New York

DoorDash Signs 115,382 SF Office Lease Expansion at 200 Fifth Avenue in Manhattan

by Taylor Williams January 12, 2024

NEW YORK CITY — DoorDash has signed a 115,382-square-foot office lease expansion at 200 Fifth Avenue in Manhattan. The San Francisco-based online food delivery platform is expanding from a 57,691-square-foot space that it had previously subleased to the ninth floor of the 860,000-square-foot building. Bruce Mosler, Ethan Silverstein, Anthony LoPresti and Bianca Di Mauro of Cushman & Wakefield represented the landlord, Boston Properties (NYSE: BXP), in the lease negotiations. Adam Ardise and Greg Pickett, also with Cushman & Wakefield, represented DoorDash, which plans to take occupancy of the new space before the end of the year.

January 12, 2024

Affordable Housing Development Loans Multifamily New York Northeast Seniors Housing Top Stories

KeyBank Arranges $571.7M Financing Package for Affordable Seniors Housing Property in Rochester, New York

by Katie Sloan January 12, 2024

ROCHESTER, N.Y. — KeyBank has arranged a $571.7 million financing package for Andrews Terrace, a 526-unit affordable seniors housing property located along the Genesee River in Rochester. A partnership between Conifer Realty and Community Preservation Partners owns the property and has announced renovation plans. Located at 125 St. Paul St., Andrews Terrace was built in 1975 and consists of two residential buildings, one rising 19 stories and the other 22 stories. The towers offer studio, one- and two-bedroom apartments for seniors and disabled residents. The buildings are connected on the first floor with elevated walkways throughout. Under an existing Housing Assistance Payment contract, 496 of the community’s apartments are reserved for residents earning up to 50 percent of the area median income (AMI), with 30 apartments set aside for those earning 60 percent or less of AMI. Renovations for the 557,602-square-foot community will include kitchen upgrades and bathroom refurbishment in each unit, and renovations to common areas including the lobby, community room, management office, maintenance shop and parking garage. The project will also include the addition of a community garden, seating and grilling area, bocce ball courts, fitness room, game room, reading nook, two community rooms, new mailboxes and a …

January 12, 2024

Loans Multifamily New York Northeast

Lightstone Receives $165.5M Agency Loan for Refinancing of Brooklyn Apartment Community

by Taylor Williams January 11, 2024

NEW YORK CITY — Locally based investment firm Lightstone has received a $165.5 million Freddie Mac loan for the refinancing of a 430-unit apartment community located at 365 Bond St. in the Gowanus neighborhood of Brooklyn. Built in 2016, the property features studio, one- and two-bedroom units, 40,000 square feet of amenity space and 30,000 square feet of open green space. Peter Rotchford, Michael Shmuely, Nicco Lupo, Jeffrey Julien, Rob Hinckley, Steven Rutman, Jonathan Hageman and Hall Oster of JLL originated the five-year, fixed-rate loan on behalf of Lightstone.

January 11, 2024

Hospitality Loans New York Northeast

Joint Venture Funds $64.5M Loan for Refinancing, Conversion of Queens Hotel

by Taylor Williams January 11, 2024

NEW YORK CITY — A joint venture between California-based Sabal Investment Holdings and global real estate companies Bsafal Inc. and Argo Real Estate has provided $64.5 million in financing for the 353-room LaGuardia Plaza Hotel in Queens. The borrower, Pennsylvania-based Synergy Hospitality Management, will use the proceeds to refinance existing debt and fund renovations to the guestrooms, common areas and amenity spaces. Moving forward, the hotel will be operated under the DoubleTree by Hilton brand. New Jersey-based intermediary Cronheim Mortgage arranged the loan.

January 11, 2024

Loans Multifamily New York Northeast

Dwight Mortgage Trust Provides $41.2M Bridge Loan for Brooklyn Apartment Building

by Taylor Williams January 11, 2024

NEW YORK CITY — Dwight Mortgage Trust, the affiliate REIT of locally based lender Dwight Capital, has provided a $41.2 million bridge loan for Amnia, a 73-unit apartment building in downtown Brooklyn. The newly constructed, 13-story building offers studio, one-, two- and three-bedroom units, with 22 apartments reserved as affordable housing. Amenities include a fitness center, game room, courtyard with a dog run and a rooftop lounge. Pinchas Vogel of Landstone Capital Group arranged the debt. The borrower, Bruklyn Builders Inc., will use the proceeds to retire construction debt and fund other costs of lease-up and stabilization.

January 11, 2024

Leasing Activity New York Northeast Office

JLL Negotiates 5,084 SF Office Lease in Manhattan’s Financial District

by Taylor Williams January 11, 2024

NEW YORK CITY — JLL has negotiated a 5,084-square-foot office lease at 76 Trinity Place, a 26-story building in Manhattan’s Financial District that was completed in 2022. The lease term is five years. John Wheeler, Andrew Coe and Margaux Kelleher of JLL represented the landlord, Trinity Church Wall Street, in the lease negotiations. Jeff Szczapa, Ed DiTolla and Finley Burger, also with JLL, represented the tenant, Boston-based financial technology company Lendbuzz.

January 11, 2024

Acquisitions New York Northeast Office

KSR Capital Buys 49 Percent Stake in Manhattan Office Building

by Taylor Williams January 9, 2024

NEW YORK CITY — KSR Capital, the investment arm of locally based firm KSR, has purchased a 49 percent stake in 1410 Broadway, a 34-story office building in Manhattan. The 395,000-square-foot building recently underwent a capital improvement program and was 90 percent leased when the deal closed, with an undisclosed design and marketing firm recently signing a 62,500-square-foot lease. KSR Capital purchased the stake from L.H. Charney Associates, with internal agents Albert Sultan and Marc Sitt negotiating the deal.

January 9, 2024

Acquisitions Industrial New York Northeast

Houlihan Lawrence Arranges $18.5M Sale of Two Warehouses in Brewster, New York

by Taylor Williams January 9, 2024

BREWSTER, N.Y. — New York-based brokerage firm Houlihan Lawrence Commercial has arranged the $18.5 million sale of two warehouses in Brewster, about 55 miles north of Manhattan. The steel-frame buildings span a combined 99,900 square feet across 15 acres near Exit 8 of I-684. John Ravetto of Houlihan Lawrence represented the seller, locally based contractor Alfredo Site Development Co., in the transaction. Stan Putko of Orenda Estates LLC represented the undisclosed buyer.

January 9, 2024

Acquisitions Multifamily New York Northeast

Wexcor Capital Buys Two Manhattan Apartment Buildings for $5.8M

by Taylor Williams January 9, 2024

NEW YORK CITY — Long Island-based investment firm Wexcor Capital has purchased two contiguous apartment buildings in Manhattan’s Washington Heights area for $5.8 million. The six-story buildings were constructed in 1914 and house 61 rent-stabilized units. Aaron Jungreis, Ben Khakshoor and Alex Fuchs of locally based brokerage firm Rosewood Realty Group represented both Wexcor Capital and the seller, Barberry Rose Management, in the transaction. The deal traded at a cap rate of 9 percent.

January 9, 2024

Acquisitions Multifamily New York Northeast

JLL Arranges $7.5M Sale of Manhattan Apartment Building

by Taylor Williams January 8, 2024

NEW YORK CITY — JLL has arranged the $7.5 million sale of a 26-unit apartment building located at 200 Mott St. in Manhattan’s Nolita neighborhood. The seven-story building houses one- and two-bedroom units and a retail space that is leased to an Italian restaurant. Hall Oster, Guthrie Garvin, Teddy Galligan, Conrad Martin, Braedon Gait and Bradford Burton of JLL represented the seller and procured the buyer, both of which were private investors that requested anonymity, in the deal. The buyer plans to implement a value-add program.

January 8, 2024

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