Category: Brokerage

Manhattan, NY Blue Sky collaborated with Marymount Manhattan College (MMC) to raise capital and refinance the debt on the college’s residence hall. Located on East 55th St., the 500-bed facility is the only dormitory owned by the college.  The transaction was structured using a lease/leaseback arrangement, and allowed the college to raise capital, maintain its real estate tax exemption, retain fee ownership, and secure its desired financial statement presentation.

New York, NY Jonathan Rose Companies, LLC has closed on a $525 million impact acquisition fund. This represents the firm’s fifth institutional fund focused on acquiring and preserving affordable multifamily housing, implementing practical green strategies to reduce environmental impacts and operating costs, and connecting residents with social, educational and other services. The fund’s aggregate capital commitments of $525 million exceeded its top end target of $500 million, and in the end, was oversubscribed.

North Bergen, NJ Dave Carswell, managing director for Largo Capital, provided financing for a 7,800 s/f mixed-use property. Carswell was able to secure a $1 million bridge loan for 18 months interest only and close the transaction within three weeks.  Additionally, Carswell secured two loans totaling $1.58 million for an investor of residential condo units in Manhattan and the Hudson Valley.

Brooklyn, NY Arbor Realty Trust, Inc. funded three Freddie Mac Small Balance loans. The multifamily properties received a total of $14.2 million in refinancing, with a 10-year fixed rate through the program. Vincent Chiodo of Arbor’s New York City office originated the loans. “These transactions exemplify Arbor’s commitment to meeting all of our clients’ needs no matter the environment or unique circumstances,” Chiodo said.

Manhattan, NY According to The Durst Organization, Starbucks Corporation has signed a 10-year and three-month lease for 1,192 s/f on the ground floor of the Bank of America Tower at One Bryant Park. Starbucks signed their first lease at the LEED Platinum office tower in 2011, shortly after the building’s completion. Starbucks was represented by David Firestein, partner, at TSCG.

Brooklyn, NY Two Trees Management today announced that Evil Twin Brewing, a cult craft brewery and taproom, will open a new location on the ground floor of 45 Main St. in the DUMBO neighborhood. The 1,950 s/f space will be Evil Twin Brewing’s second location in the city, expected to open early 2021. Alex Beard and Jason Pennington of RIPCO Real Estate represented both Two Trees and the tenant in the transaction.

Manhattan, NY According to Rockefeller Center and chef Ignacio Mattos, owner and head chef of the Michelin-starred restaurant estela, Altro Paradiso, and Flora Bar, announced the planned opening of chef Mattos’ newest creation, Caffè Lodi. The all-day Italian caffé, bara bakery, and alimentari at 1 Rockefeller Plaza will serve breakfast, lunch, aperitivo, and dinner to-go. Caffè Lodi is expected to open in early 2021.

New York, NY Zuul has launched Zuul Market, a virtual food hall delivery experience fueling New Yorkers’ return to work. Zuul Market provides scheduled food deliveries to specific drop points, enabling tenants, employees and residents to order from multiple restaurants in the same delivery. Zuul has partnered with some of NYC’s largest property developers including Silverstein Properties and Broad Street Development to launch partnerships that include a white-label online ordering portal and custom website for a bespoke experience.

In the early months of the pandemic transaction velocity of investment sales in NYC nearly ground to a halt. One market segment that has remained relatively resilient has been that of multifamily assets priced $5 million and under, particularly in Brooklyn. With $5 million and under sales making up nearly 50% of all real estate transactions across all asset classes throughout NYC, coupled with Brooklyn controlling nearly 34.5% of all transactions in the COVID-19 world thus far, it becomes the question in our current climate: Is smaller better? 

Over the last six months, since COVID-19 induced a gigantic shock to the overall economy, particularly to the hotel industry, expert assessments and speculations on recovery have ranged from a catastrophic short-selling of distressed assets to a gradual multi-year recovery to a sharp V-shaped recovery. The true projection however, may somewhat be segment-specific and driven by multiple extraneous economic and behavioral factors. 

Queens, NY Global One Real Estate Fund II, through its management arm, Nelson Management Group completed its second acquisition of the year, a six-story residential building at 25-98 36th St. in the Astoria neighborhood for $15.6 million.   Built in 1931, the 50,910 s/f elevator building features 59 residential units, with a blend of both market rate as well as rent regulated apartments. Nelson Management Group plans to upgrade the building’s amenities for its tenants, with the addition of laundry and storage rooms, which the building currently does not have.

Manhattan, NY Law firm Herrick, Feinstein LLP, representing the Wainland family as sellers, has acted as counsel in a $26.7 million real estate transaction that closed on September 21st, 2020. As part of this transaction, the Wainland family has sold the fee title for 116 10th Ave., as well as the unused development rights for 453 W 17th St., to GDS Development and Klövern AB.