UPDATED 12:00 p.m., March 13, 2024: Bayrock Capital through the entity Crowne Partners LLC paid $79.2 million to GFI Capital Resources Group through the entity Idlewild Realty, LLC for the 335-unit Crowe Plaza JFK Airport hotel building (H3) at 138-10 135th Avenue in South Ozone Park, Queens. The buyer was not disclosed in property records but a source familiar with the transaction identified the buyer…
Two entities tied to the family of the billionaire Ken Dart of Dart Container transferred a 31 percent stake between themselves in six New York City properties valued at a total of $425.5 million. The properties include the Financial District office building 175 Water Street, the East Williamsburg industrial building at 154 Scott Avenue, and the East Williamsburg hotel development site at 25 Stewart Avenue….
Angelo Gordon and Spaxel through the entity AG-Spaxel 3168 Property Owner, L.L.C. as borrower signed a refi loan with lender Amalgamated Bank valued at $8.4 million for the 44-unit residential elevator building (D1) at 3168 Villa Avenue in Bedford Park, Bronx. The deal closed on March 5, 2024 and was recorded on March 11, 2024. The prior lender was Webster Bank which held debt that…
Xiaorong Zhai’s Jade Century Properties through the entity Chuang Heng Rego Park LLC as borrower signed a construction loan with lender East West Bank valued at $30 million for the 260-unit residential elevator project at 98-10 63rd Road in Rego Park, Queens. On the lot, there is one active new building construction project for a 260-unit, 196,400 square-foot residential (R-2) building. The project was submitted…
United Construction & Development Group through the entity L Island City LLC as borrower signed a acquisition loan with lender Maxim Capital Group through the entity Maxim Credit Group, LLC valued at $38.2 million for the development parcel (V1) at 42-50 24th Street in Long Island City, Queens. The deal closed on February 22, 2024 and was recorded on March 11, 2024. The prior lender…
Wolf Perl through the entity 951 Bedford LLC as borrower signed a new construction loan with lender S3 Capital through the entity S3 RE Funding III LLC valued at $8.1 million for the 20-unit project at 949-951 Bedford Avenue in Bedford Stuyvesant, Brooklyn. On the lot, there is one active new building construction project for a 20-unit, 15,127 square-foot residential (R-2) building. The project was…
JSAF Capital through the entity 524 4th Ave Realty, LLC paid $4 million to Mitchell Gordon through the entity 524 4th Ave, Inc. for the four-unit mixed-use building (S9) at 524 4th Avenue in Gowanus, Brooklyn. This is the fourth property JSAF Capital has purchased on this block, now controlling the corner. The deal closed on February 21, 2024 and was recorded on March 11,…
H&R REIT through the entity Hr Dc Smith Street Owner Lp acquired majority interest from Downtown Capital Partners and All Year Management through the entity Smith Street Owner LLC for the development parcel at 459 Smith Street in Gowanus, Brooklyn, in a deal valued at $76.5 million. The deal closed on February 22, 2024 and was recorded on March 11, 2024. The property has zero…
The retail mall giant Westfield, a division of the parent company Unibail-Rodamco-Westfield, in 2022 won an arbitration award now totaling $13.26 million against the New York City Transit Authority and its parent, the Metropolitan Transportation Authority, alleging defective and incomplete construction at the Fulton Transit Center. The judgment remains unpaid. The arbitration award provides additional context to Westfield’s attempt to terminate its 20-year lease at…
Urban Builders Collaborative through the entity UBC Webster Avenue Owner LLC as borrower signed a new construction loan with lender Bank of New York Mellon valued at $55.3 million for the 109-unit development (V0) at 3118 Webster Avenue in Norwood, the Bronx. On the lot, there is one active new building construction project for a 109-unit, 76,673 square-foot R-2 building. The project was submitted by…
Carlyle Group and Greenbrook Partners through the entity Townhouse Rental II, L.L.C. paid $2.2 million to Eial Girtz through the entity 1398 Bushwick LLC for the three-unit building (C0) at 1398 Bushwick Avenue in Bushwick, Brooklyn. The deal closed on March 6, 2024 and was recorded on March 8, 2024. The property has 2,925 square feet of built space and 858 square feet of additional…
Burger Brothers Restaurant Group paid a group of individuals $4 million for the retail building (K5) at 2164 86th Street in Bath Beach, Brooklyn. The sale was an entity level transaction, not a deed transfer. The fast food chain Burger King controls the property though a lease which through the exercise of three options runs to June 2025, according to a lease signed and recorded…
A family office based in Connecticut, through the entity 14 Vesey Street Partners (Del) LLC filed to place the vacant office and retail building at 14 Vesey Street in the Financial District, Manhattan, into bankruptcy on February 28, 2024. The debtor filed two cases, both in U.S. Bankruptcy Court in New Jersey. JTRE Holdings sold its interest in the property to the Connecticut family office,…
Arch Companies, effectively controlled by the Wiener family’s Canadian investment firm 35 Oak Holdings, placed 1580 Nostrand Avenue in Prospect Lefferts Gardens in bankruptcy on March 8, in order to effectuate a sale of the property. The filing states assets and liabilities are each between $50 million and $100 million. The property has debts of more than $70 million, according to a 2022 pre-foreclosure filing…
Jeffrey Simpson, the co-founder along with Jared Chassen of the real estate development and ownership firm Arch Companies, filed a petition to place the entity JJ Arch LLC, the original managing member of the main holding company, into bankruptcy protection. Simpson filed the petition in U.S. Bankruptcy Court in Manhattan March 7, 2024. Case 24-10381 LINK JJ Arch chapter 11 pdf Arch Companies once had…
Joel Schwartz through the entity 2700 Atlantic Ny LLC as borrower signed a refi loan with lender Golden Bridge Funding through the entity Golden Bridge R2 LLC valued at $32.4 million for the development building (V1) at 2700 Atlantic Avenue in East New York, Brooklyn. On the lot, there is one active new building construction project for a 227-unit, 158,730 square-foot residential (R-2) building. The…
Atlas Hospitality through the entity 120-122 Water Street LLC as borrower signed a refi loan with lender Bank of America valued at $41.5 million for the 128-key hotel building (HB) at 120-122 Water Street in Financial District, Manhattan. The deal closed on January 30, 2024 and was recorded on March 7, 2024. The prior lender was Bank of America which held debt that had an…
Washington Square Partners through the entity 3650 Real Estate Investment Trust 2 LLC as borrower signed a refi loan with lender 3650 REIT through the entity 3650 Reit Warehouse Facility Entity 2a LLC valued at $53.8 million for four properties including the retail building (K6) at 40 West 225th Street in Marble Hill, Manhattan, retail condo at 90 West 225th Street in Marble Hill, Manhattan,…
Midtown Equities through the entity 10 South Street LLC as borrower signed a refi loan with lender Citibank, JPMorgan Chase, and Argentic Investment Management valued at $103 million for the Battery Maritime Building (H5) at 10 South Street in Manhattan. The deal closed on February 23, 2024 and was recorded on March 7, 2024. The prior lender was Acore Capital which held debt that had…
Self-Help Credit Union through the entity Self-Help Ventures Fund paid $2.6 million to Warren Hayes through the entity The Hayes Irrevocable Trust for the two-unit mixed-use building (S9) at 339 Macon Street in Bedford Stuyvesant, Brooklyn. The deal closed on February 27, 2024 and was recorded on March 7, 2024. The property has 4,200 square feet of built space according to a PincusCo analysis of…
