New York

326-Rockaway-Brooklyn

NEW YORK CITY — A partnership between Slate Property Group, nonprofit organization RiseBoro Community Partnership and Goldman Sachs has completed 326 Rockaway, an affordable housing development located in the Brownsville neighborhood of Brooklyn. Of the property’s 216 units, 130 are supportive housing for tenants who formerly were homeless, and the remaining units are available for households earning 60 percent or less of the area median income. Amenities include an outdoor recreation area with play structures and landscaped areas, a community room, fitness center and children’s playroom. Aufgang Architects designed the project, and SD Builders & Construction served as the general contractor. Construction began in summer 2023.

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Shops-at-Atlas-Park-Queens

NEW YORK CITY — New York City-based owner-operator Ashkenazy Acquisition Corp. has purchased The Shops at Atlas Park, a 374,000-square-foot, open-air shopping center in Queens. The Shops at Atlas Park is situated on a 12-acre site at the intersection of Cooper Avenue and 80th Street. Anchored by Regal Cinemas, the center is home to a mix of both national and local operators, as well as an array of food-and-beverage users. Los Angeles-based owner-operator Macerich sold the property in conjunction with an unnamed partner. ACORE Capital provided acquisition financing for the deal.

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Rialto-West-Manhattan

NEW YORK CITY — Douglaston Development has topped out Rialto West, a 158-unit affordable housing project in Manhattan’s Hell’s Kitchen neighborhood. The eight-story building will offer studio, one-, two- and three-bedroom units that will be reserved for households earning up to 140 percent of the area median income. In addition, 15 percent of the units will be dedicated to serving formerly homeless households. Rialto West will also feature a fitness center, onsite laundry facilities and a bike storage area. Levine Builders, a Douglaston affiliate, is the general contractor for the project, full completion of which is slated for the fourth quarter of next year.

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NEW YORK CITY — Lendlease has begun preleasing and revealed new renderings for The Riverie, an 834-unit apartment development in the Greenpoint neighborhood of Brooklyn. The project is slated to open in October. Of the total unit count, 30 percent are designated as affordable housing. The development will also feature 13,000 square feet of retail and restaurant space, state-of-the-art amenities and new public greenspace. Spanning an entire city block along the East River, The Riverie features two towers rising 37 and 20 stories, as well as a mid-rise podium with frontages along India, West and Java streets. Residences range from studios to three bedrooms, including select penthouses and townhomes. Marvel was the project architect. INC Architecture & Design handled the interior design, while Crème designed the townhomes. At the core of The Riverie’s sustainability strategy is its vertical closed-loop geothermal system, comprised of 320 boreholes beneath the site. This feature makes it the largest geothermal residential building in New York state and is believed to be the largest high-rise geoexchange system in the country, according to Lendlease. Combined with its fully electric design, The Riverie is expected to reduce annual carbon emissions from heating and cooling by 53 percent when …

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NEW YORK CITY — Locally based owner-operator The Altmark Group has received a $96 million loan for the refinancing of The Motto, a 24-story apartment building located in the Mott Haven area of The Bronx. Designed by Woods Bagot, The Motto offers 264 units, 80 of which are reserved as affordable housing, in studio, one- and two-bedroom floor plans. Amenities include coworking lounges, a resident sky lounge, rooftop terrace with barbecue grills and fire pits and a fitness center. Brad Domenico, Gideon Gil, Jack Subers and Frank Stanislaski of Cushman & Wakefield arranged the five-year, fixed-rate loan through Morgan Stanley on behalf of The Altmark Group.

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Pearson-Court-Square-Queens

NEW YORK CITY — PCCP LLC has provided a $65 million loan for the refinancing of Pearson Court Square, a 197-unit apartment complex in the Long Island City area of Queens. Built in 2014, the transit-served property offers studio, one- and two-bedroom units and amenities such as a resident lounge, coworking space, rooftop sky deck and an outdoor basketball court. The borrower was an affiliate of L+M Development Partners. Pearson Court Square was roughly 98 percent occupied at the time of the loan closing.

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85-Jay-St.-Brooklyn

NEW YORK CITY — A joint venture between Namdar Realty and Klosed Properties has acquired a retail and parking condo located at 85 Jay St. in the Dumbo area of Brooklyn for $54 million. The retail component totals 128,410 square feet, and the space is located beneath Front & York, a 21-story, 727-unit residential building. The retail space was 84 percent leased at the time of sale to tenants such as CVS, Devoción, Petit Poussins and Lazy Sundaes. Daniel O’Brien of Newmark brokered the deal. The seller was CIM Group. Max Ralby and Jordan Roeschlaub, also with Newmark, arranged $41.3 million in acquisition financing for the deal through Blue Owl Capital.

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261-315-Grand-Concourse-Bronx

NEW YORK CITY — Dwight Mortgage Trust, the affiliate REIT of New York City-based Dwight Capital, has provided a $155 million bridge loan for the refinancing of 261 & 315 Grand Concourse, a multifamily property in The Bronx. The newly developed, adjacent multifamily buildings house a total of 405 units: 261 Grand Concourse has 283 market-rate units, and 315 Grand Concourse has 122 affordable housing units. Residences are furnished with marble bathroom countertops, ceramic tiling and stainless steel appliances, and amenities include a fitness center, coworking space, resident lounge and outdoor terraces. Pinchas Vogel of Landstone Capital Group arranged the debt on behalf of the borrower, Beitel Group.

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Ocean-Park-Apartments

NEW YORK CITY — Merchants Bank has funded a $60.5 million acquisition loan for Ocean Park Apartments, a 602-unit affordable housing property located in the Far Rockaway area of Queens. Ocean Park Apartments consists of two 26-story buildings that house one-, two- and three-bedroom units, as well as four commercial spaces. Roughly 70 percent (423) of the units are reserved for households earning 60 percent or less of the area median income, and the remaining (179) units are earmarked for renters earning 80 percent or less of the area median income. The borrower, local owner-operator Tredway, will use a portion of the proceeds to fund capital improvements and preserve and extend the property’s affordability status. Michael Milazzo of affiliate Merchants Capital originated the debt.

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NEW YORK CITY — Rabin & Partners LLP has signed a 10,881-square-foot office lease renewal in Midtown Manhattan. The family law firm will remain a tenant at 11 Times Square, a 40-story, 1.1 million-square-foot building located at the corner of Eighth Avenue and 42nd Steet. Sam Seiler of CBRE represented the tenant in the lease negotiations. SJP Properties owns 11 Times Square.

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