School’s still out but Construction Authority buys in Brooklyn

Maybe the city School Construction Authority was gearing up for the start of classes with its $21 million purchase of a building in Fort Hamilton. The deal was the priciest in the city amid a light week of investment sales involving mid-market properties between $10 million and $30 million. The seller was developer Tim Ziss, who sold the property for $6 million more than he shelled out in 2017. A couple of years ago, he

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The Big Apple grew by 629K people since 2010

New York City isn’t dead. In fact, the city may be stronger than ever after adding over half a million people over the past decade. The latest census figures reveal that New York City added 629,000 people between 2010 and 2020, an increase of 8 percent. The city now boasts over 8.8 million people in its total population, according to the New York Times. Mayor Bill de Blasio touted universal pre-K, safe streets and investing

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NYC buys 14 more cluster sites for $122M

New York City is shelling out $122 million to purchase 14 cluster sites in the Bronx, with plans to convert them into permanent affordable housing. The purchase covers 777 affordable units, including 554 units for families experiencing homelessness. The deal for the buildings closed on June 23, according to the nonprofit news outlet City Limits. In total, the housing will be available for approximately 1,500 people. Some of the residents already live in the units,

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These were the top outer-borough loans in May

Dollar volume for the 10 largest outer-borough commercial real estate loans in May was $1.6 billion, almost double that of a year ago as well as the April total. But it is too early to tell if the spike is a sign of recovery: The volume was much higher in March at $1.96 billion. And these are just the 10 fattest loans, not the whole universe of loans. Two loans cracked the $100 million mark,

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Realterm pays $38M for huge South Bronx warehouse

UPDATED, May 27, 3:05 p.m.: The Bronx is no longer burning, but its industrial market is red hot. Maryland-based Realterm Logistics has bought a South Bronx warehouse for $38 million from the recycling company Parallel Products. The 35,681-square-foot property, at 900 East 138th Street, is close to the Bruckner Expressway and the East River. Parallel Products purchased the site as vacant land for $5.2 million in 2006, according to PropertyShark. Realterm has been on a

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Manhattan’s retail loss is outer boroughs’ gain

Manhattan retailers are still waiting for the return of tourists to 5th Avenue and employees to Midtown offices, but some retail corridors outside of the central business district have seen metrics return almost to where they were before the pandemic. Vacancies and rents in the Bronx’s main retail area, Fordham Road, are near normal, the New York Times reported. The vacancy rate is 3 percent, according to the Fordham Road Business Improvement District. Meanwhile, in

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These were the top outer-borough loans in January

Lending in the outer boroughs remained sluggish in the first month of 2021, with the 10 largest loans issued outside of Manhattan totaling $1.38 billion. That’s slightly better than December, when the total was $1.17 billion, but significantly less than November when the total was nearly $2 billion. The largest loan, which was issued in Brooklyn, was the only nine-figure deal for the month. Out of the 10 largest loans, six involved properties in Brooklyn.

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The 10 biggest new project filings in NYC

Opponents chased Amazon’s proposed second headquarters away from Long Island City, but that hasn’t stopped a wave of new projects from coming to the neighborhood. Of the 10 biggest new building applications filed in December, four were for parcels in the Queens neighborhood. Three of those were for projects linked to the Elghanayan family’s companies, TF Cornerstone and Rockrose. If approved, these three projects would together generate nearly 1,700 residential units. The remaining applications covered

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Belveron Partners closes $280M fund for affordable housing

Belveron Partners closed a $280 million fund to invest in affordable housing across the country as the sector gains interest from larger investors. The San Francisco-based firm exceeded its initial $225 million target for the fund. It is the sixth fund the company has closed since its inception. The fund will acquire and manage over 5,000 units of affordable and workforce housing in the next three years targeting urban and suburban areas in the Northeast,

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Dynamic Star continues adding to $3.5B Bronx megaproject

Dynamic Star continues to snap up properties as it moves forward with a massive mixed-use project in the Bronx. Dynamic Star purchased a concrete plant site along the Major Deegan Expressway for $21 million, Crain’s reported. Galway Realty sold the property. The development firm intends to incorporate the new parcel into Fordham Landing, the $3.5 billion megaproject it’s planning in University Heights near the Harlem River. Fordham Landing could become one New York’s largest real

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