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7245-Henry-Clay-Blvd.-Liverpool-New-York
AcquisitionsIndustrialNew YorkNortheast

Friedman Real Estate Arranges Sale of 583,851 SF Industrial Property in Liverpool, New York

by Taylor Williams

LIVERPOOL, N.Y. ­— Michigan-based brokerage firm Friedman Real Estate has arranged the sale of a 583,851-square-foot industrial property in Liverpool, located just outside of Syracuse. The property at 7245 Henry Clay Blvd. previously housed a distribution facility for convenience and drugstore chain Rite Aid. According to LoopNet Inc., the property was built on 58 acres in 1978 and features a clear height of 24 feet, 35 exterior dock doors, five drive-in bays and 300 standard parking spaces. The buyer, seller and sales price were not disclosed.

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AcquisitionsMixed-UseNew YorkNortheast

Brax Realty Negotiates $8.2M Sale of Harlem, Queens Mixed-Use Portfolio

by Taylor Williams

NEW YORK CITY — Locally based brokerage firm Brax Realty has negotiated the $8.2 million sale of a portfolio of five mixed-use buildings in Harlem and Queens. The properties include nine apartments and 10 commercial spaces and are located at 1873 Lexington Ave., 149 E. 116th St., 151 E. 116th St., 175 E. 116th St. and 220-20 Merrick Blvd. Alan Stenson of Brax Realty represented the seller and procured the buyers, all of which requested anonymity, in the transaction.

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Leasing ActivityNew YorkNortheastOffice

ElevatedNY Signs 26,000 SF Lease Expansion at The Hippodrome in Midtown Manhattan

by Taylor Williams

NEW YORK CITY — Coworking concept ElevatedNY has signed a 26,000-square-foot lease expansion at The Hippodrome, a 620,000-square-foot building located at 1102 Avenue of the Americas in Midtown Manhattan. Designed by LB Architects, the expanded space features 18 fully furnished “team suites” that are designed to accommodate organizations of up to 12 people. ElevatedNY’s footprint within the 21-story building now encompasses 130,000 square feet across four floors. Edison Properties owns The Hippodrome.

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DevelopmentLoansMultifamilyNew YorkNortheastOffice

Feil Receives $65M Construction Loan for Office-to-Residential Conversion Project in Midtown Manhattan

by Taylor Williams

NEW YORK CITY — Locally based owner-operator The Feil Organization has received a $65 million construction loan for an office-to-residential conversion project in Midtown Manhattan. The project will convert the 14-story office building at 140 W. 57th St., which was originally constructed in 1908, into a 47-unit condo building. Units will come in studio, one-, two- and three-bedroom floor plans and will range in size from 502 to 1,776 square feet. Amenities will include a landscaped rooftop deck, indoor resident lounge, fitness center and a tenant storage room. The existing lobby, entryway, elevators and common hallways will be upgraded as part of the conversion. Deutsche Bank provided the loan. Construction is scheduled to begin in the coming weeks and to be complete in late 2026. MdeAs Architects is designing the project, which Feil is developing in partnership with Lloyd Goldman and the Nakash Family.

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AcquisitionsMultifamilyNew YorkNortheast

Ariel Property Advisors Negotiates $11.2M Sale of Brooklyn Multifamily Property

by Taylor Williams

NEW YORK CITY — Locally based brokerage firm Ariel Property Advisors has negotiated the $11.2 million sale of a 30-unit multifamily property located at 287-299 McGuinness Blvd. in the Greenpoint neighborhood of Brooklyn. The property consists of three adjacent five-story buildings that house 10 units apiece in a variety of floor plans. Benjamin Vago, Sean Kelly and Erik Moloney of Ariel brokered the deal. The buyer and seller were not disclosed.

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AcquisitionsDevelopmentMultifamilyNew YorkNortheast

RFR Sells Brooklyn Multifamily Development Site for $160M

by Taylor Williams

NEW YORK CITY — Locally based investment and development firm RFR has sold a 139,865-square-foot multifamily development site in the Gowanus area of Brooklyn for $160 million. The buyer was a partnership between two locally based firms, Tavros Capital and Charney Cos. RFR acquired the three-acre site at 175 Third St. for $115 million in 2018, more than three years before the city’s rezoning of the neighborhood to allow for more multifamily development. RFR subsequently collaborated with Bjarke Ingels Group on design schemes and worked over several years to secure an extension of the 421a tax abatement. Additionally during its holding period, RFR vacated the site, obtained excavation and foundation work permits, managed an environmental remediation program and qualified the site for tax incentives such as the Brownfield Credit Program. Ackman-Ziff Real Estate Group advised RFR, which sold the site as a fully entitled development opportunity, on the transaction. The new ownership has secured two acquisition/pre-development loans totaling $145 million in connection with the purchase of the site. Silver Point Capital provided $110 million as the senior lender and Brodsky/global alternative asset manager Tikehau Capital provided $35 million as the mezzanine lender. The partnership has also released development plans for the site, …

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AcquisitionsMultifamilyNew YorkNortheast

Adirondack Capital Partners Negotiates Sale of 952-Unit Apartment Community in Ballston Spa, New York

by Taylor Williams

BALLSTON SPA, N.Y. — Regional brokerage firm Adirondack Capital Partners has negotiated the sale of Northway Eleven Communities, a 952-unit apartment community in Ballston Spa, a northern suburb of Albany. The exact sales price was not disclosed, but Adirondack says that the deal traded for more than $100 million. The property consists of 240 buildings on a 131-acre site and offers 1,027-square-foot, two-bedroom apartments and 1,385-square-foot, two-level townhomes, according to the property website. Michael Hunter Coghill of Adirondack Capital Partners represented the seller, an entity doing business as Country Club Acres Inc., in the transaction. The buyer was not disclosed, but the property is listed on the website of Eagle Rock Properties.

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La-Central-Bronx
Affordable HousingDevelopmentLoansMultifamilyNew YorkNortheast

Hudson Cos., BRP Receive $343M in Financing for South Bronx Affordable Housing Project

by Taylor Williams

NEW YORK CITY — A partnership between locally based owner-operators, The Hudson Cos. and BRP Cos., has received $343 million in financing for Phase II of La Central, a multifamily project in the South Bronx that will add 420 affordable and supportive housing units to the local supply. The second phase will encompass Building C (166 units) and Building E (254 units), which will rise 13 and 26 stories, respectively, and house one-, two-, three- and four-bedroom units that will be reserved for households earning between 30 and 80 percent of the area median income. In addition, Phase II, which is slated for a 2028 completion, will include 1,567 square feet of commercial space, 13,000 square feet of community space and 7,134 square feet of public garden space. Building C will be constructed to meet Passive House standards, operating entirely on electricity to eliminate carbon emissions, while Building E will be built to achieve LEED Gold certification. Following completion of Phase II, La Central will comprise more than 1,000 units across five buildings. Buildings A and B, which opened in 2021, house nearly 500 affordable apartments between them, and Building A is also home to a YMCA. Building D, completed …

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One-Sunset-Brooklyn
DevelopmentMultifamilyNew YorkNortheast

Partnership Nears Completion of 187-Unit Multifamily Project in Brooklyn

by Taylor Williams

NEW YORK CITY — A partnership between Ailanthus, BEB Capital and SK Development is nearing completion of a 187-unit multifamily project in Brooklyn’s Sunset Park neighborhood. Designed by dencityworks | architecture with interiors by Alchemy Studio, the 14-story building at 201 East 25th St. will be known as One Sunset. Residences will come in one-, two- and three-bedroom floor plans, with 46 units reserved as affordable housing. Amenities will include a fitness center, game/media room, coworking lounge, private dining/entertainment areas and a rooftop garden. Completion is slated for the fall.

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Leasing ActivityNew YorkNortheastOffice

Amalgamated Bank Signs 94,045 SF Office Lease at 99 Park Avenue in Midtown Manhattan

by Taylor Williams

NEW YORK CITY — Amalgamated Bank has signed a 94,045-square-foot office lease at 99 Park Avenue in Midtown Manhattan. The lease term is 15 years, and the space encompasses the entire second, third and fifth floors, as well as a portion of the ground floor, of the 26-story, 600,000-square-foot building. Daoud Awad and Chris Kraus of JLL represented Amalgamated Bank in the lease negotiations. Paul Glickman, Diana Biasotti, Kristen Morgan and Harrison Potter of JLL, along with internal agents Craig Panzirer and Alex Radmin, represented the landlord, Global Holdings.

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