New York

Durst Organization Opens New Public Housing in Queens

by Channing Hamilton May 4, 2023

QUEENS, N.Y. — The Durst Organization has opened 3-24 27th Avenue in Astoria, part of Durst’s Halletts Point development, an ongoing project expected to deliver 2,100 housing units near a public waterfront esplanade. The new building is adjacent to the New York Housing Authority’s (NYCHA) Astoria Houses and is also reserved for NYCHA tenants. The 14-story property has 163 units. Specific rent restrictions were not released for the 100 percent affordable project, but rents range from $665 per month for studios to $1,601 per month for a two-bedroom unit. Fifteen …

May 4, 2023

Town Hall Terrace, a brick federal-style multifamily property.

Investment Sales New York News Northeast Seniors Housing

JLL Brokers Sale of 460-Unit Town Hall Terrace in Grand Island, New York

by Channing Hamilton April 17, 2023

GRAND ISLAND, N.Y. — JLL Capital Markets has brokered the sale of Town Hall Terrace, a 460-unit community in Grand Island, 10 miles northwest of Buffalo, New York. JLL’s Steve Simonelli, Mike Oliver, Jose Cruz, Austin Piece, Elizabeth DeVesty and Andrew Scandalios marketed the property on behalf of a private seller, as well as procured the buyer. Town Hall Terrace was built in stages from 1963 through 2008. The property offers 384 one- and two-bedroom apartments, 46 three-bedroom townhomes and 30 two-bedroom homes for seniors. Community amenities include a clubhouse, …

April 17, 2023

The Pines of Perinton in Fairport, New York

Affordable Housing Development Finance New York News Northeast

WinnCompanies Renovating Iconic Affordable Property Near Rochester, New York

by Lynn Peisner April 13, 2023

FAIRPORT, N.Y. — WinnCompanies has secured $137 million in financing to renovate the Pines of Perinton, an affordable housing community in Fairport, which is about 10 miles southeast of Rochester, New York. The project will preserve affordability provisions for the next 40 years. Various income categories were not disclosed. WinnCompanies acquired the property in late 2019. The Pines was designed and constructed by New York State’s Urban Development Corp. (UDC) between 1972 and 1976, and, according to WinnCompanies, was one of the first affordable housing developments built in the area. …

April 13, 2023

New York News Northeast People News

Newmark Selects Chad Lavender as President of Capital Markets

by Channing Hamilton March 15, 2023

NEW YORK CITY — Newmark Group has hired Chad Lavender as president of capital markets for the firm’s operating businesses in North America. Lavender will serve on the company’s executive committee and corporate management steering committee. In this role, Lavender will oversee the strategy and revenue growth of Newmark’s capital markets business assets, including multifamily, office, industrial, retail and alternative investment classes. Lavender previously served as Newmark’s vice chairman and co-head of healthcare and alternative real estate assets group. Prior to joining Newmark, Lavender held roles as co-head of HFF’s national …

March 15, 2023

Development New York News Northeast

Cantor Fitzgerald and Silverstein Properties Close $165 Million Construction Loan for 345-Unit Property in New York City

by Kari Lloyd March 2, 2023

NEW YORK CITY — Cantor Fitzgerald and Silverstein Properties have closed on $165 million in construction financing for the development of a 63,000-square-foot lot located at 44-01 Northern Blvd. in the Astoria neighborhood of Queens. The loan was provided by Banco Inbursa. Silverstein Properties commenced construction on the project in early 2022 and the property is expected to open in the spring of 2024. The property is planned to deliver 345 units and 24,000 square feet of retail space. The development plans to allocate 25 percent of the rental …

March 2, 2023

Affordable Housing Development New York News Northeast

New York City Housing Authority Selects Partners for $128.5 Million in Property Improvements in the Bronx

by Kari Lloyd February 28, 2023

NEW YORK CITY — The New York City Housing Authority (NYCHA) has selected Beacon Communities, MBD Community Housing Corp. and Kalel Holdings as a new partner team to deliver $128.5 million in repairs and improvements to 952 apartments across the northeast Bronx. The renovations are expected to start in 2024. A completion date was not disclosed. The improvement plan will be delivered through the Permanent Affordability Commitment Together (PACT) program and will cover three NYCHA properties: Boston Secor, Boston Road Plaza and Middletown Plaza, affecting 1,700 residents. Planned improvements include …

February 28, 2023

Finance New York News Northeast

Community Preservation Corporation, Proto Property Services Refinance 525-Unit Affordable Housing Property in Brooklyn for $100 Million

by Kari Lloyd February 21, 2023

BROOKLYN, N.Y. — The Community Preservation Corporation and Proto Property Services have refinanced Riverdale Osborne Towers, a 525-unit affordable housing complex in the Brownsville neighborhood of Brooklyn. The $100 million loan was provided by Rockport Mortgage Corporation under a HUD 223(f) loan. The complex consists of four, nine-story residential buildings with 525 affordable homes for low-income families. The property also includes a preschool and 10,500 square feet of retail space, including the only full-service grocery store in the area. The refinance will preserve the long-term affordability of all 525 homes …

February 21, 2023

Development Finance New York News Northeast

Wells Fargo Provides $288 Million in Financing for Affordable Housing Project in New York City

by Kari Lloyd February 13, 2023

NEW YORK CITY — Wells Fargo has provided $288 million in financing for North Cove, a 611-unit affordable housing project in the Inwood neighborhood of Manhattan. The financing package includes $155 million in debt that backs city-issued, tax-exempt bonds, as well as $133 million in equity that was generated through the purchase of tax credits. The borrower and developer is a partnership between Joy Construction Corp. and Maddd Equities. Units will be restricted to households earning between 27 and 110 percent of the area median income (AMI), and approximately 15 …

February 13, 2023

Development New York News Northeast

Canyon Partners, Tavros Holdings and Charney Companies Form Joint Venture to Develop 224-unit Brooklyn Property

by Kari Lloyd February 10, 2023

NEW YORK CITY — Canyon Partners Real Estate LLC, Tavros Holdings and Charney Companies have created a joint venture to develop 585 Union Street, a 224-unit project in the Gowanus neighborhood of Brooklyn. Located in a qualified opportunity zone, the project will be capitalized with $57.7 million of equity and a $107 million senior construction loan from Pacific Western Bank. 585 Union Street will offer a mix of studio, one-, two- and three-bedroom units along with parking, a fitness center and a rooftop pool among other amenities. Twenty-five percent of available …

February 10, 2023

Investment Sales New York News Northeast

Largo Capital Arranges $30 Million Loan to Refinance 11-Property Portfolio in Buffalo, New York

by Kari Lloyd February 9, 2023

BUFFALO, N.Y. — Locally-based Largo Capital, a commercial finance and advisory firm, has arranged a $30 million loan to refinance an 11-property portfolio located in Buffalo, N.Y. The portfolio has a total of 789 units. The portfolio was was 99 percent occupied at the time of the sale. Ned Perlman, vice president of originations at Largo Capital, secured the 10-year balance sheet loan, which features a 30-year amortization and a flexible prepayment option. The borrower and direct lender were not disclosed.

February 9, 2023

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