Rockport Mortgage closes $74.5m FHA Section 223(f) refinancing loan

Queens, NY Rockport Mortgage Corp. closed a $74.5 million FHA Section 223(f) refinancing loan for Israel Senior Citizen Housing I and II, a 512-unit HUD-subsidized property for the elderly located in the Far Rockaway neighborhood.

Oak & Avery Group sells Yonkers multifamily

Yonkers, NY The Oak & Avery Group completed the sale of an 11-unit multifamily building at 19 Lawrence St. Anthony Watkins, president, and David Algarin, vice president

Perlman of Largo secures $2.4m permanent loan for Rochester portfolio

Rochester, NY Ned Perlman of Largo Capital’s Buffalo office arranged a $2.4 million permanent loan for a portfolio of multifamily properties.  Perlman negotiated 80% acquisition financing

Bloorian and Herskowitz of Greyhill Group negotiate $1.2m acquisition

Troy, NY Greyhill Group has acquired a mixed-use property at 150 4^th St. for $1.2 million.  The property has 15 residential units, primarily rented by local Rensselaer Polytechnic Institute students

Cleaning house in co-ops and condominiums with legal counsel - by C. Jaye Berger

The COVID Pandemic has created some extra time for people to handle projects they might not otherwise have time for. A good example of this is reviewing your building’s  co-op and condominium formation documents, such as house rules, proprietary 

Bortz and Sweetwood of Kislak broker $2.1m sale

Poughkeepsie, NY The Kislak Co., Inc. completed the sale of a fully-approved multifamily development site on over seven acres at 31-35 Violet Ave., in Dutchess County. The property traded for $2.1 million.

Bestreich, Reynolds, Reynolds and Davila of BRG facilitate $4.25 million development site sale

Brooklyn, NY Bestreich Realty Group (BRG) closed the sale of 176 Central Ave., located in the Bushwick neighborhood, for $4.25 million.  This development site’s lot dimensions of 73.5 ft. x 150.33 ft.

New York City development tools: Inclusionary air rights part 2 - by Patrick O’Sullivan and Michael Smith

Part 1 of this four-part series appeared in the December 1^st edition. The generation of inclusionary air rights provides owners with an opportunity to improve a development project’s economics. This second part of our series

A tale of Two Bridges: How did 4 towers get approved without the Uniform Land Use Review Procedure? - by Christopher Wright

A zoning saga is unfolding at the Two Bridges Development site located on five blocks abutting the East River between the Manhattan and Williamsburg Bridges. At question is how zoning applications filed by developers to expand the permitted heights of four buildings

Victory Capital facilitates four loans: $9.5 million total

New York, NY Victory Capital closed the following:  • A $2.4 million loan with a 3.75% interest rate: Victory Capital delivered on a refinance for two collateralized properties located between Maclay Ave. and Castle Hill Ave.