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1709-Surf-Ave-Coney-Island
Affordable HousingDevelopmentNew YorkNewsNortheast

BFC Partners Secures $250 Million for Third Phase of Coney Island Affordable Housing Project

by Lynn Peisner

BROOKLYN, N.Y. — BFC Partners has closed on a $250 million construction loan to build the third and final phase of a three-building affordable-housing project along Surf Avenue in Coney Island. Loan specifics were not disclosed. The total project cost is approximately $700 million. This final phase, known as 1709 Surf Avenue, will include 420 new affordable units, bringing the total across all phases to 1,242 affordable homes. Project partners include the New York City Department of Housing Preservation and Development (HPD), the New York City Housing Development Corp. (HDC) …

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MSMX-new-york-city
Affordable HousingDevelopmentNew YorkNewsNortheast

NYC Planning Commission Approves Midtown Manhattan Rezoning Proposal to Add Thousands of New Residences

by Lynn Peisner

NEW YORK CITY — The New York City Planning Commission has approved the Midtown South Mixed-Use Plan (MSMX), a rezoning initiative that could ultimately facilitate the creation of as many as 9,700 new residences across a 42-block section of Midtown Manhattan. The MSMX plan covers four areas centered around Herald and Greeley Square, located between West 23rd and West 40th streets, as well as Fifth and Eighth avenues. The area today is largely defined by commercial and industrial uses, with current land-use rules restricting new housing development. Midtown South is …

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Tuxedo-Related-Cos.
DevelopmentNew YorkNewsNortheast

Related Cos. Breaks Ground on Tuxedo Reserve in Hudson Valley

by Lynn Peisner

TUXEDO, N.Y. — The Related Cos. has begun construction of Tuxedo Reserve, a 1,200-acre mixed-use project with 92 apartments in Tuxedo, about 40 miles northwest of Manhattan. The project, designed by Aufgang Architecture, includes a downtown area called Main Street with four buildings, including the multifamily units, as well as an area called Market Square and The Village that will include retail, restaurant and entertainment space. Completion is slated for approximately early 2027. Amenities and future tenants at the project include a grocery store, café and a seasonal ice-skating rink …

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275-Linden-Blvd
Investment SalesNew YorkNewsNortheast

Marcus & Millichap Arranges Sale in Brooklyn for $10.8 Million

by Lynn Peisner

BROOKLYN, N.Y. — Marcus & Millichap has arranged the sale of 275 Linden Boulevard, a 101-unit building in Brooklyn, for $10.8 million. The transaction marks the first time the property has changed hands in approximately 60 years. Shaun Riney and Daniel Greenblatt, investment specialists in Marcus & Millichap’s Manhattan office, marketed the property and represented the unidentified seller. Seth Glasser, also with Marcus & Millichap, procured the buyer, a private family office out of California. Built in 1930, the six-story, 135,714-square-foot property includes three elevators. The building sits on a …

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The-Declan
DevelopmentNew JerseyNew YorkNewsNortheast

Rockpoint Opens Declan in Weehawken

by Lynn Peisner

WEEHAWKEN, N.J. — Rockpoint has opened The Declan in Weehawken. The 10-story, 298-unit property is located across the Hudson River from Manhattan. Floor plans are offered as studios and go up to three-bedrooms. According to Apartments.com, monthly rental rates range from $3,380 to $7,875. Units feature hardwood-style plank flooring, quartz countertops, stainless-steel appliances and private balconies, patios or terraces. Highlights from the long list of amenities include a landscaped courtyard with grills, an outdoor dining room, a double-sided fireplace and a gaming area. The property also is home to a …

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Pfizer conversion rendering
Affordable HousingDevelopmentNew YorkNewsNortheast

IPA Arranges $720 Million Loan to Convert Manhattan Pfizer HQ to Apartments

by Lynn Peisner

NEW YORK CITY — IPA Capital Markets has closed a $720 million construction loan for a joint venture between Metro Loft Developers and David Werner Real Estate Investments for the development and conversion of the former Pfizer headquarters consisting of two adjacent and connected office buildings. According to media outlets, Metro Loft and David Werner also secured a $135 million acquisition loan earlier this year. The buildings are located at 219 and 235 East 42nd St. in the Midtown East neighborhood of Manhattan. Upon completion, the property will include 1,602 …

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Society-Brooklyn
Affordable HousingDevelopmentNew YorkNewsNortheast

PMG Opens Mixed-Income High-Rise in Brooklyn

by Lynn Peisner

BROOKLYN, N.Y — Property Markets Group (PMG) opened Society Brooklyn in the Gowanus neighborhood on May 15. The two-tower, 21-story, mixed-use, mixed-income property spans 594,000 square feet and features 517 residential units, 25 percent of which are allocated as affordable housing. Society Brooklyn at Degraw’s affordable units are reserved for tenants earning between 40 and 100 percent of area median income (AMI). Units in the second tower, called Society Brooklyn at Sackett, are for tenants earning between 40 and 130 percent of AMI. MNS Real Estate is handling leasing. The exact …

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Kristi Nootens, Waterton (Courtesy of Waterton)
New YorkNewsNortheastPeople News

Waterton Adds Kristi Nootens as Senior Vice President

by Channing Hamilton

NEW YORK CITY — Waterton, an investor and operator headquartered in Chicago, has hired Kristi Nootens as senior vice president of development. In this role, Nootens will originate and structure both mezzanine/preferred equity and joint ventures in development deals. She will be based in New York City. Nootens will work with the company’s acquisition, construction management and research teams. She will also be responsible for Waterton’s development investment strategy. She will work with the firm’s Capital Markets team in order to originate multifamily debt investments, including senior loans and mezzanine …

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Ruby Square
DevelopmentLeasing & MarketingNew YorkNewsNortheast

BRP Cos. Begins Leasing 614-Unit Mixed-Income Development in Queens

by Channing Hamilton

NEW YORK CITY — Locally based owner-operator BRP Cos. has begun leasing Ruby Square, a 614-unit mixed-income development located in the Jamaica area of Queens. The property features a mix of seven studios, 454 one-bedroom units and 153 two-bedroom apartments. Of the total unit count, 185 have been set aside as affordable for residents earning between 80 and 130 percent of the area median income. The property also offers 50,000 square feet of amenity space, including a two-level private park, multiple rooftop lounges, a fitness center, coworking spaces, resident lounges, …

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Investment SalesNew YorkNewsNortheast

Adirondack Capital Partners Arranges Sale of 952-Unit Community in Ballston Spa, New York

by Channing Hamilton

BALLSTON SPA, N.Y. — Regional brokerage firm Adirondack Capital Partners has negotiated the sale of Northway Eleven Communities, a 952-unit community in Ballston Spa, 30 miles north of Albany, New York. The exact sales price was not disclosed, but Adirondack says that the property traded hands for more than $100 million. Northway Eleven Communities consists of 240 buildings on a 131-acre site. The community offers 1,027-square-foot, two-bedroom apartments and 1,385-square-foot, two-level townhomes, according to the property website. Michael Hunter Coghill of Adirondack Capital Partners represented the seller, an entity doing …

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