NEW YORK CITY — Genesis Cos. and Lemor Development have secured $71 million in acquisition financing for Frederick Samuel Apartments, a 664-unit affordable housing asset in New York City’s Harlem neighborhood. The property consists of 40 residential buildings. Income restrictions for the apartments were not disclosed. The new ownership will renovate the community with a combination of passive park spaces, programmed urban farms, a new playground and community gardens provided by Harlem Grown. Heather Olson and Matthew Baptiste of Berkadia facilitated the 30-year permanent financing through Freddie Mac’s Bond Credit …
NEW YORK CITY — M&T Realty Capital Corp. has provided a $204.9 million Fannie Mae loan for the refinancing of a 26-story high-rise community in the Long Island City neighborhood of Queens. Michael Casey of M&T Realty Capital originated the debt on behalf of the borrower, locally based investment and development firm TF Cornerstone. The loan features a 35-year amortization schedule and full-term, interest-only payments. Located at 46-10 Center Blvd., the building comprises 584 apartments in studio, one-, two- and three-bedroom floor plans. Amenities include a fitness center, multiple lounge …
NEW YORK CITY — Affinius Capital LLC has originated a $79 million loan to Alchemy-ABR Investment Partners to finance the development of 288 East 88th Street, a 26-story project in New York’s Upper East Side neighborhood. Located on the southwest corner of 88th Street and 2nd Avenue, the building will include 45 units ranging from one to five bedrooms. Amenities will include a fitness center, sport court, children’s playroom, media/gaming room, coworking/conference space and a roof terrace. The project is slated for completion in late 2026. Aaron Appel, Keith Kurland, …
NEW YORK CITY — Philadelphia-based development and investment firm Arden Group has opened Forty-Six Fifty, a 22-story mixed-use development situated at 4650 Broadway in the Inwood neighborhood of Manhattan. Handel Architects designed the building. Forty-Six Fifty consists of 222 apartments in studio, one- and two-bedroom floor plans. Thirty percent of units are subject to undisclosed income restrictions. Amenities include a fitness center, resident lounge, screening room and children’s play area. The property also includes 120,000 square feet of commercial space that is leased to a charter school and supermarket.
NEW YORK CITY — Dune Real Estate Partners (Dune) and TF Cornerstone (TFC) have formed a $1 billion venture aimed at converting office buildings into residential communities. The venture, dubbed Alta Residential, will initially target opportunities in Atlanta, Boston, Dallas, Los Angeles, New York City, San Francisco, Washington, D.C., as well as Charlotte and Raleigh, North Carolina. Dune and TFC will source potential conversion opportunities on behalf of Alta Residential. The team will provide construction oversight of local joint venture developments. Additionally, TFC and Alta Residential plan to jointly develop conversion …
NEW YORK CITY — The New York City Council’s subcommittee on zoning and franchises and committee on land use have approved a proposal to invest $5 billion in affordable housing and related infrastructure. The initiative paves the way for the development of roughly 80,000 new rental units throughout New York City over the next 15 years. Known as the “City of Yes for Housing Opportunity,” the program would fund new housing development, as well as infrastructure upgrades at existing properties across the city’s five boroughs, which have a combined rental …
HARRISON, N.Y. — RM Friedland, a commercial real estate brokerage firm based in Harrison, about 30 miles north of New York City, has hired Thomas Ashforth and Nathaniel Barnum as co-managing directors of Connecticut. In their new roles, Ashforth and Barnum will oversee the firm’s expansion into the southern Connecticut commercial real estate market. Ashforth previously held senior roles at Lincoln Property Co., Transwestern, The Ashforth Co. and Hines, where he specialized in the sale and leasing of properties located in Connecticut. Prior to joining RM Friedland, Barnum held senior …
NEW YORK CITY — Marcus & Millichap has negotiated the $5.8 million sale of a mixed-use building located at 32 Ave. A in Manhattan’s East Village. Joe Koicim, Logan Markley and Zan Colin of Marcus & Millichap’s Manhattan office marketed the property on behalf of the seller and procured the buyer. Both parties were local private investors. The building comprises 4,708 square feet across four stories. The community includes three apartments, as well as one retail unit occupied by Mary O’s Irish Pub. The sale also included 1,980 square feet …
WHITE PLAINS, N.Y. — JLL Capital Markets has arranged the sale of The Halden, a 303-unit community located at 1137 Westchester Ave. in White Plains, approximately 30 miles north of Manhattan. JLL’s suburban tri-state capital markets team worked on behalf of the sellers and procured the undisclosed buyer. The Halden was completed in 2023. The five-story community offers a mix of one-, two- and three-bedroom apartments, with an average unit size of 999 square feet. Amenities include a clubroom, conference room, bike storage, café and lounge, fitness center, package concierge, pool and …
LOS ANGELES AND NEW YORK CITY — Standard Communities has acquired a portfolio of 60 affordable housing communities totaling roughly 6,000 units for $1 billion. The portfolio consists of traditional multifamily and seniors housing assets in Texas, Arizona, Colorado and California. The undisclosed seller developed many of the properties in roughly 2002. Standard states that it will invest more than $30 million in capital improvements and deferred maintenance across the portfolio. According to the company, no tenants will be displaced during renovations. Standard says negotiations with multiple government agencies, including HUD, Fannie Mae, Freddie …