Tuesday, September 17, 2024
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437-449 and 438-450 61st Street in New York City
Investment SalesNew YorkNewsNortheast

Marcus & Millichap Brokers $20 Million Sale of 124-Unit Portfolio in Brooklyn

by Channing Hamilton

NEW YORK CITY — Marcus & Millichap (NYSE: MMI) has negotiated the sale of a 124-unit portfolio in Brooklyn. The portfolio comprises seven rent-stabilized buildings located at 437-449 and 438-450 61st Street in the city’s Sunset Park neighborhood. The assets feature a mix of one- to four-bedroom units. John Brennan, Bryan Ellis and Miles Davis-Bosch of Marcus & Millichap’s Manhattan office marketed the property on behalf of the seller and procured the buyer. Both parties were New York-based private investors.

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737 4th Ave in New York City
DevelopmentNew YorkNewsNortheast

Partnership Tops Out $143 Million Mixed-Income Development in Brooklyn

by Channing Hamilton

NEW YORK CITY — A partnership consisting of BEB Capital, Totem / Ailanthus and SK Development has topped out 737 4th Ave, a $143 million mixed-income development in the Sunset Park neighborhood of Brooklyn. Once completed, the building will comprise 193,000 square feet across 14 stories. The property will comprise 187 units. Of the total unit count, 46 units will be permanently affordable at an average of 48 percent of the area median income. Amenities will include a coworking lounge, fitness center, private dining and entertainment areas, a game and …

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7920 19th Ave. in New York City
Investment SalesNew YorkNewsNortheast

Marcus & Millichap Arranges $6 Million Sale of 48-Unit Property in Brooklyn

by Channing Hamilton

NEW YORK CITY — Marcus & Millichap (NYSE: MMI) has brokered the sale of a 48-unit asset located at 7920 19th Ave. in Brooklyn. John Brennan and Bryan Ellis of Marcus & Millichap’s Manhattan office marketed the property on behalf of the seller and procured the buyer. Both parties were limited liability companies. The building features one- and two-bedroom units. The property traded hands for $6 million.

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The Northern I and II in New York City
FinanceNew YorkNewsNortheast

Affinius Capital Provides $98 Million Refinancing for 193-Unit Complex in Queens

by Channing Hamilton

NEW YORK CITY — Affinius Capital has provided a $98 million loan for the refinancing of The Northern I and II, a 193-unit complex located in the Astoria neighborhood of Queens. Henry Bodek of Galaxy Capital arranged the loan through Affinius Capital on behalf of the borrower, Goose Property Management. The borrower will use the funds to complete construction of The Northern and to fund costs of lease-up. Northern I is a nine-story property comprising 64 units. Northern II rises 10 stories and offers 129 apartments. Both properties offer a …

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Investment SalesNew YorkNewsNortheast

Rosewood Realty Group Brokers Sale of 123-Unit Property in Brooklyn

by Channing Hamilton

NEW YORK CITY — Locally based brokerage firm Rosewood Realty Group has negotiated the sale of a 123-unit property located at 275 Park Ave. in Brooklyn. The seven-story building was originally constructed in 1920 and renovated earlier this year.  The property also includes five commercial spaces. Aaron Jungreis, Ben Khakshoor and Alex Fuchs of Rosewood Realty Group represented the seller, Fairstead, and procured the buyer, Thor Equities. The sales price was not disclosed. However, the asset traded hands for $325 per square foot.

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FinanceNew YorkNewsNortheast

Greystone Provides $21.5 Million Refinancing for Two Properties in New York City

by Channing Hamilton

NEW YORK CITY — Greystone has provided a total of $21.5 million in Fannie Mae Delegated Underwriting & Servicing loans to refinancing two communities in New York City’s Harlem neighborhood. Greystone provided $11.4 million for The Duke, a 28-unit building located at 521 W. 134th St., and $10.1 million for The Count, a 27-unit asset located at 168 W. 136th St. Each of the non-recourse, fixed-rate loans in the portfolio carries a five-year term and 30-year amortization schedule, with interest-only payments for the first two years of the term. Avi Kozlowski …

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FinanceNew YorkNewsNortheast

J.P. Morgan Provides $210 Million Refinancing for 12-Property Affordable Housing Portfolio in New York City

by Channing Hamilton

NEW YORK CITY — J.P. Morgan has provided a $210 million Freddie Mac loan for the refinancing of a portfolio of 12 transitional and affordable housing properties in New York City. The loan carries a seven-year term and a fixed interest rate. The borrower is a partnership between two locally based firms, developer Slate Property Group and alternative asset management firm Fundamental Advisors. The portfolio totals 1,115 apartment units across approximately 304,000 square feet. The properties are located in Manhattan, Brooklyn, Queens and The Bronx. Each property is leased to …

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The Hartby in New York City
DevelopmentLeasing & MarketingNew YorkNewsNortheast

Property Resources Corp. Begins Leasing 205-Unit The Hartby in Brooklyn

by Channing Hamilton

NEW YORK CITY — Property Resources Corp. has begun leasing The Hartby, a 205-unit asset located in the Bedford-Stuyvesant neighborhood of Brooklyn. The Hartby is a redevelopment of the former St. John’s College building, which was originally built in 1870. Woods Bagot served as the project architect. Alchemy Studio provided interior design services. The Hartby features units in studio, one- and two-bedroom floor plans. Thirty percent of units will be rent-stabilized and are now being leased via a lottery system. Leasing of market-rate units is slated to begin later this …

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Investment SalesNew YorkNewsNortheast

Walker & Dunlop Arranges $128 Million Acquisition Loan for Nine-Property Portfolio in Manhattan

by Channing Hamilton

NEW YORK CITY — Walker & Dunlop has arranged a $128 million bridge loan for the acquisition of a nine-property portfolio located in Manhattan’s East Village neighborhood. The portfolio comprises 171 units across 153,800 square feet, as well as 22 retail spaces. The borrower was RYCO Capital. Aaron Appel, Keith Kurland, Jonathan Schwartz, Adam Schwartz and Sean Bastian of Walker & Dunlop arranged the floating-rate loan through Derby Copeland Capital.

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Affordable HousingNew YorkNewsNortheastPeople News

M&T Bank Appoints Lopa Kolluri as Head of Affordable Housing Lending

by Channing Hamilton

NEW YORK CITY — M&T Bank has appointed Lopa Kolluri to the role of Head of Affordable Housing Lending. In this new position, Kolluri will be responsible for the development, oversight and management of the Affordable Housing vertical within M&T’s Commercial Bank. Kolluri will also work closely with divisions of M&T’s Community Bank and M&T Realty Capital Corp.’s Affordable Housing Platform. She will be based in New York City. Kolluri previously served as Senior Vice President within M&T’s Commercial Real Estate Innovation Office. Prior to joining M&T, Kolluri served as the …

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