New York

42 West Broad Street in Mount Vernon, New York

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

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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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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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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NEW YORK CITY — Newmark Group has appointed Sharon Karaffa to the role of President of Multifamily Debt & Structured Finance. In this role, Karaffa will oversee all aspects of Multifamily Debt & Structured Finance, focusing on revenue growth, business development and client and lender relationships. She will lead Newmark Group’s Fannie Mae, Freddie Mac and FHA lending platforms. Karaffa is also responsible for developing synergies and cross-collaboration among Newmark’s Multifamily Capital Markets’ Investment Sales and Debt & Structured Finance teams.  Prior to joining Newmark Group in 2017, Karaffa served as …

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NEW YORK CITY — Marcus & Millichap has brokered the sale of a building located at 923 Bedford Ave. in the New York City borough of Brooklyn. Built in 1901, the property offers eight units across four stories. Units come in studio, one- and two-bedroom floor plans. Eyny family purchased the community from an individual/personal trust for $3.4 million. Daniel Greenblatt and Shaun Riney of Marcus & Millichap’s Manhattan office marketed the property on behalf of the seller and procured the buyer.

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NEW YORK CITY — Merchants Capital has provided $225 million in Freddie Mac financing for seven affordable housing properties in the New York City borough of The Bronx. The portfolio comprises 983 units across 18 buildings. The properties carry a range of income restrictions. The borrower is a joint venture consisting of The Arker Cos., SBV RE Investments LLC and Dabar Development Partners. The joint venture will use the financing to refinance existing debt, rehabilitate units with building-wide improvement plans and preserve affordability. The scope of work includes kitchen upgrades, …

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20 and 30 Halletts Point in New York City

NEW YORK CITY — The Durst Organization has topped out 20 and 30 Halletts Point, a 647-unit complex in the Queens borough of New York City. 20 and 30 Halletts Point consists of a 27-story building and a 32-story building in the Astoria neighborhood. Apartments will come in studio, one- and two-bedroom layouts. Planned amenities include a fitness center, rooftop terraces, resident lounges and a children’s play area, as well as ground-floor retail space and onsite parking. The buildings are slated for delivery in 2025. Urban Atelier Group is the …

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Marine Drive Apartments in Buffalo, New York

BUFFALO, N.Y. — Habitat, a developer and property manager based in Chicago, has received planned unit development approval from the Buffalo Common Council to redevelop Marine Drive Apartments. The $400 million project is a joint venture between Habitat, Duvernay + Brooks and the Buffalo Municipal Housing Authority. The property currently comprises 616 units across seven 12-story towers, which were built more than 70 years ago and have since fallen into disrepair. Phase one of the redevelopment will include constructing a mix of new towers on the lot adjacent to the complex’s current buildings. …

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NEW YORK CITY — Stav Equities has negotiated the $3.8 million sale of a seven-unit property located at 10 Clermont Ave. in the New York City borough of Brooklyn. Jacob Stavsky of Stav Equities represented the buyer, Neue Urban, in the off-market transaction. According to LoopNet Inc., the building was constructed in 1915 and comprises 5,240 square feet across four stories.

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