DEER PARK, N.Y. — CBRE has brokered the sale of Sutton Landing at Deer Park, a 200-unit active adult complex on Long Island. The age-restricted property was built in 2021 and offers amenities such as a pool, fitness center, game room, outdoor grilling and dining stations and a leasing office. Aron Will, John Sweeny and Scott Bray of CBRE represented the seller, a partnership between local developer B2K Development and Chicago-based investment firm Harrison Street, in the transaction. Shawn Rosenthal, Jason Gaccione, Jake Salkovitz, Aron Will, Matthew Kuronen and Michael Cregan of CBRE originated Freddie Mac acquisition financing on behalf of the buyer, Fairfield Properties.
YONKERS, N.Y. — Rockabill and BWE have provided a $16.9 million Fannie Mae loan for the refinancing of Monastery Manor, a 147-unit affordable seniors housing property located just north of New York City in Yonkers. Units are designated for persons 62 years and older who earn no more than 50 percent of the area median income (AMI). The borrower, nonprofit owner-operator Finian Sullivan Corp., will use a portion of the proceeds to fund renovations and extend the property’s affordability status. Jim Gillespie and Ilya Weinstein of BWE originated the loan.
NEW YORK CITY — Eaglestone LLC, a holding company that supports mechanical, fire protection, plumbing and electrical contractors, has signed a 20,955-square-foot office lease in Midtown Manhattan. The lease term is 10 years. Eaglestone is taking space on the ninth floor of the historic Fred H. French Building, which is located at 551 Fifth Ave. and was originally constructed in 1927. Andrew Wiener and Randall Briskin represented the landlord, The Feil Organization, in the lease negotiations on an internal basis.
NEW YORK CITY — LifeSpire Inc., an educational organization that supports individuals with developmental disabilities, has signed a 20,026-square-foot office lease in Midtown Manhattan. The tenant is relocating from the Financial District to the fourth and fifth floors of the 462 Seventh Avenue, a 23-story building that was originally constructed in 1925. Darell Handler of Handler Real Estate Organization represented Lifespire in the lease negotiations. Michael Heaner and Sam Stein represented the landlord, The Kaufman Organization, on an internal basis.
NEW YORK CITY — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has arranged a $9 million loan for the refinancing of an industrial property in The Bronx. According to LoopNet Inc., the property at 656 E. 133rd St. was built in 1930 and totals 124,000 square feet. Matt Polci, Justin Natalizio and Eric Anton of IPA arranged the financing through Citibank on behalf of the borrower, New York-based private investor Guy Roberts.
NEW YORK CITY — Kensington Vanguard National Land Services has signed a 13,394-square-foot office headquarters lease at 41 Madison Avenue in Midtown Manhattan’s Flatiron District. The title insurance agency and Truist Bank subsidiary plans to relocate from 39 West 37th Street to the entire 21st floor of the building in the second quarter of next year. Howard Hirsch and Brett Harvey of JLL represented the tenant in the lease negotiations. Robert Steinman represented the landlord, Rudin, on an internal basis.
NEW YORK CITY — Coworking and office-sharing pioneer WeWork Inc. (NYSE: WE) has filed for Chapter 11 bankruptcy protection. WeWork also plans to file similar protectionary measures in Canada. WeWork has entered into a restructuring support agreement with its creditors representing approximately 92 percent of its secured notes to “drastically reduce” the company’s existing funded debt and expedite the restructuring process. Reuters reports the debt-for-equity swap deal with its creditors totals $3 billion. The New York City-based company plans to continue operations and “further rationalize its commercial office lease portfolio” with its network of office landlords. WeWork’s locations and franchisees outside of the United States and Canada are not part of this process. According to the company website, WeWork operates more than 320 locations globally across various workplace solutions platforms. As part of the filing, WeWork is requesting the ability to reject the leases of certain locations that are “non-operational,” all of which have affected members that have received advanced notice. The company has retained Hilco Real Estate, an Illinois-based real estate restructuring and advisory firm, to assist with lease renegotiations. “WeWork has a strong foundation, a dynamic business and a bright future,” says David Tolley, CEO of WeWork. “Now …
MAMARONECK, N.Y. — CBRE has brokered the sale of Avalon Mamaroneck, a 229-unit multifamily community located about 25 miles north of Manhattan. Built in 1999 and renovated in 2018, Avalon Mamaroneck features one- and two-bedroom units and amenities such as a pool, fitness center, outdoor grilling and dining areas and a resident lounge. Jeff Dunne, Stuart MacKenzie, Eric Apfel and Travis Langer of CBRE represented the seller, AvalonBay Communities, in the transaction. The quartet also procured the buyer, a joint venture between Harbor Group International and Cantor Fitzgerald.
NEW YORK CITY — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has arranged a $22 million loan for the refinancing of a retail property located at 521 W. 21st St. in Manhattan’s Chelsea neighborhood. According to commercialcafé.com, the property was built in 1931 and totals 34,600 square feet. Matt Polci, Justin Natalizio and Eric Anton of IPA arranged the financing through Citibank on behalf of the borrower, New York-based private investor Guy Roberts.
NEW YORK CITY — EliseAI, a platform that serves the commercial and residential real estate industries, has signed a 26,582-square-foot office lease at 33 E. 33rd St. in Midtown Manhattan. The company is expanding from a 20,582-square-foot space within the 12-story building via a new five-year agreement. Val Stobetsky, Will McGarry, Calum Waddell and Hale King of JLL represented EliseAI in the lease negotiations. Erik Harris and Zach Weil of Newmark represented the landlord, Kalimian Equities.