NEW YORK CITY — Construction has begun on Hotel Indigo, a brand of the InterContinental Hotels Group, at 8-10 Maiden Lane in the Financial District of Manhattan. Designed by Gene Kaufman Architect (GKA), the 90,000-square-foot hotel will include 24 stories and 190 rooms as well as a ground-floor restaurant and rooftop bar.
NEW YORK CITY — The Style, a pair of condominiums designed by Gene Kaufman Architect (GKA) and originally slated for delivery last summer, are now open at 51 E. 131st St. and 48 East 132nd St. in the East Harlem neighborhood of Manhattan. The Fane Organization was the developer for both properties. Located on a single parcel of land, the structures surround a 1,900-square-foot courtyard with trees, benches and tables. The 8,300-square-foot property at 51 E. 131st St. spans six stories and 12 units, while an adjacent 13,000-square-foot building spans seven stories and 19 units. The units in both structures are a mix of studios and one- and two-bedroom apartments. Amenities at The Style include a fitness center, recreation space and indoor bike storage. Pitchon Design Group handled interior design responsibilities.
PROVIDENCE, R.I. — CBRE has negotiated the $4.2 million sale of 300 Niantic Ave., a 67,200-square-foot, single-story industrial building in Providence. ECP Niantic sold the property to Legacy Real Estate Ventures in a joint venture with ProPartners in Parking. CBRE’s Alden Anderson and Tom Barry represented the seller and procured the buyer in the transaction. Legacy Real Estate Ventures owns a portfolio of office, medical and industrial buildings in Massachusetts, Rhode Island and Pennsylvania. This is the company’s first collaboration with ProPartners in Parking, which acquires parking assets and other real estate properties on behalf of itself and its investment partners. Ed Riekstins of NorthMarq arranged financing for the property, which was provided by Ameritas. KBR, an affiliate of ProPartners in Parking, will provide property management services. 300 Niantic Avenue is located in Huntington Industrial Park and tenants include Calise Bakery, J. Polep, Rhode Island PBS and S.G. Torrice Co.
NEW YORK CITY — SCG Retail, a division of The Shopping Center Group, has arranged the lease of a new location for Quality Eats at 3 E. 28th St. in Manhattan. Quality Eats is a steakhouse concept owned by Quality Branded Restaurants. The 5,000-square-foot location is expected to open late this year. Allan Stillman and Michael Stillman founded Quality Branded Restaurants, formerly known as Fourth Wall Restaurant Group, in 2007. The first location for Quality Eats opened more than a year ago in Greenwich Village. The restaurant recently signed a lease for a second Manhattan location on the Upper East Side at 1496 Second Ave. Brandon Berger and Jackie Totolo of RKF represented the landlord, Winter Properties, while Taryn Brandes of SCG Retail represented the tenant in the transaction.
BOSTON — A joint venture arranged between Jumbo Capital Management and Guggenheim Real Estate has purchased 50 Congress St. in downtown Boston for $79 million. The office property spans 179,872 square feet and occupies an entire city block. HFF arranged the sale of the property on behalf of the seller, an affiliate of KBS Capital Advisors, and procured the buyer. Originally designed by architect Andrews, Jaques & Rantoul as the headquarters for State Mutual Life Insurance, the building was constructed in two phases between 1910 and 1915. Today, it is 90 percent leased to over 60 tenants and features first-floor retail. The tenant roster includes a mix of law firms, retail, private equity and financial services tenants. Coleman Benedict, Christopher Phaneuf and Ben Sayles led the HFF investment sales team representing the seller.
THOMPSON, N.Y. — Montreign Operating Co., an indirect subsidiary of Empire Resorts, has closed a $35 million increase to its Term B loans, which are part of a senior secured first lien term loan facility. Montreign and its subsidiaries will use the proceeds of the loans to fund development of the Resorts World Catskills casino, as well as an entertainment village and golf course being developed at the site of the destination resort in Thompson. Following the closing of the additional $35 million Term B loans, the term loan facility now provides an aggregate of $520 million senior secured first lien term loans, consisting of $70 million of Term A loans and $450 million of Term B loans. Upon completion in March 2018, the resort will include an 18-story casino, hotel and entertainment complex with a 100,000-square-foot casino floor, over 100 table games, 2,150 slot machines, a poker room and private gaming salons. Guest amenities will include 332 all-suite hotel rooms, of which there are 12 penthouse suites, eight garden suites, seven two-story villas, two indoor pools, a spa and fitness center.
PHILADELPHIA — CBRE has arranged for the sale of a 238,000-square-foot office building at One Crown Way in Philadelphia. CBRE’s Michael Kane represented the buyer, One Crown Properties LLC, during the negotiations, while CBRE’s Carl Gersbach represented the seller, Crown Cork & Seal USA. Crown Cork plans to lease back the building for the short term while seeking a site for a new headquarters property. Ballinger designed the property, which was built in 1996, and Nason and Cullen was the construction manager. The corporate campus environment sits on 40 acres and also includes a cafeteria, fitness center, underground parking and a walking trail.
MELVILLE, N.Y. — A&G Realty Partners has launched a division focused on maximizing the value of real estate assets and leases in non-retail sectors. The formal launch of the non-retail properties division follows several years in which A&G worked to broaden its reach to sectors including office, industrial, higher education and multifamily.
GARDNER, MASS. — MassHousing has provided $9.3 million in financing to an affiliate of the non-profit Retirement Housing Foundation (RHF) for the preservation and renovation of 134 affordable housing units at Binnall House in Gardner. Binnall House is home to senior citizens and residents with disabilities who will see the affordability of their units extended for at least 15 years. The Binnall House refinancing is one of the first nationally in which a Housing Finance Agency (HFA) has completed a transaction through the Federal Housing Administration’s Housing Tax Credit Pilot Program. The program allows borrowers to utilize federal low-income housing tax credits and an affordable fast-track mortgage product insured by the Federal Housing Administration (FHA). MassHousing refinanced Binnall House through the Agency’s Multifamily Accelerated Processing (MAP)/Ginnie Mae Joint Venture Initiative with lender partner Rockport Mortgage Corp. The Schochet Cos. provided development consulting and its affiliate, Federal Management Co., is the property manager for Binnall House.
NEW YORK CITY — A partnership between Ivanhoé Cambridge and Callahan Capital Properties has acquired 85 Broad Street, a 1.1 million-square-foot office tower located in Manhattan’s Financial District, for $650 million. The 30-story tower recently underwent a capital improvement program, which included the renovation of existing amenities and the addition of new building services. The property amenities include a 14,000-square-foot wellness center with a yoga room, Le Pain Quotidien restaurant, a 125-seat tenant cafeteria, conference center and bike room. “We are proud to acquire such a high-quality, marquee property,” says Arthur Lloyd, president of Ivanhoé Cambridge. “85 Broad Street features state-of-the-art building services and amenities and appeals to both traditional and TAMI users. This acquisition expands our footprint, and brings our New York office portfolio to more than 6.7 million square feet.” Office tenants at the tower include Oppenheimer & Co., WeWork, PureFunds, MSQ Ventures and Nielsen. Goldman Sachs originally built the tower to serve as its headquarters in the 1980s, according to reports by Bloomberg. The company moved to 200 West St. in 2010. Montreal-based Ivanhoé Cambridge invests in properties and real estate companies in select cities around the world. Through subsidiaries and partnerships, the company holds interests in …
