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The Yellowstone in New York City
FinanceNew YorkNewsNortheast

Slate Property Group Secures $97 Million to Refinance The Yellowstone in Queens, New York

by Channing Hamilton

NEW YORK CITY — Slate Property Group has secured a $97 million loan for the refinancing of The Yellowstone, a 166-unit community located within the Forest Hills neighborhood of Queens. Daniel Fromm of Newmark negotiated the five-year, fixed-rate loan through Apollo Global Management on behalf of Slate Property Group. The Yellowstone offers one- and two-bedroom units that range in size from 475 to 950 square feet. Units feature granite countertops and backsplashes, stainless steel appliances and in-unit washers and dryers. Select units also include private balconies. The community offers amenities …

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Teutonia Hall in Yonkers, New York
Affordable HousingDevelopmentFinanceNew YorkNewsNortheast

AMS Acquisitions to Develop $458 Million Teutonia Hall in Yonkers, New York

by Channing Hamilton

YONKERS, N.Y. — The Yonkers Industrial Development Agency (YIDA) has granted the final approval of financial incentives for Teutonia Hall, a $458 million project comprising two 41-story residential towers. AMS Acquisitions is the developer. Teutonia Hall will offer a total of 906 apartment units, 91 of which will be affordable. Income restrictions on the affordable units were not disclosed. The property will also feature 2,900 square feet of street-level commercial space and 907 parking spaces. The lower six stories of the buildings will comprise a podium, which will serve as …

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Investment SalesNew YorkNewsNortheast

Rosewood Realty Group Brokers Sale of 60-Unit Property in Manhattan

by Channing Hamilton

NEW YORK CITY — Rosewood Realty Group has negotiated the sale of a 60-unit property located at 560-562 W. 175th St. in Manhattan’s Washington Heights neighborhood. The community was originally constructed in 1924. The property rises five stories and includes two commercial spaces. Ben Khakshoor and Alex Fuchs of Rosewood Realty represented the buyer and seller in the deal. Both parties were private investors.

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Rialto West in New York City
Affordable HousingDevelopmentFinanceNew YorkNewsNortheast

Joint Venture Secures Construction Financing for $125 Million Affordable Housing Project in Hell’s Kitchen

by Channing Hamilton

NEW YORK CITY — A joint venture between Douglaston Development and the Entertainment Community Fund has received financing to construct Rialto West, a $125 million affordable housing development in the Hell’s Kitchen neighborhood of Manhattan. Situated at 509 W. 48th Street, Rialto West will rise comprise 158 units across eight stories. The community will offer studio, one-, two- and three-bedroom apartments. Rialto West will be affordable to households earning up to 140 percent of the area median income. Fifteen percent of the units will be dedicated to serving formerly homeless …

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Investment SalesNew YorkNewsNortheast

Marcus & Millichap Brokers $41 Million Sale of Five-Building Portfolio in Manhattan

by Channing Hamilton

NEW YORK CITY — Marcus & Millichap has arranged the sale of a portfolio of five buildings Manhattan’s East Village area. The portfolio totals 73 apartment units and six commercial spaces. The buildings primarily house market-rate units. Kushner Cos. was the seller. The buyer was not disclosed. Joe Koicim, Logan Markley, Matthew Berger and Zan Colin of Marcus & Millichap represented the seller in the deal.

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Investment SalesNew YorkNewsNortheast

Marcus & Millichap Brokers $9 Million Sale of 43-Unit Building in Queens

by Channing Hamilton

NEW YORK CITY — Marcus & Millichap has brokered the $9 million sale of a 43-unit building in the Astoria neighborhood of Queens. The property was originally constructed in 1941 and offers studio and one-bedroom units. The building comprises 34,000 square feet across six stories. Louis Zarif, Shaun Riney and Sean Fopeano of Marcus & Millichap represented the seller and procured the buyer. Both parties were private investors that requested anonymity.

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255 E. 39th St. in New York City
DevelopmentFinanceNew YorkNewsNortheast

Cushman & Wakefield Arranges $75 Million to Construct 157-Unit Building in Manhattan

by Channing Hamilton

NEW YORK CITY — Cushman & Wakefield has arranged a $75 million construction loan for a high-rise project located at 255 E. 39th St. in the Murray Hill neighborhood of Manhattan. Gideon Gil, Lauren Kaufman, Zachary Kraft and Cecelia Galligan of Cushman & Wakefield arranged the financing through J.P. Morgan and First Citizens Bank on behalf of the borrower and developer, Brause Realty. The building will rise 20 stories and will include 157 units, as well as 4,687 square feet of commercial space and an affordable housing component. The project …

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DevelopmentFinanceNew YorkNewsNortheast

Merchants Capital Provides $348 Million for Rehabilitation of Affordable Housing Complex in Brooklyn

by Channing Hamilton

NEW YORK CITY — Merchants Capital has provided a $348 million Fannie Mae loan for the rehabilitation of Reid Park Rock, an affordable housing community in Brooklyn. The financing complements a $635.6 million Permanent Affordability Commitment Together initiative from the New York City Housing Authority. The sponsor, a partnership consisting of BRP Cos., Fairstead and Urbane, will use the funds to renovate Reid Park Rock and deliver enhanced social services programs to the community. The partnership will also handle property management responsibilities. Reid Park Rock currently houses approximately 3,500 people …

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DevelopmentNew YorkNewsNortheast

The NRP Group Breaks Ground on 72-Unit Selkirk Reserve Near Albany, New York

by Channing Hamilton

BETHLEHEM, N.Y. — The NRP Group has begun constructing Selkirk Reserve, a 72-unit workforce housing project located just south of Albany in Bethlehem. The Cleveland-based developer is building the project in partnership with New York State Homes & Community Renewal and nonprofit organization Soldier On. Selkirk Reserve will consist of nine two-story residential buildings and a clubhouse building on a 15.6-acre site. Units will come in one-, two- and three-bedroom layouts. The community will be available to renters earning between 30 and 60 percent of the area median income. Construction …

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70 Pine Street in New York City
Investment SalesNew YorkNewsNortheast

JLL Capital Markets Arranges $395 Million Refinancing for 70 Pine Street in New York City 

by Channing Hamilton

NEW YORK CITY — JLL Capital Markets has brokered the $395 million refinancing of 70 Pine Street, a 66-story mixed-use property situated within New York City’s financial district. JLL worked on behalf of the borrowers, DTH Capital and Rose Associates, to secure the financing through Goldman Sachs. Christopher Peck, Geoff Goldstein and Christopher Pratt led the JLL Capital Markets Debt Advisory Team. 70 Pine Street was originally built in 1932 for office use. The building was renovated in 2016, and now offers residential units, retail space and a 165-key hotel. The residential component …

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