New York

Madison Realty Capital Provides $66M in Financing for Three Flushing Properties

by Amy Works November 5, 2014

NEW YORK CITY — Madison Realty Capital (MRC) has provided $66 million in financing for a 100,500-square-foot retail and office property, a 24,000-square-foot retail condominium and an 88-car parking garage in Flushing, Queens. The properties are located adjacent to one another at the corner of Main Street and Sanford Avenue, including the three-story office/retail building at 41-60 Main Street and commercial/parking property at 133-38 Sanford Avenue. The borrower plans to use the loan to recapitalize the properties from the special servicer who was managing the assets.

November 5, 2014

Mixed-Use New York Northeast

RKF Arranges $32.3M Sale of Mixed-Use Building in SoHo

by Amy Works November 5, 2014

NEW YORK CITY — RKF has arranged the $32.3 million sale of 102 Green Street, a retail/residential property located in Manhattan’s SoHo district. SL Green purchased the property from BLDG Greene Street LLC. The acquisition includes the 9,200-square-foot building and 5,500 square feet of air rights for future commercial development. Galeria Melissa, a high-end designer shoe salon, currently occupies the 2,000-square-foot retail component within the property. The asset also features two residential units on the second and third floors. Jeff Fishman and Ross Berkowitz of RKF represented the seller and procured the buyer. Additionally, Fishman represented BLDG Green Street LCC in its purchase of the property for $11.9 million in June 2012.

November 5, 2014

Mixed-Use New York Northeast

TerraCRG Brokers $6.7M Sale of Brooklyn Commercial Loft Building

by Amy Works November 5, 2014

NEW YORK CITY — TerraCRG has brokered the sale a commercial loft building located at 46 Old Fulton St. in the Dumbo/Fulton Ferry district of Brooklyn. The four-story, 17,864-square-foot loft building sold for $6.7 million or $375 per square foot. The property has a total of 22,330 gross usable square feet and 42 feet of frontage on Old Fulton Street. The existing building is configured as nine commercial units with a full basement. The 3,466-square-foot retail space and the entire fourth floor was delivered vacant. Ofer Cohen, Melissa Warren, Dan Marks, Peter Matheos, Michael Hernandez and Joey Terzi of TerraCRG represented both the buyer and seller in the transaction.

November 5, 2014

Loans Multifamily New York Northeast

Mission Capital Advisors Arranges $148.5M Loan for Queens Plaza South Development

by Amy Works November 4, 2014

NEW YORK CITY — Mission Capital Advisors has arranged $148.5 million in non-recourse construction financing for the development of Queens Plaza South, a rental apartment building in Long Island City, Queens. The 44-story property will feature 391 apartment units, 165 parking spaces and 20,000 square feet of retail space. On-site amenities will include a rooftop pool, fitness center, lounge and children’s playroom. Mission Capital represented the sponsor, a joint venture between Property Markets Group, Karman Hakim and New Valley LLC, in arranging the financing with Deutsche Bank. The loan represented 70 percent of the total capitalization for the project. NorthStar Finance provided a $40.3 million mezzanine loan bringing the total financing to $188.7 million or 90 percent of the total project capitalization. Jason Cohen, Ari Hirt, Steve Buchwald and Jamie Matheny of Mission Capital represented the sponsor.

November 4, 2014

Loans Multifamily New York Northeast

Canyon Capital Provides $120M Construction Loan for Brooklyn Residential Project

by Amy Works November 4, 2014

NEW YORK CITY — Canyon Capital Realty Advisors LLC has provided $120 million in senior construction financing to LSG 365 Bond Street LLC, an affiliate of Lightstone. The loan will be used for the ground-up development of a 12-story residential community in Brooklyn’s Gowanus neighborhood. Located at 365 Bond St., the multifamily property will feature 429 residential units, including 86 affordable housing units. Additionally, the project will include a public esplanade along the Gowanus Canal, which will provide a lighted walkway, public outdoor space and access to the canal. Meridian Capital Group advised Lightstone on the transaction.

November 4, 2014

Loans Mixed-Use Multifamily New York Northeast

Mission Capital Secures $21M in Financing for Acquisition of 66 Pearl Street

by Amy Works November 3, 2014

NEW YORK CITY — Mission Capital Advisors’ Debt & Equity Finance Group has arranged $21 million in first mortgage financing on behalf of Northwind Group for the acquisition of 66 Pearl Street in New York City. Northwind Group is purchasing the six-story, mixed-use residential property located in New York City’s Financial District for $30 million. The 43,546-square-foot building features 42 residential units, with 6,485 square feet of ground-floor retail. Jonathan More, Ari Hirt, Steve Buchwald and David Behmoaras represented the sponsor, Northwind Group, in arranging the financing with Sterling National Bank.

November 3, 2014

Mixed-Use Multifamily New York Northeast

Ariel Property Advisors Brokers Sales of Two Upper Manhattan Properties

by Amy Works November 3, 2014

NEW YORK CITY — Ariel Property Advisors has brokered the sales of two properties located in Upper Manhattan totaling $7.2 million. In the first transaction, a private developer purchased a development site at 1516-1532 Park Avenue in East Harlem for $3.8 million. Zoning for the property permits approximately 28,730 buildable square feet as-of-right for a mixed-use development, and approximately 35,419 buildable square feet with a community facility. Michael Tortorici, Victor Sozio, Shimon Shkury and Marko Agbaba of Ariel represented the seller, a private investor, and procured the buyer in the deal. In the second transaction, a private real estate investment group sold 422 St. Nicholas Avenue in Central Harlem for $3.35 million to a private real estate investment group. The 11,105-square-foot building consists of 10 units with nine three-bedroom units and one two-bedroom unit. Sozio, Tortorici and Shkury represented both parties in the transaction.

November 3, 2014

Multifamily New York Northeast

TerraCRG Arranges $1.6M Sale of Brooklyn Development Site

by Amy Works November 3, 2014

NEW YORK CITY — TerraCRG has brokered the sale of a development site located at 949 Pacific St. in Brooklyn for $1.6 million or $385 per buildable square foot. Located on the border of Prospect Heights and Crown Heights, the site was delivered with a partially constructed property and active permits with approved plans for residential development. The plans include 4,120 gross square feet with four units, including three one-bedroom apartments and one duplex two-bedroom penthouse unit. Ofer Cohen, Melissa DiBella Warren, Dan Marks, Peter Matheos, Michael Hernandex and Joey Terzi of TerraCRG represented the seller in the transaction.

November 3, 2014

Multifamily New York Northeast

GFI Realty Services Arranges $60.3M Sale of Four-Building Multifamily Portfolio

by Amy Works October 31, 2014

NEW YORK CITY — GFI Realty Services has arranged the sale of a four-building multifamily portfolio in Brooklyn’s Bay Ridge and Midwood neighborhoods for $60.3 million or $232,000 per unit. The properties include 465-476 84th Street in Bay Ridge, 2566 Ocean Avenue, 1745 East 12th Street and 1811 Quentin Road in Midwood. Daniel Shragaei and Yosef Katz of GFI represented both the buyer and the seller in the off-market transaction.

October 31, 2014

New York Northeast

HFF Arranges Sale of Long Island City Development Site

by Amy Works October 31, 2014

NEW YORK CITY — HFF has arranged the sale of a development site located at 11-55 49th Ave. in Long Island City. Criterion Group purchased the site for an undisclosed price. Currently a 26,415-square-foot vacant parking lot, the site is zoned for 132,074 square feet of residential or commercial development. Andrew Scandalios, Jeff Julien, Rob Hinckley and David Fowler of HFF represented the seller and procured the buyer in the transaction.

October 31, 2014

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