New York

Meridian Capital Arranges $50.6M Loan for NYC Multifamily Portfolio

by Amy Works October 23, 2014

NEW YORK CITY — Meridian Capital Group has arranged a $50.6 million mortgage to refinance a multifamily portfolio of properties located throughout Brooklyn and New York City. The borrower is Manhattan-based Fine Times Inc. The 17-property multifamily building portfolio totals 281 units located on West 68th Street, West 69th Street, West 70th Street, West 71st Street, West 73rd Street on Manhattan’s Upper West Side and on Columbia Heights, Pierrepont Street and Montague Terrance in the Brooklyn Heights neighborhood of Brooklyn. The seven-year loan, provided by a regional balance sheet lender, features a 3.38 percent fixed rate, three years of interest-only payments and a 30-year amortization schedule. Shamir Seidman of Meridian Capital’s New York City headquarters negotiated the transaction.

October 23, 2014

Mixed-Use Multifamily New York Northeast Retail

GHP Office Realty Brokers $4M Sale of Mixed-Use Property Sale in Yonkers

by Amy Works October 23, 2014

YONKERS, N.Y. — GHP Office Realty has arranged the sale of a three-story mixed-use building located at 1179 Yonkers Ave. in Yonkers. Juster Development purchased the property for $4 million or $200 per square foot. The building features 20 rent-regulated apartments and seven retail stores. Jamie Schwartz of GHP Office Realty represented the seller, a private New York City investor, in the deal. Gary Juster and Michael Juster, principals of Juster Development, served as in-house representation for the buyer. John Dunne of Lynn, Gartner, Dunn & Covello LLP provided legal counsel for the seller, while Steven Hirsch of Hirsch & Gibaldi LLP was counsel for the buyer.

October 23, 2014

Multifamily New York Northeast

Alpha Realty Arranges $8.3M Sale of Residential Building in Brooklyn

by Amy Works October 22, 2014

NEW YORK CITY — Alpha Realty has brokered the sale of 306 Fifth Avenue, a residential building located in the Park Slope section of Brooklyn. The six-story building sold for $8.3 million. Built in 2002, the 16,525-square-foot building features 10 residential apartments and one commercial unit. Additionally, there is a 421(a) tax abatement in effect on the property until 2025. Lev Mavashev of Alpha Realty represented the seller, the original developers, and the buyer, a Manhattan-based investor, in the off-market transaction. The transaction achieved a 19.8x rent roll multiple and a cap rate of 4.8 percent.

October 22, 2014

Multifamily New York Northeast

HAP Investments to Develop 10-Unit Residential Building in Washington Heights

by Amy Works October 22, 2014

NEW YORK CITY — New York City-based HAP Investments LLC is developing a new project at 284 Wadsworth Ave. in Washington Heights. Known as HAP 4.1, the six-story, 11,000-square-foot development will offer 10 one- and two-bedroom apartments and basement space. The project team will employ Insulated Concrete Form (ICF) wall system for building construction. HAP has selected Design AIDD Architecture to design the project. HAP is currently developing 11 other projects in Upper Manhattan and Chelsea as well as one in Jersey City, N.J.

October 22, 2014

Loans Multifamily New York Northeast

Emerald Creek Capital Lends $23M for Acquisition of Manhattan Development Site

by Amy Works October 21, 2014

NEW YORK CITY — Emerald Creek Capital has provided a $23 million acquisition loan for the purchase of a development site in Manhattan’s Lower East Side. Located at 50 Clinton St., the development site is zoned R7A and has approved plans for a seven-story condominium building offering 37 residential units and grade-level retail. The borrower is DHA Capital, a New York City-based development firm.

October 21, 2014

Industrial New York Northeast

CPEX Brokers $7.5M Sale of Warehouse Property in Brooklyn

by Amy Works October 21, 2014

NEW YORK CITY — The CPEX Industrial sales team has brokered the sale of a warehouse building located at 74 Kent Street in Brooklyn. Leeds United Construction Group LLC purchased the building for $7.5 million or $420 per square foot in an all-cash transaction. Leeds plans to convert the building into a combination of office and retail space. The three-story, 17,845-square-foot property was delivered vacant. Jacob Tzfanya and Christopher Burti of CPEX represented the undisclosed seller in the transaction.

October 21, 2014

Mixed-Use Multifamily New York Northeast Retail

Eastern Consolidated, Cresa New York Arrange $52.9M Sale of Mixed-Use Property

by Amy Works October 20, 2014

NEW YORK CITY — Eastern Consolidated and Cresa New York have arranged the $52.9 million sale of a residential and retail property located at 110-112 Greenwich St. in Lower Manhattan. Built in 1929 and last altered in 1998, the 66,530-square-foot property features 60 free-market apartments, corner retail space and 30,000 square feet of additional development rights. Peter Hauspurg, David Schechtman, Lipa Lieberman, Abie Kassin of Eastern Consolidated, along with Mark Jaccom and Elyse Schindler-Candella of Cresa New York, represented the buyer, Hersel Torkian of the BHT Corp., and the seller, 110 Greenwich Street Associates, in the transaction.

October 20, 2014

New York Northeast Retail

Winick Realty Group Brokers Two Retail Leases at 22 Spring Street in Nolita

by Amy Works October 20, 2014

NEW YORK CITY — Winick Realty Group has brokered the leases of two retail storefronts at 22 Spring St., which is located between Mott and Elizabeth streets in the Nolita neighborhood of New York City. The two 700-square-foot spaces were previously ground-floor apartments and recently underwent renovations to become retail space. Paint Box, an art gallery and custom framing store, and The Clay Pot, a boutique jewelry store, have leased the storefronts. Matthew Ball of Winick Realty Group represented Paint Box, which is opening in October. Andrew Mendel and Lindsay Charles of Ripco represented The Clay Pot, which plans to open in time for the holiday season. Darrell Rubens, Lee Block and Matthew Ball of Winick Realty Group represented the landlord, Samy Manhar, in the transactions.

October 20, 2014

Healthcare New York Northeast

GHP Office Realty Completes 15,000 SF of Medical Leases in White Plains

by Amy Works October 20, 2014

WHITE PLAINS, N.Y. — GHP Office Realty has leased the entire 15,000-square-foot, street-level of 7-11 South Broadway in White Plains. Located in the central business district, the four-story, 70,000-square-foot building has been repositioned to medical use and is now 100 percent leased to medical tenants. Formé Rehabilitation Inc. has signed a long-term lease for 11,500 square feet of space at the building. Gina Cappelli and Bruce Berg of Cappelli Enterprises represented Formé Rehabilitation Inc. Additionally, Broadway Dental Associates inked a long-term lease for the remainder of the floor, approximately 3,500 square feet, for a state-of-the-art dental infrastructure facility. Jamie Schwartz provided in-house representation for the owner, GHP Office Realty, in the deals.

October 20, 2014

Loans Multifamily New York Northeast

Eastern Union Funding Arranges $26M in Refinancing for 333 Greene Ave.

by Amy Works October 17, 2014

NEW YORK CITY — Eastern Union Funding has arranged $26 million in refinancing for 333 Greene Ave., a 12-story residential building located in New York City. The 56-unit project, which was bought out of foreclosure in 2013 by Bonjour Capital, is now 99 percent leased. When originally purchased, 333 Greene was an unfinished skeleton of a building. Now the property features lofts and apartments with floor-to-ceiling windows, stainless steel appliances and Caesarstone countertops. Shaya Sonnenschein of Eastern Union Funding arranged and underwrote the loan, which features a fixed 3.45 percent interest rate on a seven-year term. Mercantile Bank provided the loan.

October 17, 2014

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