New York City — A Delaware-based private venture doing business as Forum at Times Square has acquired 245,419 square feet of retail space in the former New York Times building for $28 million. Jack Stillwagon and Doug Middleton of CBRE Capital Markets brokered the transaction. Jay Miller and AJ Felberbaum of BayBridge Real Estate Capital represented the buyer. Since 2020, the property’s mortgage has been in various stages of special servicing, foreclosure and receivership, prior to being acquired by the lender group in a 2024 foreclosure auction. The retail portion of the building — which …
New York
New Hartford, N.Y. — CBRE has brokered the sale of Avenue Plaza, a 183,397-square-foot neighborhood shopping center located in New Hartford. Home décor superstore At Home anchors the property. Nearby retailers include Home Depot, Walmart, Lowe’s, Michaels, T.J. Maxx, Burlington and Best Buy. CBRE represented the seller, Englewood Cliffs, New Jersey-based Goodrich Management, and procured the buyer.
Buffalo, N.Y. — Buffalo, New York-based Dragos Capital has acquired a portfolio of 18 retail properties leased to CVS Pharmacy. The portfolio has a current estimated value of roughly $75 million, according to Dragos representatives. An undisclosed 1031 exchange investor was the seller. All properties are under long-term leases with the pharmaceutical company, which is currently looking to sell approximately 3.4 million square feet of space, as reported by Commercial Search.
New York City — Bojangles has signed a franchise agreement to open 20 new units in New York City. Restaurant owner and operator Habib Hashimi of Hashimi Holding Corp. will bring the fast-food concept to the city over the next decade, after a nearly 40-year absence. Construction is underway with Bojangles’ first location in NYC in the East Flatbush neighborhood of Brooklyn, which is anticipated to open this winter. As part of Bojangles’ broader expansion across the New York metro area, the company also recently signed an agreement with a …
New York City — Locally based Ashkenazy Acquisition Corp. has acquired The Shops at Atlas Park, a 374,000-square-foot mixed-use lifestyle center located in the Glendale neighborhood of Queens. Regal Cinemas, T.J. Maxx, HomeGoods, Ulta Beauty and NY Sports Club anchor the center, which opened in 2006. Additional tenants include California Pizza Kitchen, Foot Locker, T-Mobile, The UPS Store, Five Below, Starbucks Coffee and Cold Stone Creamery. Along with retail, dining and entertainment offerings, The Shops at Atlas Park also includes a 10,000-square-foot green space for community events and 52,000 square …
Blue Owl Capital Provides $41.3 Million in Financing for The Shops at Front & York in Brooklyn
Brooklyn, N.Y. — Blue Owl Capital has provided $41.3 million in financing for the acquisition of The Shops at Front & York, the 150,000-square-foot retail component of the larger Front & York mixed-use development. Situated in Brooklyn’s DUMBO neighborhood and built in 2021, The Shops at Front & York is anchored by LifeTime Fitness and spans an entire city block. Max Ralby and Jordan Roeschlaub of Newmark secured the single-source, fixed-rate financing on behalf of the borrowers, Namdar Realty Group and Klosed Properties.
Pyramid Management Obtains $81 Million in Financing for The Galleria at Crystal Run in Middletown, New York
Middletown, N.Y. — Pyramid Management Group has obtained $81 million in financing for The Galleria at Crystal Run, a 1.1 million-square-foot regional shopping center located in Middletown, roughly 42 miles north of New York City. Macy’s, JCPenney and Target anchor the property, which offers more than 100 retail shops, six entertainment venues and 10 onsite restaurants including AMC Theaters, Urban Air Adventure Park, Round1 Bowling & Arcade, 110 Grill and Fuji Japanese Steakhouse. The four-year loan will allow Pyramid to continue reinvesting in the property, including plans for a complete store …
Largo Capital Arranges $17.3 Million Bridge Financing for Upstate New York Shopping Center
Irondequoit, N.Y. — Largo Capital has arranged a $17.3 million bridge loan for Culver Ridge Plaza, a 291,000-square-foot shopping center located in Irondequoit, a suburb of Rochester. The center is home to tenants including Marshalls, Burlington and Five Below. Kevin Ross and Michelle Colosimo of Largo Capital arranged the loan through Bank of America. The borrower, an undisclosed global investment firm, will use the proceeds to refinance existing debt and fund capital improvements.
Montauk, N.Y. — Marcus & Millichap has brokered the $34.4 million sale of Gosman’s Dock, a nine-property mixed-use portfolio located on the eastern shore of Long Island in Montauk. Gosman’s Dock — which totals 48,145 square feet — features four restaurants, six retail stores, four staff residences, a fish market, fish charter facilities, marina, boat rental site and parking. The sale also includes a vacant land parcel with the option to build a 46-room hotel. The buyers, Stephen Deckoff, founder of Black Diamond Capital Management and his son Stephen E. …
Pittsburgh and New York City — DICK’S Sporting Goods Inc. has entered into a definitive merger agreement with footwear and apparel retailer Foot Locker Inc. Under the agreement, sporting goods retailer DICK’S will acquire Foot Locker for an equity value of roughly $2.4 billion and an enterprise value of $2.5 billion. Foot Locker operates approximately 2,400 retail stores across 20 countries in North America, Europe, Asia, Australia and New Zealand. Foot Locker’s portfolio of brands also includes Kids Foot Locker, Champs Sports, WSS and atmos. DICK’S plans to operate Foot …