New York

Joint Venture to Develop $184.3 Million Mixed-Use Development in Brooklyn, New York

by Channing Hamilton August 4, 2023

BROOKLYN, N.Y. — Canyon Partners Real Estate LLC, Tavros and Charney Cos. have formed a joint venture to develop 251 Douglass Street, a mixed-use development in the Gowanus neighborhood of Brooklyn. The project is being capitalized with $64.4 million in equity and a $119.9 million senior construction loan through Barings. Jordan Roeschlaub, Dustin Stolly and Chris Kramer of Newmark led the team that arranged the financing. The development will comprise 260 units across 15 stories, as well as ground floor retail space and parking. The project is also planned to offer …

August 4, 2023

Development Finance New York News Northeast

JLL Arranges $220 Million in Financing for New York City Office Tower Conversion

by Channing Hamilton August 3, 2023

NEW YORK CITY — JLL Capital Markets has arranged $220 million in financing for the conversion of 55 Broad Street, a former office building in New York City’s Financial District. Christopher Peck, Eliott Zeitoune, Alex Staikos and Drew Isaacson led the JLL team. Mexico City-based Banco Inbursa provided the loan to a partnership between Metro Loft Developers LLC and Silverstein Properties. The loan features a four-year floating rate. The 30-story tower will be converted into 571 apartments. Units will come in studio, one-, two- and three-bedroom layouts. Amenities will include …

August 3, 2023

Development Finance Investment Sales Market Reports New York Northeast

Why Developers in NYC Are Turning to the Suburbs

by Channing Hamilton August 2, 2023

In the New York metropolitan area, more apartments are under construction, more renters are looking for apartments and renters are paying higher rents than almost any other apartment market in the U.S. But the cost to build a new apartment or renovate an old one is also higher, development sites are more expensive and regulations like rent stabilization are tougher than almost anywhere else. And New York City has some of the highest property taxes in the U.S. In June 2022, the Affordable Housing NY Program — also known as …

August 2, 2023

Investment Sales New York News Northeast

Marcus & Millichap Brokers $6.8 Million Sale of Pleasant Valley Estates in Pleasant Valley, New York

by Channing Hamilton July 31, 2023

PLEASANT VALLEY, N.Y. — Marcus & Millichap has arranged the sale of Pleasant Valley Estates, a 48-unit community in Pleasant Valley within the Hudson Valley of New York. The asset traded hands for $6.8 million. Jim Evans, Scott Wasserberger and Victoria Fisher marketed the property on behalf of the seller, a partnership, as well as secured the buyer, a private investor. Pleasant Valley Estates was built in 1985. The property comprises three residential buildings, parking for 100 cars and a pond on a 9.9-acre site.

July 31, 2023

New York News Northeast People News

Northmarq Hires Bob Bernard to Long Island Office as Senior Vice President

by Channing Hamilton July 28, 2023

LONG ISLAND, N.Y. — Northmarq has selected Bob Bernard as senior vice president of debt and equity. In this role, Bernard will be responsible for arranging debt and equity commercial real estate financing through Northmarq’s varied lending sources. He will be based in the company’s Long Island office. Prior to joining Northmarq, Bernard managed commercial real estate lending teams at ConnectOne Bank, Webster Bank, North Fork Bank, Capital One Bank and Flagstar. He received a master’s degree in finance and a bachelor’s degree in marketing from St. John’s University in …

July 28, 2023

Investment Sales New York News Northeast

Carlyle Group, Z+G Property Group Acquire 8 Marcy Ave. in Williamsburg, Brooklyn for $97.5 Million

by Channing Hamilton July 28, 2023

BROOKLYN, N.Y. — A joint venture between The Carlyle and Z+G Property Group has acquired 8 Marcy Ave., an eight-story building in the Brooklyn neighborhood of Williamsburg, from Prospect Development for $97.5 million. JLL Capital Markets brokered the deal. The building was delivered in January. The community offers studio, one- and two-bedroom floor plans. Of the total 123 units, 37 are affordable. Income restrictions for these units were not disclosed. The JLL Capital Markets Investment Sales and Advisory team representing the seller included Ethan Stanton, Jeffrey Julien, Brendan Maddigan, Stephen Palmese, …

July 28, 2023

Finance New York News Northeast

Slate Property Group Secures $85 Million Refinancing for Dutch House in New York City Suburb

by Channing Hamilton July 14, 2023

NEW YORK CITY — Slate Property Group has secured an $85 million refinancing for Dutch House, a mixed-use development in the New York City neighborhood of Long Island City. PCCP is the lender for the financing package. Developed by Slate Property Group and Avenue Realty Capital in 2022, Dutch House offers 186 rental units, as well as 21,000 square feet of ground-floor retail space. Units come in studio, one- and two-bedroom layouts. Amenities include a lobby with concierge service, a modern fitness center, bike storage, recreation room with a pool table …

July 14, 2023

Development New York News Northeast

NRP Group, RPW Group Opens The Halden in White Plains, New York

by Channing Hamilton July 13, 2023

WHITE PLAINS, N.Y. — The NRP Group and RPW Group have opened The Halden, a 303-unit community in White Plains. The Halden comprises three apartment buildings across a 70-acre site. The property is adjacent to a 620,000-square-foot office building that was previously the world headquarters of IBM. Units come in one-, two- and three-bedroom layouts and include features such as quartz countertops, backlit bathroom mirrors, plank flooring, stainless steel appliances and in-unit washers and dryers. Amenities include a gym, pool, bike storage room, children’s playroom, package concierge, co-working spaces and …

July 13, 2023

Development Finance New York News Northeast

National Equity Fund, Iris Holdings Group Provide $12.5 Million to Refinance Workforce Housing Portfolio in Brooklyn, New York

by Channing Hamilton June 15, 2023

BROOKLYN, N.Y. — National Equity Fund, in partnership with Iris Holdings Group, has provided a $12.5 million loan to refinance a portfolio in Brooklyn through the firm’s Workforce Housing Innovation Fund. Iris Holdings Group is managing the development of the portfolio, which is called The Jefferson MacDonough Portfolio. The Jefferson MacDonough Portfolio comprises 56 units across five buildings in the Bedford Stuyvesant neighborhood of Brooklyn. The properties feature a mix of studio, one-, two- and three-bedroom units.

June 15, 2023

Affordable Housing Development Finance New York News Northeast

Joint Venture Secures $80 Million to Construct Mixed-Use Development in Brooklyn, New York

by Channing Hamilton June 14, 2023

BROOKLYN, N.Y. — A joint venture consisting of The Brodsky Organization, Avery Hall Investments and Battery Global Advisors has secured an $80 million land recapitalization and equity capitalization to build a mixed-use community located at 499 President St. in Brooklyn’s Gowanus neighborhood. The property is slated for completion in 2025 and will rise nine stories, with 20,000 square feet of retail space on the ground floor. Of the total 350 units, 262 will be market rate units and 88 will be affordable. Details regarding rent restriction were not disclosed. Christopher …

June 14, 2023

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