NEW YORK CITY — Global investment bank SVB Leerink has signed a 112,000-square-foot office lease renewal and expansion at 1301 Avenue of the Americas, a 1.7 million-square-foot building located between 52nd and 53rd streets in Midtown Manhattan. New York City-based Paramount Group Inc. (NYSE: PGRE) owns the 45-story building, which features a newly renovated lobby, in-building access to Rockefeller Center and 30,000 square feet of ground-floor and concourse-level retail space.
YONKERS, N.Y. — ACRES Capital has provided a $31.5 million construction loan for a 126-unit multifamily project located at 56 Prospect St. in Yonkers, a northern suburb of New York City. Units will feature modern appliance packages, high-end finishes and private balconies in select units, and amenities will include a rooftop terrace, courtyard and 130 parking spaces. Completion is slated for July 2023. Marty Reasoner of ACRES Capital provided the 30-month loan, and Andrew Milbank of Berko & Associates arranged the debt. The borrower was Melville, N.Y.-based Regency Apartment Ventures.
NEW YORK CITY — Marcus & Millichap has brokered the sale of a 69-unit apartment building located at 31-20 54th St. in Queens. The property consists of 48 one-bedroom units, 13 two-bedroom residences, seven studios and one commercial space. Shaun Riney, Mark Zarrella, Dylan Walsh and Sean Fopeano of Marcus & Millichap had the exclusive listing to market the property on behalf of the seller. The agents also secured the buyer. Both parties involved in the transaction requested anonymity.
WATERTOWN AND NEWTON, MASS. — PCCP LLC has provided a $39.8 million loan for the refinancing of a portfolio of three life sciences and creative office buildings totaling 124,946 square feet in Watertown and Newton, two western suburbs of Boston. The two Watertown properties were built in the 1940s and total 43,344 square feet. The Newton property was constructed in 1900, renovated in 2017 and consists of 81,602 square feet. The borrower, Massachusetts-based KS Partners LLC, will use a portion of the proceeds to fund capital improvements. The portfolio was 94 percent leased at the time of sale.
NEW YORK CITY — Global investment bank Credit Agricole CIB has signed a 167,000-square-foot office lease at 1301 Avenue of the Americas, a 1.7 million-square-foot building located between 52nd and 53rd streets in Midtown Manhattan. New York City-based Paramount Group Inc. (NYSE: PGRE) owns the 45-story building, which features a newly renovated lobby, in-building access to Rockefeller Center and 30,000 square feet of ground-floor and concourse-level retail space.
PHILADELPHIA — Eastern Union has arranged $9.7 million in financing for a 218,961-square-foot flex portfolio in Philadelphia. The portfolio consists of three waterfront buildings with both office and industrial space. The financing comprises a $5.2 million acquisition loan and a $4.5 million credit facility to cover renovations and leasing costs. The borrower was a partnership between Michael Bauer of New York City-based BASH Capital and Joseph Cunane of West Chester, Pennsylvania. Marc Tropp of Eastern Union originated the financing.
NEW YORK CITY — Locally based construction firm Eastman Cooke & Associates has completed an adaptive reuse project that converted a warehouse at 438 W. 51st St. into an ambulatory surgery center for Sovereign Medical Group. The five-story building was originally constructed in 1905. Designed by Stonehill Taylor, the project entailed a three-story roof extension, upgrades of vital operating systems and a complete installation of infrastructure systems. The development team also worked to preserve the façade and marry the cast iron beams supporting the building with structural steel. The new medical facility features examination and diagnostic areas, four operating rooms and pre- and post-surgical rooms.
STRATFORD, CONN. — Lindquist Security has sold a 20,062-square-foot industrial building in Stratford, located in the southern coastal part of the state. Lindquist has owned and occupied the building for the last 25 years. Bruce Wettenstein of Connecticut-based brokerage firm Vidal/Wettenstein represented Lindquist Security Co. in the transaction. Force3 Pro Gear, which manufactures protective equipment for Major League Baseball, has since taken occupancy of the building.
NEW YORK CITY — New York City-based GAIA Real Estate has acquired a portfolio of three multifamily buildings totaling 71 units in Manhattan’s East Village for $49.5 million. The buildings are located at 50-58 E. Third St. and primarily feature two- and three-bedroom units. The seller was a locally based limited liability company that is affiliated with Anbau Enterprises. The portfolio, which includes about 15 rent-controlled units, was 97 percent occupied at the time of sale. The property traded in an off-market transaction.
NEW YORK CITY — Locally based firm Ariel Property Advisors has brokered the $25.3 million sale of Johanna Apartments, a 60-unit Section 8 multifamily property located at 104-110 W. 144th St. in Central Harlem. The four-building complex spans 51,560 square feet and consists entirely of two-bedroom units. Victor Sozio and Courtney Lee of Ariel Property Advisors brokered the deal. The buyer and seller were not disclosed.