NEW YORK CITY — Locally based brokerage firm GFI Realty has arranged the $4.8 million sale of a 48-unit apartment building in the Crown Heights neighborhood of Brooklyn. The six-story building was constructed in 1930 and consists of 20 one-bedroom units, 22 two-bedroom apartments, five three-bedroom residences and one four-bedroom unit. Matthew Sparks of GFI Realty represented the seller, a limited liability company, in the transaction. Josh Orlander, also with GFI, represented the buyer, a private investor.
LYNBROOK, N.Y. — Northwell Health, the state’s largest provider, has signed a 23,021-square-foot, full-building renewal on Long Island. Locally based firm Simone Development Cos. owns the three-story building at 733 Sunrise Highway in Lynbrook. The facility is home to physicians specializing in fields such as family medicine, cardiology, endocrinology, gastroenterology, pulmonology, urology and rheumatology. No third-party brokers were involved in the lease negotiations.
NEW YORK CITY — Avison Young has negotiated a seven-year, 7,364-square-foot office lease at 551 Fifth Avenue in Midtown Manhattan. The Feil Organization owns the property, which was originally built in 1927 and is known locally as The Fred F. French Building. Martin Cottingham, Patrick Steffens and Alexis Odgers of Avison Young represented the tenant, BOND Civil & Utility Construction, in the lease negotiations. Andrew Wiener, Kevin Driscoll and Henry Korzec represented Feil on an internal basis.
CAMBRIDGE, MASS. — Boston Properties (NYSE: BXP) has completed the previously announced sale of its 45 percent interest in a 577,000-square-foot life sciences development in Cambridge. The buyer was Norges Bank Investment Management. Construction is underway on the 16-story building, which is located at 290 Binney St. in the Kendall Square neighborhood and is fully preleased to AstraZeneca. Delivery is slated for spring 2026.
MALTA, N.Y. — Florida-based LeCesse Development Corp. has completed GrandeVille at Malta, a 189-unit multifamily project located about 30 miles north of Albany in Upstate New York. The project represents Phase II of a larger development, the initial phase of which comprised 292 units. Phase II residences are spread across three buildings and come in one-, two- and three-bedroom formats. Units are furnished with stainless steel appliances, quartz countertops, custom cabinetry, walk-in closets and individual washers and dryers. Amenities include an indoor pool, clubhouse, fitness center, game room, business lounge and a spa. Project partners included James Fahy Design Associates, general contractor Platinum-LeChase, Lansing Engineering and Five Star Bank. Rents start at about $1,700 per month for a one-bedroom apartment.
NEW YORK CITY — Clune Construction will relocate its Manhattan headquarters office from 405 Lexington Avenue to 655 Third Avenue. The national general contracting firm will occupy the entire third floor of the building via a 23,437-square-foot lease. John Mambrino and Nicholas Farmakis of Savills represented Clune in the lease negotiations. Tom Bow, Ashlea Aaron and Bailey Caliban represented the landlord, The Durst Organization, on an internal basis. The deal brings the building to 85 percent occupancy. A timeline for occupancy was not disclosed.
THORNWOOD, N.Y. — CBRE has negotiated a 16,750-square-foot industrial lease in Thornwood, about 30 miles north of Manhattan. William Cuddy of CBRE represented the tenant, Healy Electric Contracting, in the lease negotiations. Michael Rao and Frank Rao of New York Commercial Realty Group (NYCRG) represented the locally based landlord, Simone Development Cos. The 120,000-square-foot building, which sits on 12 acres at 1 Zeiss Drive and features clear heights of 14 to 18 feet, is also partially leased to The Home Depot.
NEW YORK CITY — Men’s apparel retailer DXL Big + Tall has signed an eight-year, 10,500-square-foot retail lease at 675 Avenue of the Americas in Manhattan’s Chelsea district. The building was originally constructed in 1901 to house the Adams Dry Goods department store. Joanne Podell and Michael Shalom of Cushman & Wakefield represented DXL Big + Tall, which will relocate from 703 Avenue of the Americas this summer to a space previously occupied by Harmon Face Value, in the lease negotiations. Benjamin Birnbaum and Andrew Taub of Newmark, along with internal agent Jeffrey Gural, represented the landlord, GFP Real Estate.
NEW YORK CITY — Ariel Property Advisors has arranged a $25.3 million loan for the refinancing of an 82-unit apartment building located at 120-125 Riverside Drive on Manhattan’s Upper West Side. An undisclosed, out-of-state bank provided the five-year, fixed-rate loan, which was structured with two years of interest-only payments and a 60 percent loan-to-cost ratio. The undisclosed borrower will use a portion of the proceeds to fund capital improvements. Matt Dzbanek and Matt Swerdlow led the transaction for Ariel Property Advisors.
NEW BEDFORD, MASS. — MassDevelopment has provided $17 million in tax-exempt bond financing for Wamsutta Apartments, a 144-unit affordable housing complex in New Bedford, located at the base of Cape Cod. The historic building was originally constructed in the 1870s and consists of 29 buildings that primarily house one-bedroom units. Residences are reserved for households earning 60 percent or less of the area median income. The borrower, an affiliate of HallKeen Management, will use proceeds to fund capital improvements and preserve the property’s affordability status.