Northeast

Fashion Retailer Michael Kors to Acquire Jimmy Choo for $1.35B

by Katie Sloan July 25, 2017

NEW YORK CITY — Global fashion retailer Michael Kors has agreed to acquire Jimmy Choo, a London-based luxury footwear and accessories brand, for approximately $1.35 billion. Jimmy Choo PLC (LON: CHOO) has approximately 150 company-operated retail stores, 560 multi-brand locations and more than 60 franchise stores in locations worldwide. The company has a strong presence in the Americas, Europe, the Middle East, and Asia. With this acquisition, Michael Kors Holdings Limited (NYSE: KORS) hopes to grow Jimmy Choo sales to $1 billion; balance its portfolio with greater product diversification; enhance the company’s position in the men’s and women’s luxury footwear segment; and enhance exposure to global markets, with a particular focus on Asia. Michael Kors expects the transaction to close during fourth-quarter 2017. “Jimmy Choo [is] an iconic brand with a rich history as a leading global luxury house,” says John Idol, chairman and CEO of Michael Kors. “We believe that Jimmy Choo is poised for meaningful growth in the future and our company is committed to supporting the strong brand equity that Jimmy Choo has built over the last 20 years.” Michael Kors has committed bridge financing from JPMorgan Chase Bank N.A. and Goldman Sachs Bank USA to satisfy fund requirements of the U.K. Takeover Code. The transaction is expected …

July 25, 2017

Loans Multifamily New York Northeast Seniors Housing

Greystone Provides $78.4M HUD Loan for 510-Bed Skilled Nursing Facility in New York City

by Amy Works July 24, 2017

NEW YORK CITY — Greystone has provided a $78.4 million HUD-insured permanent loan to refinance Boro Park Center for Nursing & Rehabilitation in Brooklyn. Fred Levine of Greystone originated the financing for the borrower, Centers Health Care. The borrowers have invested more than $20 million in renovations to the property, which it acquired more than five years ago. Boro Park Center features a variety of clinical services, including amputee recovery and training; cardiac therapy; comfort care and palliative care; dental services; isolation rooms; occupational therapy; oxygen management; peripherally inserted central catheter management; physical therapy; pleurx management; post-surgical orthopedic care; respiratory management; speech therapy; stroke rehabilitation; and tracheostomy care.

July 24, 2017

Hospitality New York Northeast

Sun Moon Develops 192-Room Marriott Fairfield in Lower Manhattan

by Amy Works July 24, 2017

NEW YORK CITY — Sun Moon LLC is developing a Marriott Fairfield at 100 Greenwich St. in Lower Manhattan. Slated to open this summer, the 75,000-square-foot hotel will feature 192 rooms and 2,400 square feet of ground-floor restaurant and bar space. Gene Kaufman Architect designed the hotel, which features a five-story black granite base. The hotel’s 25-story tower uses air rights that were part of a zoning lot assemblage. The assemblage includes a previously completed 50-story Holiday Inn, located at 99 Washington St. VLDG designed the interior of the hotel.

July 24, 2017

Multifamily New York Northeast

Rosewood Realty Facilitates $12.3M Sale of Two Apartment Buildings in Manhattan

by Amy Works July 24, 2017

NEW YORK CITY — Rosewood Realty Group has arranged the sale of two contiguous five-story apartment buildings in Manhattan’s Washington Heights neighborhood. 25 Ridge LLC and 560 West 184th Street Owners LLC acquired the buildings, located at 558 and 560 W. 184th St., for $12.3 million. The sellers were 25 Ridge LLC, 558 West 184th Street Owners LLC and 560 West 184th Street Owners LLC. The buildings feature 109 single-room units. Jonathan Brody of Rosewood Realty represented the buyers, while Aaron Jungreis, also of Rosewood, represented the sellers in the deal.

July 24, 2017

New Jersey Northeast Retail

Marcus & Millichap Brokers $1.1M Sale of Retail Property in Bayonne, New Jersey

by Amy Works July 24, 2017

BAYONNE, N.J. — Marcus & Millichap has arranged the sale of a retail property located at 563-567 Broadway in Bayonne. A private investor sold the property for $1.1 million, or $192 per square foot. The building features 5,600 square feet of retail space. Fahri Ozturk and Tyler Van Wagoner of Marcus & Millichap represented the seller and buyer, a private investor, in the deal.

July 24, 2017

New Jersey Northeast Office

Cushman & Wakefield Negotiates $15.8M Sale of Office Building in Princeton, New Jersey

by Amy Works July 24, 2017

PRINCETON, N.J. — Cushman & Wakefield has arranged the sale of an office building, located at 103 Carnegie Center Drive in Princeton. Boston Properties acquired the 96,000-square-foot building from Mack-Cali Realty Corp. for $15.8 million. The three-story building features flexible floor plans accommodating tenants from 500 square feet to 15,000 square feet. Andrew Merin, David Bernhaut, Gary Gabriel, Brian Whitmer, Frank DiTommaso II and Andrew Schwartz of Cushman & Wakefield brokered the transaction.

July 24, 2017

Massachusetts Multifamily Northeast

Bell Partners Buys 196-Unit Apartment Community in Boston’s Jamaica Plain

by Amy Works July 21, 2017

BOSTON — Bell Partners has purchased Olmsted Place, an apartment community, located at 161 S. Huntington Ave. in the Jamaica Plain neighborhood of Boston, for an undisclosed price. Bell has renamed the 196-unit property Bell Olmsted Park, and Bell Partners will manage the community. Opened in late 2015, the property features a variety of studio, one-, two- and three-bedroom layouts, two elevated courtyards and surface and garage parking. The residences feature hardwood floors, granite countertops, stainless steel appliances and in-unit laundry facilities. On-site amenities include a resident lounge with bar and audio-visual equipment, a state-of-the-art fitness center, a heated pool and outdoor terraces. The name of the seller was not released.

July 21, 2017

Multifamily New York Northeast

TF Cornerstone Opens 714-Unit Apartment Development in Brooklyn

by Amy Works July 21, 2017

NEW YORK CITY — TF Cornerstone has completed the development of 33 Bond, a 25-story apartment development located in Brooklyn. Designed by Handel Architects, 33 Bond features 714 rental units in studio, one- and two-bedroom open-concept layouts, a 24-hour attended lobby, package attendant, club lounge with billiards table, screening room, designated event space, bicycle store, parking garage and an on-site pet grooming space. Residences feature white oak floors, state-of-the-art kitchens with stainless steel appliances, and floor-to-ceiling windows. Additionally, the property features HomeWork, a full-scale collaborative workspace, and 60,000 square feet of retail space occupied by Chelsea Piers, a fitness, health and lifestyle center, and Devocion, a Colombian coffee roaster.

July 21, 2017

Multifamily New York Northeast

Lourdes Realty Acquires 100-Unit Apartment Building in Brooklyn for $33M

by Amy Works July 21, 2017

NEW YORK CITY — Lourdes Realty Group has purchased a 100-unit apartment building located at 70 Dahill Road in the Kensington section of Brooklyn. Sentinel Real Estate Corp. sold the property for $33 million. Built in 1934, the 102,000-square-foot building features six studios, 61 one-bedroom, 26 two-bedroom and seven three-bedroom units. Aaron Jungreis of Rosewood Realty Group represented the buyer and seller in the deal.

July 21, 2017

Loans Multifamily New Jersey Northeast Seniors Housing

Sims Mortgage Funding Closes $6.4M HUD Loan for Affordable Community in New Jersey

by Amy Works July 21, 2017

MARGATE, N.J. — Sims Mortgage Funding, a subsidiary of HJ Sims, has arranged a $6.4 million HUD loan for Margate Terrace, an affordable seniors housing community in Margate, a beach community near Atlantic City. The financing will provide cash for improvements and reserves. Margate Terrace Corp., which owns the property, can now preserve the Section 8 designation on the property. Community Realty Management is the operator. Margate Terrace Apartments was developed in the early 1990s under the HUD Section 202 Direct Loan Program. Its primary source of income is a Section 8 Housing Assistance Payment (HAP) Contract, which has a remaining term of approximately 16 years. The Section 8 subsidy is sufficient to fund operations and debt service obligations, but the project had growing capital needs that could not be financed from operations and current reserve balances. The project benefited from a PILOT (Pilot in Lieu of Taxes) and ground lease agreements from the City of Margate. The existing agreements did not meet HUD’s current loan program requirements and needed to be amended to recapitalize the project. Approximately $1.4 million in loan proceeds are escrowed for capital repairs, $350,000 was deposited into a replacement reserve fund and a 15 percent …

July 21, 2017

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