NEW YORK CITY — Marcus & Millichap has brokered the $9 million sale of a 43-unit building in the Astoria neighborhood of Queens. The property was originally constructed in 1941 and offers studio and one-bedroom units. The building comprises 34,000 square feet across six stories. Louis Zarif, Shaun Riney and Sean Fopeano of Marcus & Millichap represented the seller and procured the buyer. Both parties were private investors that requested anonymity.
NEW YORK CITY — Cushman & Wakefield has arranged a $75 million construction loan for a high-rise project located at 255 E. 39th St. in the Murray Hill neighborhood of Manhattan. Gideon Gil, Lauren Kaufman, Zachary Kraft and Cecelia Galligan of Cushman & Wakefield arranged the financing through J.P. Morgan and First Citizens Bank on behalf of the borrower and developer, Brause Realty. The building will rise 20 stories and will include 157 units, as well as 4,687 square feet of commercial space and an affordable housing component. The project …
Merchants Capital Provides $348 Million for Rehabilitation of Affordable Housing Complex in Brooklyn
NEW YORK CITY — Merchants Capital has provided a $348 million Fannie Mae loan for the rehabilitation of Reid Park Rock, an affordable housing community in Brooklyn. The financing complements a $635.6 million Permanent Affordability Commitment Together initiative from the New York City Housing Authority. The sponsor, a partnership consisting of BRP Cos., Fairstead and Urbane, will use the funds to renovate Reid Park Rock and deliver enhanced social services programs to the community. The partnership will also handle property management responsibilities. Reid Park Rock currently houses approximately 3,500 people …
BETHLEHEM, N.Y. — The NRP Group has begun constructing Selkirk Reserve, a 72-unit workforce housing project located just south of Albany in Bethlehem. The Cleveland-based developer is building the project in partnership with New York State Homes & Community Renewal and nonprofit organization Soldier On. Selkirk Reserve will consist of nine two-story residential buildings and a clubhouse building on a 15.6-acre site. Units will come in one-, two- and three-bedroom layouts. The community will be available to renters earning between 30 and 60 percent of the area median income. Construction …
NEW YORK CITY — JLL Capital Markets has brokered the $395 million refinancing of 70 Pine Street, a 66-story mixed-use property situated within New York City’s financial district. JLL worked on behalf of the borrowers, DTH Capital and Rose Associates, to secure the financing through Goldman Sachs. Christopher Peck, Geoff Goldstein and Christopher Pratt led the JLL Capital Markets Debt Advisory Team. 70 Pine Street was originally built in 1932 for office use. The building was renovated in 2016, and now offers residential units, retail space and a 165-key hotel. The residential component …
NEW YORK CITY — Dwight Mortgage Trust, the affiliate REIT of Dwight Capital, has provided a $75.2 million in bridge financing for 210 Clarkson, a 165-unit community in the Prospect Lefferts Garden neighborhood of Brooklyn. The financing will be used to refinance existing construction debt for the borrower, a New York family office. Meir Kessner and David Eisen at Sevenstone Capital brokered the deal. Recently completed in 2023, 210 Clarkson offers 115 market-rate units and 50 affordable units, as well as 19,500 square feet of ground-floor retail space. Apartments come in …
NEW YORK CITY — The New York City Housing Partnership Development Corp. has elected Ron Moelis as chairman of the board of directors. Moelis is the chairman and co-founder of L+M Development Partners LLC, which is headquartered in Larchmont, New York. He is also a co-founder and vice chairman of the New York State Association for Affordable Housing, a nonprofit organization that advances a policy agenda for affordable housing. Moelis also serves on the Board of Trustees of the Tenement Museum on Manhattan’s Lower East Side and the Board of …
NEW YORK CITY — Ariel Property Advisors has arranged the sale of a 237-unit property located at 1500 Noble Ave. in The Bronx. The asset traded hands for $26 million. Neither the buyer nor the seller was disclosed. Victor Sozio, Shimon Shkury, Jason Gold, Daniel Mahfar and Gabriel Elyaszadeh of Ariel represented the seller in the deal. The building rises 17 stories on a five-acre site, and features a unit mix of 50 one-bedrooms, 136 two-bedrooms and 51 three-bedrooms.
YONKERS, N.Y. — A subsidiary of Azorim Construction Co. Ltd. will develop Miroza Tower, a $133.5 million high-rise asset in the New York City suburb of Yonkers. The Yonkers Industrial Development Agency recently granted final approval of financial incentives for the project. Azorim Construction Co. is receiving a sales tax exemption of $5.8 million, a mortgage recording tax exemption of $1.3 million and a 20-year payment in lieu of taxes agreement valued at $12.4 million. Situated at 44 Hudson St., Miroza Tower will offer 250 apartment units across 27 stories. …
NEW YORK CITY — The Moinian Group has commenced vertical construction at 7 Platt Street, a 250-unit residential tower in Manhattan’s Financial District. The community will comprise 170,000 square feet across 35 stories. Apartments will come in studio, one- and two-bedroom floor plans. Planned amenities include a fitness center, library, co-working pods, lounge spaces, private dining spaces with outdoor terrace access, a gaming area, rooftop deck, golf putting area, laundry facilities and a communal entertainment kitchen. Rockwell Group designed the project. Hill West Architects is leading architecture efforts for the …