New York

Dwight Mortgage Trust Provides $155M Loan for Refinancing of Bronx Multifamily Property

by Taylor Williams August 18, 2025

NEW YORK CITY — Dwight Mortgage Trust, the affiliate REIT of New York City-based Dwight Capital, has provided a $155 million bridge loan for the refinancing of 261 & 315 Grand Concourse, a multifamily property in The Bronx. The newly developed, adjacent multifamily buildings house a total of 405 units: 261 Grand Concourse has 283 market-rate units, and 315 Grand Concourse has 122 affordable housing units. Residences are furnished with marble bathroom countertops, ceramic tiling and stainless steel appliances, and amenities include a fitness center, coworking space, resident lounge and outdoor terraces. Pinchas Vogel of Landstone Capital Group arranged the debt on behalf of the borrower, Beitel Group.

August 18, 2025

Affordable Housing Loans Multifamily New York Northeast

Merchants Bank Funds $60.5M Acquisition Loan for Queens Affordable Housing Property

by Taylor Williams August 18, 2025

NEW YORK CITY — Merchants Bank has funded a $60.5 million acquisition loan for Ocean Park Apartments, a 602-unit affordable housing property located in the Far Rockaway area of Queens. Ocean Park Apartments consists of two 26-story buildings that house one-, two- and three-bedroom units, as well as four commercial spaces. Roughly 70 percent (423) of the units are reserved for households earning 60 percent or less of the area median income, and the remaining (179) units are earmarked for renters earning 80 percent or less of the area median income. The borrower, local owner-operator Tredway, will use a portion of the proceeds to fund capital improvements and preserve and extend the property’s affordability status. Michael Milazzo of affiliate Merchants Capital originated the debt.

August 18, 2025

Leasing Activity New York Northeast Office

Rabin & Partners Signs 10,881 SF Office Lease Renewal in Midtown Manhattan

by Taylor Williams August 18, 2025

NEW YORK CITY — Rabin & Partners LLP has signed a 10,881-square-foot office lease renewal in Midtown Manhattan. The family law firm will remain a tenant at 11 Times Square, a 40-story, 1.1 million-square-foot building located at the corner of Eighth Avenue and 42nd Steet. Sam Seiler of CBRE represented the tenant in the lease negotiations. SJP Properties owns 11 Times Square.

August 18, 2025

Development Loans Multifamily New York Northeast

Partnership to Develop Three Apartment Buildings Totaling 1,000 Units in Brooklyn

by Taylor Williams August 15, 2025

NEW YORK CITY — A partnership between The Domain Cos., LMXD, which is an affiliate of L&M Cos., and Park Tower Group will develop three apartment buildings totaling roughly 1,000 units in the Greenpoint area of Brooklyn. The project, which will include 300 affordable housing units and 20,000 square feet of retail space, will be part of Greenpoint Landing, a 22-acre waterfront development that will ultimately have 5,500 residential units. Handel Architects is designing the project, and Field Operations is handling landscape design. Bank OZK provided the partnership an $81 million senior loan for the acquisition of the land, and InterVest Capital Partners provided $33 million in mezzanine financing, as well as a structured equity solution for acquisition and pre-development costs. Christopher Peck, Nicco Lupo, Rob Hinckley, Scott Aiese and Jonathan Faxon of JLL arranged the financing. Vertical construction is expected to begin next summer.

August 15, 2025

Acquisitions Multifamily New York Northeast

Cushman & Wakefield, Pyramid Arrange $82.4M Sale of Two Multifamily Properties in Upstate New York

by Taylor Williams August 14, 2025

CLIFTON PARK, N.Y. — Cushman & Wakefield and Pyramid Brokerage Co. have co-arranged the $82.4 million sale of Foxrun Apartments and North Pointe Apartments, two multifamily properties in the upstate New York community of Clifton Park. Spanning 41 acres, Foxrun Apartments offers 468 units. Spanning 12 acres, North Pointe Apartments totals 198 units. Affiliates of The Solomon Organization sold the properties to Merion Realty Partners, which partnered with Eastham Capital on the deal. Niko Nicolaou, Ryan Dowd, Peter Welch, J.P. Hohl and Alexandria Russo Ebers of Cushman & Wakefield, alongside Jonathan Weinstein, Robert Stewart and Joseph Mahoney of Pyramid Brokerage Co. represented both parties in the transaction. Both properties were more than 90 percent occupied at the time of sale.

August 14, 2025

Leasing Activity New York Northeast Office

CityPickle to Open 37,000 SF Venue at 1501 Broadway in Midtown Manhattan

by Taylor Williams August 14, 2025

NEW YORK CITY — Pickleball concept CityPickle will open a 37,000-square-foot venue at 1501 Broadway in the Times Square area of Midtown Manhattan. The space will be located on the eighth floor of the 885,000-square-foot tower, which is known locally as the Paramount Building due to its original construction as the home of Paramount Pictures. The venue will feature seven courts, a bar and restaurant, lounge and event space and locker rooms. The space will also serve as CityPickle’s new corporate headquarters office. The opening is scheduled for the fall.

August 14, 2025

Leasing Activity New York Northeast Office

GMA Accessories Signs 23,698 SF Office Lease Extension in Midtown Manhattan

by Taylor Williams August 14, 2025

NEW YORK CITY — Apparel retailer GMA Accessories has signed a 23,698-square-foot office lease extension in Midtown Manhattan. The lease term is approximately 12 years, and the space spans the seventh and 10th floors at 389 Fifth Avenue, a 12-story building that was originally constructed in 1922. Max Koeppel of Koeppel Rosen LLC represented the landlord, the Rosen Family, in the lease negotiations on an internal basis. Michael Joseph of Colliers represented the tenant.

August 14, 2025

Development Multifamily New York Northeast

BRP Cos. Completes 614-Unit Mixed-Income Multifamily Development in Queens

by Taylor Williams August 13, 2025

NEW YORK CITY — Locally based owner-operator BRP Cos. has completed Ruby Square, a 614-unit mixed-income multifamily development in the Jamaica area of Queens. Ruby Square features a mix of studios (seven), one-bedroom units (454) and two-bedroom apartments (153). About a third (185) of the units are affordable for residents earning between 80 and 130 percent of the area median income. The property also offers 50,000 square feet of amenity space across a two-level private park, multiple rooftop lounges, a fitness center, coworking spaces, multiple resident lounges, an indoor basketball court, children’s playroom, pet grooming facilities and a 24/7 attended lobby. Leasing launched in May, at which time market-rate rents started at about $2,800 per month.

August 13, 2025

Acquisitions Development Multifamily New York Northeast

Ariel Property Advisors Arranges $20M Sale of Multifamily Development Site in Brooklyn

by Taylor Williams August 13, 2025

NEW YORK CITY — Locally based brokerage firm Ariel Property Advisors has arranged the $20 million sale of a multifamily development site in the Prospect Lefferts Gardens neighborhood of Brooklyn. The site at 224-240 Clarkson Ave. is located within an Opportunity Zone and can support up to 150,000 buildable square feet of new development. Sean Kelly, Shimon Shkury and Lawrence Sarn of Ariel Property Advisors represented the seller, private investor Albert Rabizadeh, in the transaction. The buyer was not disclosed.

August 13, 2025

Leasing Activity New York Northeast Office

Capelli Sales Signs 39,081 SF Office Lease Extension in Midtown Manhattan

by Taylor Williams August 13, 2025

NEW YORK CITY — Apparel retailer Capelli Sales has signed a 39,081-square-foot office lease extension in Midtown Manhattan. The lease term is approximately 12 years, and the space spans the eighth, ninth and 10th floors at One East 33rd Street, a 12-story building that was originally constructed in 1913. Max Koeppel of Koeppel Rosen LLC represented the landlord, the Rosen Family, in the lease negotiations on an internal basis. Michael Joseph of Colliers represented the tenant.

August 13, 2025

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