Black Spruce picks up Queens multifamily portfolio

Almost a year after hitting the market, a Queens portfolio sold to an emerging name in the multifamily sector: Black Spruce Management. Records show Josh Gotlib’s company purchased the four-building portfolio in Briarwood for $87.2 million from The Musso Group. The seller was marketing the property a year ago with an asking price of $99 million. The Musso Group bought the pair of apartment buildings at 80-08 and 81-10 135th Street in 2009 for $28

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Omni NY inks indoor playground chain to 33K sf lease in Jamaica

Kidz Klub is coming to Queens. The children’s indoor playground chain signed a lease for 32,500 square feet at Omni New York’s recently completed mixed-use development known as Archer Green at 92-23 168th Street in Jamaica. Kidz Klub, which currently has three locations in Connecticut malls, will pay $25 per square foot on its 20-year lease. “Their intent is to really expand their footprint in this area,” said Greg Parassio, managing partner at Booth Capital,

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Rents in Manhattan and NW Queens recover while Brooklyn lags behind

New York City made a rental comeback in December, with Manhattan and Queens leading the resurgence. As rent explodes nationally, New York City tops the charts Rent in Manhattan and northwest Queens soared past pre-pandemic levels in December while Brooklyn rent fell, according to a report by appraisal firm Miller Samuel for Douglas Elliman. Manhattan’s net effective median rent was $3,392 last month, the highest reported in December since Miller Samuel began tracking in 2008.

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Tepid top 10: Weak 2021 for Brooklyn and Queens office leasing

Brooklyn and Queens may be tired of playing second fiddle to Manhattan, but they do benefit from its spillover when office leasing on the island is hot. In 2021, it surely wasn’t. Not surprisingly, the story was similar in the outer boroughs. Using data provided by Newmark, The Real Deal ranked the 10 biggest Brooklyn and Queens office leases by square footage. The two most populous boroughs couldn’t escape the work-from-home drag: Only three of

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Durst lands $128M refi for 10 Halletts Point

The Durst Organization landed a nine-figure refinancing for its completed building at 10 Halletts Point, but the future of the rest of the gigantic project remains murky. The Commercial Observer reported Durst landed a $127.5 million, five-year loan from Signature Bank at the multifamily complex in Astoria, Queens. Signature managing group director Joseph Fingerman led the transaction for the bank, according to the Observer. Meridian Capital Group’s Ronnie Levine helped arrange the financing. The 405-unit

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Longfellow inks first NYC purchase with stake in LIC life sciences property

New York City’s life sciences push has brought a new developer to the area: Longfellow Real Estate Partners. The developer is buying a majority equity interest in 43-10 23rd Street in Long Island City, Queens, the Commercial Observer reported. The 200,000-square-foot building is owned by a private real estate fund, which in turn is managed by Columbia Property Trust and Kassabian Realty. Longfellow is paying $95 million for the majority equity interest, equivalent to $475

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Price revealed: Tishman Speyer paid $90M for Edgemere Commons parcel

After the city’s biggest privately funded affordable project languished without progress for more than two years, Tishman Speyer put money where its mouth is to get the ball rolling on the massive project. The office giant paid $90.4 million to acquire 10 of the 11 building sites that will make up Edgemere Commons, according to public records. The transaction closed in mid-November. Ground was expected to be broken on the 2.2 million-square-foot project in Far

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Chetrit’s Queens industrial loft signs warehouse startup for 90K sf

Flex-warehouse startup ReadySpaces has inked a 90,000-square-foot lease at Isaac Chetrit’s industrial loft building in Ridgewood, Queens. Led by co-founders John Zimmerman and Kevin Petrovic, the company has been growing its footprint with long-term leases on or purchasing large Class B and C warehouses. ReadySpaces has more than 20 locations in North America, spanning more than 2 million square feet. But the recent lease at 59-10 Decatur Street marks its first in New York City.

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Tishman Speyer grabs bulk of Arker’s mammoth, delayed project

Affordable housing developer Arker Companies was supposed to break ground on the city’s biggest privately funded affordable project in early 2020. Now, two years later and without a shovel yet in the ground, office giant Tishman Speyer is stepping in to get things going. The firm said Friday it would acquire 10 of the 11 building sites that will make up Edgemere Commons, a sprawling 2.2-million-square-foot project in Far Rockaway, Queens, with 2,050 affordable units

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F&T, SGC America’s $800M project will bring Shanghai to Flushing

As F&T Group and SGC America prepare for the February 2022 opening of their $800 million Tangram complex, the co-developers have zeroed in on how to appeal to local Asian communities with the landmark project in Flushing, Queens. The Tangram Tower, the 85,000-square-foot office condominium within the complex, includes 48 units that are already largely occupied by banks, doctors, law offices and accounting firms, according to the Wall Street Journal. The outlet noted it’s a

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