Sunday, November 17, 2024
Read the Digital Magazines Subscribe to the Newsletter

New York

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 …

Continue Reading
0 FacebookTwitterLinkedinEmail
210 Clarkson in New York City
FinanceNew YorkNewsNortheast

Dwight Mortgage Trust Provides $75.2 Million Bridge Loan for 210 Clarkson in Brooklyn

by Channing Hamilton

NEW YORK CITY — Dwight Mortgage Trust, the affiliate REIT of Dwight Capital, has provided a $75.2 million in bridge financing for 210 Clarkson, a 165-unit community in the Prospect Lefferts Garden neighborhood of Brooklyn. The financing will be used to refinance existing construction debt for the borrower, a New York family office. Meir Kessner and David Eisen at Sevenstone Capital brokered the deal. Recently completed in 2023, 210 Clarkson offers 115 market-rate units and 50 affordable units, as well as 19,500 square feet of ground-floor retail space. Apartments come in …

Continue Reading
0 FacebookTwitterLinkedinEmail
New YorkNewsNortheastOperationsPeople News

NYC Housing Partnership Elects Ron Moelis as Chairman of the Board of Directors

by Channing Hamilton

NEW YORK CITY — The New York City Housing Partnership Development Corp. has elected Ron Moelis as chairman of the board of directors. Moelis is the chairman and co-founder of L+M Development Partners LLC, which is headquartered in Larchmont, New York. He is also a co-founder and vice chairman of the New York State Association for Affordable Housing, a nonprofit organization that advances a policy agenda for affordable housing. Moelis also serves on the Board of Trustees of the Tenement Museum on Manhattan’s Lower East Side and the Board of …

Continue Reading
0 FacebookTwitterLinkedinEmail
Investment SalesNew YorkNewsNortheast

Ariel Property Advisors Brokers $26 Million Sale of Property in The Bronx

by Channing Hamilton

NEW YORK CITY — Ariel Property Advisors has arranged the sale of a 237-unit property located at 1500 Noble Ave. in The Bronx. The asset traded hands for $26 million. Neither the buyer nor the seller was disclosed. Victor Sozio, Shimon Shkury, Jason Gold, Daniel Mahfar and Gabriel Elyaszadeh of Ariel represented the seller in the deal. The building rises 17 stories on a five-acre site, and features a unit mix of 50 one-bedrooms, 136 two-bedrooms and 51 three-bedrooms.

Continue Reading
0 FacebookTwitterLinkedinEmail
Miroza Tower in Yonkers, New York
DevelopmentFinanceNew YorkNewsNortheast

Azorim Construction Co. to Develop $133.5 Million Miroza Tower in Yonkers, New York

by Channing Hamilton

YONKERS, N.Y. — A subsidiary of Azorim Construction Co. Ltd. will develop Miroza Tower, a $133.5 million high-rise asset in the New York City suburb of Yonkers. The Yonkers Industrial Development Agency recently granted final approval of financial incentives for the project. Azorim Construction Co. is receiving a sales tax exemption of $5.8 million, a mortgage recording tax exemption of $1.3 million and a 20-year payment in lieu of taxes agreement valued at $12.4 million. Situated at 44 Hudson St., Miroza Tower will offer 250 apartment units across 27 stories. …

Continue Reading
0 FacebookTwitterLinkedinEmail
DevelopmentNew YorkNewsNortheast

The Moinian Group Begins Vertical Construction of 7 Platt Street in Manhattan’s Financial District

by Channing Hamilton

NEW YORK CITY — The Moinian Group has commenced vertical construction at 7 Platt Street, a 250-unit residential tower in Manhattan’s Financial District. The community will comprise 170,000 square feet across 35 stories. Apartments will come in studio, one- and two-bedroom floor plans. Planned amenities include a fitness center, library, co-working pods, lounge spaces, private dining spaces with outdoor terrace access, a gaming area, rooftop deck, golf putting area, laundry facilities and a communal entertainment kitchen. Rockwell Group designed the project. Hill West Architects is leading architecture efforts for the …

Continue Reading
0 FacebookTwitterLinkedinEmail
FinanceInvestment SalesNew YorkNewsNortheast

Derby Copeland Provides $20.8 Million in Acquisition Loans for Two Buildings in Manhattan

by Channing Hamilton

NEW YORK CITY — Locally-based lending and investment company Derby Copeland Capital has provided two acquisition loans totaling $20.8 million for a pair of buildings in the New York City borough of Manhattan. The undisclosed borrower plans to use portions of the proceeds to fund capital improvements. In the first transaction, Derby Capital provided $17 million for a building comprising 31 units and ground-floor retail space in the East Village. In the second deal, the firm provided $3.8 million for a 20-unit building in Manhattan’s Rose Hill neighborhood.

Continue Reading
0 FacebookTwitterLinkedinEmail
Bacara in Wildomar, California
Company NewsDevelopmentLeasing & MarketingNew YorkNewsNortheastOperations

Blackstone to Acquire Tricon Residential for $3.5 Billion, Plans to Take Company Private

by Channing Hamilton

NEW YORK CITY AND TORONTO — Affiliates of Blackstone (NYSE: BX) have entered into an agreement to acquire Canadian owner-operator Tricon Residential (NYSE: TCN) for $3.5 billion. The deal is expected to close in the second quarter and will take Tricon Residential private. Blackstone will acquire all outstanding shares of Tricon’s common stock for $11.25 per share in cash. The per-share price represents a 30 percent premium over Tricon’s closing stock price on Thursday, Jan. 18 and a 42 percent premium over the weighted average share prices of the last 90 …

Continue Reading
0 FacebookTwitterLinkedinEmail
504-508 E. 12th St. in New York City
Affordable HousingDevelopmentFinanceInvestment SalesMarket ReportsNew YorkNortheast

NYC Investors Hunt for Distressed Deals 

by Channing Hamilton

Across the United States, real estate markets are in a recession for dealmakers. The run-up in interest rates over an 18-month period has choked off transactions. Potential buyers and sellers are deadlocked over price. Vulture investors are waiting for owners who paid too much for properties during boom years to be forced to sell.  New York City reflects all those trends — only more so. Many investors spent billions of dollars to buy rent-stabilized buildings in the city with plans to eventually raise the rents. But in 2019, lawmakers made …

Continue Reading
0 FacebookTwitterLinkedinEmail
365 Bond Street in New York City
FinanceNew YorkNewsNortheast

Lightstone Secures $165.5 Million Agency Loan to Refinance 430-Unit Community in Brooklyn

by Channing Hamilton

NEW YORK CITY — Lightstone has received a $165.5 million Freddie Mac loan for the refinancing of a property at 365 Bond Street in Brooklyn’s Gowanus neighborhood. Peter Rotchford, Michael Shmuely, Nicco Lupo, Jeffrey Julien, Rob Hinckley, Steven Rutman, Jonathan Hageman and Hall Oster of JLL originated the five-year, fixed-rate loan. The community was built in 2016 and offers 430 apartment units, as well as 40,000 square feet of amenity space and 30,000 square feet of open green space. Units come in studio, one- and two-bedroom floor plans.

Continue Reading
0 FacebookTwitterLinkedinEmail
Newer Posts
Older Posts
©2024 France Publications, dba France Media Inc.