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<\/p>\nGO Residential REIT has added a Crown Heights apartment building to its rapidly growing portfolio of New York City luxury rentals.<\/p>\n
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\n GO Residential’s latest New York City acquisition, a 186-unit luxury rental building at 409 Eastern Parkway in Crown Heights\n <\/p>\n
The Toronto-based company, which exclusively invests in NYC apartments, bought the 186-unit rental apartment building at 409 Eastern Parkway with three retail units at its base for $109M, PincusCo reported<\/a>. The 197K SF building has a 421-a tax exemption that\u00a0took effect in 2020 and expires in 2056.\u00a0<\/p>\n The sellers were FBE Ltd., Adam America Real Estate and Zev Marmurstein. The deal gives the REIT an 81% stake in the property, according to a release<\/a> from the landlord, although it is unclear if the sellers are retaining the remaining stake.<\/p>\n Including the newly acquired 186 units, GO Residential’s portfolio reaches a total of 2,731 residential units. The REIT, run by Meyer Orbach and Josh Gotlib, launched last year<\/a>\u00a0and made a splash this spring<\/a> when it announced plans to acquire 183-185 Broadway and 7 Dey St. from SL Green. The REIT paid a combined $220.5M for the properties when the transaction\u00a0closed in June<\/a>.<\/p>\n CBRE\u2019s Doug Middleton, Ariel Aber, Daniel Kaplan and Pierre Hills represented FBE Ltd. in the deal.<\/p>\n TOP SALES<\/p>\n A shuttered Midtown hotel that was operated by LuxUrban Hotels before the chain collapsed into liquidation<\/a> has sold. Richard Born\u2019s BD Hotels sold The Blakely, a 117-room boutique Midtown hotel at 136 W. 55th St., after evicting LuxUrban from the property<\/a> last year. Israel-based Fattal Hotel Group bought the building for its first U.S. property and plans a comprehensive renovation before reopening in mid-2027, according to a release<\/a>. Fattal paid $38.5M, backed by a $35M loan from Mizrahi-Tefahot Bank\u2019s American branch, UMTB USA, PincusCo reported<\/a>.\u00a0<\/p>\n ***<\/p>\n Charney Cos. sold 99 Claremont Ave., a 300-room student housing development that was its first Manhattan development, to Columbia University for $122M, The Real Deal reported<\/a>. The Union Theological Seminary previously used the building as a dorm and sold it to Charney in 2024 for $38M.<\/p>\n ***<\/p>\n Caprice Holdings acquired 675 Hudson St. from Aurora Capital Associates for $100M, according to property records<\/a>. The London-based club venue operator financed its purchase of the five-story, landmarked 19th-century property with a $165M loan from HSBC,\u00a0Commercial Observer reported<\/a>.\u00a0Caprice\u00a0plans to turn it into a private club if the Landmarks Preservation Commission approves its alterations.\u00a0Aurora acquired the building for $50M in 2023.<\/p>\n TOP LEASES<\/p>\n \n Law firm Hodgson Russ signed for 20K SF at Fisher Brothers’ 605 Third Ave.\n <\/p>\n Law firm Hodgson Russ signed a 10-year, 20K SF renewal\u00a0at Fisher Brothers\u2019 605 Third Ave. Asking rents in the building range from $80 to $120 per SF, according to a spokesperson for the landlord. Clark Briffel represented the landlord in-house, while Newmark\u2019s Brian Cohen and Kyle Ciminelli represented the tenant.<\/p>\n ***<\/p>\n The Center for Justice Innovation leased 34K SF\u00a0in an extension and expansion deal at GFP Real Estate\u2019s 520 Eighth Ave. The deal is a consolidation of the nonprofit\u2019s space, moving from three noncontiguous floors to a portion of the 18th floor and the entire 19th floor in the 26-story, 860K SF office tower. The tenant also has the option to convert its interest into a leasehold condominium, an option available to nonprofits that allows long-term occupancy affordability via tax exemptions. Open Impact Real Estate\u2019s Stephen Powers and Jake Cinti represented the nonprofit. Matthew Mandell represented GFP in-house.<\/p>\n ***<\/p>\n Instacart inked a 26K SF lease at Empire State Realty Trust\u2019s 111 W. 33rd St., bringing the property to 100% leased. Jordan Berger, Shanae Ursini and Kerry Lavelle represented the landlord in-house, alongside Newmark\u2019s Scott Klau, Erik Harris, Neil Rubin, Cole Gendels and Zachary Weil.<\/p>\n ***<\/p>\n Infinium Wall Systems expanded to 30K SF at ESRT\u2019s 1359 Broadway.\u00a0Other tenants in the 22-story building include artificial intelligence company Scaled Cognition and nonprofit Braven. Cushman & Wakefield\u2019s Robert Lowe, Ron Lo Russo, Anthony LoPresti and Dan Organ represented ESRT, along with the landlord\u2019s own Jordan Berger, Shanae Ursini and Kerry Lavelle. Artisan Alliance’s\u00a0Sarah Pontius, Jerica Lam, Carleigh Bettiol and Charlotte Reaman represented Infinium.<\/p>\n TOP FINANCING<\/p>\n \n Owners nabbed a $141.4 refinancing for Anagram Turtle Bay, a 194-apartment luxury building from Global Holdings, MAG Partners and Safanad at 300 E. 50th St.\n <\/p>\n A joint venture of Global Holdings, MAG Partners and Safanad refinanced Anagram Turtle Bay with a $141.4M bridge loan from M&T Realty Capital Corp. The refinancing follows the stabilization of the recently completed 194-unit\u00a0luxury rental at 300 E. 50th St. The financing replaces a $95M construction loan from Bank OZK.<\/p>\n ***<\/p>\n A joint venture\u00a0of Rialto Capital Management and Hines\u00a0lent $228.9M to PGIM, Tribeca Investment Group and Meadow Partners\u00a0for\u00a0295 Fifth Ave., a property known as the Textile Building, Crain\u2019s New York Business reported<\/a>. The floating-rate bridge loan refinances a $150M\u00a0mortgage from Deutsche Pfandbriefbank from 2022. Tenants inside the 63% leased property include Connecticut-based hedge fund Bridgewater Associates and law firm Quinn Emanuel Urquhart & Sullivan.<\/p>\n ***<\/p>\n Catholic Homes scored a $146.9M construction loan from\u00a0the New York State Housing Finance Agency for a 251-unit project in Tremont at 484 E. 178th St., PincusCo reported<\/a>. The Roman Catholic Archdiocese of New York affiliate filed plans in 2022 for the 190K SF project, which the city has marked as \u201capproved\u201d but hasn\u2019t yet issued permits for.<\/p>\n ***<\/p>\n Magna Hospitality refinanced\u00a0the\u00a0SpringHill Suites and TownePlace Suites\u00a0hotels at 140 W. 28th St. with a $112.5M loan from KSL Capital Partners, PincusCo reported<\/a>. The financing replaces a $112.5M loan from Apollo Global Management for the 46-story, dual-branded Marriott, which was\u00a0developed by Sam Chang<\/a>\u00a0and opened in 2022.<\/p>\n","protected":false},"excerpt":{"rendered":"GO Residential REIT has added a Crown Heights apartment building to its rapidly growing portfolio of New York…\n","protected":false},"author":2,"featured_media":302145,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[8],"tags":[114525,45803,114521,447,19817,14633,15167,114528,114523,112986,45807,14440,68696,45798,114524,441,114527,97989,9,24,55,54,56,114529,39563,114522,114520,114526,114036],"class_list":["post-302144","post","type-post","status-publish","format-standard","has-post-thumbnail","category-new-york-city","tag-adam-america-real-estate","tag-aurora-capital-associates","tag-bd-hotels","tag-charney-cos","tag-columbia-university","tag-empire-state-realty-trust","tag-esrt","tag-fattal-hotels","tag-fbe-limited","tag-fisher-brothers","tag-gfp-real-estate","tag-global-holdings","tag-go-residential-reit","tag-hines","tag-ksl-capital-partners","tag-mag-partners","tag-magna-hospitality","tag-meadow-partners","tag-new-york","tag-new-york-city","tag-new-york-city-headlines","tag-new-york-city-news","tag-ny","tag-nys-housing-finance-agency","tag-pgim","tag-rialto-capital-management","tag-richard-born","tag-safanad-ltd","tag-tribeca-investment-group"],"_links":{"self":[{"href":"https:\/\/www.newsbeep.com\/us-ny\/wp-json\/wp\/v2\/posts\/302144","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.newsbeep.com\/us-ny\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.newsbeep.com\/us-ny\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/us-ny\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/us-ny\/wp-json\/wp\/v2\/comments?post=302144"}],"version-history":[{"count":0,"href":"https:\/\/www.newsbeep.com\/us-ny\/wp-json\/wp\/v2\/posts\/302144\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/us-ny\/wp-json\/wp\/v2\/media\/302145"}],"wp:attachment":[{"href":"https:\/\/www.newsbeep.com\/us-ny\/wp-json\/wp\/v2\/media?parent=302144"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.newsbeep.com\/us-ny\/wp-json\/wp\/v2\/categories?post=302144"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.newsbeep.com\/us-ny\/wp-json\/wp\/v2\/tags?post=302144"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}<\/p>\n<\/p>\n