Atlantic Northeast Area News

Infrastructure Funds Gain Traction with Institutional Investors

The Global Capital Flows panel, from left to right: Paul A. Galiano, Sean T. Klimczak, Jonathan Dracos and Edward Pallesen.Credit: NYU Photo Bureau, Elena Olivo U.S. infrastructure funds are in great demand by institutional investors, and fund managers see the space as more opportune compared to traditional commercial asset investments, according to panelists presenting during the Global Equity Capital Flows: Infrastructure Funds for Public-Private...
Posted: November 21, 2017, 7:50 am

SL Green Contracts to Sell 600 Lexington for $305M

SL Green Realty has entered into a sales agreement to divest one of its Midtown East office assets at 600 Lexington Ave., agreeing to sell the property for $350 million. The sale price would amount to $1,005 per square foot, and the transaction is expected to close by the first quarter of 2018, subject to customary closing conditions. SL Green expects to garner net cash proceeds of $292 million on the sale, which the firm says it will redeploy...
Posted: November 20, 2017, 11:08 am

Tax Reform, Amazon, the MTA and How to Pave a Road to New York City’s Growth

The Golden Apple panel, from left to right: William C. Rudin, MaryAnne Gilmartin, Scott Rechler, Stephen M. Ross, Robert S. Blumenthal [Moderator] and Sam Chandan.Credit: NYU Photo Bureau, Elena Olivo The packed room quieted quickly as Sam Chandan, associate dean of NYU's Schack Institute of Real Estate, announced the start of The Golden Apple 2017 panel. For years, this panel has discussed the present and future of New York City's commercial real...
Posted: November 20, 2017, 11:07 am

TH Real Estate Acquires Office, Retail Portion of Tower 270

Nuveen affiliate and TIAA-CREF Investment Management subsidiary TH Real Estate has doled out $67 million to scoop up a 115,881-square-foot portion of the Tower 270 commercial building in New York City from AION Partners, a firm specializing in value-add, opportunistic real estate investments in New York, Washington, D.C. and the Sunbelt. The final sale price reflects a price per square foot of more than $583. Located within the City Hall submarket...
Posted: November 17, 2017, 5:47 am

Dickey Joins Schuckman Realty as VP, Landlord Representation

Schuckman Realty, a retail brokerage specializing in developments, redevelopments and renovations of shopping center properties in New York City, has moved to expand its business, hiring Trent E. Dickey as its vice president of New York City landlord representation, a newly-created position. In his new role, Dickey will lead the charge in managing brokerage teams and executing deals that grow Schuckman Realty's landlord leasing operations throughout...
Posted: November 17, 2017, 3:23 am

Planned $2.5 Billion Riverton Development on Central NJ Waterfront Ready to Go Mall-Less

Marina space will be part of the curated built environment for the 418-acre Riverton waterfront development on the Raritan River in Sayreville, NJ.Credit: North American Properties North American Properties and PGIM Real Estate this week unveiled Riverton, a mixed-use riverfront community in Central New Jersey positioned as "experiential" street retail and a small-town vibe that upends nearly decade-old design plans for an enclosed mega-mall wrapped...
Posted: November 16, 2017, 12:38 pm

Moinian Grp Secures $103M Construction Loan for Next Midtown West Apartment

The Moinian Group has secured $103 million in construction financing to complete construction on its newest apartment project in Midtown West. Real estate advisory firm The Greystone Bassuk Group arranged the financing on behalf of Moinian, placing the debt package with the New York branch of Bank of China. The loan was structured as a letter of credit, enhancing taxable variable-rate bonds issued by the New York State Housing Finance Agency...
Posted: November 13, 2017, 8:37 am

Gotham Org Obtains $217.5M Refi for The Ashland

Gotham Organization, Inc. has completed refinancing of The Ashland, its 53-story, 568-unit rental tower in Brooklyn, NY. Real estate capital intermediary The Greystone Bassuk Group acted as exclusive advisor for Gotham Organization, a privately held real estate developer and landlord in New York City run by the Picket family. Greystone Bassuk placed the $217.5 million, 30-year, fixed-rate loan through Well Fargo Multifamily Capital's Fannie Mae...
Posted: November 13, 2017, 7:08 am

Cushman & Wakefield Engages Malitz as Director of Retail Brokerage in Brooklyn

Cushman & Wakefield has hired Adam Malitz as its director of retail brokerage for the Long Island submarkets. Based in the firm's Brooklyn, NY office, Malitz will work alongside Betty Castro, managing principal and market leader for Brooklyn and Queens and Katie Mahon, managing director of retail services and brokerage operations for the Tri-State region. "As the retail market continues to evolve, we are thrilled to onboard excellent talent...
Posted: November 9, 2017, 9:49 am

Lee & Associates NYC Hires Salmon as Executive Managing Director

Mitchell Salmon has joined Lee & Associates as an executive managing director with the retail and office leasing teams. Based in the firm's New York City office, Salmon will also participate in asset management and acquisitions. Salmon brings more than 30 years of experience in retail real estate, having most recently served as a managing director with Garrison Investment Group, where he was in charge of developing strategic plans for the company...
Posted: November 9, 2017, 8:33 am

Varagon Capital Relocating HQ to 299 Park Avenue by Year End

Varagon Capital Partners, a direct lender for middle-market companies and financial sponsors, will relocate its headquarters to the UBS Building at 299 Park Ave. in New York City, having agreed to occupy 28,316 square feet there. Building owner Fisher Brothers announced the firm will take the entire third floor when the lease deal commences by year-end 2017. Varagon will be relocating its current headquarters from 488 Madison Ave., where it...
Posted: November 9, 2017, 6:33 am

JV Secures $479M Construction Loan for Hudson Commons Repositioning

A joint venture between Cove Property Group and The Baupost Group LLC has secured $479 million in construction financing to reposition the Hudson Commons office tower at 441 Ninth Ave. in New York City. Geoff Goldstein, Michael Tepedino and Michael Gigliotti with Holliday Fenoglio Fowler (HFF) LP arranged the financing on behalf of Cove, placing the loan package with affiliates of Apollo Global Management including Apollo Commercial Real Estate...
Posted: November 9, 2017, 3:23 am

Investcorp, Brickman JV Buys Two West Side Properties from New York REIT

Investcorp International, Inc., a global alternative investment manager, and joint-venture partner Brickman, a New York-based owner-operator, have acquired two Midtown West office assets in New York City for $155.95 million, or about $586 per square foot, from New York REIT, Inc. (NYSE: NYRT). After settling debt, pro-rations and closing costs, the publicly-traded real estate investment trust said it netted approximately $58.8 million on the sale...
Posted: November 8, 2017, 8:58 am

Columbia Property Trust Pays $514.1M for Chelsea Office Buildings

Columbia Property Trust (NYSE: CXP) has closed on its previously announced acquisition of three office buildings at 245 - 249 W. 17th St. and 217 W. 18th St. in New York City from New York REIT, Inc. for $514.1 million, or about $1,145 per square foot. 245-249 W. 17th St. consists of two adjoining office building which total 281,294 square feet. Twitter occupies the majority of the property, which is broken into a six-story western tower and a...
Posted: November 7, 2017, 5:45 am

Gemini Trust Company Leases 34,000 SF on Park Ave South

Gemini Trust Company, a digital asset exchange and custodian, signed a lease for 34,000 square feet in the office building at 315 Park Ave. S in the Gramercy Park submarket. The 20-story building totals 331,000 square feet. The building was constructed in 1910 and was most recently renovated in 2007. Gemini’s lease includes the entire 17th and 18th floors. Other tenants in the building include BDG Media, Oracle America, Winton Capital Management...
Posted: November 3, 2017, 8:50 am