News:
Brokerage
Posted: March 15, 2016
New York Life Real Estate Investors acquires majority interest in Cortlandt Town Center
Mohegan Lake, NY New York Life Real Estate Investors has acquired, on behalf of institutional investors, a majority interest in Cortlandt Town Center from an entity controlled by Acadia Realty Trust.
Cortlandt Town Center is a 641,000 s/f grocery anchored power center located on Rte. 6. The center is 97% leased, primarily to national retailers including Walmart, Acme, Bed Bath & Beyond, Marshalls, Michael’s, DSW, PetSmart, Barnes & Noble, United Artists Theatre and Best Buy. The center is also shadow anchored by The Home Depot.
Cortlandt Town Center, with its tenant mix, is one of the premier retail destinations in the region drawing from a wide area in Westchester County due to the center’s direct access to the Taconic State Pwy., Rte. 202 and I-684.
“Cortlandt Town Center represents an excellent opportunity to invest in a well established, dominant retail center anchored by national tenants and located in an affluent New York market with high barriers for entry,” said Kevin Smith, managing director at New York Life Real Estate Investors.
New York Life Real Estate Investors is a division of NYL Investors LLC, a wholly-owned subsidiary of New York Life Insurance Company.
New York Life Real Estate Investors is a full service, fully-integrated real estate enterprise with more than 100 professionals. The division has market-leading capabilities in origination, underwriting, and investment in real estate equity products and related debt, including real estate equity investments, commercial mortgage loans, commercial mortgage backed securities, and unsecured REIT bonds. With over $45.6 billion in assets under management as of December 31, 2015, New York Life Real Estate Investors is actively seeking to acquire additional properties throughout the U.S.
New York Life Insurance Company, a Fortune 100 company founded in 1845, is one of the largest mutual life insurance companies in the United States and one of the largest life insurers in the world. New York Life has the highest possible financial strength ratings currently awarded to any life insurer from all four of the major credit rating agencies: A.M. Best (A++), Fitch (AAA), Moody’s Investors Service (Aaa), Standard & Poor’s (AA+). Headquartered in New York City, New York Life’s family of companies offers life insurance, retirement income, investments and long-term care insurance. New York Life Investments provides institutional asset management. Other New York Life affiliates provide an array of securities products and services, as well as retail mutual funds.
Tags:
Brokerage
MORE FROM Brokerage
Marcus & Millichap brokers $16.25 million sale of Ponce Bank flagship headquarters in the Bronx
Bronx, NY Marcus & Millichap negotiated the sale of a net-leased bank property occupied by Ponce Bank. The asset sold for $16.25 million. “This property drew tremendous interest as it was a
Quick Hits
Columns and Thought Leadership
A fresh start - by Shallini Mehra and Amit Doshi
For the past several years, the New York City multifamily housing market has been defined by disruption. The combined impact of the HSTPA rent laws and a sharply higher interest rate environment has fundamentally reduced
The death of the generic offering memorandum: What buyers expect in 2025 - by Kimberly Zar Bloorian
There was a time when an offering memorandum (OM) was pretty bare bones, some photos, a few bullet points on income, and a rent roll thrown in at the back. That used to get the job done. Not anymore. In 2025, buyers are sharper, faster, and more selective. They’re looking
Tri-state capital migrates nationally amid regulation pressure - by Reese Weaver
New York tri-state multifamily investors are increasingly reallocating capital to less-regulated markets across the U.S. as rent control and legislative risk erode returns at home. With over 60% of New York City’s rental housing stock classified as rent-stabilized, the traditional value-add model — buying under-performing buildings,
The anticipated effect of Basel III and ISO 20022 implementation on commercial real estate - by Michael Zysman
July 1, 2025 is the deadline for US banks to begin to adopt Basel III banking standards and July 14, 2025 is the deadline for U.S. banks to adopt ISO 20022 messaging standards. Both will have a significant effect on the banking and commercial real estate (CRE) finance sectors.