New York

Meridian Capital Closes $49M in CMBS Financing for Brooklyn’s Calko Medical Center

by Amy Works December 16, 2014

NEW YORK CITY — Meridian Capital Group has arranged a $49 million CMBS loan for the refinance of a medical office property located at 6002 Bay Parkway in Brooklyn. The 10-year CMBS loan features a fixed rate and interest-only payments for the first three years. Abe Hirsch and Zev Karpel of Meridian’s New York City headquarters negotiated the transaction. The newly constructed Calko Medical Center features 125,000 square feet of office and retail space. Additionally, the property is an Article 28 ambulatory surgery center, which provides patients with same-day surgical care, including diagnostic and preventive procedures.

December 16, 2014

Multifamily New York Northeast

Greystone Acquires Harlem Land Parcels for Mixed-Use Development

by Amy Works December 16, 2014

NEW YORK CITY — Greystone has acquired four adjacent land parcels on 125th and 126th streets in Harlem for $11.5 million. The New York-based real estate development and financial services company plans to develop the sites, located at 69, 71 and 75 East 125th St. and 58 East 126th, into a single mixed-use property. The 12-story building will feature a mix of market-rate residential units and affordable housing units. The land parcels were purchased at an auction in the U.S. Bankruptcy Court in the Southern District of New York.

December 16, 2014

Mixed-Use New York Northeast

TerraCRG Arranges $8.63M Sale of Park Slope Mixed-Use Building

by Amy Works December 15, 2014

NEW YORK CITY — TerraCRG has arranged the sale of a mixed-use building located at 857-861 Union St. in the Park Slope neighborhood of Brooklyn. The 14-unit building, which features 12 residential and two commercial units, sold for $8.63 million, or $842 per square foot. The new owner plans to reposition the 2,225-square-foot retail portion of the building. Adam Hess, Sam Shalumov and Edward Setton of TerraCRG negotiated the transaction.

December 15, 2014

New York Northeast Retail

RKF Arranges $18.5M Sale of Retail Property in Brooklyn

by Amy Works December 12, 2014

NEW YORK CITY — RKF has brokered the sale of a retail property, located at 197-205 Smith St. in Brooklyn’s Cobble Hill neighborhood. The 20,000-square-foot property sold for $18.5 million. The property offers 10,000 square feet on the ground floor and a 10,000-square-foot basement. Included in the sale are air rights for 10,000 buildable square feet that allows for future expansion. Brian Segall and Ernie Getz of RKF represented the seller, John Dee Corp., and the buyer, a partnership between Jackson Group, Aurora Capital and ACHS Management, in the transaction.

December 12, 2014

Mixed-Use Multifamily New York Northeast Retail

Marcus & Millichap Brokers $80.75M Sale of Manhattan Mixed-Use Portfolio

by Amy Works December 11, 2014

NEW YORK CITY — Marcus & Millichap has brokered the sale of an Upper West Side portfolio, a six-building mixed-use portfolio located in Manhattan’s Upper West Side. The portfolio features 152 multifamily units, 7,900 square feet of retail space and 62,655 square feet of air rights for future development. A private investor acquired the portfolio for $80.75 million, or approximately $515,000 per unit. The properties are 500 Cathedral Parkway, 3143 Broadway, 3147 Broadway, 3149 Broadway, 111 West 104th St. and 242 West 109th St. This is the first time the properties have changed hands in 30 years. Marco Lala of Marcus & Millichap’s Manhattan office represented the seller and buyer, both private investors, in the transaction.

December 11, 2014

Multifamily New York Northeast

CPEX Arranges $2.7M Residential Development Site Sale in Sheepshead Bay

by Amy Works December 11, 2014

NEW YORK CITY — CPEX Real Estate has brokered the sale of a development site at 2515-2517 Voorhies Ave. in Brooklyn’s Sheepshead Bay area. The two-lot site sold for $2.7 million, or $105 per buildable square foot. The 19,000-square-foot site is zoned approximately 25,650 buildable square feet of residential use. Additionally, the property was delivered with approved plans for construction. Sean Kelly, Orah Mansher, Sean Sears and James O’Neill represented the seller, Babe Realty Holding, in the transaction. The buyer, Hen Hui Gu Inc., was represented by Empire State Realty Group.

December 11, 2014

Multifamily New York Northeast

TerraCRG Brokers $1.75M Sale of Brooklyn Multifamily Building

by Amy Works December 11, 2014

NEW YORK CITY — TerraCRG has arranged the sale a multifamily building, located at 43 Lexington Ave. in Brooklyn’s Clinton Hill neighborhood. The 3,200-square-foot building, which features four apartments and a full basement, sold for $1.75 million. The building offers two one-bedroom units and two two-bedroom units. Additionally, the basement is currently occupied by an art studio. Ofer Cohen, Melissa Warren, Dan Marks, Peter Matheos and Michael Hernandez of TerraCRG represented both the seller and buyer in the transaction.

December 11, 2014

New York Northeast Office

North Shore-LIJ Buys 252,000 SF Office Building for $65M in Long Island

by Amy Works December 10, 2014

NEW YORK CITY — North Shore-LIJ has acquired 600 Community Drive in Long Island’s Manhasset for $65 million, or $260 per square foot. A partnership led by The Carlton Group’s Chairman Howard Michaels sold the property. Prior to the sale, the building’s ownership group made significant renovations to the property: achieved zoning approval to lease 80,000 square feet of the building for medical office use; approved and implemented a new renovation plans, including interior and improvements and a new façade entrance; and developed a solid pipeline of tenant activity, which allowed the property to become a multi-tenanted building. North Shore-LIJ has been a sub-tenant at the office building for the past eight years.

December 10, 2014

Mixed-Use New York Northeast

TerraCRG Brokers Sale of Brooklyn Development Site for $2M

by Amy Works December 10, 2014

NEW YORK CITY — TerraCRG has brokered the sale of a development site located at 414-416 Tompkins Ave. in Brooklyn’s Bedford-Stuyvesant neighborhood. Located between Hancock and Halsey streets, the two-lot property sold for $2 million. The site was delivered with a vacant 6,400-square-foot mixed-use building and full basement. The site has a considerable number of air rights and is located outside of the Geographic Exclusion area, which means it is eligible for the 412-a tax exemption. Ofer Cohen, Melissa Warren, Dan Marks, Peter Matheos and Michael Hernandez of TerraCRG represented the seller in the transaction.

December 10, 2014

Loans New York Northeast Retail

Houlihan-Parnes Realtors Arranges $1.6 M in Refinancing for Retail Building

by Amy Works December 10, 2014

MAMARONECK, N.Y. — Houlihan-Parnes Realtors LLC has arranged $1.6 million in refinancing for a retail property located at 426-438 Mamaroneck Ave. in Mamaroneck. The one-story building offers 10,250 square feet of retail space. The five-year, non-recourse loan features a 3.75 percent fixed rate with a 30-year amortization schedule. Additionally, the loan, which was closed with a local bank, features a five-year extension option. Elizabeth Smith of Goldberg Weprin Finkel Goldstein LLP represented the undisclosed borrower.

December 10, 2014

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