New York

2185-Coyle-Street-Brooklyn
Affordable HousingDevelopmentInvestment SalesNew YorkNewsNortheast

Gilbane Buys Development Site in Brooklyn for $37M

by Lynn Peisner

BROOKLYN, N.Y. — Gilbane Development has acquired a mixed-use development site at 2185 Coyle St. in the Sheepshead Bay neighborhood of Brooklyn for $37 million. The 96,000-square-foot lot can support 408,400 square feet of commercial space. The seller was a joint venture between AAG Management and ABS Partners. Ariel Property Advisors, led by Victor Sozio, Michael A. Tortorici, Sean R. Kelly, Shimon Shkury and Remi Mandell, arranged the sale. Gilbane is planning an affordable housing project on the site. Details on this upcoming project have not been disclosed. Gilbane, in …

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1920-Turnbull-Bronx
Affordable HousingDevelopmentNew YorkNewsNortheast

Gilbane Breaks Ground on $175M First Phase of Affordable Housing Development in The Bronx

by Lynn Peisner

BRONX, N.Y. — Gilbane, in partnership with Strada Development and the Center for Urban Community Services (CUCS), has broken ground on 1920 Turnbull, a $175 million affordable housing development at 1920 Turnbull Ave. in the Castle Hill/Soundview neighborhood of the Bronx. The project consists of a 22-story building with 228 apartments, including 137 permanent supportive housing units for formerly homeless individuals and families. Remaining units will be restricted to households earning up to 60 percent of area median income. The community will also include a 24-hour staffed lobby, outdoor recreation …

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2201-3rd-Ave-NYC
DevelopmentFinanceNew YorkNewsNortheast

Bravo Property Trust Provides $80M Construction Loan for Developer of East Harlem Tower

by Lynn Peisner

NEW YORK CITY — Bravo Property Trust has provided an $80 million bridge construction loan to Glowstone Group for the development of a 22-story mixed-use building with 194 apartments in East Harlem. Located at 2201 3rd Ave., the project will include 12 studios, 103 one-bedroom and 79 two-bedroom units on floors two through 22. The ground floor will feature two retail spaces totaling approximately 4,510 square feet plus a separate community facility space. Amenities include a gym, coworking space, children’s playroom, pet spa, library, lounge, bike storage, package room, upper-level …

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Ibex-Yonkers
Affordable HousingDevelopmentFinanceNew YorkNewsNortheast

Joint Venture Breaks Ground on $140M Mixed-Income Development at Yonkers Lifestyle Center

by Lynn Peisner

YONKERS, N.Y. — A joint venture of Saber-Hightower, Rafferty Real Estate and Eagle Realty Group, a subsidiary of Western & Southern Financial Group, has begun construction of The Ibex at Ridge Hill, a 17-story, 282-unit project located at Ridge Hill, an approximately 1.2 million-square-foot open-air lifestyle center in Yonkers. Bank OZK is providing construction financing for the $140 million project. The building will include 28 affordable units. The development team did not disclose rent restrictions, but the City of Yonkers’ regulations generally require 40 percent of affordable units to serve …

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Lenox-Harlem
FinanceNew YorkNewsNortheast

Olnick Organization Secures $170.5M Refinancing for Harlem Property

by Lynn Peisner

NEW YORK CITY — The Olnick Organization, a New York City-based development and property management firm founded in 1946, has refinanced one of its legacy assets, Lenox Terrace, with a $170.5 million loan provided by Chase Commercial Bank. Walker & Dunlop’s Jonathan Schwartz, Aaron Appel, Keith Kurland, Adam Schwartz, Dustin Stolly, Sean Reimer, Michael Ianno and Cody Ela arranged the financing. Six 16-story buildings house Lenox Terrace’s 1,696 units, most of which are rent-regulated. The property, located at 484 Malcolm X Blvd. in Central Harlem, was developed in 1958 and …

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137-20-45th-Ave-Auburn-Flushing
Affordable HousingFinanceNew YorkNewsNortheast

Iris Holdings Group Obtains $86.4M Refinancing for Four-Property Affordable Housing Portfolio in Flushing, Queens

by Lynn Peisner

NEW YORK CITY — Walker & Dunlop has arranged an $86.4 million Freddie Mac refinancing for locally based Iris Holdings Group’s 506-unit portfolio in the Flushing neighborhood of Queens. The four properties are clustered together and are within walking distance. Iris Holdings partnered with the New York City Department of Housing Preservation and Development in 2024 to preserve the this project at varying levels of affordability for the next 40 years. As part of that effort, Iris completed major building-system upgrades, unit renovations and a range of energy-efficiency improvements. Walker …

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141-Willoughby-Brooklyn-Northwind-New-York
DevelopmentFinanceNew YorkNewsNortheast

Northwind Group Provides $427M in Loans for Two Office-to-Residential Conversions in New York City

by Lynn Peisner

NEW YORK CITY — Northwind Group has provided $427 million in construction loans for two metro New York office-to-residential projects. For the first project, the real estate private equity firm and debt fund manager originated a $208 million first mortgage construction loan for 141 Willoughby Street, a 24-story tower in Brooklyn. The borrowers/developers are Capstone Equities and BH3 Fund Advisors, who acquired the office property in 2025 and spent the past year in predevelopment planning for the building’s partial conversion to multifamily. Loan proceeds retired existing debt and will finance …

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ACP-Wilton
Build-to-RentInvestment SalesNew YorkNewsNortheast

ACP Arranges Sale of Ridgeview Townhomes & Apartments in New York’s Capital Region

by Lynn Peisner

WILTON, N.Y. — Adirondack Capital Partners (ACP) has arranged the sale of Ridgeview Townhomes & Apartments, a 96-unit community in Wilton. Michael Hunter Coghill, Brittany Feinberg, Chad Sinsheimer and Jacob Brenner of ACP represented the seller, an LLC, and procured the buyer, Yakar Partners. A sales price was not disclosed. The property, built in 2014 on approximately 9 acres, includes a mix of apartment and townhome residences as well as five ground-floor commercial spaces. Units feature attached garages and private entrances.

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51-South-White-Plains
Investment SalesNew YorkNewsNortheast

RMS Cos. Sells 51 South in White Plains for $64.3M

by Lynn Peisner

WHITE PLAINS, N.Y. — RMS Cos. has sold 51 South Apartments in White Plains to Los Angeles-based CIM Group for $64.3 million. CBRE’s Jeffrey Dunne, Stuart MacKenzie, Eric Apfel, Travis Langer and Eric Greenberg represented RMS, the Stamford, Connecticut-based original developer, in the transaction. Completed in 2025, 51 South is comprised of 134 units along with a resort-style pool with cabanas, indoor and outdoor lounges, a fitness center with spin and yoga studios, billiards, shuffleboard and coworking areas.

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Park-Tower-Jersey-City
Affordable HousingDevelopmentFinanceNew YorkNewsNortheast

Namdar Group Secures $390M for Jersey City Tower

by Lynn Peisner

JERSEY CITY, N.J. — New York City-based developer Namdar Group has secured $390 million in financing for Park Tower, a 1,049-unit, transit-oriented, mixed-income development in Jersey City’s Journal Square neighborhood. A start date was not announced. Completion is slated for May 2029. Park Tower adds to Namdar’s extensive Journal Square portfolio, where the developer has delivered more than 2,000 apartments as part of a multi-year buildout around the neighborhood’s PATH station. The PATH train provides direct access to the World Trade Center in Lower Manhattan. Affinius Capital provided a $310 …

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