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.
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.
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.
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.
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.
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.
SMITHTOWN, N.Y. — JLL has arranged $29 million in financing for Whisper Woods of Smithtown, a seniors housing property located on Long Island. Built in 2018, the property houses 136 beds across 101 units and offers assisted living and memory care services. The borrower is a partnership between Sculptor Real Estate and Benchmark Senior Living, and the direct lender was an undisclosed regional bank. Joel Mendes, Ted Flagg and Stephen Van Leer led the transaction for JLL.
NEW YORK CITY — Locally based brokerage firm Stav Equities has negotiated the $3.8 million sale of a seven-unit apartment building located at 10 Clermont Ave. near the Brooklyn Navy Yard. The building, which according to LoopNet Inc. was originally constructed in 1915, includes a retail space. Jacob Stavsky of Stav Equities represented the buyer, Neue Urban, in the off-market transaction.
NEW YORK CITY — Locally based brokerage firm Ariel Property Advisors has negotiated the $28.2 million sale of a 75-unit multifamily building located at 69 E. 125th St. in East Harlem. Built in 2017 by Greystone Development, the 12-story building includes two commercial spaces and is subject to a 421a tax abatement through 2043. Victor Sozio, Shimon Shkury, Mark Anderson, Gabriel Elyaszadeh and Michael Tortorici of Ariel Property Advisors represented Greystone and the buyer, GO-RE Partners, in the transaction. JP Morgan Chase provided acquisition financing for the deal.
MALVERNE, N.Y. — Locally based balance sheet lender Bayport Funding has provided $3.2 million in financing for a multifamily project in the Long Island community of Malverne. The site at 1104 Hempstead Ave. spans 38,320 square feet. The undisclosed borrower will use the proceeds to acquire and complete the project, which is underway and slated for a summer 2024 delivery.
