New York

HFF Closes Sale, Arranges Financing for The Montrose in Manhattan’s Murray Hill

by Amy Works February 9, 2015

NEW YORK CITY — HFF has arranged the sale of and financing for The Montrose, a multifamily building located in Manhattan’s Murray Hill. Gaia Real Estate Investments LLC purchased the property for an undisclosed price. Located on 308 East 38th St., the 22-story building offers 97 residential units, a 24-hour attendant, a sundeck with views of the Manhattan skyline and East River, a fitness center and tenant lounge with billiards and a flat-screen television. Built in 2001, the building is currently 100 percent leased. Andrew Scandalios, Eric Anton, Jose Cruz, Jeffrey Julien and Rob Hinckley of HFF represented the seller, while Steven Klein and Christopher Peck, also of HFF, arranged the financing for the transaction.

February 9, 2015

Loans Multifamily New York Northeast

Greystone Bassuk Group Closes $140M Refinancing for Apartment Tower in Brooklyn

by Amy Works February 6, 2015

NEW YORK CITY — Greystone Bassuk Group has closed a $140 million credit enhancement from Helaba Landesbank Hessen-Thüringen under The New York State Housing Finance Agency 80/20 Program for an affiliate of The Dermot Company and Lowe Enterprises Investment Management LLC. The financing was structured with $90 million of 2010 Series A low-floater, tax-exempt bonds; $9 million of 2015 Series A low-floater, tax-exempt bonds; and $41 million of 2015 Series B low-floater taxable bonds issued as permanent financing for 66 Rockwell Place in Brooklyn. Loan proceeds were used to repay Dermot’s existing construction loan and reduce the developer’s equity in the project. Located on the corner of Flatbush Avenue and Rockwell Place, 66 Rockwell is a 42-story apartment building featuring 326 residential units, 7,000 square feet of retail space and 40,000 square feet of garage parking.

February 6, 2015

New York Northeast Office Retail

Meadow Partners Converts 866 United Nations Plaza into Commercial Condo Property in NYC

by Amy Works February 6, 2015

NEW YORK CITY — Meadow Partners, through an affiliate, has converted 866 United Nations Plaza, a 471,000-square-foot office building, into a commercial condominium property containing office, retail and garage space. Located at the base of two 32-story residential towers on 48th Street in New York City, the property offers six 78,000-square-foot floors and units ranging in size from less than 1,000 to more than 50,000 square feet. Additionally, units can be combined and demised to accommodate users of varying sizes. Sale prices range from under $1 million to more than $60 million, depending on unit size, view and floor plan. Built in 1965, the property features two lobbies, 24/7 security, 17-foot travertine walls and polished granite floors, six elevators, a separate service entrance with loading dock and oversized freight elevator, and an underground parking garage. Rudder Property Group is marketing the building, which is managed by Jones Lang LaSalle.

February 6, 2015

New York Northeast Retail

STREAM Capital Partners Brokers $3.2M Sale of Stop & Shop Ground Lease

by Amy Works February 5, 2015

FARMINGVILLE, N.Y. — STREAM Capital Partners has brokered the sale of a property located at 2350 N. Ocean Ave. in Farmingville. The property is under a long-term ground lease to Stop & Shop. A private REIT purchased the property for $3.2 million from a private owner. Jordan Shtulman and Jonathan Wolfe of STREAM Capital Partners represented the seller in the transaction.

February 5, 2015

New York Northeast Office

American Realty Capital NYCR to Buy 545,000 SF Office Building in Manhattan

by Amy Works February 2, 2015

NEW YORK CITY — American Realty Capital New York City REIT Inc. (NYCR) has entered into an agreement to acquire an institutional-quality office building in downtown Manhattan for $253 million, exclusive of closing costs. Located at 123 William St., the 545,000-square-foot property is currently 81 percent leased. The property’s largest tenants include the State of New York, the City of New York, the United States of America, the Securities Training Corp. and McAloon & Friedman PC. Additional terms of the transaction were not released.

February 2, 2015

Mixed-Use New York Northeast

Eastern Consolidated Arranges $20M Sale of Commercial Loft Building in NYC

by Amy Works February 2, 2015

NEW YORK CITY — Eastern Consolidated has arranged the sale of a commercial loft building located at 34 West 17th St. in New York City’s Flatiron District. Extell Development sold the 25,000-square-foot property for $20 million to Atkins & Breskin Co. The 10-story, pre-war building features ground-level and basement retail components. Additionally, the currently vacant property is zoned for residential, office, retail or mixed-use development. Ronald Solarz, Chris Matousek and Michael Levine represented the seller and procured the buyer in the deal.

February 2, 2015

Multifamily New York Northeast

Marcus & Millichap Brokers $12.6M Manhattan Apartment Building Sale

by Amy Works January 30, 2015

NEW YORK CITY — Marcus & Millichap has brokered the sale an apartment building located at 425-431 West 205th St. in Manhattan’s Inwood neighborhood. The six-story, 72-unit elevator building sold for $12.6 million, or $175,000 per unit. Peter Von Der Ahe, Scott Edelstein, Seth Glasser and Rafi Moskowitz of Marcus & Millichap’s Manhattan office represented the seller, a private individual, and the buyer, a family partnership, in the transaction.

January 30, 2015

New York Northeast Office Retail

TerraCRG Arranges $7.5M Sale of Brooklyn Commercial Property

by Amy Works January 30, 2015

NEW YORK CITY — TerraCRG has arranged the sale of a commercial property located at 340 Wythe Ave. in the Williamsburg neighborhood of Brooklyn. The 8,633-square-foot property sold for $7.5 million. The property site is zoned M3-1, which allows for approximately 17,266 gross buildable square feet of commercial development, including office or retail space. Ofer Cohen, Melissa Warren, Peter Matheos, Dan Marks and Michael Hernandez of TerraCRG represented the seller in the deal.

January 30, 2015

Multifamily New York Northeast

Ariel Property Advisors Negotiates $6.5M Apartment Building Sale in NYC

by Amy Works January 30, 2015

NEW YORK CITY — Ariel Property Advisors has brokered the sale of a five-story multifamily building, located at 309 West 111th St. in New York City’s Morningside Heights section. The 12,310-square-foot property sold for $6.5 million. The 16-unit property offers a mix of two- and three-bedroom units. Shimon Shkury, Victor Sozio, Michael Tortorici, Josh Berkowitz and Marko Agbaba of Ariel Property Advisors represented the seller and procured the buyer, both real estate investment groups, in the deal.

January 30, 2015

New York Northeast Office

Media General Leases Entire 62nd Floor of Empire State Building

by Amy Works January 30, 2015

NEW YORK CITY — Richmond, Va.-based Media General Inc. has leased the entire 62nd floor of the Empire State Building in New York City. The company plans utilize the 26,782-square-foot space to centralize its six digital media companies and national sales headquarters into one location. Fred Posniak provided in-house representation for the landlord, Empire State Realty Trust, along with William Cohen, Jonathan Tootell and Shanae Ursini of Newmark Grubb Knight Frank. James Gross and Peter Gross of Douglas Elliman Commercial represented Media General in the deal.

January 30, 2015

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