NEW YORK CITY — New York City-based The Bauhouse Group has secured a $35 million construction loan, which was provided by Doral Bank, for the development of 515 West 29th Street in Manhattan. At the gateway to Hudson Yards and surrounded by the High Line, the residential and retail property will total approximately 43,000 gross square feet when complete. The Bauhouse Group acquired the property, which contained a six-story former warehouse, for $24.4 million in September 2013 and purchased three separate pieces of air rights for the building in March 2014 for $6 million to enable additional square footage. 519 West 29th Street is slated to begin sales this fall through its broker, Corcoran Group.
Northeast
NEW YORK CITY — New York-based Greystone is transforming an industrial-style warehouse at 139 North 10th Street into Printhouse Lofts. Situated between Berry Street and Bedford Avenue in Brooklyn’s Williamsburg neighborhood, the 36-unit luxury apartment building will offer a mix of 28 one-bedroom, six two-bedroom and two three-bedroom units. The units feature stainless steel appliances, farmhouse sinks and natural stone countertops. The project architect is H.T.O Architect, while Funda Durukan of Durukan Design designed the interiors. Building amenities include a virtual doorman, video intercom system, laundry machines on all floors, bike storage and 2,500 square feet of shared roof deck space offering panoramic views of Brooklyn and Manhattan. The property is slated to open in the next several weeks.
NEW YORK CITY — Marcus & Millichap Capital Corp. has arranged two loans totaling $24.2 million for three properties in New York City. A 30-unit multifamily property and a three-unit mixed-use commercial property on 10th Avenue received a loan for $14.7 million, and a mid-rise 30-unit residential building on West 51st Street received $9.5 million in financing. The two seven-year loans have 3.9 percent fixed rates and 30-year amortizations with 70 percent loan-to-value. Chris Marks and Steve Rock of Marcus & Millichap arranged the financing.
NEW YORK CITY — JMC Holdings has completed the disposition of 19 West Eighth Street in New York’s Greenwich Village neighborhood for $10.25 million or $1,160 per square foot. Built in 1920, the five-story, 8,831-square-foot building features one retail unit and eight residential units. The property recently underwent a high-end renovation for six apartments, the stairwell, roof, plumbing and security. All of the renovated, free-market units feature stainless steel appliances, granite countertops and marble bathrooms. Additionally, three units feature terraces, as well as two penthouse units with 16-foot ceilings and skylights. Peter Von Der Ahe, Joseph Koicim, David Lloyd, Sean Lefkovits and Assaf Tayar of Marcus & Millichap’s Manhattan office represented the seller and the buyer, a private investor, in the transaction.
SECAUCUS, N.J. — River Drive Construction has been selected to build out the new offices of The RealReal, an authenticated luxury resale marketplace. The retailer will occupy the entire 128,835-square-foot warehouse and office facility located at 35 Enterprise Ave. in Secaucus. River Drive will build out the 10,000-square-foot office portion of the property. Brian Tobiasz, president of Tobiasz Management Co., is overseeing the construction project on behalf of The RealReal.
CONSHOHOCKEN, PA. — Keystone Property Group and the borough of Conshohocken have formed a public-private partnership to redevelop the former Verizon building at 400 Fayette in Conshohocken. The partnership plans to redevelop the approximately 44,000-square-foot property into a modern office, retail and community facility, which will house the new borough hall, administrative offices and police headquarters. Under its agreement with Keystone, the borough will maintain ownership of the property and occupy approximately 22,000 square feet of the facility. The remaining portion of the building — 16,500 square feet of office space and 5,500 square feet of retail space — will be marketed by Keystone to prospective office and retail tenants.
NEW YORK CITY — Marcus & Millichap has brokered the sale of a 23,000-square-foot development lot in the Flushing neighborhood of Queens. A local/regional development group purchased the property for $10.2 million from a family partnership. Located along Fowler Avenue, the site is five blocks from the intersection of Main Street and Roosevelt Avenue, an area that features retail space and access to the No. 7 subway line and Long Island Railroad commuter rail system. Steven Siegel, Michael Kook and Michael Helpern of Marcus & Millichap’s Manhattan office represented both parties in the transaction.
FREEHOLD AND ASBURY PARK, N.J. — Livingston, N.J.-based Gebroe-Hammer Associates has brokered two multifamily transactions totaling $8.95 million in New Jersey. In the first transaction, Steven Follman, Joseph Brecher and Elimelech Herskowitz of Gebroe-Hammer arranged the sale of Monmouth Pines, which is located at Eight Monmouth Ave. in Freehold. The four-building, 40-unit apartment property sold for $4.7 million. In the second transaction, Follman negotiated the $4.25 million sale of Grand Regency Condominiums in Asbury Park. Located at 315-410 Eighth Ave., the two-building property features nine studio, 31 one-bedroom and 10 two-bedroom units.
NEW YORK CITY — New York University (NYU) plans to transform the long-dormant, city-owned 370 Jay Street in downtown Brooklyn into a modern, sustainable academic center. The renovated 500,000-square-foot building will serve as the home of NYU’s Center for Urban Science and Progress (CUSP), as well as house the university’s entrepreneurial incubators, additional classrooms and office space. CUSP will occupy the top three floors of the 14-story building and the three incubators will occupy the third floor. The remainder of the building will be used by NYU for classrooms and other academic uses, with the exception of 14,000 square feet of retail on the ground floor. Once approved by the Public Design Commission, construction will begin in 2015 with completion slated for 2017. Mitchell Giurgola Architects is providing architectural services for the renovation.
NEW YORK CITY — GFI Realty Services has brokered the sale of a package of residential condo units at 2781 Ocean Ave. in Brooklyn’s Sheepshead Bay neighborhood. The condo package sold for $6.5 million or $155,000 per unit. The package includes 42 unsold residential condo units, three community facilities, a laundry room, an antenna and 11 parking spaces. The units consist of 20 free market and 22 rent-stabilized apartments. Constructed in 1957, the 69,586-square-foot building is located near the Neck Road and Sheepshead Bay subway stations. Erik Yankelovich of GFI represented both the seller and buyer, both of which are local investors, in the transaction.