New York

Cushman & Wakefield Brokers $86M Sale of Manhattan Retail Property

by Amy Works April 10, 2015

NEW YORK CITY — Cushman & Wakefield has brokered the sale of a retail co-op unit at 85 Fifth Ave. in Manhattan’s Ladies’ Mile Historic District. The property sold in an all-cash transaction for $86 million, or $6,643 per square foot. The 12,946-square-foot turnkey retail space features 6,406 square feet of ground floor space with 15-foot ceiling heights and 6,540 square feet of sellable lower level space with 10-foot ceiling heights. The property is currently leased to Anthropologie until April 2021. Bob Knakal and John Ciraulo of Cushman & Wakefield handled the transaction. The names of the seller and buyer were not released.

April 10, 2015

Hospitality New York Northeast

Muss Development Launches $43M Renovation of New York Marriott at the Brooklyn Bridge

by Amy Works April 10, 2015

NEW YORK CITY — Muss Development LLC has launched a $43 million renovation and repositioning program for the 667-unit New York Marriott at the Brooklyn Bridge, located at 333 Adams St. in downtown Brooklyn. The first phase of renovation, including The Bar, front desk and M Club Lounge, will be revealed in May. The renovation of the hotel’s ballroom and meeting rooms is slated for completion in September. Additionally, the redesign of the guestrooms will be revealed this spring, with renovations expected to be complete in 2016.

April 10, 2015

Loans New York Northeast Office

Meridian Capital Arranges $48M in Refinancing for NYC Office Building

by Amy Works April 9, 2015

NEW YORK CITY — Meridian Capital Group has arranged $48 million in refinancing for an office property located at 1156 Avenue of the Americas in New York City. The borrower was APF Properties. The seven-year loan, which was provided by a regional balance sheet lender, features a fixed rate, a five-year extension option and five years of interest-only payments followed by a 30-year amortization schedule. The nine-story office property offers 71,900 square feet of office space and 8,000 square feet of retail space. Tal Bar-Or of Meridian negotiated the financing on behalf of the borrower.

April 9, 2015

New York Northeast Office

WeWork Leases 180,000 SF of Office Space in NYC’s Times Square

by Amy Works April 8, 2015

NEW YORK CITY — WeWork has signed a 19-year lease for 180,000 square feet of office space at 1460 Broadway in Times Square. The company will occupy the entire 16-story building except for the second and third floors, which will be converted into a multi-level retail space. WeWork, a provider of shared workspace, community and services for entrepreneurs, freelancers, startups and small businesses, will take occupancy of the property later this year. The property is jointly owned by Himmel + Meringoff and The Swig Company. Additional terms of the lease were not released.

April 8, 2015

Multifamily New York Northeast Office

Triangle Equities Completes Construction of Residential/Office Building in Queens

by Amy Works April 7, 2015

NEW YORK CITY — Triangle Equities has completed the development of a nine-story mixed-use building located at 42-05 Parsons Blvd. in the Flushing neighborhood of Queens. The 28,546-square-foot condominium building features 14 residential units and five office units. The lower level of the building is being offered as a community facility space, totaling 6,755 square feet in five separate units. The space features 13-foot ceilings, a separate elevator and staircase and a private entryway. The top floors offer 14 two-bedroom/bathroom condos and two three-bedroom/bathroom penthouses on the top two floors. Ranging in price from $550,000 to more than $1 million, the residential condos feature hardwood floors, private balconies/terraces, walk-in closets, stacked washer/dryers and a video intercom entry system. Block & Lot Real Estate & Management is representing the ownership in all residential sales, while Cushman & Wakefield is handling the sale of the community facility space.

April 7, 2015

Mixed-Use New York Northeast

Broadway 152 LLC Purchases 69,876 SF Mixed-Use Property in Manhattan for $27M

by Amy Works April 7, 2015

NEW YORK CITY — Institutional Property Advisors (IPA) has brokered the sale of a mixed-use property located at 3671 Broadway in Manhattan’s Hamilton Heights neighborhood. Broadway 152 LLC purchased the 69,876-square-foot property from G-Way Management LLC for $27 million, or $386 per square foot. Built in 1908, the six-story building features 48 residential units and six ground-level retail spaces. The apartments feature hardwood floors, stainless steel appliances, granite countertops, exposed brick walls and recessed lighting. Peter Von Der Ahe, Scott Edelstein, Joe Koicim, Seth Glasser and Rafi Moskowitz of IPA, a division of Marcus & Millichap, represented the seller in the transaction.

April 7, 2015

New York Northeast Office

NorthStar Realty Finance Closes €1.1B Pan-European Office Portfolio

by Amy Works April 6, 2015

NEW YORK CITY — New York City-based NorthStar Realty Finance Corp. has closed the acquisition of a €1.1 billion ($1.2 billion U.S.) pan-European office portfolio that the company entered into an agreement to purchase in 2014. The approximately 186,000-square-meter (2 million-square-foot) portfolio comprises 11 Class A office properties located in seven of Europe’s top markets: London, UK; Paris, France; Hamburg, Germany; Milan, Italy; Brussels, Belgium; Amsterdam and Rotterdam, Netherlands; and Gothenburg, Sweden. NorthStar Realty financed the acquisition with €530 million of the seven year senior mortgages, denominated primarily in the local currencies of the respective properties, with a current weighted average interest rate of approximately 1.8 percent. NorthStar Realty Finance Corp. is a diversified commercial real estate company that is organized as a REIT. NorthStar Realty is managed by an affiliate of NorthStar Asset Management Group Inc. (NYSE: NSAM), a global asset management firm.

April 6, 2015

New York Northeast Retail

Hanley Investment Group Negotiates Sale of Four 7-Eleven Stores in New York

by Amy Works April 6, 2015

BUFFALO AND SOUTH WALES, N.Y. — Hanley Investment Group has brokered the sale of four triple-net-leased 7-Eleven stores in Buffalo and South Wales for a combined total of $3 million. In Buffalo, a Tacoma, Wash.-based private investor purchased two 7-Eleven stores from a Buffalo-based investor. The 2,835-square-foot property at 741 Kenmore Ave. sold for $800,000, and the 2,842-square-foot property at 975 Abbott Road sold for $800,000. Jeremy McChesney of Hanley Investment Group represented both the seller and buyer in the transaction. Also in Buffalo, a private investor from San Francisco purchased a 7-Eleven property at 959 Niagara St. for $851,000. Michael Chow of Jones Pacific Land Co. represented the buyer, while McChesney represented the seller, a local private investor, in the deal. In South Wales, a Hermosa Beach, Calif.-based private investor sold a 2,080-square-foot 7-Eleven store at 6444 Olean Road to a San Francisco-based private investor for $525,000. McChesney represented the seller, while Chow represented the buyer in the transaction.

April 6, 2015

New York Northeast Retail

Greystone Acquires Retail Development Site in TriBeCa for $17M

by Amy Works April 3, 2015

NEW YORK CITY — Greystone has acquired a retail development site at 108 Chambers St. in Manhattan’s TriBeCa neighborhood. Ashkenazy Acquisition Corp. sold the property for $17 million. Located on the corner of Church and Chambers streets, the site features a 2,000-square-foot building with ground-floor retail space and approximately 12,000 square feet of air rights.

April 3, 2015

Hospitality New York Northeast

Hodges Ward Elliot Brokers $343M Sale of The New York EDITION Hotel

by Amy Works April 2, 2015

NEW YORK CITY — Hodges Ward Elliot (HWE) has brokered the sale of The New York EDITION hotel, located at 5 Madison Ave. in New York City. Abu Dhabi Investment Authority (ADIA) purchased the hotel for $343 million from Marriott International. In 2013, Marriott announced its intention to sell three EDITION hotels — London, Miami and New York — to ADIA for a total of $816 million while maintaining long-term management agreements. This sale marks the final closing of that agreement. The Miami Beach EDITION sold in February 2015 and The London EDITION closed in 2014. HWE represented Marriott in all three transactions.

April 2, 2015

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