NEW YORK CITY — Ariel Property Advisors has brokered the $5.1 million sale of two properties at 105 Wilson Ave. and 153 Wilson Ave. in Brooklyn’s Bushwick neighborhood. Dov Chein, Benjamin Vago and Victor Sozio represented the undisclosed seller in the transaction. The buyer was not disclosed. The building at 105 Wilson Ave. comprises four three-bedroom units and a Japanese restaurant, and the building at 153 Wilson Ave. includes six residential units and a barbershop.
NEW YORK CITY — Locally-based architecture and interior design firm CentraRuddy is converting the historic St. Luke’s Hospital complex in New York City into a 204-unit community called 30 Morningside. The campus includes five buildings that were originally designed by Ernest Flagg and built between 1896 and 1928. According to CentraRuddy, the redevelopment project aims to restore the French Renaissance Revival-style buildings while taking advantage of Flagg’s original designs to maximize access to light and air. A development timeline for the project was not disclosed, but a tour of the …
NEW YORK CITY — New Empire Corp. has broken ground on a 12-story apartment building at 58-01 Queens Blvd. in the New York City borough of Queens. The building was designed by Tang Studio Architect and Whitehall Interiors. The property will offer amenities such as a children’s playroom, lounge, outdoor terrace and a fitness center. A construction timeline for the project was not disclosed.
FARMINGDALE, N.Y. — Terwilliger & Bartone Properties has opened The Cornerstone Westbury, a new community in Farmingdale on Long Island, for residency. The first phase of the project delivers 72 units, with a further 58 units planned for phase two. Of the total unit count, 18 are set aside as workforce housing. According to the developer, over 1,200 applications were submitted for these units. Amenities include a rooftop patio, clubhouse, fitness centers and resident and events organized by community managers.
NEW YORK CITY — Ariel Property Advisors has negotiated the $4.9 million sale of a development site in New York City. Daniel Mahfar, Victor Sozio and Jason Gold brokered the deal. The property is located in the Mott Haven neighborhood of the Bronx and comprises two contiguous lots in a Qualified Opportunity Zone that were recently rezoned to support affordable housing usage. According to Ariel Property Advisors, the site can support 77,750 buildable square feet. The buyer and seller were not disclosed.
NEW YORK CITY — Walker & Dunlop has provided a $35.6 million Fannie Mae loan for the refinancing of an affordable housing portfolio in New York City. The portfolio comprises 251 units across eight buildings Brooklyn’s Williamsburg neighborhood. Frank Cassidy and John Gilmore of Walker & Dunlop worked alongside New York City Housing Preservation & Development and the New York City Housing Authority to secure the financing. The financing is structured with a fixed interest rate, 35-year amortization schedule and five years of interest-only payments. The borrower, Grower Housing Development …
POUGHKEEPSIE, N.Y. — PAZ Management has begun leasing The Flats at Raymond, a 39-unit community in the New York City suburb of Poughkeepsie. The community offers one- and two-bedroom apartments ranging in size from 706 to 1,098 square feet. The Flats at Raymond is one of two complexes that comprise the first phase of The Arlington of Poughkeepsie. The second property, a 24-unit adaptive reuse project called Lofts at The School, opened for residency earlier this year and is now 90 percent occupied.
NEW YORK CITY — Skyline Developers has broken ground on a 97-unit project located at 18 W. 55th St. in Midtown Manhattan, the central portion of New York City’s Manhattan borough. The building will comprise 152,000 square feet across 26 stories. Goldman Sachs Bank USA provided construction financing for the development. Morris Adjmi Architects designed the building. The project is slated for completion in 2025.
NEW YORK CITY — Merchants Capital has provided $320 million in financing for the renovation of Edenwald Houses, an affordable housing complex in The Bronx borough of New York City. The property was originally developed in the 1950s and is the second largest New York City Housing Authority property in the state. Edenwald Houses is currently home to more than 5,000 residents. Merchants Capital secured a New York Housing Development Corp. Freddie Mac Risk Share Loan on behalf of the property developer, Camber Property Group. The funds will be used …
NEW YORK CITY — GFI Realty has brokered the $4.7 million sale of an eight-unit community in Brooklyn’s Boerum Hill neighborhood. Zachary Fuchs of GFI Realty represented the seller, Eric Orlofsky, and the buyer, an undisclosed local investor, in the transaction. The property was originally built in 1905 and recently underwent a gut renovation. The building rises five stories and offers two- and three-bedroom floor plans.