NEW YORK CITY — Marcus & Millichap has brokered the $41 million sale of a portfolio of five multifamily buildings in Manhattan’s East Village area totaling 73 apartments and six commercial spaces. The buildings primarily house market-rate units. Joe Koicim, Logan Markley, Matthew Berger and Zan Colin of Marcus & Millichap represented the seller, Kushner Cos., in the transaction. The buyer was not disclosed.
NEW YORK CITY — Cushman & Wakefield has arranged a $75 million construction loan for a 157-unit multifamily project that will be located at 255 E. 39th St. in the Manhattan’s Murray Hill neighborhood. The 20-story building will include 4,687 square feet of commercial space as well as an affordable housing component. Gideon Gil, Lauren Kaufman, Zachary Kraft and Cecelia Galligan of Cushman & Wakefield arranged the financing through J.P. Morgan and First Citizens Bank on behalf of the borrower and developer, Brause Realty. Completion is slated for late 2025.
BAYPORT, N.Y. — Metropolitan Realty Associates (MRA) has purchased a 75,000-square-foot cold storage facility in the Long Island community of Bayport for $12.6 million. Commercial baker Europastry formerly occupied the facility at 33 Rajon Road, which was originally built in 1986, according to LoopNet Inc. Building features include a clear height of 40 feet, 35,000 square feet of freezer space, 11 loading docks and two drive-in doors. Nick Gallipoli of Cushman & Wakefield represented the undisclosed seller in the transaction. Doug Omstrom of JLL represented MRA, which has subsequently inked a 15-year, full-building lease with Bakery Processing Solutions.
NEW YORK CITY — Marcus & Millichap has brokered the $9 million sale of a 43-unit apartment building located in the Astoria neighborhood of Queens. The six-story, 34,000-square-foot building was originally constructed in 1941 and houses studio and one-bedroom units. Louis Zarif, Shaun Riney and Sean Fopeano of Marcus & Millichap represented the seller and procured the buyer, both of which were private investors that requested anonymity, in the transaction.
NEW YORK CITY — Dimension Renewable Energy has signed an 11,054-square-foot office lease at 825 Third Avenue in Midtown Manhattan. The solar energy provider is leasing the entire 18th floor of the 530,000-square-foot building, which recently underwent a $150 million capital improvement program. Greg Maurer-Hollaender and James Ackerson of CBRE represented the tenant in the lease negotiations. Tom Bow, Ashlea Aaron and Bailey Caliban represented the landlord, The Durst Organization, on an internal basis.
NEW YORK CITY — Merchants Capital has provided a $348 million Fannie Mae loan for the rehabilitation of Reid Park Rock, an affordable housing development in Brooklyn that houses approximately 3,500 people across 87 buildings. The financing complements a $635.6 million Permanent Affordability Commitment Together (PACT) initiative from the New York City Housing Authority. The sponsor, a partnership between BRP Cos., Fairstead and Urbane, will not only execute the renovations but also deliver enhanced social services programs and handle property management responsibilities.
MALTA, N.Y. — GlobalFoundries (NASDAQ: GFS), a leading semiconductor manufacturer headquartered in Upstate New York, plans to invest a total $11.6 billion over the next 10 years to expand its Fab 8 manufacturing base in Malta, a city north of Albany in Saratoga County. The investment includes an expansion of its existing facility and the development of a new 358,000-square-foot plant. GlobalFoundries says the investment will triple its capacity to manufacture semiconductors, with the ultimate goal of producing 1 million semiconductor wafers per year at its Malta campus at full operation. The planned enhancements will create more than 1,500 direct jobs and 9,000 indirect construction jobs over the next 10 years, according to the office of New York Gov. Kathy Hochul. Concurrently, GlobalFoundries will receive $1.5 billion in direct funding from the U.S. Department of Commerce as part of the U.S. CHIPS and Science Act, a law ratified by U.S. President Joe Biden in Aug. 2022. The company will use the federal government funding in the Malta projects, as well as for enhancements planned at GlobalFoundries’ Fab 9 facility in Essex Junction, Vt. Also known as computer chips, semiconductors are an essential element of nearly all electronic and computing devices, including …
WATERLOO, N.Y. — Marcus & Millichap has brokered the sale of Finger Lakes Self Storage, a 354-unit facility in the upstate New York community of Waterloo. Built in 2014, the facility consists of 34 climate-controlled units, 296 non-climate-controlled units and 24 covered parking spaces for a total of 58,250 net rentable square feet. Nathan Coe, Brett Hatcher, Gabriel Coe and Luke Dawley of Marcus & Millichap represented the seller and procured the buyer in the transaction. Both parties were limited liability companies that requested anonymity.
NEW YORK CITY — TruArc Partners has signed a 10,000-square-foot office lease extension at 545 Madison Avenue in Midtown Manhattan. The private equity firm will remain on the 10th floor of the 18-story, 140,000-square-foot building for another seven years. Tara Stacom led a Cushman & Wakefield team that represented the landlord, Marx Realty, in the lease negotiations. Evan Margolin and Ben Levy of JLL represented TruArc Partners.
NEW YORK CITY — JLL has arranged a $395 million loan for the refinancing of 70 Pine Street, a 66-story mixed-use building in Manhattan’s Financial District. Built in 1932 and most recently renovated in 2016, 70 Pine Street is home to the 165-room Mint House Hotel and 612 market-rate apartments, as well as retail space that is leased to two fine-dining restaurants, one quick-service restaurant, a coffeeshop and a nail salon. Residential and hotel amenities include a 22,000-square-foot fitness center, two golf simulators, two bowling alleys, a screening room, children’s play area and coworking and lounge spaces. Christopher Peck, Geoff Goldstein and Christopher Pratt of JLL arranged the loan through Goldman Sachs on behalf of the borrower, a partnership between DTH Capital and Rose Associates.