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Michael-OLeary-TRITEC
Company NewsNew YorkNewsNortheastPeople News

Michael O’Leary Named CFO of TRITEC

by Lynn Peisner

RONKONKOMA, N.Y. — TRITEC Real Estate has appointed Michael O’Leary as chief financial officer. O’Leary will oversee TRITEC’s financial strategy, planning and operations. He joins the company from RXR Realty, a New York City-based multi-sector owner, operator and investor, where he was executive vice president and chief financial officer. TRITEC Real Estate was founded in 1986 by brothers Robert and James Coughlan. The company consists of TRITEC Development Group, TRITEC Building Co. and TRITEC Asset Management, Inc. TRITEC acquires, develops, builds, finances, leases and property manages commercial real estate projects, …

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White-Houses-Harlem
Affordable HousingDevelopmentFinanceNew YorkNewsNortheast

New York City Housing Authority Locks in $272.6 Million in Redevelopment Funds for Harlem Properties

by Lynn Peisner

NEW YORK CITY — The New York City Housing Authority (NYCHA) has closed on the financing for a $272.6 million renovation of Metro North Plaza and Gaylord White Houses, two public housing communities in East Harlem. The properties were selected to be part of the Permanent Affordability Commitment Together (PACT) program, created by the City as part of a larger plan to modernize public housing. NYCHA needs more than $78 billion to fully restore and renovate all its buildings, but, according to the City’s website, the federal government has only …

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The-Perennial
Affordable HousingDevelopmentNew YorkNewsNortheast

Construction Underway on $150 Million Redevelopment of Former Queens Hospital

by Lynn Peisner

NEW YORK CITY — Foxy Development and Selfhelp Realty Group have closed on financing and begun construction of The Perennial, a 145-unit, multi-generational affordable housing property that also will be the future home of the Forest Hils Jewish Center. The project is a redevelopment of a former Parkway Hospital building that is located at 70-35 113th St. in the Forest Hills section of Queens. The building has been vacant since the hospital closed down in 2008. The building was constructed in the 1960s. Once complete, by approximately the end of …

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BerkadiaCompany NewsNew YorkNewsNortheast

Berkadia Forms New Strategic Capital Group

by Lynn Peisner

NEW YORK CITY — Berkadia has hired Gordon Reynolds and Brian Myers, both with the title of senior managing director, and Vice President Conner Adkins. The three new hires will establish the Berkadia Strategic Capital Group, an international advisory team that will serve clients across multiple asset classes. The group will focus on asset-level equity financing and recapitalizations, portfolio-level equity financing and recapitalizations, and programmatic joint ventures. Reynolds, Myers and Conner will collaborate with Jeffries, a New York-based investment banking and capital markets firm, and Knight Frank, a property consultancy …

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250-W-85th
FinanceInvestment SalesNew YorkNewsNortheast

Benchmark Group Secures $40 Million in Equity for Manhattan Acquisition

by Lynn Peisner

NEW YORK CITY — Walker & Dunlop has arranged approximately $40 million in equity for Benchmark Real Estate Group, which will use the funds to buy and renovate a property on Manhattan’s Upper West Side. Located about three blocks from Central Park at 250 W. 85th St., the building contains 121 units and 4,400 of fully leased retail space. The W&D Capital Markets team was led by Mo Beler, Jonathan Paine, Aaron Appel, Jonathan Schwartz and Jackson Irwin. An unnamed institutional investor provided the capital.

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Alloy-Block
Affordable HousingDevelopmentNew YorkNewsNortheast

Developers Secure $535 Million to Finance Second Phase of Brooklyn Project

by Lynn Peisner

NEW YORK CITY — Alloy Development and The Vistria Group have closed on $535 million in construction financing for the development of One Third Avenue, a 583-unit mixed-income high-rise that comprises Phase II of the Alloy Block development in Brooklyn. The 62-story community will join buildings developed in the first phase of the project — 505 State Street, a mixed-use community, and 489 State Street, a public elementary school. Once complete, the Alloy Block will be home to a total of 1,000 residences, including approximately 200 affordable housing units. Vistria …

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Geri-Borger
Company NewsNew YorkNewsNortheastPeople News

NewPoint Announces Personnel Changes

by Lynn Peisner

NEW YORK CITY — NewPoint Real Estate Capital has promoted Geraldine Borger Urgo to president of agency lending. Borger Urgo, who was a leader in NewPoint’s acquisition by Franklin BSP Realty Trust earlier this year, previously spent about 15 years at Freddie Mac and was most recently NewPoint’s head of originations for the past four years. Separately, Nick Gesue will depart his role as chief executive officer, effective Sept. 1. His position was transitioned as part of consolidating leadership following the acquisition. NewPoint leadership will remain under the existing executive …

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westbeth
Affordable HousingDevelopmentNew YorkNewsNortheast

Merchants Capital Secures Funding for Westbeth Artists Housing Redevelopment

by Lynn Peisner

NEW YORK CITY — Merchants Capital has provided $25.2 million in financing for the recapitalization and redevelopment of Westbeth Artists Housing, a 384-unit, historic, mixed-use affordable housing development in New York City. A state-sponsored program, Homes and Community Renewal Multifamily Preservation (HCR), also contributed $63 million. Chase is also a financing partner, but details about the company’s contribution were not released. The rehab will replace roofing, elevators, windows and radiators; restore the building’s façade; renovate 32 apartments; and install energy-efficient updates, including green roofs. Westbeth Artists Housing is owned by …

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The-Riverie
Affordable HousingDevelopmentLeasing & MarketingNew YorkNewsNortheast

Leasing Begins at The Riverie in Brooklyn’s Greenpoint Neighborhood

by Lynn Peisner

NEW YORK CITY — Lendlease has launched pre-leasing at The Riverie, an 834-unit mixed-income development in the Greenpoint area of Brooklyn that fronts the East River. Thirty percent of the units are designated affordable, but specific rent caps were not disclosed. Designed by Marvel Architects, The Riverie includes a 37-story and a 20-story tower with a connected mid-rise podium. The property also includes approximately 13,000 square feet of retail space, as well as an 18,000-square-foot public waterfront esplanade connecting to the India Street Pier, which is served by the NYC …

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Investment SalesNew YorkNewsNortheast

Capriotti Properties Acquires Historic Finger Lakes Portfolio

by Lynn Peisner

WATKINS GLEN AND MONTOUR FALLS, N.Y. — Capriotti Properties has acquired a three-property portfolio, including 32 apartments and five commercial spaces, in Watkins Glen and Montour Falls, two villages located three miles apart near the southern tip of Seneca Lake in Upstate New York. Nelson Development was the seller, and CBRE arranged the sale with a team led by Richard Gatto, Fahri Ozturk, Zach McHale and Matthew Loscalzo. The residential portfolio includes Montour House, The Flats on Broadway and Water Works Center, all situated within a six-minute drive of one …

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