New York

Crest Realties Acquires Washington Heights Multifamily Building for $9M

by Amy Works May 7, 2015

NEW YORK CITY — Crest Realties has acquired a multifamily building in Manhattan’s Washington Heights neighborhood for $9 million. Located at 140 Wadsworth Ave., the six-story building features 31 apartments and four professional offices. The property is adjacent to 4240 Broadway and near 4300 Broadway, two multifamily properties that Crest Realties purchased in November 2013 for $23.7 million. Peter Vanderpool and Lazer Sternhell of Cignature Realty Associates represented the buyer and the seller, 140 Wadsworth (a local family estate), in the transaction.

May 7, 2015

Connecticut Loans Mixed-Use Multifamily New York Northeast Retail

Avant Capital Partners Originates $6.3M in Bridge Loans for Two Properties

by Amy Works May 7, 2015

NEW YORK CITY AND GREENWICH, CONN. — Avant Capital Partners has originated $6.3 million in bridge loans for two properties in Manhattan and Greenwich. The project located in Manhattan’s Midtown West neighborhood comprises three contiguous mixed-use properties offering 20 apartments and three ground-floor retail units in a total of 16,916 square feet. In Greenwich, the asset consists of four under-construction condominium units. Each unit will feature three bedrooms, 3.5 bathrooms and high-end interior finishes, including hardwood floors and high ceilings. The average unit size for the condos is 3,650 square feet.

May 7, 2015

Market Reports New York Northeast Northeast Market Reports Retail

Brooklyn Retail Grew 80 Percent in Just Two Years

by Jaime Lackey May 6, 2015

It’s no longer a secret that Brooklyn is booming, particularly the borough’s retail scene. Retail rents have climbed continuously over the last five years. Retail density has increased almost exponentially. A recent study by CPEX of Brooklyn’s notable retail corridors (meaning areas with rents averaging more than $35 per square foot) found the number of these corridors has increased 80 percent in just two years. But what’s driving Brooklyn’s record pace of retail growth? Several market factors have created a perfect storm for Brooklyn’s retail resurgence. Development in the borough has peaked over the past two years, with permits for new residential developments up 116 percent in that timespan. Nearly 20,000 new units are in the pipeline, almost twice the number of permits in Manhattan and 149 percent more than the other outer boroughs combined. The office vacancy rate has dropped to 4.2 percent in Brooklyn, the lowest in the United States. Tourism continues to spike thanks to the borough’s noteworthy parks, the year-round arts and cultural events in the Brooklyn Academy of Music (BAM) Cultural District, and the Barclays Center’s sporting and concert events. In the meantime, hotel developments are trying to keep pace with the influx of tourists …

May 6, 2015

Multifamily New York Northeast Seniors Housing

115-Unit Assisted Living Community Opens in Scarsdale, N.Y.

by Amy Works May 5, 2015

SCARSDALE, N.Y. — Developer Amba P. Sharma has opened The Ambassador of Scarsdale, an assisted living community located at 9 Saxon Wood Road in Scarsdale. The 115-unit property features studio, one-bedroom and two-bedroom residences, a secure on-site memory care program, a fitness center, fully equipped medical offices, a restaurant, fine arts studio, full-service beauty salon and spa, a living room and lounge with fireplaces, and a business center. The project team includes Stamford, Conn.-based Perkins Eastman Architects, Jasper Design and Solutions-Advisors.

May 5, 2015

Loans Multifamily New York Northeast

CIT Bank Provides $57.5M Acquisition Loan for Brooklyn Waterfront Property

by Amy Works May 4, 2015

NEW YORK CITY — CIT Group Inc., through CIT Real Estate Finance, has provided a $57.5 million senior secured loan to a joint venture between RedSky Capital LLC, JZ Capital Partners and other investors. The joint venture will use the loan to acquire a property along the Brooklyn waterfront. Located in the Greenpoint neighborhood, the property includes 112,226 square feet of land and 19,820 square feet of pier space. The partnership plans to develop a 40-story residential tower on the site when leases for the existing industrial buildings expire in the next two years. The project plans include both market-rate and affordable rental apartments and 100,000 square feet of ground-level retail space. The financing was provided by CIT Bank.

May 4, 2015

Multifamily New York Northeast

Eastern Consolidated Arranges $39M Sale of Upper West Side Development Site

by Amy Works May 4, 2015

NEW YORK CITY — Eastern Consolidated has arranged the off-market sale of a development site located at 207 West 79th St. on the Upper West Side. Anbau Enterprises purchased the 6,600-square-foot site for $39 million from 79th Street Associates LLC. The site offers 60,000 buildable square feet. The buyer plans to demolish the existing five-story building and develop a 13-story luxury condominium project on the site. George Moss of Eastern Consolidated procured the buyer, while Deborah Gutoff, also of Eastern Consolidated, represented the seller in the transaction.

May 4, 2015

Industrial New York Northeast

PaperWorks Industries Leases 496,200 SF Industrial Space in Syracuse

by Amy Works May 4, 2015

SYRACUSE, N.Y. — Philadelphia Mills, Pa.-based PaperWorks Industries has signed a lease for 496,200 square feet of industrial space in Syracuse. PaperWorks has leased the space from Orangeball LLC through 2032. Dennis Hennessy of COR Brokerage represented the landlord, while Mark Rupprecht of CBRE/Syracuse represented the tenant in the transaction. Additional terms of the lease were not released.

May 4, 2015

Hospitality New York Northeast

Picone Construction Completes Wingate by Wyndham Hotel in Niagara Falls

by Amy Works May 1, 2015

NIAGARA FALLS, N.Y. — Picone Construction has completed the $10 million Wingate by Wyndham Hotel in Niagara Falls. Located at 333 Rainbow Blvd., the four-story 100,000-square-foot hotel features 110 rooms, an indoor pool, breakfast area, meeting and board space, a fitness center, a restaurant and retail space. The architect of record was Silvestri Architects and the project engineer was Studio T3 Engineering.

May 1, 2015

Industrial New York Northeast

NAI James E. Hanson Arranges 84,400 SF Industrial Lease in the Bronx

by Amy Works May 1, 2015

NEW YORK CITY — NAI James E. Hanson has facilitated a long-term lease for Plated, a weekly subscription-based service that provides boxes of fresh, seasonal, pre-portioned ingredients and chef-designed recipes. The company will occupy 84,400 square feet of industrial space at 511 Barry St. in the Bronx. Located off the Bruckner Expressway, the site provides easy access to several major highways, including the Major Deegan and Cross Bronx Expressways, as well as the Bronx River Parkway. Barry Cohorsky of NAI Hanson represented Plated, while John Reinertsen and Timothy Sheehan of CBRE Inc. represented the landlord, Baldor Specialty Foods Inc., in the transaction.

May 1, 2015

New York Northeast Retail

RKF Arranges $11M Sale of Retail Condo in NYC

by Amy Works April 30, 2015

NEW YORK CITY — RKF has arranged the sale of a retail condominium located at 50 Bond St. in New York City’s NoHo district. Thor Equities purchased the 6,400-square-foot property from Stewart & Sons for $11 million. The property features seven units with 13-foot ceilings on the ground floor and more than 30 feet of frontage on Bond Street. Eva Scrivo Salon currently occupies the ground-floor retail space. Brian Segall of RKF represented both parties in the transaction.

April 30, 2015

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