New York

Douglaston Development Nears Completion of 188-Unit Affordable Seniors Housing Project in The Bronx

by Taylor Williams July 31, 2023

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.

July 31, 2023

Loans New York Northeast Office

Cushman & Wakefield Arranges $30M Loan for Refinancing of Queens Office Complex

by Taylor Williams July 31, 2023

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.

July 31, 2023

Development New York Northeast Retail Top Stories

Wegmans to Open 87,500 SF Grocery Store in Manhattan’s East Village Neighborhood

by Katie Sloan July 31, 2023

NEW YORK CITY — Wegmans Food Market has announced plans to open an 87,500-square-foot store at 770 Broadway in Manhattan’s East Village neighborhood. The market, dubbed Wegmans Astor Place, will be located at the base of an office building that Vornado Realty Trust owns. Meta, formerly known as Facebook, occupies the office portion of the property. The store, which is set to open on Oct. 18, will offer made-to-order and packaged foods; ready-to-eat and ready-to-heat options, including a selection of entrees and sides for individuals and families; and a ‘restaurant foods’ section with fresh sushi, salads, sandwiches, soups, pizza and wings. The location will also include an onsite dining room with sushi and oyster bars, which are set to open in early 2024. This store will be Wegman’s second in New York City, following the opening of Wegmans Brooklyn in 2019. “We know our customers can’t wait to come see what we have in store and our employees have been training, in some cases, for over a year to get ready for this day,” says Matt Dailor, the new store’s manager. “Wegmans is a celebration of food and people, and we can’t wait to open the doors on October 18 …

July 31, 2023

Loans Massachusetts Net Lease New York Northeast Retail

Fantini & Gorga Arranges $10M in Acquisition Financing for Northeast Retail Portfolio

by Taylor Williams July 28, 2023

NEEDHAM, MASS. — Fantini & Gorga, a mortgage banking firm based in metro Boston, has arranged $10 million in acquisition financing for a portfolio of four retail properties occupied by Walgreens in the Northeast. Three of the properties are located in Massachusetts, and the fourth is in New York. Casimir Groblewski and Colin Monahan of Fantini & Gorga arranged the debt through multiple banks on behalf of the borrower, Union Station LP, which acquired the portfolio via a 1031 exchange.

July 28, 2023

Leasing Activity New York Northeast Office

GTS Securities Signs 30,094 SF Office Lease Extension at 545 Madison Avenue in Manhattan

by Taylor Williams July 28, 2023

NEW YORK CITY — Trading and technology firm GTS Securities has signed a two-year lease extension for its 30,094-square-foot office space at 545 Madison Avenue, a 17-story, 140,000-square-foot building in Manhattan’s Plaza District. The tenant’s footprint includes spaces on the 9th, 15th, 16th and 17th floors of the building, which is owned by Marx Realty. No third-party brokers were involved in the deal. Other tenants at 545 Madison Avenue include private equity firm Snow Phipps and Vialto Partners, a spinoff of PwC.

July 28, 2023

Leasing Activity New York Northeast Retail

Puig Signs 25,200 SF Office Headquarters Lease at 45 Rockefeller Plaza in Manhattan

by Taylor Williams July 27, 2023

NEW YORK CITY — Spanish fashion and fragrance retailer Puig has signed a 25,200-square-foot, long-term office headquarters lease at 45 Rockefeller Plaza in Midtown Manhattan. The company is relocating and expanding from a 12,762-square-foot space at 183 Madison Ave. to the 32nd floor of the 40-story building, which was originally constructed in 1935. Tishman Speyer owns 45 Rockefeller Plaza.

July 27, 2023

Development New York Northeast Office

Bromley Cos. Completes $100M Renovation of Office Building in Manhattan’s Union Square

by Taylor Williams July 26, 2023

NEW YORK CITY — Locally based owner-operator Bromley Cos. has completed the $100 million renovation of 122 Fifth Avenue, a 300,000-square-foot office building in Manhattan’s Union Square neighborhood. The repositioning added a new rooftop pavilion and bike storage room, enhanced the office and retail suites and upgraded the building infrastructure. According to New York Post, Microsoft anchors the building’s office space, having taken occupancy of floors six through 10 following completion of the project. Bromley Cos. first purchased 122 Fifth Avenue in 1979.

July 26, 2023

Leasing Activity New York Northeast Office

Legal Aid Society Signs 72,091 SF Office Lease Renewal in Downtown Manhattan

by Taylor Williams July 26, 2023

NEW YORK CITY — The Legal Aid Society has signed a 72,091-square-foot office lease renewal at One Seaport Plaza in downtown Manhattan, where the social justice firm has operated its headquarters for the past 20 years. The 1.1 million-square-foot building was constructed in 1984. Adam Rappaport and Brett Greenberg represented the landlord, Jack Resnick & Sons, in the lease negotiations on an internal basis. Craig Reicher and Christopher Mansfield of CBRE represented The Legal Aid Society.

July 26, 2023

Acquisitions Multifamily New York Northeast

Brax Realty Arranges $8M Sale of Manhattan Apartment Building

by Taylor Williams July 26, 2023

NEW YORK CITY — Locally based brokerage firm Brax Realty has arranged the $8 million sale of a 37-unit apartment building in Manhattan’s Gramercy Park neighborhood. Michael Ferrara and Alan Stenson of Brax Realty represented the seller, a long-term owner, in the transaction and procured the purchaser, a private investor. Both parties requested anonymity. The property was 84 percent occupied at the time of sale.

July 26, 2023

Development Loans New York Northeast Top Stories

Canyon Partners, J.P. Morgan Provide $193M Construction Loan for Sunnyside Campus Production Studio in Queens

by Kristin Harlow July 26, 2023

NEW YORK CITY — Canyon Partners Real Estate LLC and J.P. Morgan have provided a $193 million senior construction loan to East End Studios for the ground-up development of Sunnyside Campus, a media and content production studio in Queens. Construction is underway, and completion is slated for the first quarter of 2025. Sunnyside Campus will total 275,000 square feet and feature three full-service, ground-floor sound stages spanning 75,000 square feet. The stages will feature clear heights of 37 feet and may be subdivided. Plans additionally call for a 15,000-square-foot rooftop flex stage with views of the Queens, Brooklyn and Manhattan skylines along with ample outdoor gathering space. The stages will be supported by 125,000 square feet of production, office and mill spaces, 225 below-grade parking spaces, and eight enclosed loading bays for full-size trucks. Mill space can be utilized for set construction, welding, props, special effects and more. Like all East End Studios projects, the Sunnyside facility will be fully integrated with extended reality and virtual reality infrastructure. Positioned on a full city block between Queens Boulevard and the Long Island Expressway, the Sunnyside campus offers cast and crew members convenient public transportation options. The New York City Industrial Development …

July 26, 2023

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