New York
ARCP-Affiliated REIT Closes on Chelsea Office Building for $112M
American Realty Capital New York Recovery REIT has closed on its $112 million acquisition of the fee simple interest in a 13-story, institutional-quality — but recently troubled — office building at 216-18 W. 18th St. in Manhattan’s Chelsea neighborhood.
World’s Largest Data Center Opens in Manhattan
Sabey Data Center Properties, a Seattle-based multi-tenant data center owner that also specializes in computer infrastructure, has powered up the first phase of the largest and tallest data center in the world. The 32-story high-rise is located at 375 Pearl Street in Lower Manhattan in the formerly foreclosed Verizon Building, most of which Sabey acquired for $120 million in 2011.
Meridian, Eastdil Arrange $275M Financing for NYC Hotel
Meridian Capital Group and Eastdil Secured have negotiated $275 million in permanent financing for the $325 million
acquisition of the fee position in NYC’s Milford Hotel, on behalf of a partnership between David Werner and Deutsche Bank Asset & Wealth Management.
Luxury Tower Under Construction Hits Market with One-third of Units Already Sold
An announcement made by the development team behind a much-anticipated residential tower in Midtown Manhattan shows once again that the luxury market in New York City is anything but boring these days.
SL Green Closes $925M in Financing for Iconic NYC Building
SL Green Realty has arranged $925 million worth of bridge acquisition financing for New York City’s iconic Sony Building at 550 Madison Ave., which was purchased by New York-based developer The Chetrit Group for $1 billion from Sony Corp.
Orbach Group Grabs 178-Unit NYC Apartment Portfolio for $70M
Keen on Manhattan’s Upper West Side, The Orbach Group has enhanced its presence in the area with the addition of a three-property apartment portfolio sited along 107th Street.
Chesapeake Lodging Trust Acquires Hyatt Place New York Midtown South
Chesapeake Lodging Trust has closed on its acquisition of the newly developed, 185-room Hyatt Place New York Midtown South for $76 million.
Orbach Group Pays $70M for Manhattan Portfolio; Extell Sells Retail Condo at the International Gem Tower
The Orbach Group, a New York-based real estate management and investment company, has expanded its New York City apartment portfolio with three new acquisitions totaling around $70 million. The seller, Dermot Company, was represented in the transaction by Andrew Scandalios of HFF.
CPC, Citi Announce $250M Facility to Finance Affordable Housing
Citi Community Capital has provided $250 million in financing, one of its largest single investments in affordable housing, to help create or preserve nearly 6,000 low- and moderate-income units in New York State.
Construction Breaks Ground on 925-unit Multifamily Project in Long Island City
March 4 marked the official groundbreaking of the initial phase of Hunter’s Point South, the biggest affordable housing project in New York City in 40 years. A $332 million joint venture between Phipps Houses, Related Companies, and Monadnock Construction, the project is located on a 30-acre site on the Long Island City waterfront in Queens.