NEW YORK CITY — An affiliate of Empire State Realty Trust (ESRT) has purchased two adjacent commercial buildings in Brooklyn’s Williamsburg neighborhood for $26.4 million. The buildings total a combined 11,000 square feet across six market-rate apartments and 5,600 square feet of retail space. ESRT acquired the buildings, which were both fully occupied at the time of sale, via a 1031 exchange. The seller was not disclosed. Global law firm Fried Frank advised ESRT on the deal.
New York
NEW YORK CITY — Regus, a provider of coworking and flexible workspace solutions, has signed a 37,031-square-foot office lease renewal at 14 Wall St. in Manhattan’s Financial District. Regus will continue to occupy the entire 20th floor of the 1.1 million-square-foot building, which was originally constructed in 1910 for the Bankers Trust Co. Bradley Gerla, Jon Cope, Mike Rizzo and Masha Dudelzak of CBRE represented the undisclosed landlord in the lease negotiations. Jon Pavone and Michael Cohen of Colliers represented Regus.
NEW YORK CITY — Delshah Capital, a locally based real estate private equity firm, has completed a multifamily adaptive reuse project at 30 Morningside Drive on Manhattan’s Upper West Side. The project converted a former hospital complex that was originally constructed between 1896 and 1928 into a residential complex with 204 units across five buildings. CetraRuddy served as the architect for the project, and Titanium Construction Services was the general contractor.
SOMERS, N.Y. — CBRE has arranged the sale of a 68,842-square-foot retail building in Somers, about 40 miles north of Manhattan, that is fully leased to grocer Stop & Shop. The store is located within Somers Commons, a 134,760-square-foot center that fronts U.S Route 6. Jeffrey Dunne, David Gavin and Travis Langer of CBRE represented the seller, Ceruzzi Properties, in the transaction. CBRE also procured the buyer, an undisclosed institutional investor.
NEW YORK CITY — JLL has arranged a $33 million loan for the refinancing of 640 Broadway, a 21-unit luxury apartment building that occupies a full city block in Manhattan’s NoHo neighborhood. The nine-story, pre-war building was originally designed and constructed in 1896 and houses 4,241 square feet of retail space that is fully leased. Residential amenities include a fitness center and a rooftop terrace. Stephen Van Leer led the JLL team that arranged the loan through Bridge Investment Group on behalf of the borrower, Acadia Realty Trust.
NEW YORK CITY — Locally based brokerage firm Ariel Property Advisors has negotiated the $5.1 million sale of two apartment buildings in Brooklyn’s Bushwick neighborhood. The building at 105 Wilson Ave. houses four three-bedroom units and a Japanese restaurant, and the building at 153 Wilson Ave. is home to six residential units and a barbershop. Dov Chein, Benjamin Vago and Victor Sozio of Ariel represented the undisclosed seller in the transaction. The buyer was also not disclosed.
NEW YORK CITY — Onyx Renewable Partners, a provider of clean energy solutions, has signed a 10,760-square-foot office lease renewal at 505 Fifth Avenue in Midtown Manhattan. The 28-story building was built in 2006 and is adjacent to Bryant Park. Onyx plans to relocate from 230 Park Avenue to the entire 14th floor early next year. Paul Glickman, Diana Biasotti, Kristen Morgan and Kyle Young of JLL represented the landlord, Stawski Partners, in the lease negotiations. Clark Finney and T.J. Hochanadel of JLL, along with Brian Goldman, Scott Gutnick and Josh Berg of Newmark, represented the tenant.
CUTCHOGUE, N.Y. — Boutique financial advisory firm Talonvest Capital has arranged $27.8 million bridge loan for GoodFriend Storage North Fork, a self-storage facility located in the Long Island community of Cutchogue. The borrower, GoodFriend Storage, will use the proceeds to partially fund an expansion project, retire existing debt and support the lease-up of the expansion. The facility currently features 690 climate-controlled units, 213 non-climate-controlled units and 87 warehouse/portable units for a total of 123,174 net rentable square feet. Britt Taylor, Jim Davies, Tom Sherlock, Ivan Viramontes and Lauren Maehler of Talonvest arranged the financing through an undisclosed direct lender.
JERICHO, N.Y. — PX4 Development has purchased an 80-room hotel in the Long Island community of Jericho with plans to convert the building into a student housing community with one-, two- and three-bedroom units. To that end, PX4 has secured a long-term lease with The New York Institute of Technology, which has campuses on both Manhattan and Long Island. The development team is aiming to have the building ready for occupancy in advance of the 2024 academic year.
BAY SHORE, N.Y. — Nordstrom Rack, the off-price retail division of Nordstrom, will open a 24,000-square-foot store in Bay Shore, a hamlet on Long Island. The store will be situated within Gardiner Manor Mall and is scheduled to open next spring. Other tenants at the property include HomeGoods, Barnes & Noble, Michaels and Old Navy. Kite Realty Group Trust is the landlord. This location will mark the third Nordstrom Rack outpost in the state.