A RXR Realty and LBA Logistics joint venture through the entity 55-15 Grand Avenue Investor REIT, LP acquired an interest from an affiliate named 55-15 Grand Avenue Holdings REIT, LLC valued at $387.9 million for logistics development at 55-15 Grand Avenue in Maspeth, Queens. Reports said Amazon had signed a lease for the property. On the lot, there is one active new building construction project…
Just over 64.6 percent of the loans of $5 million and up that Signature Bank made or refinanced in New York City since 2020 have been for multifamily properties, according to an analysis by PincusCo Media of city property records. Even so, four of the top 10 loans made over the past three years were to office properties, including to William Kaufman Organization at 777…
Only a small fraction of the top 30 owners of large multifamily properties in New York City that have no retail, known by the building class D1, bought such buildings in 2022, according to an analysis by PincusCo Media. Some were active in other building classes, but not in this specific one. Most of the very largest owners of the building class, such as Lefrak,…
MacArthur Holdings through the entity Dee Cee Associates LLC as borrower signed a refi loan with lender Apple Bank for Savings valued at $6.3 million for two retail and office properties (O5) at 258-268 West 44th Street in Hell’s Kitchen, Manhattan. The deal closed on February 27, 2023 and was recorded on March 13, 2023. The prior lender was M&T Bank which held debt that…
Second Lots Development through the entity Fdb 13 LLC as borrower signed a refi loan with lender Walker & Dunlop through the entity Walker & Dunlop Commercial Property Funding, LLC, valued at $13.2 million for a new development at 2750 Fredrick Douglass Boulevard in Harlem, Manhattan. The deal closed on February 23, 2023 and was recorded on March 13, 2023. The prior lender was Urban…
Samuel Strulovitch through the entity 1357 60 St LLC paid $2.8 million to Michael Halberstam through the entity 1355 60th Street LLC for the industrial buildings at 1355-1357 60th Street in Borough Park, Brooklyn. The deal closed on February 27, 2023 and was recorded on March 13, 2023. The two properties have 8,078 square feet of built space according to PincusCo analysis of city data….
Christina Topsoe through the entity 291 Big Street LLC paid $3 million to Aldo Gargano through the entity 291 Grand Street Corp. for the two-unit mixed-use building (S2) at 291 Grand Street in Williamsburg, Brooklyn. The deal closed on February 28, 2023 and was recorded on March 13, 2023. The property has 2,805 square feet of built space and 1,200 square feet of additional air…
Mili Bhuyan through the entity Taqwa 99th St LLC paid $9.5 million to Ramesh Vig through the entity Ram Sham Realty Corp. for the 63-unit residential walkup building (C1) at 37-20 99th Street in North Corona, Queens. The deal closed on February 16, 2023 and was recorded on March 13, 2023. The property has 42,102 square feet of built space according to PincusCo analysis of…
Joseph Riegler through the entity 1342 Inwood Jr Partners LLC paid $20.5 million to Dragos Adrian Firescu through the entity Jerome Jsd Holdings, LLC for industrial building (F5) at 1342 Inwood Avenue in Mt Eden, Bronx and industrial building (G7) at 1351 Jerome Avenue in Mt Eden, Bronx. The deal closed on March 1, 2023 and was recorded on March 13, 2023.The two properties have…
UPDATED 10:15 a.m., March 14, 2023: The special servicer for a $125 million CMBS loan provided to a joint venture of Fortress Investment Group, Global Holdings Management Group, Zeckendorf Development and Madison Capital, which owns the 84,240-square-foot retail condominium at 15 Central Park West in Lincoln Square, Manhattan, filed a pre-foreclosure action citing a maturity default. The special servicer is LNR Partners. The retail condo…
By Adam Pincus The New York City commercial property industry spent Sunday reimagining the local lending market without Signature Bank, as it digested the news that the federal government had taken over the bank. The most pressing issues surrounding the bank’s takeover, according to a half-dozen commercial real estate professionals, were what will happen to the nonperforming loan portfolio, who benefits from the closure, and…
Kingsdel Real Estate through the entity 447 Fenimore 2022 LLC as borrower signed an acquisition loan with lender Urban Standard Capital through the entity USC 447 Fenimore LLC valued at $7 million for five properties including the industrial building (E1) at 629 New York Avenue in East Flatbush, Brooklyn, retail building (K1) at 625 New York Avenue in East Flatbush, Brooklyn, and specialty building (Z9)…
GFP Real Estate through the entity 171 Madison De LLC as borrower signed a refi loan with lender Apple Bank for Savings valued at $16 million for two properties including the office building (O6) at 169 Madison Avenue in Park Avenue South, Manhattan and eight-unit residential walkup building (C7) at 175 Madison Avenue in Park Avenue South, Manhattan. The deal closed on March 6, 2023…
Howard Hershkovich through the entity Hf Ues LLC as borrower signed a refi loan with lender Dime Community Bank valued at $59.8 million for 12 properties including the 42-unit residential elevator building (D3) at 418 East 77th Street in Lenox Hill, Manhattan, 30-unit residential elevator building (D1) at 425 East 75th Street in Lenox Hill, Manhattan, and 30-unit residential walkup building (C4) at 305 East…
Johnny Chen through the entity 3642 11th St Tower LLC paid $1.4 million to Hour Children through the entity Hour Children, Inc. for six-unit residential walkup building (C4) at 36-42 11th Street in Long Island City, Queens. The deal closed on March 3, 2023 and was recorded on March 10, 2023. The property has 3,825 square feet of built space according to PincusCo analysis of…
Kalman Sinay through the entity 408 Myrtle Realty LLC paid $2.5 million to Shlomo Khodara through the entity 408 Myrtle Ave LLC for two-unit mixed-use building (S2) at 408 Myrtle Avenue in Clinton Hill, Brooklyn. The deal closed on February 27, 2023 and was recorded on March 10, 2023. The property has 3,775 square feet of built space and 2,791 square feet of additional air…
Joel Landau through the entity 2593 West 13th Street LLC paid $9 million to Sidney Blank Realty through the entity Town Hall Realties for industrial building (E1) at 2593 West 13th Street in Gravesend, Brooklyn. The deal closed on March 9, 2023 and was recorded on March 10, 2023. The property has 32,500 square feet of built space and 2,828 square feet of additional air…
Signature Bank, which was closed over the weekend by regulators and is set to reopen Monday as Signature Bridge Bank, was the third most active commercial real estate lender in New York City over the past three years, with $13.4 billion in loans, according to a PincusCo analysis of property records. The analysis is based on loans of $5 million and up. Signature and New…
Xin Xiang Lin paid $4.7 million to two separate home owners, on either side of a property Xin Xiang Lin already owned, making a three-parcel development site in Flushing. Lin already recorded the purchase of 134-15 Franklin Avenue. The price paid per foot indicates this is a development site purchase. Xin Xiang Lin is an active developer in the city. In the first of the…
St. Margaret’s House in partnership with Trinity Church Wall Street through the entity St. Margaret’s House Housing Development Fund Corp as borrower signed a refi loan with lender Greystone & Co. through the entity Greystone Funding Company LLC valued at $64.5 million for the 251-unit residential elevator building (D3) at 49 Fulton Street in Financial District, Manhattan. The deal closed on February 28, 2023 and…
