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FinanceNew YorkNews

Voya Investment Management Provides $37.5 Million Financing for Long Island Shopping Center

by Hayden Spiess

Commack, N.Y. —Voya Investment Management has provided $37.5 million in bridge financing for Mayfair Shopping Center, a 221,000-square-foot retail property located in the Long Island community of Commack. Tenants at the center, which is situated on 15 acres, include Lidl, Planet Fitness and PGA Superstore. Andrew Stewart and Allison Villamagna of Cronheim Mortgage arranged the three-year loan on behalf of the borrower, The Livingston Group. A portion of the proceeds will be used to fund capital improvements and additional leasing costs.

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FinanceLeasingNew YorkNews

PEBB, Sagamore Hill Secure $18.8 Million Refinancing for Soundview Marketplace on Long Island

by Hayden Spiess

Port Washington, N.Y. — A joint venture between PEBB Enterprises and Sagamore Hill Partners has secured $18.8 million for the refinancing of Soundview Marketplace, a 188,109-square-foot retail center located in Port Washington on Long Island. Deutsche Bank AG is providing the loan to the joint venture, which acquired the property in December 2020. The financing will include a $15.8 million initial advance, as well as $3 million allocated for future funding of capital improvements and leasing costs. Built in 1962 and 1977, the center comprises four buildings situated on 11 acres. …

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LeasingNew YorkNews

Fitness International Signs 36,500-Square-Foot Lease in Manhattan

by Hayden Spiess

New York City — Fitness International has signed a 36,500-square-foot lease in New York City. Occupying the entirety of the retail space at 59 Maiden Lane in Manhattan, Fitness International will open a Club Studio facility at the property. Club Studio offers boutique fitness classes and amenities. David Abrams, Eliot Goldschmidt, Jeff Jacobson and Brandon Miller of masonre represented the landlord, AmTrust RE, in the lease negotiations. Chase Welles of The Shopping Center Group and John Kalamaras of RealSource Group represented the tenant. 

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ArizonaColoradoInvestment salesNew JerseyNew YorkNewsOhio

DLC, DRA Acquire Four Retail Centers for $100 Million 

by Hayden Spiess

Elmsford, N.Y. — A joint venture between New York-based DLC Management Corp. and funds managed by DRA Advisors has acquired a portfolio of retail centers for $100 million. The portfolio comprises four properties located in Colorado, New Jersey, Arizona and Ohio. Located in Aurora, Colorado, Cornerstar totals 380,479 square feet and is anchored by Target, Marshalls, HomeGoods, 24 Hour Fitness, Nike and Ulta Beauty. Cross Keys Place in Sewell, New Jersey, comprises 147,694 square feet and is anchored by Michaels, Old Navy, Petco and Edge Fitness. The Shops at Prescott Gateway …

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DevelopmentEntertainmentNew YorkNews

Mets Owner Steve Cohen to Develop $8 Billion Metropolitan Park in Queens, New York

by Hayden Spiess

Queens, N.Y. — Steve Cohen, owner of the New York Mets baseball team, will develop an $8 billion entertainment and sports park in Queens. Dubbed Metropolitan Park, the development will occupy the 50 acres of asphalt around Citi Field, which are currently vacant. Plans for the project include a food hall, an entertainment complex including a Hard Rock hotel, live music venue and gaming, 20 acres of park space, 5 acres of community athletic fields and playgrounds, new connections to the waterfront, a renovated mass transit station and improved roads, bike …

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DevelopmentLeasingNew YorkNews

Four Tenants Sign Leases at $75 Million Huntington Shopping Center Redevelopment in New York

by Hayden Spiess

Huntington, N.Y. — Four new tenants have signed leases at Huntington Shopping Center, a 21-acre retail center located in Huntington on Long Island. Williams Sonoma, J. Crew, Paris Baguette and BFT Fitness will occupy 5,317; 7,766; 2,776; and 2,649 square feet, respectively. Other tenants at the center include The Container Store, Whole Foods Market, REI, Lovesac, Burger Village and Just Salad. The landlord, Federal Realty Investment Trust, is currently underway on a $75 million redevelopment of the property. Upon completion of the project, which is scheduled for next year, the center …

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Company newsFinanceNew YorkNews

Flexible Workspace Pioneer WeWork Files for Bankruptcy, Plans to Renegotiate Leases

by Hayden Spiess

New York City — Coworking and office-sharing pioneer WeWork Inc. (NYSE: WE) has filed for Chapter 11 bankruptcy protection. WeWork also plans to file similar protectionary measures in Canada. WeWork has entered into a restructuring support agreement with its creditors representing approximately 92 percent of its secured notes to “drastically reduce” the company’s existing funded debt and expedite the restructuring process. Reuters reports the debt-for-equity swap deal with its creditors totals $3 billion. The New York City-based company plans to continue operations and “further rationalize its commercial office lease portfolio” with its network …

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Rite Aid to Sell 92 Store Leases

by Hayden Spiess

Camp Hill, Penn. — Rite Aid will sell an additional 92 store leases as part of its financial restructuring, pending approval by the U.S. Bankruptcy Court for the District of New Jersey. Ranging from 5,000 to 33,548 square feet, the stores are located in California, Maryland, Michigan, New Jersey, New York, Ohio, Pennsylvania and Washington. A&G Real Estate Partners, real estate advisor to the company, will broker the transactions in the form of private sales. The leases comprise the second tranche to be sold, and more leases are expected to be …

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FinanceNew YorkNews

IPA Arranges $22 Million Refinancing for Retail Property in Manhattan 

by Hayden Spiess

New York City — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has arranged a $22 million loan for the refinancing of a retail property located in Manhattan in New York City. According to commercialcafé.com, the property was built in 1931 and totals 34,600 square feet. Matt Polci, Justin Natalizio and Eric Anton of IPA arranged the financing through Citibank on behalf of the borrower, New York-based private investor Guy Roberts.

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LeasingNew YorkNews

Two Tenants Sign Leases Totaling 3,007 Square Feet at 540 Madison in New York City 

by Hayden Spiess

New York City — Two retail tenants have signed leases at 540 Madison, a 292,000-square-foot office tower located in New York City. Bang & Olufsen and H.Stern will occupy 1,557 and 1,450 square feet, respectively. Grand Seiko is also a tenant within the 9,266-square-foot retail portion of the property, which formerly housed a bank branch. The new leases bring the retail space to full occupancy. Ariel Schuster and Mitch Heifetz of Newmark represented the landlord, DivcoWest, in the lease negotiations. 

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