NEW YORK CITY — Derby Copeland Capital, a locally based lending and investment firm, has provided an $8.7 million loan for the refinancing of a four-unit apartment building in Manhattan’s SoHo area. According to StreetEasy, the five-story building at 78 Grand St., which includes a ground-floor retail space that is occupied by Society Limonata, was originally constructed in 1900. The undisclosed borrower will use about $200,000 of the proceeds to fund capital improvements.
NEW YORK CITY — Two locally based brokerage firms, Rosewood Realty Group and GFI Realty, have negotiated the $5.2 million sale of a 53-unit apartment building in The Bronx. The six-story building at 4030 Bronx Blvd. was originally constructed in 1929. Ben Khakshoor, Alex Fuchs and Aaron Jungreis of Rosewood, along with Zach Fuchs of GFI, represented both the buyer and the seller in the transaction. Both parties were private investors. The deal traded at a cap rate of 8.1 percent.
COMMACK, N.Y. — PGA Tour Superstore has opened a 39,225-square-foot shop at Mayfair Shopping Center, a 220,000-square-foot development located in the Long Island community of Commack. Hugh Scullin of regional brokerage firm Katz & Associates represented PGA Tour Superstore in the lease negotiations. E.J. Moawad of Levin Management Corp. represented the undisclosed landlord. The store will be the retailer’s fourth in New York.
NEW YORK CITY — SCALE Lending, the debt financing arm of locally based development and investment firm Slate Property Group, has provided a $142 million construction loan for a 521-unit multifamily project in the Jamaica area of Queens. The building at 147-35 95th Ave. will rise 24 stories and offer studio, one- and two-bedroom units. The property will also house 363 parking spaces and 1,231 square feet of retail space. Residential amenities will include a gym with a yoga room, children’s playroom, business center and conference rooms, rooftop lounge, game room, theater room and a TikTok room. The sponsor, Sutphin Boulevard Equities, will use the proceeds to fund the final stages of construction, as well as lease-up and stabilization of the property. Steve Hersko of SHB Group arranged the 30-month, floating-rate loan. Completion is slated for next summer. Other project partners include Heartfelt Townhouse Builders, structural engineer Thorton Tomassetti and J Frankl Architects.
NEW YORK CITY — JLL has negotiated the $6 million sale of an 11-unit apartment building located at 169 Mulberry St. in Manhattan’s Little Italy neighborhood. According to StreetEasy, the building, which includes a single retail space that is occupied by an Italian restaurant, was originally constructed in 1914 and rises six stories. Hall Oster, Teddy Galligan and Guthrie Garvin of JLL represented the seller and procured the buyer, both of which were private investors that requested anonymity, in the transaction.
YONKERS, N.Y. — New York City-based Simone Development Cos. has purchased One Executive Boulevard, a 133,768-square-foot office building located north of Manhattan in Yonkers, with plans to convert the building into a healthcare facility. The four-story building sits on a 6.7-acre site that is located within a quarter mile of nearly 900,000 square feet of existing medical real estate. Robert Martin Co. sold the property for an undisclosed price.
NEW YORK CITY — Marcus & Millichap has brokered the $6.6 million sale of a 6,216-square-foot mixed-use building located at 60 W. 45th St. in Midtown Manhattan. The building was originally constructed in 1920 and comprises seven units that feature a mix of commercial and residential uses. Joe Koicim, Logan Markley and Zan Colin of Marcus & Millichap represented the undisclosed seller in the transaction. The trio also procured the buyer, an entity doing business as Borgetto PNA Inc.
NEW YORK CITY — Investment services and financial advisory firm Flexpoint Ford has opened its 30,000-square-foot office at One Vanderbilt, a 77-story tower in Midtown Manhattan by locally based real estate giant SL Green. The space features an open floor plan and a variety of smart technology and energy-efficient systems. SPECTOR Cos. designed the space. Cresa and Clune Construction Co. handled the build-out.
NEW YORK CITY — Locally based developer Slate Property Group has topped out a 162-unit multifamily project at 159 Boerum St. in Brooklyn’s East Williamsburg area. Designed by Aufgang Architects, the building will include 49 affordable apartments as well a parking garage, fitness center and a rooftop deck. Slate is developing the property in partnership with Avenue Realty Capital and SD Builders & Construction. Delivery is scheduled for summer 2025.
NEW YORK CITY — LMXD, an affiliate of New York City-based L&M Development Partners, has topped out the National Black Theatre & Ray Harlem, a 21-story residential and civic project. Designed by Frida Escobedo Architects and Handel Architects, the development will house 222 mixed-income apartments, commercial space along 125th Street and a multi-purpose living room that will be open to the community. In addition, the site will feature a 27,000-square-foot home for National Black Theatre. This space will house offices, classrooms, a 250-seat performance space, a 99-seat flexible studio theater and a set-building shop to support workforce development in theatrical trades. The building is scheduled to open in late 2024, with the theater coming on line in early 2026.