NEW YORK CITY — Eastern Consolidated has arranged a $42 million bridge loan for the acquisition of a development site located at 131-01 39th Ave. in the Flushing neighborhood of Queens. The borrower, Triple Star Realty, acquired the former Assi Plaza supermarket location for more than $90 million. Triple Star Realty plans to raze the existing structures and develop a 631,752-square-foot mixed-use complex. The waterfront property will feature a 360-unit residential space, a 200-room hotel, retail space, a supermarket, general and medical office space and parking. Jonathan Aghravi, Charles Han, Ben Tapper and Tripp Lyons of Eastern Consolidated arranged the financing for the borrower.
NEW YORK CITY — Madison Realty Capital (MRC) has provided $37 million of financing collateralized by three properties located in Queens. The undisclosed borrower is using the proceeds of the loan to close a separate acquisition in New York. The collateralized properties include 163-05 Archer Ave., a 32,471-square-foot retail building in Jamaica, Queens; 163-25 Archer Ave., a development site with 700,000 buildable square feet; and a newly developed condominium building in Flushing, Queens. MRC was able to close the transaction within six days of sourcing the opportunity.
PURCHASE, N.Y. — Colliers International has arranged a long-term relocation and expansion for Marks Paneth LLP. The accounting firm will occupy 19,939 square feet at 4 Manhattanville Road in Purchase starting in January 2016. The property is owned and operated by George Comfort & Sons. Al Gutierrez, Michael Cohen and Andy Roos of Colliers represented the tenant in the transaction. Dana Pike of George Comfort & Sons, along who Hilarie Siles and Stephens Banker of Newmark Grubb Knight Frank, represented the landlord in the transaction.
NEW YORK CITY — TerraCRG has brokered the sale of a two-building multifamily portfolio located at 719-723 Eighth Ave. and 704 Eighth Ave. in Brooklyn’s Park Slope. RedSky Capital and Megalith Capital Management sold the properties for $37 million, or $811 per square foot, to an undisclosed buyer. Adam Hess and Ofer Cohen of TerraCRG represented both parties in the transaction.
NEW YORK CITY — Ariel Property Advisors has brokered the sale of a four-property industrial facility in Brooklyn’s East Flatbush neighborhood. Located at 5255 Kings Highway and 2-24 Preston Court, the facility sold for $6.4 million, or $188 per square foot. The 34,396-square-foot asset, which consists of four buildings and a vacant lot, feature eight roll-down gates, one loading dock, multiple office spaces and conference room space. Jonathan Berman, Mark Spinelli, Daniel Tropp and Michael Tortorici of Ariel Property Advisors represented the seller, Zeluck Corp., and procured the buyer, a private investor, in the transaction.
NEW YORK CITY — Madison Realty Capital and Siguler Guff have acquired a retail condo property located at One Hanson Place in Brooklyn’s Fort Greene neighborhood. The joint venture purchased the 41,400-square-foot property for $20.4 million. The property sits at the base of the 41-story One Hanson Place, which was built in 1972. The name of the seller was not released.
NEW YORK CITY — Marcus & Millichap has brokered the sale of an office building located at 9020-9024 Fifth Ave. in Brooklyn. The 24,829-square-foot property sold for $7.5 million. Mark Zarrella and John Brennan of Marcus & Millichap’s Brooklyn office represented the seller and secured the buyer, both individual/personal trusts, in the transaction.
NEW YORK CITY — HKS Capital Partners has secured $109 million in financing to complete the SLS Midtown South, a boutique hotel at 444 Park Avenue South in New York City. Moin Development acquired a 14-story office building at the site in 2011 for $45 million and partnered with SBE to develop the $150 million SLS Midtown South, which is slated to open next spring. The 20-story hotel will feature a 6,000-square-foot sub-cellar. Ayush Kapahi and Gabrielle Simon of HKS Capital Partners arranged the financing, which was provided by Fortress Investment Group.
NEW YORK CITY — Meridian Capital Group has arranged $22.7 million in permanent financing for a multifamily property in New York City. The five-year loan, provided by a regional balance sheet lender, features a fixed rate of 3 percent and three years of interest-only payments. Located at 555 Edgecombe Ave., the 14-story property, known as the Paul Robeson Residence, contains 128 units. Judah Hammer and Daniel Neiss of Meridian Capital negotiated the financing for the undisclosed borrower.
SMITHTOWN, N.Y. — Whitetop Mountain Professional Properties and Stalco Construction, serving as general contractor, have broken ground on a medical and research building located in the Village of The Branch, a part of Smithtown. Located at 226 Middle Country Road, the 15,100-square-foot building will be occupied by North Shore-LIJ Health System diagnostic imaging center and the headquarters and product research and development facilities of MIDI, a consulting firm that focuses on medical, life sciences and home healthcare product development. The property will house state-of-the-art medical services and research & development facilities. The project team includes nf architectural designs, Design Bureau of Leonid Krupnik, RMS Engineering and Mottola Rini Engineers.