New York

Weill Cornell Medicine Signs 100,000 SF Office, Healthcare Lease Expansion in Manhattan

by Taylor Williams November 3, 2023

NEW YORK CITY — Weill Cornell Medicine has signed a 100,000-square-foot office and healthcare lease at 575 Lexington Ave., a 35-story, 745,000-square-foot building in Manhattan’s Plaza District. As part of a new 30-year agreement, Weill Cornell Medicine now occupies eight full floors and a portion of the ground floor for a total footprint of 300,000 square feet. David Falk, Andrew Sachs and Ben Shapiro of Newmark represented the tenant in the lease negotiations. Peter Duncan and Dana Pike represented the landlord, George Comfort & Sons, on an internal basis.

November 3, 2023

Industrial Leasing Activity New York Northeast

Fleet Pump & Service Group Signs 31,255 SF Industrial Lease Renewal in White Plains, New York

by Taylor Williams November 2, 2023

WHITE PLAINS, N.Y. — Fleet Pump & Service Group has signed a full-building, 31,255-square-foot industrial lease renewal at 455 Knollwood Road in White Plains, a northern suburb of Manhattan. Rick Rakow of Rakow Commercial Realty Group represented the tenant in the lease negotiations. Josh Gopan and Sean Heneghan represented the landlord, Simone Development, on an internal basis.

November 2, 2023

Acquisitions Company News Data Centers New York Northeast Top Stories

Brookfield Agrees to Purchase Cyxtera’s Assets for $775M, Including Seven US Data Centers

by John Nelson November 2, 2023

NEW YORK CITY AND MIAMI — Brookfield Infrastructure Partners LP (NYSE: BIP) and its institutional partners have entered into an asset purchase agreement (APA) with Miami-based data center owner-operator Cyxtera. Brookfield will acquire “substantially all” of Cyxtera’s assets for $775 million. As part of the agreement, the New York City-based investment firm will purchase the real estate supporting seven Cyxtera data centers in the United States. The locations of the affected properties were not disclosed. According to the company’s website, Cyxtera operates facilities in Albuquerque, Atlanta, Boston, Chicago, Columbus, Dallas/Fort Worth, Denver, Los Angeles, Minneapolis, New York/New Jersey, Northern Virginia, Phoenix, Seattle, Silicon Valley, Tampa and Canada. Brookfield will purchase the real estate that supports the data centers from several landlords, including Digital Realty Trust Inc. (NYSE: DLR) and Digital Core REIT. The court-supervised process stems from Cyxtera’s Chapter 11 bankruptcy proceedings. The company cited financial challenges and lack of funding when it filed for bankruptcy this past summer, about two years after it went public. Cyxtera’s stock price peaked at $14.60 per share in May 2022 before dipping below $1.80 by December 2022. “We are pleased to reach this agreement with Brookfield, which represents a favorable path forward for our …

November 2, 2023

Development Life Sciences New York Northeast

Georgetown Co., Beacon Capital to Develop 185,000 SF Life Sciences Facility in Manhattan

by Taylor Williams November 1, 2023

NEW YORK CITY — A partnership between The Georgetown Co. and Beacon Capital Partners will develop a 185,000-square-foot life sciences facility at 707 Eleventh Ave. on Manhattan’s Far West Side. Designed by Elkus Manfredi Architects, the seven-story facility will house lab, research and office space, as well as private terraces, conference facilities and a lobby with a café and wine bar. Additional eco-friendly and wellness features will include bike storage and locker rooms, LEED Gold certification and rooftop solar panels. Completion is slated for 2026. JLL will market the facility for lease.

November 1, 2023

Hospitality Loans New York Northeast

Cronheim Mortgage Arranges $120M Loan for Refinancing of Manhattan Hotel

by Taylor Williams October 31, 2023

NEW YORK CITY — An affiliate of New Jersey-based financial intermediary Cronheim Mortgage has arranged a $120 million loan for the refinancing of the 341-room Renaissance Hotel in Manhattan’s Chelsea neighborhood. The hotel features a variety of rooms and suites, a fitness center, meeting space and an onsite restaurant and bar. Beau Williams of Cronheim Mortgage arranged the loan through an undisclosed life insurance company on behalf of the borrower, locally based developer LAM Generation.

October 31, 2023

Development Multifamily New York Northeast

Ginsburg Development Begins Leasing 58-Unit Multifamily Project in Haverstraw, New York

by Taylor Williams October 31, 2023

HAVERSTRAW, N.Y. — Ginsburg Development has begun leasing a 58-unit multifamily project in Haverstraw, about 35 miles north of New York City, that represents Phase II of a larger development known as Admirals Cove. Units come in one-, two- and three-bedroom floor plans and are housed across two four-story buildings. Amenities include a pool, fitness center, Zen garden, outdoor grilling and dining stations and a playground. Rents start at $2,530 per month for a one-bedroom apartment. Phase I of Admirals Cove opened in June and is now 90 percent leased.

October 31, 2023

Acquisitions Multifamily New York Northeast

ERG Commercial Negotiates $2.9M Sale of Yonkers Apartment Building

by Taylor Williams October 31, 2023

YONKERS, N.Y. — New York City-based brokerage firm ERG Commercial Real Estate has negotiated the $2.9 million sale of a 16-unit apartment building in Yonkers, located north of Manhattan. The four-story building at 15 Locust Hill Ave. was originally constructed in 1927. Mary Guarino of ERG Commercial represented the buyer and seller, both of which were locally based entities that requested anonymity, in the transaction.

October 31, 2023

Development Multifamily New York Northeast

Durst Organization Tops Out 647-Unit Multifamily Project in Queens

by Taylor Williams October 30, 2023

NEW YORK CITY — The Durst Organization has topped out 20 and 30 Halletts Point, a 647-unit multifamily project in the Astoria neighborhood of Queens. The complex consists of a 27-story building and a 32-story building that are part of the larger Halletts Point mixed-use development, which will eventually total more than 2,000 residential units. Residences will come in studio, one- and two-bedroom formats. Amenities will include a fitness center, rooftop terraces, resident lounges and a children’s play area, as well as ground-floor retail space and onsite parking. Urban Atelier Group is the general contractor for 20 and 30 Halletts Point, which are slated for 2025 deliveries.

October 30, 2023

Development Life Sciences New York Northeast Office

New York Blood Center to Open 187,000 SF Office, Life Sciences Facility in Rye, New York

by Taylor Williams October 30, 2023

RYE, N.Y. — The New York Blood Center will open a 187,000-square-foot office and life sciences facility in Rye, a northern suburb of New York City. The 14.8-acre site at 601 Midland Ave. formerly housed an office and data center facility for cosmetics giant Avon, that has now been vacant for about four years. The Westchester County Local Development Corp. has approved a $52 million, tax-exempt bond for the redevelopment, which will include new HVAC, electrical systems, windows and roofing. The façade and landscaping will also be upgraded, and new clinical and research laboratories will be added. The $108 million project is estimated to take 12 to 18 months to complete.

October 30, 2023

Affordable Housing Development Multifamily New York Northeast

Habitat Receives Approval for $400M Affordable Housing Redevelopment in Buffalo

by Taylor Williams October 27, 2023

BUFFALO, N.Y. — Chicago-based multifamily developer and manager The Habitat Co. has received approval from the Buffalo Common Council for a $400 million affordable housing redevelopment project. The site at 205 Marine Drive currently houses a seven-building, 616-unit waterfront apartment complex that was originally constructed as affordable housing in 1952. The development team, which includes Duvernay + Brooks and the Buffalo Municipal Housing Authority, plans to convert the property into a 700-unit affordable housing complex. Phase I of the redevelopment includes construction of a mix of new towers on the surface parking lot adjacent to its current buildings. The initial phase will feature low-, mid- and high-rise buildings, a parking garage and commercial space. Construction is expected to begin in late 2024. With approval for planned unit development now secured, the development team is focused on getting final design approval from the city and filing financing applications with the state of New York by the end of 2023. Full completion of the redevelopment is slated for 2029. Financing for the project included Low-Income Housing Tax Credit Equity, tax credits from the New York State Brownfield program and debt from the New York State Housing Finance Agency.

October 27, 2023

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