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Arris Grand in New York City
FinanceNew YorkNewsNortheast

SCALE Lending Provides $46 Million Bridge Loan for 113-Unit Arris Grand in Brooklyn

by Channing Hamilton

NEW YORK CITY — SCALE Lending, the debt financing arm of Slate Property Group, has arranged a $46 million bridge loan for Arris Grand, a nine-story apartment building in Brooklyn’s Clinton Hill neighborhood. The borrower will use the financing to pay off the existing construction loan and support the lease-up of the community. Arris Grand comprises 113 units in studio, one- and two-bedroom layouts. The property offers 10,000 square feet of amenities — including a fitness center, roof deck, terrace, and lounges — as well as 7,154 square feet of street-level …

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533 Bergen Street in New York City
Investment SalesNew YorkNewsNortheast

Marcus & Millichap Brokers $4.1 Million Sale of Eight-Unit Property in Brooklyn, New York

by Channing Hamilton

NEW YORK CITY — Marcus & Millichap has arranged the $4.1 million sale of a community at 533 Bergen Street in New York City’s Brooklyn borough. Andrew Bronsteen, Shaun Riney and Jason Farese of Marcus & Millichap’s Manhattan office had the exclusive listing to market the property on behalf of the seller. The buyer was an individual/personal trust. Built in 1930, the community comprises eight units across four stories and 7,000 square feet. Units come in two- and three-bedroom floor plans.

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Affordable HousingDevelopmentNew YorkNewsNortheast

The Davis Cos. Begins Constructing 97-Unit Community in New York City’s Harlem Neighborhood

by Channing Hamilton

NEW YORK CITY — The Davis Cos. has broken ground on a 97-unit project located at 1975 Madison Ave. in Harlem. The building will rise eight stories and offer one- and two-bedroom units. Of the total unit count, 30 percent will be set aside as affordable housing. Income restrictions on these units were not disclosed. Planned amenities include a fitness center, resident lounge, co-working space, pet spa and a rooftop terrace. DXA Studio designed the project. Broadway Construction Group is the general contractor. The project is slated to deliver in …

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Affordable HousingDevelopmentInvestment SalesNew YorkNewsNortheast

Slate Property Group, RiseBoro Community Partnership Plan 318-Unit Affordable Housing Conversion in New York City

by Channing Hamilton

NEW YORK CITY — A partnership consisting of Slate Property Group and RiseBoro Community Partnership has purchased the 350-room JFK Hilton Hotel in New York City’s Queens borough. The partnership plans to convert the property, which was originally built in 1987, into a 318-unit affordable housing complex. The new complex will be called Baisley Pond Park Residences. Units will come in studio, one- and two-bedroom layouts. Planned amenities include a fitness center, computer lounge and multiple common rooms. As part of the conversion, the development team will replace all major …

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224 W. 124th St. in New York City
FinanceNew YorkNewsNortheast

Dwight Mortgage Trust Provides $100 Million in Bridge Financing for 168-Unit Building in New York City

by Channing Hamilton

NEW YORK CITY — Dwight Mortgage Trust, the affiliate REIT of Dwight Capital, has provided $100 million in bridge financing for a property located at 224 W. 124th St. in New York City’s West Harlem neighborhood. The borrower and developer, Carthage Real Estate Advisors, will use the proceeds to refinance existing construction debt and fund lease-up of the property and other capital expenditures. The 19-story building was completed earlier this year and comprises 168 units. The community offers one-, two- and three-bedroom apartments, as well as townhomes and penthouse suites. …

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Investment SalesNew YorkNewsNortheast

Marcus & Millichap Negotiates $48 Million Sale of Fannwood Estates in New York City

by Channing Hamilton

NEW YORK CITY — Marcus & Millichap has arranged the $48 million sale of Fannwood Estates, a 312-unit community in the New York City borough of Queens. Shaun Riney, Seth Glasser, Joe Koicim, Louis Zarif and Sean Fopeano of Marcus & Millichap represented the seller and procured the buyer in the transaction. Both parties were private investors that requested anonymity. Fannwood Estates rises six stories within the borough’s Rego Park neighborhood. The rent-stabilized building occupies a full city block.

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42 West Broad Street in Mount Vernon, New York
FinanceNew YorkNewsNortheast

JLL Arranges $93 Million Loan to Refinance 42 West Broad Street in Mount Vernon, New York

by Channing Hamilton

MOUNT VERNON, N.Y. — JLL Capital Markets has arranged a 93 million loan to refinance 42 West Broad Street, a high-rise community in Mount Vernon. The borrower was a joint venture between Alexander Development Group, The Bluestone Organization and institutional investors advised by JP Morgan Asset Management. Kellogg Gaines and Geoff Goldstein led the JLL Debt Advisory team. Canadian institutional lender Otera Capital provided the loan. Situated in Mount Vernon’s Fleetwood neighborhood, 42 West Broad Street comprises 249 units across 16 stories. Units come in studio, one-, two- and three-bedroom …

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Fannwood Estates in New York City
Investment SalesNew YorkNewsNortheast

Marcus & Millichap Brokers $48 Million Sale of Fannwood Estates in New York City

by Channing Hamilton

NEW YORK CITY — Marcus & Millichap has arranged the sale of Fannwood Estates, a rent-stabilized property located in the Rego Park neighborhood of Queens in New York City. Fannwood Estates offers 312 units across six stories. The asset traded hands for $48 million. Shaun Riney, Seth Glasser, Joe Koicim, Louis Zarif and Sean Fopeano of Marcus & Millichap represented the seller and procured the buyer. Both parties were private investors.

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Investment SalesNew YorkNewsNortheast

JLL Arranges $10.2 Million Sale of 11-Story Building in New York City

by Channing Hamilton

NEW YORK CITY — JLL has arranged the $10.2 million sale of property at 788 Riverside Drive in the Washington Heights area of Manhattan. The building comprises 62 units across 11 stories. Units come in two- and three-bedroom floor plans with an average size of 1,025 square feet. Of the total unit count, 53 are rent-stabilized, five are rent-controlled and four are rented at market rates. The buyer and seller were both family offices that requested anonymity. Paul Smadbeck and Hall Oster of JLL brokered the deal.

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Investment SalesNew YorkNewsNortheast

Rosewood Realty Negotiates $8.9 Million Sale of Three-Building Portfolio in Brooklyn

by Channing Hamilton

NEW YORK CITY — Locally based brokerage firm Rosewood Realty Group has negotiated the sale of a portfolio of three buildings in Brooklyn’s Williamsburg neighborhood. The four-story building at 313 S. Fourth St. was built in 1915 and totals 12 units, and the two-building complex at 431-433 Wythe Ave. was constructed in 1920 and totals 16 units. Edifice Management acquired the portfolio from a private investor for $8.9 million. Ben Khakshoor, Reoven Elharar and Alex Fuchs of Rosewood Realty represented the seller and procured the buyer.

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