MEDFORD, N.Y. — A 10,000-square-foot Dollar Tree location has opened at Medford Plaza in Medford. Additional tenants at the retail center include Island Recreation, Edible Arrangements, Brick House Cardio, Medford Pastaria and Dunkin’ Donuts. Vintage Vapors is also slated to join the roster. Robert Delavale of Garden City, N.Y.-based Breslin Realty represented the undisclosed landlord in the transaction.
NEW YORK CITY — CPEX Real Estate has arranged the $6 million sale of 186-190 21st Street in Brooklyn. The CPEX Development & Conversion Sales Team sold the two adjacent lots to Sterling Town Equities for $300 per buildable square foot — a record price for the Greenwood Heights/South Slope neighborhood. The buyer plans to develop a condominium project on this site. The combined footprint at the sites is approximately 10,017 square feet. The property is zoned R6B with a maximum floor area ratio of 2.0, allowing for a total of 20,034 buildable square feet. The site currently consists of one small office building, delivered vacant, which will be demolished.
NEW YORK CITY — Jonathan Rose Cos. has begun construction of BCD:A (Brooklyn Cultural District Apartments), a 121,551-square-foot mixed-use, mixed-income property located at the corner of Lafayette Avenue and Ashland Place in the Downtown Brooklyn Cultural District. The $51.1 million, 11-story development includes 123 apartments of which 40 percent will be affordable to families earning between 80 percent and 130 percent of Area Median Income; 2,800 square feet of retail space for a flagship ’wichcraft restaurant; and 21,400 square feet for cultural use. The Center for Fiction will occupy 17,696 square feet and the Mark Morris Dance Group will occupy 3,757 square feet. Construction financing for the project has been provided by a $28 million construction loan from Citizens Bank. The development team for the project includes Dattner Architects, Bernheimer Architecture, and SCAPE Landscape Architects. The project is expected to meet or exceed LEED Silver standards. Residential building amenities include a resident lounge, a fitness center and a double-height conservatory. The property will also include a “Product Lending Library” (or “virtual closet”) that will include a collection of items that residents may need once in a while, but not every day. Examples of such items include a video projector, large …
NEW YORK CITY — Forest City Enterprises, a member of Greenland Forest City Partners (the joint venture developing the Pacific Park Brooklyn project), has closed on financing for the construction of 38 Sixth Avenue, a 303-unit, 100 percent affordable apartment building at Pacific Park Brooklyn, and work has begun on the building. For construction financing of 38 Sixth Avenue, the New York City Housing Development Corp. is providing an $83 million first mortgage loan for the building through the issuance of tax-exempt government debt obligations funded by Citi Community Capital. Greenland Forest City Partners is also receiving a $10 million subordinate loan from HDC and a $2 million subordinate loan from Citibank. Designed by SHoP Architects, 38 Sixth Avenue (formerly known as B3) is the third Pacific Park Brooklyn building on which Greenland Forest City Partners has broken ground since December 2014. The other buildings include 535 Carlton, a 100 percent affordable apartment building, and 550 Vanderbilt, a market-rate condominium building. The first building at Pacific Park, 461 Dean Street (formerly known as B2 BKLYN), broke ground at the end of 2012 and will include 50 percent market-rate apartments, 30 percent middle-income and 20 percent low-income units. 461 Dean Street …
YONKERS, N.Y. — Simone Development Cos. is redeveloping the former Boyce Thompson Institute property in northwest Yonkers into an 85,000-square-foot mixed-used complex. The property, which is located at the intersection of North Broadway and Executive Boulevard, will be rebranded as the Boyce Thompson Center and will include office space for business and medical use as well as retail stores, banking and two restaurants. The property — once home to a horticulture research center — was built in the 1920s, and Simone plans to restore the property to its original character. The property has remained abandoned for 40 years, with the main building and greenhouses falling into disrepair. Simone’s redevelopment plan includes construction of a new 18,000-square-foot addition that will resemble the existing 52,000-square- foot structure. A glass “greenhouse” will connect the new building with the existing building and will house an information gallery honoring the Boyce Thompson legacy. A two-level 15,000-square-foot, freestanding building will be built at the corner of Executive Boulevard and Executive Plaza; St. John’s Riverside Hospital in Yonkers has signed a lease for this space to be used for medical offices. The entire $35 million project is expected to require 20 months to complete.
PORT CHESTER, N.Y. — New York Life Real Estate Investors originated a $120 million loan for Port Chester Shopping Center, a 507,000-square-foot center anchored by Whole Foods and Kohl’s. The property is located on Boston Post Road in Westchester County. The 15-year loan was made to a joint venture between Depa USA and AVR Realty.
NEW YORK CITY — American Realty Capital Hospitality Trust Inc. (ARC Hospitality) has agreed to acquire a portfolio of 13 hotels from affiliates of Noble Investment Group LLC for $300 million. The Noble portfolio includes 12 select-service and extended-stay hotels and one full-service hotel, totaling 1,913 rooms. The hotels are located in Boston; Atlanta; Monterey, Calif.; Columbus, Ohio; Fort Worth, Texas; Chicago; Minneapolis; Birmingham, Ala.; and Northern and Central New Jersey. The hotels are franchised by major global brands including Hyatt Hotels, Hilton Hotels & Resorts and Marriott International. Hotel flags include Hyatt Place, Hilton Garden Inn, Hyatt House, Courtyard by Marriott and Hilton. ARC Hospitality was represented by Hunton & Williams LLP. The acquisition is subject to franchisor approvals and the completion of due diligence; the acquisition is expected to close in three separate tranches (which are not conditioned on each other) during the fourth quarter of 2015 and first quarter of 2016.
New York City — Lev Mavashev of Alpha Realty represented both the seller and buyer in the $5.6 million sale of 3315 and 3401 Avenue H in the Flatbush Section of Brooklyn. The corner buildings are located across the street from each other at the intersection of Avenue H and East 34th Street. The two properties together total 14,350 square feet with a total of 10 commercial units. Total buildable space for the two lots is 52,000 square feet, making the properties a future development play.
NEW YORK CITY — E&M Associates has acquired two multifamily properties in New York City’s Astoria neighborhood for $72.3 million from Related Cos. Located at 11-15 Broadway and 30-50 21st St., the properties are known as Astoria at Hallet’s Cove and Montenegro of Astoria, respectively. The properties offer a total of 144 rental units and 64 parking spaces. Astoria at Hallet’s Cove is an eight-story, 76,100-square-foot elevator building with 79 apartments, and Montenegro of Astoria is an eight-story, 59,240-square-foot elevator building with 65 apartments. Aaron Jungreis of Rosewood Realty Group represented both properties in the transaction.
NEW YORK CITY — HFF has arranged $25 million in refinancing for an office building located at 99 Madison Ave. in Manhattan. HFF placed the 15-year, fixed-rate loan with Voya Investment Management for the borrower, Windsor Management. Built in 1915, the 124,382-square-foot building features ground-floor retail space with offices on the upper floors. The property is fully leased to 12 tenants, including HAB Bank. Steven Klein and Jonathan Rosner of HFF arranged the financing for the borrower.