New York

Feil Organization Negotiates 142,308 SF Office Lease with Archdiocese of New York in Manhattan

by Taylor Williams January 19, 2024

NEW YORK CITY — The Feil Organization has negotiated a 30-year, 142,308-square-foot office lease with the Archdiocese of New York at 488 Madison Avenue in Midtown Manhattan. The space spans the entire third through seventh floors of the 447,000-square-foot building, which was originally constructed in 1949 and overlooks St. Patrick’s Cathedral. Andrew Weiner internally represented The Feil Organization in the lease negotiations. Mary Ann Tighe and Lauren Crowley Corrinet of CBRE represented the archdiocese. The building is now 90 percent leased.

January 19, 2024

Leasing Activity New York Northeast Office

Caudalie Signs 14,000 SF Office Lease in Midtown Manhattan

by Taylor Williams January 19, 2024

NEW YORK CITY — French skincare company Caudalie Inc. has signed a 14,000-square-foot office lease at 381 Park Avenue South in Midtown Manhattan. Caudalie relocated from 70 W. 36th St. to a full floor at the 17-story, 228,000-square-foot building earlier this month. Jonathan Moss of M&M Retail Luxury Consulting Inc. represented the tenant in the lease negotiations. Robert Tunis, Kyle Berlinsky and Joseph Mangiacotti of Colliers represented the landlord, ATCO Properties & Management.

January 19, 2024

Affordable Housing Development Multifamily New York Northeast

CAMBA Housing Ventures Breaks Ground on 328-Unit Affordable Housing Project in Brooklyn

by Taylor Williams January 18, 2024

NEW YORK CITY — CAMBA Housing Ventures has broken ground on Clarkson Avenue Estates, a 328-unit affordable housing project in Brooklyn. GZA GeoEnvironmental Inc. led the remediation efforts for the site at 329 Clarkson Ave., which most recently housed a parking facility operated by SUNY Downstate Medical Center. The nine-story building will offer one-, two- and three-bedroom units for renters earning up to 30, 40, 50 and 70 percent of the area median income. Half of the units will be reserved as supportive housing for formerly homeless or incarcerated individuals. Amenities will include community rooms, a computer room, basketball gym and onsite laundry facilities. The development will also feature 30,000 square feet for supportive facilities for initiatives such as workforce training, financial literacy, youth education and development and childcare. Delivery is slated for 2026.

January 18, 2024

Affordable Housing Development Multifamily New York Northeast

Conifer Realty, CPP to Renovate 526-Unit Affordable Seniors Housing Property in Rochester, New York

by Taylor Williams January 17, 2024

ROCHESTER, N.Y. — A partnership between locally based owner-operator Conifer Realty and Community Preservation Partners (CPP) will renovate Andrews Terrace, a 526-unit affordable seniors housing complex in the upstate New York city of Rochester. Built in 1975, the waterfront property consists of two buildings that rise 19 and 22 stories and house one- and two-bedroom units for seniors age 62 and above and disabled residents. A partnership between KeyBank Community Development Lending & Investment and Goldman Sachs Asset Management provided $135.6 million in Low-Income Housing Tax Credit equity and $200 million in construction financing to fund renovations and preserve the property’s affordability status. All apartments will receive upgraded countertops, painting, appliances, fixtures and cabinets. Common areas, including the lobby, community room, management office, maintenance shop and parking garage, will be renovated with drywall repairs, painting, new flooring and HVAC upgrades as needed. There will also be several new outdoor additions to the community, including a community garden on the property’s terrace, grandparents’ playground, a seating and grilling area and bocce ball courts. Indoor amenities will include a fitness room, game room, reading nook and two community rooms with serve-in kitchens. New mailboxes with parcel boxes will also be installed. Lastly, …

January 17, 2024

Development Leasing Activity New York Northeast Office

Signature Acquisitions Launches Renovation, Secures Two Renewals at Office Building in Tarrytown, New York

by Taylor Williams January 17, 2024

TARRYTOWN, N.Y. — Signature Acquisitions has launched a renovation of the lobby, cafeteria and other common areas at Tarrytown Corporate Center, a 180,000-square-foot office building located on the northern outskirts of New York City.The regional owner-operator has also secured two lease renewals at the building: a 20,538-square-foot deal with coworking firm Regus and a 7,581-square-foot deal with office technology and IT firm Atlantic Tomorrow. Jeff Smith internally represented Signature Acquisitions in both sets of lease negotiations. Peter Dana, Jason Lee and Craig Ruof of Colliers represented Regus, and Harland Hollander of Savills represented Atlantic Tomorrow. Ownership has tapped JLL to lease the building following the completion of the capital improvement program.

January 17, 2024

Acquisitions New York Northeast Restaurant Retail Top Stories

Whopper of a Deal: Burger King Owner Agrees to Buy Largest Franchisee for $1B

by Kristin Harlow January 17, 2024

TORONTO AND SYRACUSE, N.Y. — Toronto-based Restaurant Brands International Inc. (RBI) has agreed to acquire Syracuse-based Carrols Restaurant Group Inc. for $1 billion. RBI (NYSE: QSR) owns the Burger King, Popeyes, Firehouse Subs and Tim Hortons brands. Carrols (NASDAQ: TAST) is the largest Burger King franchisee in the United States, operating 1,022 locations in 23 states. Burger King says the transaction is part of its “Reclaim the Flame” plan to accelerate sales growth and drive franchisee profitability. The transaction follows the brand’s initial $400 million investment announced in September 2022 to drive high-quality remodels, improve operations, enhance marketing and support ongoing technology and digital priorities. Burger King plans to remodel restaurants over the next five years by investing approximately $500 million of capital, funded by Carrols’ operating cash flow, to remodel roughly 600 acquired restaurants that are not currently considered “modern image.” Carrols will continue to operate the acquired restaurants in partnership with Burger King’s operations teams. Burger King ultimately plans to refranchise the vast majority of the portfolio to new or existing smaller franchise operators who live in their local communities. Following refranchising the acquired restaurants, which Burger King expects to be completed in five to seven years, Burger …

January 17, 2024

Leasing Activity New York Northeast Office

Paul Taylor Dance Signs 31,000 SF Office Lease in Midtown Manhattan

by Taylor Williams January 16, 2024

NEW YORK CITY — The Paul Taylor Dance Co. has signed a 31,000-square-foot office lease at 307 West 38th Street in Midtown Manhattan. The company will relocate and expand from a 13,000-square-foot space at 551 Grand St. to the entire ninth and 10th floors of the 21-story building in early 2025. Jeffrey Rosenblatt of Lincoln Property Co. represented the tenant in the lease negotiations. Peter Duncan, Matthew Coudert and Alexander Bermingham represented the landlord, George Comfort & Sons, on an internal basis.

January 16, 2024

Loans Multifamily New York Northeast

SCALE Lending Funds $46M Bridge Loan for Brooklyn Apartment Complex

by Taylor Williams January 15, 2024

NEW YORK CITY — SCALE Lending, the debt financing arm of Slate Property Group, has funded a $46 million bridge loan for Arris Grand, a 113-unit apartment building located at 982-998 Fulton St. in Brooklyn’s Clinton Hill neighborhood. Completed late last year, the nine-story building offers studio, one- and two-bedroom units and amenities such as a fitness center, rooftop terrace and lounges, as well as 7,154 square feet of street-level retail space. Fogarty Finger designed Arris Grand. The undisclosed borrower will use the proceeds to retire existing construction debt and fund costs of lease-up.

January 15, 2024

Industrial Loans New York Northeast

ERG Commercial Arranges $7.5M Loan for Refinancing of Staten Island Industrial Property

by Taylor Williams January 15, 2024

NEW YORK CITY — New York-based ERG Commercial has arranged a $7.5 million bridge loan for the refinancing of a vacant, 40,000-square-foot industrial property on Staten Island. The site at 501 Industry Road spans nine acres and was originally built in 1975, according to propertyshark.com. Ryan Lewis and Matthew Murphy of ERG Commercial arranged the loan. The direct lender and borrower were not disclosed.

January 15, 2024

Leasing Activity New York Northeast Office

DoorDash Signs 115,382 SF Office Lease Expansion at 200 Fifth Avenue in Manhattan

by Taylor Williams January 12, 2024

NEW YORK CITY — DoorDash has signed a 115,382-square-foot office lease expansion at 200 Fifth Avenue in Manhattan. The San Francisco-based online food delivery platform is expanding from a 57,691-square-foot space that it had previously subleased to the ninth floor of the 860,000-square-foot building. Bruce Mosler, Ethan Silverstein, Anthony LoPresti and Bianca Di Mauro of Cushman & Wakefield represented the landlord, Boston Properties (NYSE: BXP), in the lease negotiations. Adam Ardise and Greg Pickett, also with Cushman & Wakefield, represented DoorDash, which plans to take occupancy of the new space before the end of the year.

January 12, 2024

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