New York

Barings Sells Manhattan High-Rise for $243.5 Million

by Lynn Peisner August 1, 2025

NEW YORK CITY — JLL Capital Markets has arranged the $243.5 million sale of Riverbank, a 44-story community at 560 West 43rd St. in Manhattan’s Midtown West submarket. JLL represented the seller, Barings, and procured the buyer, an unnamed institutional investor for whom JLL also arranged a $128.3 million acquisition loan. Originally developed in the late 1980s as a condominium project, Riverbank’s 418 units are comprised of 43 studios, 270 one-bedrooms, 62 two-bedrooms and 43 three-bedrooms. The property features a parking garage and about 18,000 square feet of retail that …

August 1, 2025

Development Finance New York News Northeast

Sky Equity Group Secures $340 Million Loan to Complete Brooklyn Project

by Lynn Peisner July 31, 2025

NEW YORK CITY — Affinius Capital has funded a $340 million loan for Sky Equity Group. The financing will be used to retire existing debt, complete construction and to pay expenses related to leasing 313 Bond in the Gowanus neighborhood of Brooklyn. The loan was arranged by Henry Bodek of Galaxy Capital. The 603-unit, two-building property, still under construction, also has 51,600 square feet of retail space. The developer broke ground in 2023. Full completion is expected before the end of this year. 313 Bond will offer 149 studios, 313 …

July 31, 2025

Affordable Housing Finance New York News Northeast

Merchants Bank Provides $60 Million for Queens Affordable Housing Preservation, Redevelopment

by Lynn Peisner July 30, 2025

NEW YORK CITY — Merchants Bank has provided a loan totaling approximately $60 million for Tredway, a Manhattan-based affordable housing investment and development firm, to renovate and to preserve affordability at Ocean Park Apartments in the Queens’ neighborhood of Far Rockaway. Merchants Capital arranged the financing. Tredway acquired the asset earlier this year, at which time the company entered into a new regulatory agreement with New York’s Department of Housing Preservation & Development to rent stabilize the property and set rent caps for tenants earning no more than 60 to …

July 30, 2025

Development Leasing & Marketing New Jersey New York News Northeast

NRP Group Opens Jersey City Project

by Lynn Peisner July 29, 2025

JERSEY CITY, N.J. — The NRP Group and its partners, G&S Investors and Rockwood Capital, have completed development of Oliver on the Hudson and have opened the property. Oliver on the Hudson is a 401-unit community in the Port Liberté neighborhood of Jersey City, where Manhattan is about a 15-minute ferry ride away. KTGY Architecture and Planning served as the lead architect for the five-story building, with Bergmeyer overseeing interior design. Financing for the project includes senior construction loans from Citizens and Fifth Third Bank, with Rockwood Capital providing joint …

July 29, 2025

Development Finance New York News Northeast

SCALE Lending Provides $305 Million Loan to Beitel Group for Bronx Development

by Lynn Peisner July 25, 2025

NEW YORK CITY — SCALE Lending, the debt financing arm of Slate Property Group, has provided Beitel Group a $305 million construction loan for an unnamed development at 355 Exterior St. in the Mott Haven neighborhood of South Bronx. Landstone Capital Group arranged the financing. The community will consist of two connected 40-story and 26-story residential towers totaling 515,000 square feet with 755 units. The Beitel Group demolished the existing buildings and completed excavation work after entering a contract to purchase the site in October 2024. Construction began in December …

July 25, 2025

Affordable Housing Development Finance New York News Northeast

Vanbarton Group Secures $250 Million Loan for Manhattan Multifamily Conversion Project

by Lynn Peisner July 17, 2025

NEW YORK — Vanbarton Group has received $250 million in financing to convert the former Roman Catholic Archdiocese of New York headquarters into 420 multifamily units. Eldridge Real Estate Capital Management provided the acquisition and construction loan. The financing included the $103 million acquisition cost. CBRE’s Doug Middleton and Pierre Hills advised the archdiocese on the sale of the property, and Greenberg Traurig represented Vanbarton Group. The 20-story, approximately 400,000-square-foot building in the Sutton Place neighborhood had been the headquarters for the archdiocese since 1973 and was known as the …

July 17, 2025

Investment Sales New York News Northeast

HVT Realty Sells Westchester County Asset for $15.8 Million

by Lynn Peisner July 16, 2025

YORKTOWN HEIGHTS, N.Y. — Marcus & Millichap has arranged the trade of York Farm Estates between seller, HVT Realty, and buyer, Westchester Management LLC. Marcus & Millichap’s Matthew Gault, Seth Glasser, Michael Turkiewicz and Michael Fusco marketed the property on behalf of the seller and procured the buyer. Built in 1996, York Farm Estates is fully occupied and sits on 8 acres. Units are a mix of one-, two- and three-bedroom apartments. The property is located in Yorktown Heights, a city in Westchester County, 42 miles north of Manhattan.

July 16, 2025

Affordable Housing Finance New York News Northeast People News

John Burckin Named Senior Business Development Banker for KeyBank CDLI

by Lynn Peisner July 15, 2025

NEW YORK — KeyBank Community Development Lending and Investment (CDLI) has appointed Jon Burckin to senior business development banker on the equity distribution team. He is based in the firm’s New York City office and reports to Stacie Nekus, team leader for an equity growth initiative within CDLI. In this role, Burckin is responsible for raising capital and bringing in new investors for CDLI’s affordable housing equity syndication platform across the United States.

July 15, 2025

Affordable Housing Development New York News Northeast

Gilbane Developing $254 Million Brooklyn Affordable Housing Anchored by Arts Center

by Lynn Peisner July 11, 2025

NEW YORK — Gilbane Development, in partnership with Blue Sea Development, Artspace and the City and State of New York, has secured $254 million to finance the development of a mixed-use, affordable housing property in Brooklyn’s Brownsville neighborhood. Brownsville Arts Center & Apartments (BACA) will include about 263,000 square feet of residential space and a 28,000-square-foot arts center, the centerpiece of which is a 3,440-square-foot multi-purpose performance, rehearsal and studio space for community arts groups. The 283-unit BACA development will include a mix of studios and one-, two- and three-bedroom …

July 11, 2025

Investment Sales New York News Northeast

Marcus & Millichap Arranges Sale of 97-Unit Property in The Bronx

by Lynn Peisner July 9, 2025

NEW YORK CITY — Two unnamed private investors have traded a 97-unit property in Bronx, New York, for $7.5 million. Michael Fusco, Seth Glasser and Benjamin Myerow of Marcus & Millichap’s Manhattan office marketed the property on behalf of the seller and procured the buyer. Built in 1929, the six-story elevator building totals 90,000 square feet and is located at 1154 Ward Ave. in the Soundview neighborhood of the Bronx.

July 9, 2025

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