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The Hartby in New York City
DevelopmentLeasing & MarketingNew YorkNewsNortheast

Property Resources Corp. Begins Leasing 205-Unit The Hartby in Brooklyn

by Channing Hamilton

NEW YORK CITY — Property Resources Corp. has begun leasing The Hartby, a 205-unit asset located in the Bedford-Stuyvesant neighborhood of Brooklyn. The Hartby is a redevelopment of the former St. John’s College building, which was originally built in 1870. Woods Bagot served as the project architect. Alchemy Studio provided interior design services. The Hartby features units in studio, one- and two-bedroom floor plans. Thirty percent of units will be rent-stabilized and are now being leased via a lottery system. Leasing of market-rate units is slated to begin later this …

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Investment SalesNew YorkNewsNortheast

Walker & Dunlop Arranges $128 Million Acquisition Loan for Nine-Property Portfolio in Manhattan

by Channing Hamilton

NEW YORK CITY — Walker & Dunlop has arranged a $128 million bridge loan for the acquisition of a nine-property portfolio located in Manhattan’s East Village neighborhood. The portfolio comprises 171 units across 153,800 square feet, as well as 22 retail spaces. The borrower was RYCO Capital. Aaron Appel, Keith Kurland, Jonathan Schwartz, Adam Schwartz and Sean Bastian of Walker & Dunlop arranged the floating-rate loan through Derby Copeland Capital.

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Affordable HousingNew YorkNewsNortheastPeople News

M&T Bank Appoints Lopa Kolluri as Head of Affordable Housing Lending

by Channing Hamilton

NEW YORK CITY — M&T Bank has appointed Lopa Kolluri to the role of Head of Affordable Housing Lending. In this new position, Kolluri will be responsible for the development, oversight and management of the Affordable Housing vertical within M&T’s Commercial Bank. Kolluri will also work closely with divisions of M&T’s Community Bank and M&T Realty Capital Corp.’s Affordable Housing Platform. She will be based in New York City. Kolluri previously served as Senior Vice President within M&T’s Commercial Real Estate Innovation Office. Prior to joining M&T, Kolluri served as the …

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Affordable HousingCompany NewsDevelopmentNew YorkNewsNortheast

Brooklyn Real Estate Professionals Launch Platform to Create 10,000 Units in Brooklyn

by Channing Hamilton

NEW YORK CITY — Ofer Cohen of New York City-based brokerage firm TerraCRG, as well as Tucker Reed and Vivian Liao of Brooklyn-based developer Totem Brooklyn, have launched Ailanthus, a platform that aims to create 10,000 apartments in New York City over the next five years. The platform is named after the Ailanthus tree, a common street tree in New York City and a reference to Betty Smith’s 1943 novel “A Tree Grows in Brooklyn.”  As of May 13, Ailanthus has approximately 1,500 apartments in its pipeline, including a 456-unit mixed-income development at 1057 …

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Affordable HousingDevelopmentInvestment SalesNew YorkNewsNortheast

Joint Venture Acquires Former Church in Manhattan, Plans 500-Unit Affordable Housing Redevelopment

by Channing Hamilton

NEW YORK CITY — A joint venture consisting of nonprofit developer Community Access, neighborhood preservation organization Cooper Square Committee and affordable housing developers Spatial Equity and Duvernay + Brooks, has purchased the site of the former St. Emeric church in Manhattan’s East Village. The joint venture plans build more than 500 affordable housing units on the site. Some units will be set aside for seniors and homeless individuals, as well as those with special needs who qualify for supportive services. The development team expects to break ground on the first …

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20 Exchange Place in New York City
Investment SalesNew YorkNewsNortheast

The Dermot Co., PGGM Acquire 57-Story Residential Tower in Manhattan

by Channing Hamilton

NEW YORK CITY — A partnership between locally based investment firm The Dermot Co. and Dutch pension fund PGGM has acquired 20 Exchange Place, a 57-story high-rise community in Manhattan’s Financial District, in an off-market transaction. The seller was a partnership led by DTH Capital, a New York City-based owner-operator focused on converting office buildings into residential complexes. The property was originally built in 1931 as the headquarters of City Bank Farmers Trust Co., a national bank which later became Citibank. Approximately 20 years ago, the building was converted into …

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The Monarch in Queens
DevelopmentNew YorkNewsNortheast

BRP Cos. Completes 605-Unit The Monarch in Queens

by Channing Hamilton

NEW YORK CITY — Locally based developer BRP Cos. has completed The Monarch, a 605-unit community in the Jamaica neighborhood of Queens. The project broke ground in January 2021. The building rises 25 stories and spans 542,000 square feet. The Monarch comprises 498 one-bedroom and 107 two-bedroom apartments. Of the total unit count, 182 are reserved for households earning between 80 and 130 percent of the area median income. Units feature individual washers and dryers, stainless steel appliances and floor-to-ceiling windows. The property also includes 14,000 square feet of retail …

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2868 Webster Ave. in New York City
Affordable HousingDevelopmentFinanceNew YorkNewsNortheast

Douglaston Development Secures $190 Million Construction Financing for Affordable Housing Project in the Bronx

by Channing Hamilton

NEW YORK CITY — Douglaston Development has secured construction financing for a $190 million affordable housing project located in the Bedford Park neighborhood of the Bronx. Once completed, the 12-story building will offer 277 apartment units to households earning up to 70 percent of the area median income. Sixty units will be set aside as supportive units. Located at 2868 Webster Ave., the property will offer studio, one-, two- and three-bedroom floor plans. Community amenities will include laundry facilities, a fitness center, green roofs and on-site parking. The Jericho project …

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Lorimer House in Brooklyn
FinanceNew YorkNewsNortheast

JLL Capital Markets Arranges $173 Million Bridge Financing for Lorimer House in Brooklyn

by Channing Hamilton

NEW YORK CITY — JLL Capital Markets has negotiated $173 million in bridge financing for Lorimer House, a 270-unit community in the South Williamsburg neighborhood of Brooklyn. JLL worked on behalf of the borrowers — a joint venture between The Loketch Group, The Joyland Group and Meral Property Group — to secure the financing through TPG Real Estate Credit. Aaron Niedermayer and Ethan Stanton led the JLL Capital Markets team. Lorimer House rises eight stories at 28 Boerum St. The property offers studio, one- and two-bedroom units. Select units feature …

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The Bold in Queens
DevelopmentNew YorkNewsNortheast

American Lions Begins Leasing 164-Unit The Bold in Queens

by Channing Hamilton

NEW YORK CITY — American Lions, a joint venture between locally based developers Fetner Properties and Lions Group, has begun leasing The Bold. The building rises 28 stories and is located at 2701 Jackson Ave. in the Long Island City area of Queens. The Bold comprises 164 apartments in studio, one-, two- and three-bedroom layouts. Of the total unit count, 50 have been set aside as affordable housing. Income restrictions for these units were not disclosed. Amenities include a coworking lounge, gym with a climbing wall, party room with a …

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