SYOSSET, N.Y. — California-based boutique advisory firm Talonvest Capital has arranged a $13.8 million construction loan for a self-storage facility in the Long Island community of Syosset. The facility will consist of 1,025 climate-controlled units and 86 drive-up units for a total of 103,440 net rentable square feet. John Chase, Kim Bishop, Ivan Viramontes and Lauren Maehler of Talonvest arranged the loan, which carried a five-year term and four years of interest-only payments, through an undisclosed commercial bank. The borrower and developer is Barone Management. Delivery is slated for late 2024.
Affordable HousingDevelopmentHospitalityMixed-UseMultifamilyNew YorkNortheastRestaurantRetailTop Stories
Soloviev Group Plans 1,325-Unit Apartment Complex in Mixed-Use Freedom Plaza Development in Manhattan
NEW YORK CITY — Soloviev Group has announced plans for two residential towers in Manhattan as a part of the Freedom Plaza mixed-use development, a six-acre, three-block project proposed along the East River in Manhattan. The two high-rise buildings will offer 1,325 residential units, including 513 affordable units. Current plans for Freedom Plaza feature 4.8 acres of publicly accessible green space; a hotel; retail and restaurant space; a museum; the residential towers; and a casino. Local news outlets report that adding affordable housing to the development plans is a move to improve the proposal’s attractiveness amid opposition to the casino component. Soloviev is developing the casino in partnership with global entertainment owner and operator Mohegan. Mohegan is an extension of the Mohegan Tribe of Indians of Connecticut. The planned affordable housing component of the development will comply with New York City’s Mandatory Inclusionary Housing rules, as well as all other applicable affordability guidelines. Nearly 40 percent of the total unit count will be permanently affordable and reserved for residents earning 80 percent or below the area median income. According to Soloviev Group, the proposed project will be among Manhattan’s largest inclusionary housing initiatives. “Affordable housing, specifically the creation of new …
NEW YORK CITY — Derby Copeland Capital, a locally based lending and investment firm, has provided an $8.7 million loan for the refinancing of a four-unit apartment building in Manhattan’s SoHo area. According to StreetEasy, the five-story building at 78 Grand St., which includes a ground-floor retail space that is occupied by Society Limonata, was originally constructed in 1900. The undisclosed borrower will use about $200,000 of the proceeds to fund capital improvements.
NEW YORK CITY — Two locally based brokerage firms, Rosewood Realty Group and GFI Realty, have negotiated the $5.2 million sale of a 53-unit apartment building in The Bronx. The six-story building at 4030 Bronx Blvd. was originally constructed in 1929. Ben Khakshoor, Alex Fuchs and Aaron Jungreis of Rosewood, along with Zach Fuchs of GFI, represented both the buyer and the seller in the transaction. Both parties were private investors. The deal traded at a cap rate of 8.1 percent.
COMMACK, N.Y. — PGA Tour Superstore has opened a 39,225-square-foot shop at Mayfair Shopping Center, a 220,000-square-foot development located in the Long Island community of Commack. Hugh Scullin of regional brokerage firm Katz & Associates represented PGA Tour Superstore in the lease negotiations. E.J. Moawad of Levin Management Corp. represented the undisclosed landlord. The store will be the retailer’s fourth in New York.
NEW YORK CITY — SCALE Lending, the debt financing arm of locally based development and investment firm Slate Property Group, has provided a $142 million construction loan for a 521-unit multifamily project in the Jamaica area of Queens. The building at 147-35 95th Ave. will rise 24 stories and offer studio, one- and two-bedroom units. The property will also house 363 parking spaces and 1,231 square feet of retail space. Residential amenities will include a gym with a yoga room, children’s playroom, business center and conference rooms, rooftop lounge, game room, theater room and a TikTok room. The sponsor, Sutphin Boulevard Equities, will use the proceeds to fund the final stages of construction, as well as lease-up and stabilization of the property. Steve Hersko of SHB Group arranged the 30-month, floating-rate loan. Completion is slated for next summer. Other project partners include Heartfelt Townhouse Builders, structural engineer Thorton Tomassetti and J Frankl Architects.
NEW YORK CITY — JLL has negotiated the $6 million sale of an 11-unit apartment building located at 169 Mulberry St. in Manhattan’s Little Italy neighborhood. According to StreetEasy, the building, which includes a single retail space that is occupied by an Italian restaurant, was originally constructed in 1914 and rises six stories. Hall Oster, Teddy Galligan and Guthrie Garvin of JLL represented the seller and procured the buyer, both of which were private investors that requested anonymity, in the transaction.
YONKERS, N.Y. — New York City-based Simone Development Cos. has purchased One Executive Boulevard, a 133,768-square-foot office building located north of Manhattan in Yonkers, with plans to convert the building into a healthcare facility. The four-story building sits on a 6.7-acre site that is located within a quarter mile of nearly 900,000 square feet of existing medical real estate. Robert Martin Co. sold the property for an undisclosed price.
NEW YORK CITY — Marcus & Millichap has brokered the $6.6 million sale of a 6,216-square-foot mixed-use building located at 60 W. 45th St. in Midtown Manhattan. The building was originally constructed in 1920 and comprises seven units that feature a mix of commercial and residential uses. Joe Koicim, Logan Markley and Zan Colin of Marcus & Millichap represented the undisclosed seller in the transaction. The trio also procured the buyer, an entity doing business as Borgetto PNA Inc.
NEW YORK CITY — Investment services and financial advisory firm Flexpoint Ford has opened its 30,000-square-foot office at One Vanderbilt, a 77-story tower in Midtown Manhattan by locally based real estate giant SL Green. The space features an open floor plan and a variety of smart technology and energy-efficient systems. SPECTOR Cos. designed the space. Cresa and Clune Construction Co. handled the build-out.