Category: Brokerage

Queens, NY A partnership between Atlas Capital Group, Partners Group (on behalf of its clients) and Invesco have signed a 25,744 s/f, six-year lease for the relocation and expansion of Canada-based Spin Master Corp.’s New York City headquarters at The Factory, the 1.1 million s/f loft office building in Long Island City. The deal brings Spin Master’s total lease commitment at the Factory to 50,802 s/f. Spin Master will join its games and puzzle division, Cardinal Toys, on the sixth floor of the 10-story building. Newmark Knight Frank’s Brian Waterman, Howard Kesseler, Jordan Gosin and Alex Rosenblum represented the ownership.

Brooklyn, NY According to DJ Johnston, partner and managing director at B6 Real Estate Advisors, his team has closed on the $24.6 million purchase of a nine-building multifamily portfolio in Bedford-Stuyvesant. Alchemy Ventures purchased the portfolio from IWC General Partners. The properties, which total 81 untis and  52,136 s/f,  include: 879 DeKalb Ave., 419 Marcus Garvey Blvd., 421 Marcus Garvey Blvd., 654 Putnam Ave., 319 Malcolm X Blvd., 829 Halsey St., 804 Macon St. 808 Macon St., and 814 Macon St.

New York, NY After federal tax reform introduced the Opportunity Zone program in late 2017, a significant portion of the New York City real estate community evolved their investment strategies with an eye toward developing in these areas, according to GFI Realty Services’ most recent research report. The report, entitled The Land of Opportunity Zones, explains the various criteria that must be met by investors seeking to capitalize on the program, while detailing the growth of transaction activity and fund formation related to these areas. With interest in these opportunity zones increasing rapidly, the report notes, it is not surprising that, on a national level, sales of development sites in opportunity zones spiked by 80 percent in the first three quarters of 2018 when compared to the same period last year.

Bronx, NY Turnbridge Equities continues their expansion of their Last Mile Industrial portfolio in the New York City metro industrial market after acquiring a 10.2 acre land site located at 980 East 149th St. for $56.2 million.  The property, which is entitled for nearly 900,000 s/f of industrial warehouse use, is fully leased to Til-Con, a concrete recycling company.  

Manhattan, NY According to the Howard Gilman Foundation and Denham Wolf Real Estate Services, the Foundation has purchased a commercial office condominium overlooking Bryant Park for $8 million. In late 2019, the Foundation will relocate to this 5,300 s/f office in Harbor Group International’s 24 West 40th St. building. 

White Plains, NY The Westchester County Industrial Development Agency (IDA) celebrated projects it supported in 2018 that will result in $881.4 million in private investment in the county’s economy.

Brooklyn, NY Bestreich Realty Group (BRG) has closed on the sale of 132 6th Ave. in the Park Slope neighborhood for $3 million ($638 per s/f). This property is built 20 ft x 47 ft offering 4,700 s/f.  The sellers of this property are Wiener and Evelyne Longchamp and the buyer is Scott Kupferman. Adam Lobel, Toby Waring, Justin Zeitchik, Gabriel Kates and Derek Bestreich of BRG represented the purchasing entity.

Pelham, NY As a result of land use approvals secured by McCullough, Goldberger & Staudt, LLP, the Village of Pelham has given the go ahead for a mixed-use development near the Pelham Metro-North Station.

Elmsford, NY Holliday Fenoglio Fowler, L.P. (HFF) has handled the following transactions: HFF completed the $70.250 million sale of Elmsford Distribution Center, a six-property industrial park and truck terminal totaling