LONG BEACH, N.Y. — Capital One Bank has provided an $18 million, fixed-rate loan to refinance Executive Towers at Lido in Long Beach. The borrower, the Walton Family, will use the seven-year loan, which features a 25-year amortization schedule, to replace an existing loan that was closed in 2010. The 276-unit beachfront apartment consists of two adjacent, seven-story apartment buildings with community amenities, including a pool, sauna, community room and doorman. Robert Akalski of Capital One Bank’s Melville, N.Y., office originated the transaction.
NEW YORK CITY — Megalith Capital Management and Urban Realty Partners have launched sales for 200 Water Street, a six-story boutique residential building in Brooklyn’s historic DUMBO neighborhood. The property includes 15 gallery-style condominiums featuring two, three or four bedrooms with expansive windows and up to 14-foot high ceilings. Converted from a former 1950s Brillo steel wool factory, 200 Water was designed by Gil Even-Tsur’s Architecture Workshop and Aufgang Architects. The building’s penthouse feature roof decks, terraces and floor-to-ceilings windows. On-site amenities include a fitness center, landscaped garden, bike storage and a doorman.
ASTORIA, N.Y. — Marcus & Millichap has brokered the sale of an apartment building located at 25-22 38th St. in Astoria. The three-unit apartment building sold for $1.6 million. Shaun Riney, James Saros and Daniel DeGiovanni of Marcus & Millichap’s Brooklyn office represented the seller, a developer, while Riney, Saros, DeGiovanni and Robert Hunter, also of Marcus & Millichap, secured and represented the buyer, a developer, in the transaction.
NEW YORK CITY — Kalmon Dolgin Affiliates has arranged a 9,000-square-foot lease for Izzy Rodriguez at 2302 Neptune Ave. in Brooklyn’s Coney Island neighborhood. The asset is comprised of a 5,000-square-foot building and a 4,000-square-foot parking lot. The property, which renovated after Superstorm Sandy, also features two portable lifts and air compressors. Izzy Rodriguez specializes in the restoration and refurbishing of exotic cars. Robert Klein of Kalmon Dolgin Affiliates represented the owner, Jeff Cohen, and the tenant, Izzy Rodriguez, in the transaction.
NEW YORK CITY — Marcus & Millichap has arranged the sale of a mixed-use property located at 741 Fulton St. in Brooklyn. BBD Enterprises sold the 2,600-square-foot property, which features multifamily and retail space, for $2.3 million. Dwane Omar Jones represented the seller and the buyer, a local private investment partnership, in the transaction.
NEW YORK CITY — Fundrise, a platform for crowdfunded online real estate investment, has partnered with 306 7th Street LLC to provide $2 million in funding for an apartment repositioning in Brooklyn’s Park Slope. The partnership has selected JLB Project Management to oversee the three-unit apartment repositioning. Fundrise investors are projected to receive a gross annual return of 11 percent paid current quarterly over an 18-month term. Crowdfunding is the practice of funding a project or venture by raising many small amounts of money from a large number of people, typically via the Internet. JPB Project Management specializes in high-quality, boutique projects in and around New York City. The firm has completed several similar renovations in the area.
NEW YORK CITY — Shorenstein Properties has undertaken a $30 million renovation and enhancement program at 1407 Broadway, a 1.1 million-square-foot office/retail building in New York. Designed by Fogarty Finger, the capital improvement program will include a new lobby and building entrance, façade improvements, elevator cab upgrades and updated retail storefronts. Shorenstein acquired the property’s ground lease from Abraham Kamber Associates and the sublease from Lighthouse in April 2015 for $330 million. Shorenstein has retained CBRE as the exclusive office space leasing agent. SRS Real Estate Partners will lead all retail brokerage activity.
ALBANY, N.Y. — Winn Companies, in partnership with Albany Housing Authority, has opened Livingston School Apartments in Albany after a $20.7 million adaptive reuse project. The company converted the four-story, 230,000-square-foot historic building into 103 units of mixed-income housing for seniors. The new property features 12 studio apartments, 76 one-bedroom apartments and 15 two-bedroom apartments. Eleven units are handicapped accessible and five are equipped for hearing or visually impaired residents. The Architectural Team served as architect and Keith Construction served as general contractor on the project, which was funded by federal and state low-income housing tax credits, and federal and state historic tax credits. Winn Companies includes Winn Development and Winn Residential. With the addition of Livingston School, Winn Residential now manages 9,200 apartments at 58 residential properties in New York State, as well as more than 4,000 homes for members of the U.S. Army at Fort Dunn.
NEW YORK CITY — Strathspey Crown Holdings LLC has signed a 10-year lease to quadruple its space at 570 Lexington Avenue in New York City. The Newport Beach, Calif.-based firm will now occupy 16,000 square feet of office space at the landmark Art Deco building. Comprising the 27th, 28th and 35th floors, the new space will feature high-end finishes and an architecturally distinctive stairwell between the 27th and 28th floors. David Turino provided in-house representation for the property owner and manager, The Feil Organization, while Strathspey was represented in-house for the transaction.
NEW YORK CITY — First Capital Real Estate Investments has acquired United Realty Advisors LP, the external advisor to United Realty Trust Inc. (URTI), and other affiliated entities. Immediately prior to the acquisition, First Capital and its affiliates entered into an asset contribution agreement with URTI pursuant to which First Capital and affiliated entities contributed 28 assets to the REIT, including 18 hotels, five retail and self-storage properties, various residential and commercial land for development, and contract rights to acquired 13 additional hotels and more than 1,000 multifamily units. The contributed assets exceed $175 million in value. Both transactions closed on Sept. 15.