sold for $5.9 million. The property is located between Broadway and 41st Avenue in the Woodside/Elmhurst section of Queens. Matthew Fotis, Lazarus Apostolidis and Tae Lee of Marcus & Millichap’s Manhattan office represented the seller, a private investor, and the buyer, a private investor, in the transaction.

January 27, 2015

Hospitality Loans New York Northeast

HKS Capital Closes $39M in Refinancing for Giraffe Hotel in NYC

by Amy Works January 26, 2015

NEW YORK CITY — HKS Capital Partners has arranged $39 million in refinancing for Giraffe Hotel, which is located at 365 Park Avenue South in New York City’s Flatiron district. The 10-year loan features a 4.3 percent interest rate. Cantor Commercial Real Estate (CCRE) provided the CMBS loan. Jerry Swartz and Ayush Kapahi of HKS Capital negotiated the refinancing for the borrower. Henry Kallan owns the 39-key hotel, which is part of the Library Hotels Collection.

January 26, 2015

Mixed-Use Multifamily New York Northeast Retail

Greystone Buys Two Park Slope Properties for Residential, Mixed-use Developments

by Amy Works January 26, 2015

NEW YORK CITY — Greystone has acquired two adjacent properties — a landmarked building and a vacant lot — in Brooklyn’s Park Slope neighborhood for a combined total of $21.1 million. Located at 227 Fourth Ave., the first property, known as Brooklyn Lyceum, was originally constructed as a public bathhouse. The property was most recently used as a café and performance space. Greystone won a bid for the property at a Kings County foreclosure auction in October 2014 for $7.6 million. Greystone plans to restore the building’s façade and transform property into a townhouse-style condominium residence with ground-floor retails space. The second property, which sold for $13.5 million, is an adjoining vacant lot located at 225 Fourth Ave. Greystone plans to develop a mixed-use property on the site with approximately 68 rental units and 3,500 square feet of first-floor retail space. Additionally, the residential building will feature a fitness room, bike storage and roof deck.

January 26, 2015

Multifamily New York Northeast

Rosewood Realty Group Brokers $14.8M Sale of Brooklyn Apartment Building

by Amy Works January 26, 2015

NEW YORK CITY — Rosewood Realty Group has arranged the sale of an apartment building located at 2215 Newkirk Ave. in Brooklyn’s Flatbush neighborhood. The 117,564-square-foot property sold for $14.8 million, or 13 times its current rent roll. Built in 1927, the six-story building features 79 apartments. Aaron Jungreis of Rosewood represented the seller, 2215 Properties LLC, and David Berger, also of Rosewood, represented the buyer, Newkirk 2215 LLC, in the transaction.

January 26, 2015

Multifamily New York Northeast

GFI Realty Arranges $12.3M Sale of Manhattan Multifamily Building

by Amy Works January 26, 2015

NEW YORK CITY — GFI Realty Services has arranged the sale of a multifamily building located at 605 West 141st St. in the Hamilton Heights section of Manhattan. The 25-unit property sold for $12.3 million, or $492,000 per unit. The six-story elevator building is located within close proximity to the 1 train and the A, B, C and D lines. Yosef Katz of GFI Realty Services represented the seller, Madison Realty Capital, while Roni Abudi, also of GFI, represented the buyer, a local investor, in the transaction.

January 26, 2015

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