NEW YORK CITY — ACRES Capital has provided a $30.5 million bridge loan for the refinancing of The Mill, a 90-unit apartment building located at 1614–1626 Madison St. in the Ridgewood area of Queens. The building rises seven stories and was constructed in 2017. Information on floor plans was not disclosed. According to StreetEasy, The Mill offers amenities such as a business center, package room, resident lounge with a pool and ping pong tables, laundry room and a rooftop terrace. The borrower was locally based investment firm Essex Capital.
NEW YORK CITY — Marcus & Millichap has brokered the $7.5 million sale of an 83-unit apartment building in the Westchester Square area of The Bronx. The six-story, elevator-served building at 1776 Castle Hill Ave. was constructed in 1936 and houses 15 studios, 54 one-bedroom units, 13 two-bedroom apartments and one three-bedroom residence. Benjamin Myerow, Seth Glasser and Michael Fusco of Marcus & Millichap represented the seller, a local family, and procured the buyer, a 1031 exchange investor, in the transaction. Both parties requested anonymity.
NEW YORK CITY — Cushman & Wakefield has negotiated a 36,651-square-foot industrial lease near JFK International Airport in Queens. The tenant, Horizon Air Freight, will occupy space at Inwood Logistics Center, a 10-building development. Rico Murtha, Helen Paul, Sonny Singh, Thomas Deluca, David Frattaroli, John Giannuzzi and Joseph Hentze Jr. of Cushman & Wakefield represented the landlord, a partnership led by Onyx Equities, in the lease negotiations. The tenant representative was not disclosed.
NEW YORK CITY — Massumi + Consoli has signed a 57,988-square-foot office lease in the Bryant Park area of Midtown Manhattan. The law firm has committed to three full floors at 1133 Avenue of the Americas, a 45-story, 1.1 million-square-foot building. Jim Schoolfield and Andrew Coe of JLL represented Massumi + Consoli in the lease negotiations.Tom Bow, Rocco Romeo and Nora Caliban represented the landlord, The Durst Organization, on an internal basis.
NEW YORK CITY — CBRE has negotiated the $28 million sale of the 245,419-square-foot retail space within the former New York Times building at 229 W. 43rd St. and 216-226 W. 44th St. in Midtown Manhattan. Kushner bought the space in 2015 for $296 million. The space spans the first four floors and two lower levels and was 34.5 percent leased at the time of sale to tenants such as entertainment concept Lucky Strike and restaurants Tacos No. 1 and Ra Sushi. Jay Miller and A.J. Felberbaum of BayBridge Real Estate Capital represented the buyer, a Delaware-based entity doing business as Forum at Time Square LLC, in the transaction. Jack Stillwagon and Doug Middleton of CBRE represented the seller, a trust working on behalf of CMBS bondholders that took title of the property last year via a foreclosure proceeding against Kushner.
NEW YORK CITY — Tempus AI Inc., a healthcare technology firm, has signed a 39,565-square-foot office lease at 11 Madison Avenue, a 30-story building in Midtown Manhattan. The lease term is 10 years, and the space spans part of the building’s 17th floor. Peter Michailidis of JLL represented the tenant in the lease negotiations. Brian Waterman, Scott Klau, Eric Harris and Brent Ozarowski of Newmark represented the landlord, SL Green.
NEW YORK CITY — Douglaston Development is nearing completion of a $320 million multifamily project at 1057 Atlantic Ave. in the Bedford-Stuyvesant neighborhood of Brooklyn. The 17-story building will have 456 units, 138 units of which will be reserved as affordable housing, as well as 31,000 square feet of retail space. Units will come in one-, two- and three-bedroom floor plans. Amenities will include a fitness center, lounge, golf simulator, game room, screening room, children’s playroom and a landscaped rooftop deck, as well as 31,000 square feet of ground-floor retail space. Construction topped out last February. Leasing will begin in the coming weeks.
NEW YORK CITY — A partnership between William Macklowe Co. and GreenBarn Investment Group has begun leasing Paseo on Fifth, an 131-unit multifamily project located in the Park Slope area of Brooklyn. Designed by SLCE Architects with interiors by Durukan Design, the property offers studio, one- and two-bedroom units and amenities such as a fitness center, children’s playroom, social suite and a rooftop lounge. Rents start at approximately $3,100 per month for a studio apartment.
NEW YORK CITY — Unity Technologies has signed a 10,000-square-foot office lease in Manhattan’s Union Square area. The 3D content creation platform will occupy the entire second floor at 817 Broadway, a 14-story, 140,000-square-foot building that was built in 1895 and recently repositioned. Gabe Marans of Savills represented Unity Technologies in the lease negotiations. David Falk, Jason Greenstein and Daniel Levine of Newmark represented the landlord, a partnership between Taconic Partners and Nuveen Real Estate.
NEW YORK CITY — Synthesia, a generative artificial intelligence platform, has signed a 13,600-square-foot office lease at 245 Fifth Avenue, a 24-story, 316,495-square-foot building in Midtown Manhattan. The lease term is five years. Dennis Someck and Justin Myers of Lee & Associates represented the tenant in the lease negotiations. Scott Klau, Erik Harris, Zach Weil, Cole Gendels and Ben Klau of Newmark represented the landlord, The Moinian Group.