NEW YORK CITY — A joint venture between Turnbridge Equities and Dune Real Estate Partners is nearing completion of Bronx Logistics Center, a 1.3 million-square-foot industrial project on the borough’s south side. The site at 980 E. 149th St. is an assemblage of five parcels and spans 14.2 acres. The facility will offer a clear height of 32 feet and more than 1,500 parking spaces. The development team expects to complete the project by the end of the year.
NEW YORK CITY — Greystone has provided an $18.3 million Fannie Mae loan for the refinancing of a 154-unit multifamily property located at 400 Herkimer St. in the Bedford-Stuyvesant neighborhood of Brooklyn. The property was built on 18 acres in 1965 and offers studio, one-, two- and three-bedroom units. Anthony Cristi of Greystone originated the 10-year loan, which carries a fixed interest rate and a 30-year amortization schedule. The borrower was not disclosed.
COLONIE, N.Y. — Axiom Capital Corp., a New York-based commercial finance and advisory firm, has arranged an $8.6 million loan for the refinancing of a 107,245-square-foot retail property in Colonie, located just outside of Albany. The property consists of nine buildings, some of which contain office space, on a 15.8-acre site. The nonrecourse loan was structured with a fixed interest rate and a five-year term. The borrower and direct lender were not disclosed.
NEW YORK CITY — Locally based brokerage firm Ariel Property Advisors has negotiated the $5.8 million sale of a 25-unit affordable housing complex located at 201 W. 148th St. in Harlem. Information on specific income restrictions was not disclosed. Victor Sozio, Shimon Shkury and Michael Tortorici of Ariel Property Advisors represented the seller in the transaction. Additional terms of sale were not disclosed.
ALBANY, N.Y. — New York Gov. Kathy Hochul has announced that the State of New York will provide $406 million in financing to deliver approximately 800 new affordable housing units across the state. The financing will be awarded through bonds and subsidies. The New York Division of Homes and Community Renewal (HCR) is providing the financing for the five developments, which comprises $286 million in tax-exempt housing bonds and $120 million in subsidies. The awarded projects are as follows: Income restrictions for these five developments were not disclosed. “Addressing New York’s housing crisis requires a comprehensive and holistic approach,” says Hochul. “That’s why we’re working overtime to face the crisis head-on by spurring the development of a variety of housing options that meet the needs of New Yorkers from all walks of life, from seniors to families to young adults.” Hochul’s statement came during the ribbon-cutting ceremony celebrating the completed renovations at The New Amsterdam Apartments, a 116-unit affordable seniors housing community at 26 Wall St. in Amsterdam. The property is restricted to tenants earning at or below 80 percent of the area median income (AMI) and with at least one household member age 55 or older. Funded by the …
BAY SHORE, N.Y. — Greystone has provided a $25.2 million HUD-insured loan for a project in the Long Island community of Bay Shore that will convert the original homestead of the Gulden family, a major mustard manufacturer, into a seniors housing community. Netherbay at Bay Shore, which bears the name of the estate, will feature 72 assisted living and memory care community units. Amenities will include communal dining and lounging areas, an outdoor garden and walking area and a pavilion for outdoor entertainment. Meridian Senior Living will operate the community, which will be constructed by Racanelli Construction. Lisa Fischman of Greystone originated the construction-to-permanent financing on behalf of the developers, Charles Ferraro and Nicholas Racanelli.
NEW YORK CITY — JLL has arranged the $97.5 million sale of 8 Marcy Ave., a 123-unit apartment building located in the Williamsburg area of Brooklyn. Delivered in January, the eight-story building houses studio, one- and two-bedroom units, with 37 residences reserved as affordable housing. Income restrictions for these units were not disclosed. A joint venture between The Carlyle Group and Z+G Property Group purchased the asset from Prospect Development. Ethan Stanton, Jeffrey Julien, Brendan Maddigan, Stephen Palmese, Rob Hinckley, Michael Mazzara, Winfield Clifford, Steven Rutman and Jay Leshinsky of JLL brokered the transaction. Steven Klein, Geoff Goldstein and Christopher Pratt, also with JLL, arranged $73.6 million in acquisition financing through Invesco Real Estate for the deal.
NEW YORK CITY — JLL Capital Markets has arranged $220 million in financing for the conversion of 55 Broad Street in New York City’s Financial District into 571 luxury apartment units. Conversion of the 30-story office tower will occur in phases. JLL arranged the four-year, floating-rate loan through Mexico City-based Banco Inbursa on behalf of the borrower, a partnership between Metro Loft Developers LLC and Silverstein Properties. JLL also advised on the procurement and structuring of equity for the deal. The Rudin Family sold the building to the developers for about $173 million, according to Crain’s New York Business. Upon completion, 55 Broad Street will feature studios, one-, two- and three-bedroom units along with roughly 17,000 square feet of amenity space. Amenities will include a rooftop pool, fitness center, coworking facilities and sports simulators. The project will be one of the first fully electric residential buildings in Manhattan, leveraging self-contained heating and cooling systems. Mechanical renovations will bring the building to 100 percent carbon neutral and will enable the creation of additional amenities and rentable floor area. Located less than two blocks from the Bowling Green subway station, 55 Broad Street offers connectivity to destinations across the city and the …
NEW YORK CITY — Locally based firm Douglaston Development is nearing completion of a 188-unit affordable seniors housing project in The Bronx. The 12-story building at 2856 Webster Ave., which is adjacent to the New York Botanical Garden (NYBG), represents Phase I of a larger development. Phase II consists of 277 affordable seniors housing residences and 8,000 square feet of retail space. Units are reserved for households earning 50 percent or less of the area median income. Douglaston is developing the project through a 99-year ground lease with NYBG. Stephen B. Jacobs Group is the project architect, and Levine Builders is the general contractor and construction manager. The first move-ins are now underway.
NEW YORK CITY — Cushman & Wakefield has arranged a $30 million loan for the refinancing of Brewster LIC, a 700,000-square-foot office complex located at 27-01 Queens Plaza North in the borough’s Long Island City area. The property, which is currently undergoing a capital improvement program, was 72 percent leased at the time of the loan closing to JetBlue and Amaris. Amenities include a fitness center, conference center, terraces and a designated food-and-beverage facility. Gideon Gil, Lauren Kaufman and Dale Braverman of Cushman & Wakefield arranged the debt through Apple Bank on behalf of the borrower, Brause Realty.
