New York

Arbor Funds $4M Loan for Mixed-Use Property in Syracuse

by Amy Works January 22, 2015

SYRACUSE, N.Y. — Arbor Commercial Mortgage has funded its first loan under the newly launched Freddie Mac Small Balance Loan initiative for Nettleton Commons, a mixed-use property located in Syracuse. Originally built in 1899 as a shoe factory, the property was converted into a multifamily building in 1988. The five-story property features 61 apartment units, nine commercial office spaces and one retail space. Stephen York originated the five-year $4 million loan, which carries one year of interest-only payments along with a 30-year amortization schedule. Eastern Union was the mortgage brokerage firm involved in the deal. The property is owned and managed by Steven and Silvia West, who purchased the property in 2007.

January 22, 2015

Multifamily New York Northeast

Ariel Property Advisors Arranges Sale of 20-Unit Multifamily Building

by Amy Works January 22, 2015

NEW YORK CITY — Ariel Property Advisors has arranged the sale of a 15,000-square-foot multifamily property located at 2475 Hughes Ave. in the Belmont section of the Bronx. A private investor acquired the property for $2.56 million. The 20-unit walk-up features six three-bedroom units, seven two-bedroom units and seven one-bedroom units. Victor Sozio, Scot Hirschfield and Jason Gold of Ariel Property Advisors represented the seller, a real estate investment firm, and procured the buyer in the transaction.

January 22, 2015

Industrial New York Northeast

AMERO Acquires 152,000 SF Industrial Facility in New York

by Amy Works January 21, 2015

NEW ROCHELLE, N.Y. — CBRE Group has arranged the sale of an industrial facility located at 125 Beechwood Ave. in New Rochelle. Arizona-based AMERCO purchased the 152,000-square-foot building for $6.1 million. The buyer is the parent company of U-Haul and plans to use the facility for truck and van rentals, as well as selling moving supplies. Kevin Langtry of CBRE represented the seller, LARS Realty Co., while Jami Savage and Kevin McCarthy, also of CBRE, represented the buyer in the transaction.

January 21, 2015

Multifamily New York Northeast

Ariel Property Advisors Brokers Sale of Bronx Development Site for $4.13M

by Amy Works January 21, 2015

NEW YORK CITY — Ariel Property Advisors has brokered the $4.13 million sale of a development site, located at 3084 Webster Ave. and 410-414 East 203rd St. in the Norwood section of the Bronx. The site is zoned for 93,000 buildable square feet as of right, and approximately 124,000 buildable square feet with inclusionary housing. The buyer, Stagg Group, plans to develop a residential rental building on the site. Victor Sozio, Shimon Shkury, Scot Hirschfield and Jason Gold of Ariel Property Advisors represented the seller, a developer and multifamily operator, and procured the buyer in the deal.

January 21, 2015

New York Northeast

ARK Development Signs 30-Year Lease to Develop, Oversee The ARK at JFK

by Amy Works January 20, 2015

NEW YORK CITY — ARK Development, an affiliate of Racebrook Capital, has signed a 30-year lease with the Port Authority of New York and New Jersey to develop, finance, construct, operate and manage The ARK at JFK, an animal handling and intelligent air cargo facility. The $48 million, 178,000-square-foot facility will be a USDA-approved, full-service, 24-hour airport quarantine facility for the import and export of horses, pets, birds and livestock. The facility will be constructed at the current site of Cargo Building 78 at JFK with 14.4 acres of surrounding ground area, which includes direct airside access to the taxiway and large aircraft ramp parking. The ARK at JKF will be divided into three complementary sections: the air cargo wing, a central administrative and business center with 24-hour veterinary hospital, and the main handling facility with pet boarding, animal import and export center, and livestock export handling system. The project will create more than 180 jobs and generate revenues for the Port Authority of New York and New Jersey estimated at $108 million over the project’s 30-year lease. Financing for the project will be facilitated by Build NYC, the city’s conduit bond issuer, which will issue bonds underwritten by Goldman …

January 20, 2015

Industrial New York Northeast Retail

2.3-Acre Development Site Sells for $28.3M in Brooklyn’s East Williamsburg

by Amy Works January 20, 2015

NEW YORK CITY — Massey Knakal, now Cushman & Wakefield, has arranged the sale of a development site located at 191-231 Moore St. in Brooklyn’s East Williamsburg neighborhood. The 2.3-acre site sold for $28.3 million, or $167 per buildable square foot, in an all-cash transaction. The site is located in a dual M1-1/M1-2 zone, which permits a total of approximately 169,496 buildable square feet for retail or commercial development. Additionally, the site features more than 1,100 feet of frontage on Moore, Seigel and White streets. The site current consists of five industrial buildings, totaling nearly 47,000 square feet. Brendan Maddigan and Stephen Palmese of Cushman & Wakefield handled the transaction. The buyer and seller were not disclosed.

January 20, 2015

New York Northeast Retail

Savanna Purchases 24,682 SF Retail Property in NYC’s Meatpacking District

by Amy Works January 19, 2015

NEW YORK CITY — Savanna has acquired a newly built retail property located at 461 West 14th St. in New York City’s Meatpacking District. Brandon Miller and Michael Miller of Real Estate Equities Corp. and Alfieri Development sold the 24,682-square-foot property, which is located under the High Line, for an undisclosed price. The property features 15-foot ceilings, all-glass storefronts and LED paneling atop the glass. Additionally, the floor plates can be configured into one or two large retail spaces or several smaller spaces, with 10,000 square feet on the corner of Tenth Avenue and 14th Street, and 6,000 square feet on the corner of Tenth Avenue and 15th Street. Savanna has engaged JLL to market the property. Neil Helman, Vincent Carrega, Jon Epstein and Charles Kingsley of Avison Young represented the seller, a single-purpose entity controlled by investor/developer Real Estate Equities Corp.

January 19, 2015

Hospitality New York Northeast

YOTEL, Synapse Development Group Bring First YOTEL-Branded Hotel to Brooklyn

by Amy Works January 19, 2015

NEW YORK CITY — Synapse Development Group and YOTEL are developing the first YOTEL-branded project in Brooklyn. Situated near the Brooklyn-Queens Expressway, the 100,000-square-foot mixed-use project will feature street-level retail space, a 110-key YOTEL Williamsburg hotel, residential condominiums and a rooftop garden. Designed by HWKN, the hotel is scheduled to open in 2017.

January 19, 2015

Multifamily New York Northeast

Alpha Realty Brokers Three Multifamily Sales Totaling $3.24M

by Amy Works January 19, 2015

NEW YORK CITY — Alpha Realty has brokered the sales of three multifamily properties located in Brooklyn and East New York totaling $3.24 million. In the first transaction, a multifamily investor purchased a three-story, nine-unit apartment building located at 200 28th St. in Brooklyn’s Greenwood Heights section. The 6,000-square-foot building sold for $1.4 million. In the second deal, an investor acquired a 642 Vermont St. in Brooklyn’s East New York area for $995,000. The three-story property features six apartments and one commercial unit. Additionally, 2162 Fulton St., located in Brooklyn, sold for $850,000. The property consists of four apartment units and one store. Lev Mavashev, Jacob Aronov and Adam Traub of Alpha Realty represented all parties in the off-market transactions.

January 19, 2015

Hospitality New York Northeast

Urgo Hotels & Resorts Buys Whiteface Lodge Resort in Lake Placid

by Amy Works January 16, 2015

LAKE PLACID, N.Y. — Bethesda, Md.-based Urgo Hotels & Resorts has acquired Whiteface Lodge Resort in Lake Placid for an undisclosed price. Located at Seven Whiteface Inn Lane in the Adirondacks, the resort offers 94 one- to four-bedroom suites, a private residence club, a 5,800-square-foot spa with six treatment rooms and a fully equipped fitness center. Additionally, the four-season resort features an indoor/outdoor swimming pool, ice skating rink, 54-seat movie theater, two bowling lanes, tennis courts, snowshoe/cross country trails and a private beach on Lake Placid with a canoe club providing boat rentals. The property also features a fine dining restaurant and 14 undeveloped acres, including lakefront property.

January 16, 2015

Newer Posts

Older Posts