NEW YORK CITY — Coworking concept ElevatedNY has signed a 26,000-square-foot lease expansion at The Hippodrome, a 620,000-square-foot building located at 1102 Avenue of the Americas in Midtown Manhattan. Designed by LB Architects, the expanded space features 18 fully furnished “team suites” that are designed to accommodate organizations of up to 12 people. ElevatedNY’s footprint within the 21-story building now encompasses 130,000 square feet across four floors. Edison Properties owns The Hippodrome.
PITTSBURGH — JLL has arranged a $67 million construction loan for 21 West, a 291-unit project in Pittsburgh. The site at 430 W. General Robinson St. is located within Pittsburgh’s primary entertainment district, with PNC Park, Acrisure Stadium, Rivers Casino and the Andy Warhol Museum all within walking distance. The project will comprise 313,000 rentable square feet across 11 stories. Units will come in studio, one- and two-bedroom floor plans. Residents will have access to amenities such as a sky bar on the 11th floor, rooftop deck with pool, concierge services, coworking space, fitness center and wellness suite. Nick Unkovic and Zach Barone of JLL arranged the four-year, floating rate loan through Dollar Bank on behalf of the developer, a joint venture between Oxford Development Co. and RDC.
NEW YORK CITY — Locally based owner-operator The Feil Organization has received a $65 million construction loan for an office-to-residential conversion project in Midtown Manhattan. The project will convert the 14-story office building at 140 W. 57th St., which was originally constructed in 1908, into a 47-unit condo building. Units will come in studio, one-, two- and three-bedroom floor plans and will range in size from 502 to 1,776 square feet. Amenities will include a landscaped rooftop deck, indoor resident lounge, fitness center and a tenant storage room. The existing lobby, entryway, elevators and common hallways will be upgraded as part of the conversion. Deutsche Bank provided the loan. Construction is scheduled to begin in the coming weeks and to be complete in late 2026. MdeAs Architects is designing the project, which Feil is developing in partnership with Lloyd Goldman and the Nakash Family.
POTTSTOWN, PA. — An affiliate of Pennsylvania-based investment firm High Real Estate Group has purchased the 154,219-square-foot Suburbia Shopping Center in Pottstown, about 40 miles northwest of Philadelphia. Built on 25.6 acres in 2003 and anchored by supermarket Giant Food, Suburbia Shopping Center was 85 percent leased at the time of sale. Other tenants include Dollar Tree, Starbucks, The UPS Store and Tower Health. Jim Galbally and Patrick Higgins of JLL represented the seller, Gambone Management Co., in the transaction.
NEW YORK CITY — Locally based brokerage firm Ariel Property Advisors has negotiated the $11.2 million sale of a 30-unit multifamily property located at 287-299 McGuinness Blvd. in the Greenpoint neighborhood of Brooklyn. The property consists of three adjacent five-story buildings that house 10 units apiece in a variety of floor plans. Benjamin Vago, Sean Kelly and Erik Moloney of Ariel brokered the deal. The buyer and seller were not disclosed.
CHERRY HILL, N.J. — Dick’s Sporting Goods will open an approximately 120,000-square-foot store under its “House of Sport” brand at Cherry Hill Mall in metro Philadelphia. The store will feature a climbing wall, multiple golf bays with TrackMan simulators, an outdoor track and field and a multi-sport cage that can be used for baseball, softball, lacrosse and soccer. The opening is slated for some time next year. PREIT owns Cherry Hill Mall.
NEW YORK CITY — Locally based investment and development firm RFR has sold a 139,865-square-foot multifamily development site in the Gowanus area of Brooklyn for $160 million. The buyer was a partnership between two locally based firms, Tavros Capital and Charney Cos. RFR acquired the three-acre site at 175 Third St. for $115 million in 2018, more than three years before the city’s rezoning of the neighborhood to allow for more multifamily development. RFR subsequently collaborated with Bjarke Ingels Group on design schemes and worked over several years to secure an extension of the 421a tax abatement. Additionally during its holding period, RFR vacated the site, obtained excavation and foundation work permits, managed an environmental remediation program and qualified the site for tax incentives such as the Brownfield Credit Program. Ackman-Ziff Real Estate Group advised RFR, which sold the site as a fully entitled development opportunity, on the transaction. The new ownership has secured two acquisition/pre-development loans totaling $145 million in connection with the purchase of the site. Silver Point Capital provided $110 million as the senior lender and Brodsky/global alternative asset manager Tikehau Capital provided $35 million as the mezzanine lender. The partnership has also released development plans for the site, …
BALLSTON SPA, N.Y. — Regional brokerage firm Adirondack Capital Partners has negotiated the sale of Northway Eleven Communities, a 952-unit apartment community in Ballston Spa, a northern suburb of Albany. The exact sales price was not disclosed, but Adirondack says that the deal traded for more than $100 million. The property consists of 240 buildings on a 131-acre site and offers 1,027-square-foot, two-bedroom apartments and 1,385-square-foot, two-level townhomes, according to the property website. Michael Hunter Coghill of Adirondack Capital Partners represented the seller, an entity doing business as Country Club Acres Inc., in the transaction. The buyer was not disclosed, but the property is listed on the website of Eagle Rock Properties.
HACKENSACK, N.J. — Locally based financial intermediary G.S. Wilcox has arranged a $68 million permanent loan for Ora, a 270-unit, newly completed apartment building in Hackensack. The property features studio, one- and two-bedroom apartments and 9,000 square feet of retail space. Amenities include a fitness center, coworking lounge and a rooftop clubroom with a wet bar and billiards, as well as fire pits and lounge seating. Gretchen Wilcox and Al Raymond of G.S. Wilcox arranged the debt through an undisclosed life insurance company. A partnership between two New Jersey-based developers, The Hampshire Cos. and Russo Development, and Riverbank Management LLC owns Ora.
AVENEL, N.J. — Cushman & Wakefield has brokered the $14.3 million sale of Boulevard East, a 39-unit apartment complex in Avenel, about 30 miles south of New York City. The newly constructed, three-story building was fully occupied at the time of sale. Each unit has two bedrooms and features premium finishes, including stainless steel appliances, designer bathrooms and assigned parking spaces. Andrew Schwartz, Jordan Sobel, Andre Balthazard and Dan Bottiglieri of Cushman & Wakefield represented the seller, Adoni Property Group, in the transaction and procured the buyer, FM Ferrari Investments. Both parties are locally based investment firms.