West Carthage, N.Y. — Legacy Realty Group has negotiated the $4.1 million sale of Price Chopper Plaza, a 52,831-square-foot, grocery-anchored shopping center located in upstate New York. The property, which was 90 percent leased at the time of sale, is home to tenants such as Price Chopper and Aubuchon Hardware. Jacob Baruch and Daniel Baruch of Legacy Realty Group Advisors represented the buyer, while Bruce Ginsburg and Peter VanBortel of IKON Realty Group represented the seller.
New York City — JLL Capital Markets has arranged $150 million in financing for the Bay Terrace Shopping Center, a grocery-anchored retail property in the Bayside neighborhood of Queens. JLL secured the loan through New York Life Real Estate Investors on behalf of the locally based borrower, Cord Meyer Development. Located at the intersection of 26th Avenue and Bell Boulevard, Bay Terrace totals 326,445 square feet and was approximately 90 percent leased at the time of financing. Anchored by Stop & Shop, the property is also home to HomeGoods, AMC …
New York City — Four new tenants have signed leases at Society Brooklyn, a two-tower, 21-story mixed-use rental community located in the Gowanus neighborhood of Brooklyn. The incoming tenants will occupy 16,000 square feet of ground floor retail. Devoción Coffee and Sake Brooklyn will debut in 2027, while Tuned Bicycle Service Studio and GoodVets will open this year. Society Brooklyn features more than 57,000 square feet of commercial space, with over 21,000 square feet reserved for “Gowanus Mix” businesses such as local makers, artisans and creatives. Patrick O’Rourke, Catherine Merck …
Pasadena, Calif. — Dave’s Hot Chicken opened eight new restaurants on April 16, expanding its footprint to more than 400 locations worldwide. The fast-casual concept, which originated in Los Angeles, is bringing its Nashville-style hot chicken to multiple markets, including Fairlawn, Ohio; Oneonta, New York; Edina, Minnesota; Gastonia, North Carolina; Arlington Heights, Illinois; Miami; Saratoga, Utah; and Waterford, Connecticut. Founded in 2017, Dave’s Hot Chicken has sold the rights to more than 1,020 franchise locations in the U.S., Europe, the Middle East and Canada, and will open 70-plus locations this year.
Plattsburgh, N.Y. — Hanley Investment Group Real Estate Advisors and Clayton, Missouri-based NAI DESCO have arranged the $3.3 million sale of a single-tenant restaurant property located in Plattsburgh. Panera Bread occupies the 4,373-square-foot building, which was built in 2020, on an absolute triple-net corporate lease with zero landlord responsibilities with nine years remaining on its 15-year lease term. Jeff Lefko and Bill Asher of Hanley, Stephen Gwinnup of NAI DESCO and Brian Brockman of Bang Realty represented the seller, a private family trust, in the transaction. Bang Realty, along with …
New York City — Saks Global Enterprises has entered into a Restructuring Support Agreement with an ad hoc group of its senior secured bondholders. The company’s capital partners have committed to provide $500 million in exit financing upon the company’s emergence from Chapter 11, which is expected this summer. Saks Global is continuing engagement with its capital partners and other financial stakeholders on a ‘Plan of Reorganization’ and anticipates its filing in the coming weeks. The company is focused on achieving a double-digit adjusted EBITDA margin, establishing a foundation to unlock …
New York City — Local owner-operator GFP Real Estate has received an $83 million loan for the refinancing of 100 Crosby Street, an office and retail building in Manhattan’s SoHo neighborhood. The six-story, 175,000-square-foot building was originally constructed in 1884 and was fully leased at the time of the loan closing. Office users include Runway Growth Capital, Little Spoon, Shine Capital and Empire Entertainment, while American Eagle and Canadian fashion retailer Aritzia anchor the building’s retail component. TD Bank and BNY (formerly Bank of New York Mellon) provided the loan, …
New York City — American technology conglomerate Meta Platforms Inc. will open its first New York flagship location at 697 Fifth Avenue in Manhattan. Meta signed a 10-year lease with Vornado Realty Trust to occupy the entire five-level, 15,000-square-foot townhouse building adjacent to the base of the St. Regis Hotel. The company opened its first flagship store, Meta Lab, in Los Angeles last year. Meta Lab is intended to serve as a hands-on, experiential “playground” where customers can discover, test and purchase Meta’s wearable hardware.
New City, N.Y. — Cronheim has arranged a $33.3 million bridge loan for New City Center, a 128,801-square-foot center located in New City, approximately 30 miles north of Manhattan. Dev Morris, Allison Villamagna, Brandon Szwalbenest, and Andrew Stewart of Cronheim secured the three-year loan through Voya Investment Management on behalf of a JV partnership between KABR Group and BTF Capital Fund. The loan provided 75 percent of the total project costs, with additional future funding available for capital improvements. Anchored by ShopRite, New City Center features a mix of tenants such …
New York City — Saks Global Enterprises is advancing its planned optimization across its real estate portfolio by announcing the closure of an additional 12 Saks Fifth Avenue stores and three Neiman Marcus locations. This builds on initial closures announced last month. While select markets will be streamlined to include either a Saks Fifth Avenue or Neiman Marcus store based on considerations for each location — including performance and customer preference — the company will continue to operate both brands in luxury destinations that represent a growth opportunity. With the announced closures, Saks Global …
