NEW YORK CITY — Locally based firm Stav Equities will develop a 16-unit apartment building at 917 Home St. in The Bronx. The property will have 12 one-bedroom units and four studios that will be rented at market rates. Christian Dedvukaj of Princeton Realty Group represented both Stav Equities and the seller, the Saez Family, in the off-market acquisition of the land. The parcel sold for $715,000. Construction is expected to be complete next spring.
Alloy, Vistria Obtain $535M Construction Financing for 62-Story Mixed-Use Tower in Downtown Brooklyn
NEW YORK CITY — Alloy Development and The Vistria Group have obtained $535 million in construction financing for One Third Avenue, a 62-story mixed-use tower that marks the second and final phase of the Alloy Block development in downtown Brooklyn. Rising 730 feet, the project will include 583 market-rate and affordable housing units along with retail and office space. Vistria will invest more than $120 million of equity to capitalize the development, and Kayne Anderson Real Estate is providing $375 million of debt. Chris Peck, Nicco Lupo and Peter Rotchford of JLL managed the capital raise. One Third Avenue marks the tallest Passive House building in the world, according to the developers. Passive House is a building standard for dramatically reducing energy use while improving indoor air quality. Elements of the Passive House design include an airtight, well-insulated building envelope, filtered fresh air and a low carbon footprint. The development’s residential and office spaces will share energy resources to minimize waste heat. One Third Avenue joins the two projects in the first phase of Alloy Block — 505 State Street, a 44-story, 441-unit apartment tower and New York City’s first all-electric skyscraper, and 489 State Street, the first two public schools designed to …
NEW YORK CITY — Locally based REIT Vornado Realty Trust (NYSE: VNO) has entered into an agreement to purchase the office condo at 623 Fifth Avenue in Midtown Manhattan for $218 million. The 36-story, 382,000-square-foot building, which is situated above the flagship Saks Fifth Avenue department store, is currently 75 percent vacant. Vornado, which expects the deal to close in September, plans to implement a capital improvement program that is expected to be complete by early 2027. According to Crain’s New York Business, the seller was local developer Charles Cohen.
NEWBURGH, N.Y. — Brookfield Properties is underway on construction of a 422,000-square-foot speculative industrial project in Newburgh, about 65 miles north of New York City. The site of Newburgh South Logistics Center spans 49 acres at 70 South St. The LEED-certified property will feature 75 loading docks and 190-foot truck court depths, as well as the capacity to support a single or multiple tenants. Resource Realty of Northern New Jersey has been appointed as the leasing agent. Completion is slated for next fall.
OAKDALE, N.Y. — Marcus & Millichap has brokered the sale of a 291-unit self-storage facility in Oakdale, located on Long Island. Oakdale Self Storage was built in 2005 and spans 27,320 net rentable square feet across 190 climate-controlled units, 86 non-climate-controlled units and 15 outdoor parking spaces. Andreas Makris and Kevin Bledsoe of Marcus & Millichap represented the seller and procured the buyer, both of which requested anonymity, in the transaction. John Horowitz of Marcus & Millichap assisted in closing the deal as the broker of record. The facility was 88 percent occupied at the time of sale.
WATKINS GLEN AND MONTOUR FALLS, N.Y. — New York-based investment firm Capriotti Properties has purchased a portfolio of three multifamily properties totaling 32 units in upstate New York. The properties — Montour House, The Flats on Broadway and Water Works Center — are located in Watkins Glen and Montour Falls and include five commercial spaces between them. Richard Gatto, Fahri Ozturk, Zach McHale and Matthew Loscalzo of CBRE represented the seller, Nelson Development, in the transaction. CBRE also procured Capriotti Properties as the buyer.
NEW YORK CITY — A joint venture between Baltimore-based MCB Real Estate and New York-based Osiris Ventures will undertake a $100 million retail redevelopment project in the Bay Ridge area of Brooklyn. The joint venture acquired the 14-lot assemblage at 458 86th St., which formerly housed a Century 21 department store that first opened in the 1960s, for $47.5 million. The redevelopment, which will be known as Century Marketplace, will involve reconstructing the multi-story structures facing 86th Street to create a two-story structure that aligns with the existing rear building on 87th Street. A new interior atrium fronting 86th Street will also be added, and the new development will ultimately feature 95,000 square feet of retail space with a grocery anchor. Ethan Stanton, Jeffrey Julien, Brendan Maddigan and Michael Mazzara of JLL represented the seller, ASG Equities, in the transaction. Construction is expected to begin before the end of the year.
NEW YORK CITY — A partnership between Bowery Residents’ Committee (BRC), Camber Property Group and the NYC Department of Social Services has completed a $100 million affordable housing project in the Far Rockaway area of Queens. The Robert C. Woods Apartments offers 147 permanently affordable residences and also houses the Wanda Patterson Women’s Residence, a 100-bed shelter reserved for single women. The unit mix includes 125 studios, 88 of which are supportive housing for formerly homeless individuals, nine one-bedroom apartments and 13 two-bedroom residences. The other units are reserved for renters earning between 30 and 60 percent of the area median income. Residents have access to a social service programming space, community room, outdoor recreational space, bike storage, building-wide Wi-Fi and a laundry room.
NEW YORK CITY — Five Iron Golf has signed a 4,000-square-foot office lease in Midtown Manhattan. The entertainment concept will soon relocate its New York headquarters from 60 E. 42nd St. to the penthouse suite of the Central Plaza Building at 18 E. 41st St. Alex Redlus and Kirill Azovtsev of Savills represented Five Iron Golf in the lease negotiations. John Thompson and Justin Gentile of Resolute Real Estate represented the landlord.
NEW YORK CITY — A partnership between Slate Property Group, nonprofit organization RiseBoro Community Partnership and Goldman Sachs has completed 326 Rockaway, an affordable housing development located in the Brownsville neighborhood of Brooklyn. Of the property’s 216 units, 130 are supportive housing for tenants who formerly were homeless, and the remaining units are available for households earning 60 percent or less of the area median income. Amenities include an outdoor recreation area with play structures and landscaped areas, a community room, fitness center and children’s playroom. Aufgang Architects designed the project, and SD Builders & Construction served as the general contractor. Construction began in summer 2023.