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880 Atlantic Ave. in New York City
DevelopmentFinanceNew YorkNewsNortheast

Walker & Dunlop Arranges $110 Million Construction Loan for 246-Unit Project in Brooklyn

by Channing Hamilton

NEW YORK CITY — Walker & Dunlop has arranged a $110 million construction loan for a 246-unit development to be located at 880 Atlantic Ave. in the Prospect Heights neighborhood of Brooklyn. Units will come in studio, one- and two-bedroom floor plans. The property will also include 13,000 square feet of commercial space. Aaron Appel, Keith Kurland, Jonathan Schwartz, Adam Schwartz, Jordan Casella and William Herring of Walker & Dunlop arranged the financing on behalf of the developer, EMP Capital Group. QuadReal Property Group provided the financing.

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Affordable HousingDevelopmentNew YorkNewsNortheast

NRP Group Completes 179-Unit Workforce Housing Community in New Rochelle, New York

by Channing Hamilton

NEW ROCHELLE, N.Y. — Cleveland-based developer The NRP Group has delivered Renaissance at Lincoln Park, a 179-unit workforce housing project in New Rochelle, 24 miles north of New York City. The NRP Group developed the community in partnership with Guion Renaissance Housing Development Finance Corp., Kensworth Consulting, The Boys & Girls Club of New Rochelle and The City of New Rochelle. Renaissance at Lincoln Park offers units with a range of income restrictions. The property also features a 22,000-square-foot Boys & Girls Club facility with a gym, basketball court, recording …

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Williamsburg Wharf in New York City
DevelopmentNew YorkNewsNortheast

Naftali Group, Access Industries Underway on 850-Unit Williamsburg Wharf in Brooklyn

by Channing Hamilton

NEW YORK CITY — A partnership between locally based developer Naftali Group and holding company Access Industries is underway on the construction of Williamsburg Wharf, an 850-unit project in Brooklyn. The development is situated on 3.8 acres off Kent Avenue, adjacent to the Brooklyn Navy Yard. Williamsburg Wharf will comprise five 22-story buildings that will also include retail and commercial space. The waterfront community will also feature an open lawn, walking and biking paths, a public park and dog run.

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2-20 and 2-21 Malt Drive in New York City
Affordable HousingDevelopmentNew YorkNewsNortheast

TF Cornerstone Nears Completion on 1.4 Million-Square-Foot Development in Queens

by Channing Hamilton

NEW YORK CITY — New York City-based developer TF Cornerstone is nearing completion on 2-20 and 2-21 Malt Drive, a 1.4 million-square-foot high-rise community in the Long Island City neighborhood of Queens. At full build-out, the project will deliver 1,386 apartments across two buildings, as well as retail space and a public park. 2-20 and 2-21 Malt Drive are situated on Malt Drive, a new city street that was named as a nod to the site’s history as a sugar cane processing facility that later became a beer distribution center. The …

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194 East 2nd Street in New York City
Investment SalesNew YorkNewsNortheast

Marcus & Millichap Brokers $43 Million Sale of 62-Unit Property in Manhattan

by Channing Hamilton

NEW YORK CITY — Marcus & Millichap has brokered the sale of 194 East 2nd Street, a 62-unit community in the East Village neighborhood of Manhattan. Skyline Developers sold the asset to Benchmark Real Estate Group for $43 million. Skyline Developers originally bought the community in 2000. Joe Koicim, Logan Markley and Matt Berger of Marcus & Millichap represented the seller and procured the buyer in the deal. 194 East 2nd Street comprises 77,000 square feet, including 10,000 square feet of ground floor retail space. The unit mix includes four …

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45-40 Vernon Blvd. in New York City
DevelopmentInvestment SalesNew YorkNewsNortheast

JLL Brokers $47 Million Sale of 192,000-Square-Foot Development in Queens

by Channing Hamilton

NEW YORK CITY — JLL has brokered the $47 million sale of a development site located at 45-40 Vernon Blvd. in the Long Island City neighborhood of Queens. The site, which formerly housed the Paragon Paint factory, is approved for the development of a 192,000-square-foot community. Once completed, the complex will comprise 202 units across 21 stories. Brendan Maddigan, Rob Hinckley, Michael Mazzara, Ethan Stanton, Winfield Clifford and Vickram Jambu of JLL arranged the deal. The seller was a joint venture between Quadrum Global, Baron Property Group and Simon Development. …

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DevelopmentFinanceNew YorkNewsNortheast

Largo Capital Arranges $6 Million Bridge Loan for Conversion Project in Buffalo, New York

by Channing Hamilton

BUFFALO, N.Y. — Largo Capital has brokered a $6 million bridge loan to convert the Atrium Building, a 272,000-square-foot former office complex in downtown Buffalo, into a residential community. The converted asset will house an undetermined number of units. Kevin Coscia and Ned Perlman of Largo Capital arranged the debt. The direct lender and borrower were not disclosed.

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Investment SalesNew YorkNewsNortheast

Marcus & Millichap Brokers $12.6 Million Sale of Four Properties in Manhattan

by Channing Hamilton

NEW YORK CITY — Marcus & Millichap has brokered the $12.6 million sale of four properties totaling 113 units in the Harlem neighborhood of Manhattan. The buildings offer two-, three-, four- and five-bedroom apartments, as well as eight retail spaces. Seth Glasser, Michael Fusco and Benny Katz of Marcus & Millichap represented the seller and procured the buyer in the deal. Both parties were private investors that requested anonymity.

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Investment SalesNew YorkNewsNortheast

Marcus & Millichap Arranges $13.2 Million Sale of 76-Unit Property in Queens

by Channing Hamilton

NEW YORK CITY — Marcus & Millichap has negotiated the sale of a 76-unit property at 34-50 28th Street in the Astoria neighborhood of Queens. The asset traded hands for $13.2 million. Louis Zarif, Shaun Riney and Sean Fopeano of Marcus & Millichap represented the seller and procured the buyer in the deal. Both parties were private investors that requested anonymity. The property was originally built in 1930 and rises six stories, according to StreetEasy.com. Units come in studio, one- and two-bedroom floor plans.

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Palazzo West in Los Angeles
ColoradoInvestment SalesNew YorkNewsNortheastWestern

Blackstone to Acquire AIR Communities for $10 Billion, Take Company Private

by Channing Hamilton

NEW YORK CITY AND DENVER — Blackstone (NYSE: BX) has agreed to acquire Denver-based multifamily REIT AIR Communities (NYSE: AIRC) for $10 billion in an all-cash transaction. The deal, which is expected to close during the third quarter, will take AIR Communities private. Under the terms of the deal, Blackstone will assume all of the REIT’s outstanding debt. Formerly known as Apartment Income REIT Corp., AIR Communities owns 76 communities totaling approximately 27,000 apartments. The properties are spread across 10 states and Washington D.C., but are concentrated in coastal markets …

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