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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,
Cohen of Leviathan Capital arranges $3.14m construction loan
Brooklyn, NY According to Leviathan Capital, senior capital markets advisor and licensed salesperson Peter Cohen has closed a $3.14 million construction loan for a condominium development project located in the Greenpoint neighborhood.
Fried Frank advises borrower in $720 million loan
Manhattan, NY Fried Frank advised the borrower in connection with Madison Realty Capital’s $720 million loan origination to finance a joint-venture between Metro Loft Developers and David Werner Real Estate Investments for the development and conversion of the former Pfizer headquarters, located
Conway Property Advisors brokers $3m mixed-use sale
Brooklyn, NY Conway Property Advisors negotiated the sale of 272 Driggs Ave., a mixed-use property located in Greenpoint,. The asset, which sold for $3 million in an all-cash transaction, consists of four residential apartments above a ground-floor retail space.
KM Associates welcomes Espinosa as director of major projects
Manhattan, NY KM Associates of New York has appointed construction industry veteran Roz Espinosa as director of major projects. Espinosa brings 30 years of experience in construction project management and expertise with NYC Department of Buildings approvals to the role.
Perlman of Largo secures $41.79m construction loan for 246-unit project
Getzville, NY Ned Perlman, vice president of upstate originations at Largo Real Estate Advisors, Inc. closed a $41.79 million multi-family construction loan. The proposed facility will feature 246 units, with a mix of studio, one-, two-, and three-bedroom units, as well as a variety of community amenities.
NYC Accelerator June Expo gathers building owners, service providers
Brooklyn, NY About 900 building owners, service providers, registered design professionals, and city representatives came together for “LL97 Compliance: Service Provider Expo” at the Brooklyn Navy Yard to pave the way forward on implementing the carbon emissions law.
Feil signs long-term lease renewal with BrandEd and Sotheby’s Institute of Art at 570 Lexington Ave.
Manhattan, NY The Feil Organization signed a 10-year lease renewal with Sotheby’s Institute of Art, which is based at 570 Lexington Ave. with 19,436 s/f space across the entire sixth floor. Sotheby’s Institute of Art is part of BrandEd, the leading provider of industry-immersive education.
JLL brings 107 Greenwich St. to 95% occupancy with three new leases
Manhattan, NY JLL has leased 42,643 s/f of new office space in a trio of deals at 107 Greenwich St., bringing the Financial District property to 95% occupancy. In the largest transaction, flexible workplace provider Industrious leased 24,534 s/f across the entire 13th and 14th floors, signing a long-term agreement with owner Trinity Church.
Lee & Associates NYC and Extell Development lease
11,183 s/f to The Learning Experience at Hudson Piers
Yonkers, NY Lee & Associates NYC and Extell Development Company said that childcare and early education franchise The Learning Experience (TLE) has signed a lease at Extell’s new waterfront development, Hudson Piers.
