NEW YORK CITY—TerraCRG has closed on the sale of the mixed use development site at 608-614 Franklin Ave. in the Crown Heights neighborhood of Brooklyn. Located on the corner of Franklin Avenue and Dean Street, the 21,929-square-foot site has 141 feet of frontage on Franklin Avenue and 153.7 feet on Dean Street. The property recently up zoned to R7A/C2-4, which allows for over 75,650 buildable square feet, or up to 100,875 buildable square feet with the addition of inclusionary housing.
Madison Realty Capital has closed $19 million in debtor-in-possession financing for a residential conversion project at 11 E. 36th St. The DIP funding prevented a forced sale through the chapter 11 bankruptcy process and will enable the borrower to retain control of the property— which features 66 residential condominiums, two retail condos and 5,320 square feet of office space. Proceeds of the first mortgage loan from MRC will be used to retire previous debt, simplifying the capital stack and permitting the borrower to proceed with the sellout of residential condominium units through the bankruptcy process. Built in 1912, the 14-story property spans 68,727 square feet.
Joseph DeRosa, VP and Ernest DesRochers, SVP/managing director of NorthMarq Capital's New York City office have arranged $13 million in bridge financing for 550 W. 29th Street, a 12-story, 63,000-square-foot residential condominium development. The transaction was structured as an interest only loan carrying a term of two years. NorthMarq arranged the deal for the borrower, who is a joint venture between High Line Development Group LLC and Tamarkin Co.
Eastern Consolidated has arranged the sale of a three-building, mixed-use portfolio at 3600, 3604, and 3610 Broadway in Hamilton Heights for $15.5 million. The package, totaling 43,703 square feet, includes 19,150 square feet at 3600 Broadway; 11,500 square feet at 3604 Broadway; and 13,053 square feet at 3610 Broadway. The three walk-up buildings contain a total of 35 apartments with 173 rooms, and 11 retail units. The properties are located at the northeast corner of West 148th street. The attorney for the buyer was Jeffrey Goldberg Esq. of Sadis and Goldberg LLP. The attorney for the seller was Robert Teitelbaum Esq. of Konner Teitelbaum & Gallagher.
In Long Island City, Queens, Faith Hope Consolo, chairman, and Joseph Aquino, EVP of Douglas Elliman's retail group has placed Mitchell's NY in a new 40,000-square-foot headquarters and distribution center at 47-11-47-51 Austell Pl. (27th Street), a 110,000-square-foot commercial property. The former tenant was financial services and pharmaceutical printer Confort & Company, a subsidiary of R.R. Donnelly & Son. Consolo and Aquino exclusively represented the tenant in the transaction.
Heller Organization's Scott Heller, CEO, and Josh Singer, VP, have leased a retail space at luxury rental development 101 Bedford Avenue to Diesel. It marks the first Brooklyn location for the international lifestyle brand and the debut of a special concept store. The 1,500-square-foot store features 50 feet of wraparound frontage along the avenue on North 12th street and sits directly across from McCarren Park. Heller Org. represented both the landlord and tenant in the transaction; the asking rent was $175-per-square-foot. Diesel plans to open in mid-August.
Pair Wine and Cheese, a retail café focused on the precise pairings of wines and cheeses, has signed a lease for its first location at 140 Atlantic Avenue between Henry and Clinton Streets in the Cobble Hill section of Brooklyn. Set to open in the fourth quarter, Pair Wine and Cheese will occupy approximately 1,000 square feet on the ground floor, as well as approximately 500 square feet in an outdoor garden. Winick Realty Group's Aaron S. Fishbein represented Pair Wine and Cheese in the lease transaction.
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Rayna Katz
Rayna Katz is a seasoned business journalist whose extensive experience includes coverage of the lodging sector, travel and the culinary space. She was most recently content director for a business-to-business publisher, overseeing four publications. While at Meeting News, a travel trade publication, she received a Best Reporting award for a story on meeting cancellations in New Orleans during Hurricane Katrina.
