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 …
NEW YORK CITY — Locally-based lending and investment company Derby Copeland Capital has provided two acquisition loans totaling $20.8 million for a pair of buildings in the New York City borough of Manhattan. The undisclosed borrower plans to use portions of the proceeds to fund capital improvements. In the first transaction, Derby Capital provided $17 million for a building comprising 31 units and ground-floor retail space in the East Village. In the second deal, the firm provided $3.8 million for a 20-unit building in Manhattan’s Rose Hill neighborhood.
NEW YORK CITY AND TORONTO — Affiliates of Blackstone (NYSE: BX) have entered into an agreement to acquire Canadian owner-operator Tricon Residential (NYSE: TCN) for $3.5 billion. The deal is expected to close in the second quarter and will take Tricon Residential private. Blackstone will acquire all outstanding shares of Tricon’s common stock for $11.25 per share in cash. The per-share price represents a 30 percent premium over Tricon’s closing stock price on Thursday, Jan. 18 and a 42 percent premium over the weighted average share prices of the last 90 …
Across the United States, real estate markets are in a recession for dealmakers. The run-up in interest rates over an 18-month period has choked off transactions. Potential buyers and sellers are deadlocked over price. Vulture investors are waiting for owners who paid too much for properties during boom years to be forced to sell. New York City reflects all those trends — only more so. Many investors spent billions of dollars to buy rent-stabilized buildings in the city with plans to eventually raise the rents. But in 2019, lawmakers made …
NEW YORK CITY — Lightstone has received a $165.5 million Freddie Mac loan for the refinancing of a property at 365 Bond Street in Brooklyn’s Gowanus neighborhood. Peter Rotchford, Michael Shmuely, Nicco Lupo, Jeffrey Julien, Rob Hinckley, Steven Rutman, Jonathan Hageman and Hall Oster of JLL originated the five-year, fixed-rate loan. The community was built in 2016 and offers 430 apartment units, as well as 40,000 square feet of amenity space and 30,000 square feet of open green space. Units come in studio, one- and two-bedroom floor plans.
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 …
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.