05-12-2026 NYREJ Digital

May 12, 2026

VOLUME 38 • ISSUE 9

Cronheim secures $25.5 million for acquisition of DoubleTree Syracuse

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Marcus & Millichap brokers $54.22 million five-property Long Island portfolio sale

and footprint simply do not come to market often. This was a rare opportunity to acquire meaningful industrial scale on Long Island in a single transaction.” Tuccillo and Anthony Cerrone of Marcus & Millichap represented the seller, Howard Katz Realty & Construction, a company started by Howard Katz, who built over one million s/f of industrial space on Long Island. Tuccillo and Cer- rone procured the buyer, Spiegel Associates. With roots dating

back to 1945, Spiegel Associates is a privately held, vertically integrated real estate investment, development, and management firm with over 2.5 million s/f under ownership and management. Da - vid Wilks and Andrew Wilks led the transaction for Spiegel. Located in Farmingdale, Hicks - ville, and Oceanside, the properties range in size from 28,000 s/f to 100,000 s/f. All were constructed between 1975 and 1985 and in - clude office space.

FARMINGDALE, NY Marcus & Mil- lichap negotiated the sale of a five-property, 275,938 s/f multi- tenant industrial portfolio on Long Island. The portfolio sold for $54,222,673. “Owned by the same family since its construction, the portfolio was offered for sale for the first time,” said Michael Tuccillo of Marcus & Millichap in New York City. “The mix of small-bay and mid-bay buildings, a product that remains in extremely limited sup - ply, combined with a tenant roster spanning from local operators to regional and national tenants, drove significant competition. Offerings with this level of diversification SYRACUSE, NY Cronheim Hotel Capital (CHC) has secured $25.5 million for the acquisition of the DoubleTree Hotel. As one of the leading group and meeting hotels in the region, it also benefits from Micron Technologies planned $100 billion semiconductor campus un - der construction a few miles from the property. The loan was placed with a na- tional bank lender at 70% LTV with a floating rate and three years of inter - est only payments. The property will undergo a comprehensive refresh to all guest rooms and common areas under its new ownership. David Turley, president of CHC, said “This was a great acquisition

MCB R.E. celebrates 52,832 s/f Dick’s Sporting Goods at Hudson Valley Pl.

Cronheim secures $25.5 million for acquisition of DoubleTree Syracuse

FOR FULL STORY VISIT NYREJ.COM Sam’s Club, and PetSmart. MCB continues to capitalize on Hudson Valley Plaza’s position within Ulster County’s primary re - tail corridor. This asset is located at a signalized intersection along U.S. Rte. 9W and Frank Sottile Blvd., adjacent to Rte. 209/199 and the I-87 (NYS Thruway) interchange.

KINGSTON, NY MCB Real Estate cele - brated the grand opening of Dick’s Sporting Goods at Hudson Valley Plaza. Dick’s Sporting Goods occupies a 52,832 s/f space at the shopping center, located at 701 Frank Sottile Blvd. The 673,000 s/f MCB-managed retail property is home to a lineup of national an - chors including Walmart, Lowe’s,

for a proven sponsor and we were able to source multiple options on the debt – bank, CMBS, debt fund. We believe more options leads to better choices and better outcomes

which is why we pride ourselves on being able to bring a full menu of capital sources to the table. After weighing the pro and cons, a bank execution was a great fit here.”

FOR FULL STORY VISIT NYREJ.COM MANHATTAN, NY AdamAmericaReal Estate has appointed David Brick - man as chief executive officer. In this role, Brickman will lead the firm’s long-term growth strategy and oversee execution across its investment and development plat - form, spanning student housing, multifamily, condominium, and build-to-rent projects nationwide. Brickman brings more than two decades of experience, including a track record of partnering and transacting with some of the Adam America Real Estate names Brickman CEO David Brickman world’s largest institutional investors. He has developed more than five million s/f of mixed-use and residential projects across U.S. markets and has played a key role in capital formation, structur - ing joint ventures, and executing complex, large-scale transactions.

MANHATTAN, NY Global Net Lease, Inc. (GNL) and Modiv Industrial, Inc. have entered into a definitive merger agreement under which GNL will acquire Modiv in an all-stock transaction valued at an enterprise value of $535 million. The transaction, once completed, will provide GNL with a portfo - lio of mission-critical industrial leverage neutral, fully preserving GNL’s balance sheet strength and financial flexibility. GNL intends to fully repay all of Modiv’s ex - isting balance sheet debt and pay off Modiv’s preferred stock using its Revolving Credit Facility and cash on hand, requiring no external capital to complete the transaction. Global Net Lease to acquire Modiv Industrial in $535 million transaction FOR FULL STORY VISIT NYREJ.COM properties across the U.S. while alsoprovidingModivstockholders with an immediate 25% expected increase in annual dividends and the opportunity to participate in the future growth of the combined company. The transaction is expected to be 4% accretive to GNL’s AFFO per share while remaining

NEW YORK

May 12, 2026 3

Metro Realty Services brokers six industrial sales valued at $7.475m

BROKERAGE C&W inks two new leases at 28&7, bringing building to full occupancy

RONKONKOMA, NY Metro Realty Services LLC negotiated six sales transactions which totaled $7.475 million and 51,600 s/f of indus- trial space and over two acres of industrial land. Jeremy Hackett of Metro Realty sold a 4,600 s/f industrial unit at 710-2 Union Pkwy. to 710-2 Union Parkway LLC for $1.075 million. Hackett represented the undisclosed seller and Tim Petrou of Blue Shark Real Estate repre- sented the buyer. Hackett sold a 12,000 s/f in- dustrial property at 134 Rome St., Farmingdale to 134 Rome St LLC for $2.5 million. Mark Walsh of Real Equity Advisors represented the seller, Small Ind Factories, Inc., and Hackett represented the buyer. In Medford, Hackett sold 2.35 acres of industrial land on the corner of Commercial Blvd. and Middle Island Rd. to JJJ Commer- cial Blvd LLC for $1.9 million. Hackett represented the seller, Commercial Blvd. Holdings LLC, and the buyer. Hackett and Mark Timpone of Metro Realty sold three industrial lots in Bay Shore at the corner of 1 st St.,HarrisonAve.andLincolnAve. totaling 12,500 s/f to South First Realty LLC for $800,000 Hack- ett represented the undisclosed seller and Timpone represented

FOR FULL STORY VISIT NYREJ.COM Roy Lapidus of GFP Real Estate represented both the landlord, GFP Real Estate, and the tenant in the transaction. MANHATTAN, NY According to Cush- man & Wakefield 28&7, a Class A office building located at 205 West 28 th St. in Chelsea, has reached 100% occupancy following the signing of two new office leases. Verance Capital Management has signed a lease for 2,041 s/f on the second floor, while Melius AI has leased 4,595 s/f on the sixth floor. Cushman & Wakefield rep- resented the landlord, Capstone Equities, in both transactions. The agency leasing team included Michael Movshovich, Connor Daugstrup and Grant Potter. Ben Friedland, Taylor Scheinman, Gary Davies, and Owen Reda of CBRE represented Verance, while Ryan Alexander, Jared Isaacson, and MANHATTAN, NY GFPRealEstatesaid that Tillotson Design Associates, Inc. has signed a 4,972 s/f lease renewalat40WorthSt.inTriBeCa. The firm extended its commit - ment with a new five-year lease and will continue its occupancy immediately.

710-2 Union Parkway - Ronkonkoma, NY

Jeffrey Frenkel, also of CBRE, represented Melius AI.

GFP leases 4,972 s/f to Tillotson Design Assocs. FOR FULL STORY VISIT NYREJ.COM

134 Rome Street - Farmingdale, NY

the buyer. Hackett sold two industrial lots in Bay Shore at Lincoln Ave. and Harrison Ave. totaling 12,500 s/f to Land by Lincoln LLC for $650,000. Hackett represented the undisclosed seller and Christopher Cardenas of Tripoint Realty repre- sented the buyer.

And the final sale was in Bay Shore, Hackett and Michael Pi- sciotta of Metro Realty sold one industrial lot on Harrison Ave. totaling 10,000 s/f to Antoinette J Casagrande Irrevocable Family Trust for $550,000. Hackett repre- sented the undisclosed seller and Pisciotta represented the buyer.

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Klosed and Kassin Sabbagh buy NoHo retail investment for $2.5m

BROKERAGE Buono of Island Assocs. sells 4,775 s/f mixed-use for $1.375m

MANHATTAN, NY Klosed Properties, in partnership with Kassin Sabbagh Realty, has acquired a retail coop- erative leasehold at 659 Bdwy. in the NoHo Historic District for $2.5 million — below its previous $6 million trade — securing a vacant storefront with upside in one of the city’s most active retail corridors. The 4,748 s/f space spans 1,938 s/f at grade, an 872 s/f mezzanine, and a 1,938 s/f lower level. Deliv- ered vacant, the asset offers full flexibility for repositioning and lease-up. The property features 40-ft. of glass frontage along Broadway, 17’5” ceiling heights, and is at the base of The Bleecker Court, a 243-unit residential cooperative. The location benefits from foot traffic, proximity to New York University, and co-tenancy with HALFMOON, NY JLL Capital Markets arranged the sale of The Kensing- ton at Halfmoon, a 200-unit, gar- den-style multifamily community. JLL worked on behalf of the sell- er, Richbell Capital. The buyer was MLG Capital. JLL also advised the buyer on the acquisition financing. JLLCapitalMarket’sinvestment sales and advisory team included

EAST ISLIP, NY Richie Buono of Island Associates Real Estate brokered the $1.375 million sale of 87–89 West Main St. Buono represented the seller D’Andrea Brothers LLC, and purchaser JORE2 LLC. The 4,775 s/f two-story mixed- use property consists of two retail tenants and three residential apart- ments located on the second floor. The building was recently ren- ovated in 2023 inclusive of both retail stores, complete new exterior, new mechanicals, and updated all NEW YORK, NY Access Point, an Atlanta-based company, has made a new investment supporting the acquisition and rebranding of a 38-hotel portfolio. The strategy is focused on converting the assets to Studio 6 properties and deploying technology-driven efficiencies in - tended to improve margins within 90 days. The transaction is backed by total capitalization of $375 mil- lion, including $286 million in senior debt provided by Citi and a subordinate mezzanine investment from Access Point. Access Point

the apartments. The sellers D’Andrea Brothers LLC engaged a reverse 1031 exchange in order to purchase the former Capital One bank building in Sayville.

Access Point makes investment in 38-hotel portfolio and value-add conversion initiative

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FOR FULL STORY VISIT NYREJ.COM The portfolio repositioning plan centers on rebranding the acquired properties to Studio 6, alongside the deployment of operational technol- ogies designed to reduce expenses and enhance property-level perfor- mance. The initiative is expected to deliver margin expansion shortly after implementation. underwrote, documented, and funded its investment on an ac- celerated timeline, demonstrating the firm’s ability to move quickly and deliver certainty of execution in complex transactions.

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JLL Capital Markets arranges sale of The Kensington at Halfmoon

senior managing directors Steve Simonelli and Jose Cruz, along with director Austin Pierce. The Kensington at Halfmoon is located at 1 Kensington Ct. in Clif- ton Park, 12 miles north of Albany and 10 miles south of Saratoga Springs. The property is adjacent to highways including Rte. 9 and the Northway (I-87), providing

connectivity to employers like GlobalFoundries, General Electric and St. Peter’s Health Partners throughout the Albany-Schenect- ady-Troy metropolitan area. The Capital Region of N.Y. has transformed into “Tech Valley” through state and federal invest- ments in advanced manufacturing and semiconductor research.

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Houlihan Lawrence Commercial facilitates $2.1 million retail sale

BROKERAGE Jack Resnick inks 28,970 s/f office lease at 880 Third Ave.

EASTCHESTER, NY Houlihan Law- rence Commercial, a division of Houlihan Lawrence, facilitated the sale of a 3,200 s/f retail building at 17-19 Mill Rd. The sale price was $2.1 million. Michael Scrima, director/asso- ciate real estate broker of the SG Realty Team at Houlihan Lawrence Commercial with Sean Campbell, real estate salesperson at Houlihan Lawrence Commercial represent- ed the buyer and seller. QUEENS, NY Thomas Galo of RTL represented the landlord in a retail lease at 41-05 29 th St. in Long Island City, securing Astra Hospitality for the building’s ground-floor retail space. Astra Hospitality signed a 10- year lease for 2,407 s/f at the base of the property’s 86-unit luxury condominium tower in the Queens Plaza North neighborhood. The asking rent for the space was $85 per s/f. Galo represented the landlord, Hazelton Capital Group & SB Development, in the trans- action. Victor Terzi of Isaacs & Company represented the tenant. Astra Hospitality is a new hospitality group led by an experi- enced restaurateur behind several

MANHATTAN, NY Jack Resnick & Sons publicized four lease agreements totaling 28,970 s/f at 880 Third Ave., its 18-story boutique office tower located in the Plaza District. Resnick welcomes financial institution Private Export Funding Corp. (PEFCO), which signed a 13- year lease for 9,577 s/f across the entire 9 th floor. PEFCO relocated to its new space from 675 Third Ave. Nonprofit Finance Fund will relocate to 8,393 s/f across the entire 12 th floor this summer from 5 Hanover Sq. in Lower Manhattan as part of a 12-year lease. The Permanent Mission of Be- lize to the United Nations signed a 12-year lease and will relocate from 675 Third Ave. to 4,345 s/f on the 13 th floor later this summer. Resnick agreed to a seven-year lease extension with FHS Risk Management for 6,655 s/f across the entire 14 th floor. The insurance consulting firm has been a tenant in the building for over two decades. Jack Resnick & Sons was repre- sented by an in-house team of Brett Greenberg and Adam Rappaport. PEFCO and the Permanent Mis- sion of Belize to the United Nations was represented by Gordon Ogden and Ava Beganovic of Bradford Allen. Nonprofit Finance Fund was

17-19 Mill Road - Eastchester, NY

Galo of RTL signs Astra Hospitality to 2,407 s/f at 41-05 29 th St.

courtesy of Jack Resnick & Sons.

represented by Lindsey Orenstein, Stephen Powers and Sasha Perlov of OPEN Impact Real Estate. FHS Risk Management was represented by Zev Holzman and Jordan Ka- liner of Savills. “We’re pleased to have PEFCO, Nonprofit Finance Fund and the Permanent Mission of Belize make 880 Third their new home, while continuing our long-standing rela- tionship with FHS,” said Jonathan Resnick, president of Jack Resnick & Sons. “These transactions reflect the resurgence of the Third Ave. corridor and the overall strength of the Midtown office market.”

Manhattan and Brooklyn con- cepts, including Red Sorghum, Blue Willow, Ye’s Apothecary and Bar Baserri. The Long Island City location will debut as a café and wine bar concept.

The property is located in a retail corridor of Long Island City, with nearby tenants including Finback Brewery, FER, Planet Fitness and Pueblo Querido Cof- fee Roasters.

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New York Real Estate Journal Published monthly for $99 per year by East Coast Publications 17 Accord Park Drive, Unit 207, Norwell, MA 02061 Printed by: Graphic Developments, Inc. 80 Mayflower Dr., Hanover, MA 02339 | www.graphicdevelopments.com New York Real Estate Journal Published semi-monthly for $99 per year by East Coast Publications 17 Accord Park Drive, Unit 207, Norwell, MA 02061 Printed by: Graphic Developments, Inc. 80 Mayflower Dr., Hanover, MA 02339 | www.graphicdevelopments.com Periodicals postage paid at Norwell, MA and additional mailing offices. $4.95 Single Copy, $5.95 Special Issue. Subscriptions are non-refundable Publication #ISSN 1057-2104 | USPS #6603 | Vol. 35, No. 24 Mailing Address: P.O. Box 55, Accord, MA 02018 Periodicals postage paid at Norwell, MA and additional mailing offices. $4.95 Single Copy, $5.95 Special Issue. Subscriptions are non-refundable Express & Overnight Mail: 17 Accord Park Drive, Unit 207, Norwell, MA 02061 Phone: 781-878-4540 | Toll Free: 1-800-654-4993 | Fax: 781-871-1853 www.nyrej.com POSTMASTER: Send address changes to New York Real Estate Journal, P.O. Box 55, Accord, MA 02018 or 17 Accord Park Drive, Unit 207, Norwell, MA 02061 REPORT AN ERROR IMMEDIATELY Production Staff Jill Graham, Production Manager, jgraham@nyrej.com Mia Camelio, Editor, mcamelio@nerej.com Jeanne Hardman, Art Director, jhardman@nyrej.com Kathi Ferry, Art Specialist, kferry@nyrej.com Rocco Laugelle, Social Media Coordinator, rlaugelle@nyrej.com billing@rejournal.com; subscriptions@rejournal.com Publication #ISSN 1057-2104 | USPS #6603 | Vol. 38, No. 09 Mailing Address: P.O. Box 55, Accord, MA 02018 Express & Overnight Mail: 17 Accord Park Drive, Unit 207, Norwell, MA 02061 Phone: 781-878-4540 | Toll Free: 1-800-654-4993 Fax: 781-871-1853 www.nyrej.com POSTMASTER: Send address changes to New York Real Estate Journal, P.O. Box 55, Accord, MA 02018 or 17 Accord Park Drive, Unit #207, Norwell, MA 02061

John Picard, x250, jpicard@nyrej.com Kristine Wolf x245, kwolf@nyrej.com Mike Campisi x284, mcampisi@nyrej.com John Picard, x250, jpicard@nyrej.com Billboard, Auctions, & Classified John Picard, x250, jpicard@nyrej.com Long Island Kristine Wolf x245, kwolf@nyrej.com Upstate Mike Campisi x284, mcampisi@nyrej.com New York City Section Schedules Issue #1 Digital John Picard, x250, jpicard@nyrej.com Owners, Developers & Managers Jeff Wallace, x240, jwallace@nyrej.com Design/Build Jeff Wallace, x240, jwallace@nyrej.com Spotlights Kristine Wolf x245, kwolf@nyrej.com Production Staff Jill Graham, Production Manager, jgraham@nyrej.com Mia Camelio, Editor, mcamelio@nerej.com Jeanne Hardman, Art Director, jhardman@nyrej.com Kathi Ferry, Art Specialist, kferry@nyrej.com Rocco Laugelle, Social Media Coordinator, rlaugelle@nyrej.com Rick Kaplan, NYREJ Events, rkaplan@nyrej.com billing@rejournal.com; subscriptions@rejournal.com Section Schedules WEEK 2 WEEK 4 New York City Design/Build Spotlight Issue #2 Print & Digital

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8 May 12, 2026

Design/Build

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New York Real Estate Journal

NEW YORK

May 12, 2026 9

The Feil Org. leases 53,000 s/f to Robin Hood at 841 Broadway

BROKERAGE BFC Partners inks 13,758 s/f lease at RFR’s 17 State St.

MANHATTAN, NY The Feil Organiza- tion has made known that Robin Hood has signed a 30-year, 53,000 s/f lease at 841 Bdwy. The brand- new, built-out space encompasses the entire fifth through eighth floors. The deal brings the 91,300 s/f office property to full occupancy. The Feil Organization was repre- sentedin-housebyAndrewWiener and Robert Fisher. Robin Hood was represented by David Carlos and Andrew Dzenis, who lead JLL’s Nonprofit Practice. Robin Hood is New York City’s largest local poverty-fight - ing philanthropy. In 2025, the foundation distributed more than $140 million to 295 direct service community partners across all five boroughs and, since 1988, has in-

MANHATTAN, NY RFR said that real estate development firm BFC Part - ners has signed a 10-year, 13,758 s/f full-floor lease at 17 State St. After logging a record-breaking year for leasing at 17 State – with 250,000 s/f of deals completed in 2025 – demand for space at the 42-story office tower remains strong. The combination of its address, views and location make 17 State St. one of the most sought-after buildings in lower Manhattan. RFR was represented in-house by AJ Camhi, Paul Milunec and Ryan Silverman and supported by a JLL team consisting of Mitchell Konsker, John Wheeler, Andrew Coe, and Margaux Kelleher. BFC Partners was represented by Ron MANHATTAN, NY Avison Young has arranged a 6,577 s/f full floor lease on behalf of Raiden Electric at 45 W 45 th St. in Midtown. The privately owned Local Union #3 I.B.E.W. electrical contractor MBE signed a 10-year lease for the entire 15 th floor, relocating and expanding from 11 Bdwy. The transaction reflects Raiden Electric’s continued growth and long-term commitment to New

Courtesy of RFR

Lo Russo, Harley Dalton and Peter Kearans of Cushman & Wakefield. Asking rents at 17 State St. range from $72-85 per s/f.

vested $3 billion in the fight against poverty in New York City. As part of the agreement, Feil will create interconnected staircases across

the four floors and a fully built- out layout designed to enhance collaboration, improve efficiency and support the continued growth.

MANHATTAN, NY Savills represented Adaptive Security, an AI-powered cybersecurity company, in securing a 51,220 s/f long-term sublease at 120 Bdwy. The relocation positions Adaptive Security to support its accelerated growth and expand- ing team. Savills vice chairman Zev Holzman, corporate manag- ing director Christopher Foerch, associate director Will Demuth and associate Riley Scanlon rep - Adaptive Security relocates to 51,220 s/f office at 120 Broadway resented Adaptive Security in the transaction. “The Manhattan office market remains highly competitive, partic- ularlyforAIandtechnologytenants seeking move-in-ready space that supports their continuing innova- tions,” said Holzman. “As demand has tightened across core Midtown and surrounding submarkets, secur- ing a large, modern office such as 120 Broadway required creativity and market insight. We identified a solution that meets Adaptive Secu - rity’s current needs while providing room to grow and scale.” Ross Zimbalest, senior vice president at CBRE, represented the sublandlord, BarkBox, in the transaction. Adaptive Security is on a growth trajectory, most recently occupying an 18,200 s/f office before this relocation

Avison Young arranges 6,577 s/f lease for Raiden

York City, with the new space offer- ing increased efficiency, enhanced visibility and improved access to clients across the city. Avison Young senior director Patrick Steffens and principals Martin Cottingham and Michael Gottlieb represented Raiden Elec- tric. Cushman & Wakefield’s Harley Dalton, Pierce Hance and Samantha Perlman represented the landlord, AFIAA.

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Hunt Commercial Real Estate Q&A: Location, location, location?

Brown Advisory to move NY office to Tishman Speyer’s 520 Madison Ave. BROKERAGE

that must be answered from a business perspective. The second category of search objectives concerns real estate value. As real estate professionals, we tend to be more concerned about these criteria than our clients. Someday, in some way, your new building is going to be sold, either by you or your successors. We would like to make the process easier and maximize the selling price when that occurs. That is why we are concerned with “location, location,location.”Allthingsbeing equal,weknowthatagoodlocation will appreciate faster and sell faster. What is a good location? It is a location that will appeal to the greatest majority of buyers. On Long Island, that means a location that within a reasonable driving distance from the Long Island Expressway. It generally means a location that has tight zoning or restrictive covenants, that provides for plenty of parking and landscap - ing. It also has the infrastructure (e.g. roads, utilities, and perhaps, sewers) to accommodate almost any kind of business need. In this category, beyond the three most important criteria of location, location and location, I would add parking ratio, environmental

review, and structural engineering. These are all items that can have a major impact on resale, or may be very costly to rectify. As an ex - ample, your business may operate nicely with a 2:1 parking ratio (two parking spaces for every 1,000 s/f of building area), but you would probably double the number of prospective purchasers in the future with a 3:1 parking ratio. I have two final thoughts on evaluating criteria in both catego- ries. First, concentrate on criteria that you cannot change, e.g., you may be able to build additional office space, add loading doors, or increase the electrical power, so these should not be your primary search criteria. Second, the specific needs of your business are actually the most important criteria. The wrong building in the right location is still the wrong building. Do you have a question regard - ing commercial real estate? Email your question to Commercial Real Estate Q & A at email@huntcorp. com for possible inclusion in a future column. David Hunt, MCR, CCIM is the presi- dent of Hunt Corporate Services, Inc., Plainview, N.Y.

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MANHATTAN, NY Tishman Speyer reached an agreement with Brown Advisory, who will be moving their New York office to 520 Mad - ison Ave. This brings Tishman Speyer’s one million s/f Plaza District office tower to 99% leased. Brown Advisory will occupy 34,748 s/f across the tower’s entire 27 th floor and a portion of the 26 th . As part of a 15-year lease, the glob - al investment management and strategic advisory firm will more than double its current 16,000 s/f footprint when it moves from 12 East 49 th St. in the fourth quarter of 2026. 520 Madison is leased to a roster of global financial and investment firms. Since the start of 2025, Tish - manSpeyercompleted125,000s/f of leasing at the property. Built in 1982, the 43-story tower is known for its signature sloping architecture and polished red gran - ite façade. The design features a lush outdoor plaza, stylish office lobby, and curated art program. Tishman Speyer was represent - ed in-house by Megan Sheehan and Sam Brodsky. Brown Advi - sory was represented by Cynthia Wasserberger, Michael Berg, Bob - by Blair and Sofia Bruno of JLL.

Q: We want to purchase an industrial building to house our growing import and distribution business. I have heard that the three most important criteria in selecting real estate are “location, location, and location.” What other criteria would you suggest? A: In working with our clients, we break down our search ob- jectives into two categories. The first category involves the specific needs of your business such as warehouse height, amount of office space and number of loading doors. Search criteria in this category tend to be very subjective, and you, as the business owner, are the most qualified to make the decisions and evaluate the trade-offs involved. Of course, location will probably play a role in this category. How many employees will you lose by making a move of over 20 miles from your present location? Will your shipping costs increase as you move from one zone into another? These are the types of questions

Photo credit Joe Thomas

FOR FULL STORY VISIT NYREJ.COM Located between East 53 rd and East 54 th Sts., 520 Madison is surrounded by the Plaza District’s best restaurants, retailers, hotels and corporate headquarters, as well as convenient commuting options. Santi, the celebrated modern Italian restaurant by Michelin-starred chef Michael White, is at the base of the tower, along with personal care and beauty retailer Sephora, men’s active wear company Rhone Ap - parel, and Italian hair and skincare boutique Barberino’s.

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The commercial classroom: It’s all about communication Edward Smith Jr. Smith Commercial Real Estate he wants the customer to return to the store again.

BROKERAGE

SummitTX Capital relocates to Rudin’s 560 Lexington Ave.

ment real estate. Without using the words “real estate”? Apparently if we say, “commercial real estate”, all that is subconsciously heard is “real estate” invoking the same questions as above. Examples of traditional answers are: “I help businesses find space to lease or buy.” “I find and sell properties for investors.” “I broker commercial buildings and space.” This is fine but these are considered dead-end sentences, the conversa- tion is going nowhere; it ends with this reply. Better to start a dialog. When asked what you do, reply with a question or two: “Have you, a friend or relative ever bought real estate?” “Yes.” “How was the experience?” “No.” “Why not?” This starts a con - versation. You can always close the discussion with, “I help people invest in real estate”. Give them two of your business cards saying, “Here’s two of my business cards one for your records and please pass the other to someone you think I could help.” Edward Smith, Jr., CREI, ITI, CIC, GREEN, MICP, CNE, e-Pro, AHWD and CIREC program developer, is a licensed real estate broker in New York and Connecticut and is a real estate broker with Smith Commer- cial Real Estate, Sandy Hook, CT.

MANHATTAN, NY Rudin finalized a lease agreement with hedge fund SummitTX Capital at 560 Lexing- ton Ave., its 22-story, 380,000 s/f office tower in the Plaza District. SummitTX signed an 11-year lease for 17,778 s/f on the 19 th floor. SummitTX will relocate from its of- fices at 75 Rockefeller Plaza this fall. Rudin was represented in-house by Kevin Daly, in addition to the CBRE team of Peter Turchin, Brett Shannon, Eric Deutsch, Jacob Rosenthal and Lauren Levy. Sum- mitTX was represented by Cushman & Wakefield. MANHATTAN, NY Lee & Associates NYC completed a new retail lease for Bun Mee at 115 East 23 rd St. in the Flatiron/Gramercy area. This marks the brand’s first location on the East Coast. Bun Mee signed a 10-year lease for 2,200 s/f across the ground floor and lower level of the property, with an anticipated opening in Septem- ber 2026. The space was previously occupied by Kung Fu Tea. The landlord, First Premier Prop-

This concept is so important to be- coming a successful commercial real estate agent. As you meet potential clients and customers, start building a relationship with a compliment, then find out what they do. Next visit their work location and learn all you can about their business and future plans. Put their information in your database and calendar program. Once you complete your first transaction with them consider them “clients for life”. Someone leases space, will they ever move again? Businesses never stay stagnant, they grow, shrink, or go out of business, we can help them in any event. When an investor buys a building, will they buy another one or need your help in leasing space in the one they bought? How often have you been in a social situation where you meet someone new and they ask what you do for a living? Ever say, “I’m in real estate.”And the next question you hear is “Oh, what are houses around here selling for?” Or, “What are the latest mortgage rates; do you know where I could finance a second mortgage on my home?” Traditionally we were taught to predetermine a response to the question that immediately focuses the person on commercial or invest-

I was standing in a line in a vitamin store waiting to make a purchase and I overheard the sales clerk speaking to the customer in front of me. “Are you with the military?” he asked. The customer replied that he had been and now worked private security. “I could tell” said the clerk, “Your build and the short hair”. The conversation ensued for a couple of moments and now it was my turn to be waited on. “What a nice watch!” was the clerks opening remark, “My grand- father had one just like it.” As he rang up my purchase the small talk continued. He had immediately established a good rapport with both of us customers and effectively distracted us from the expensive price of his products. I’m not sure if that was his goal, but my overall impression was a pleasurable buying experience – I would go back to that store again. Turns out he was the manager and he demonstrated exemplary sales skills. He recognized the need in sales to immediately establish a relationship with the customer. Sure, the immediate sale is important, but

Photo credit Rudin

Lee & Assocs. NYC arranges 2,200 s/f Bun Mee lease

FOR FULL STORY VISIT NYREJ.COM erties, was represented in-house by David Dynak of First Pioneer Prop - erties, while tenant representation was handled by Josh Lebowitz of Lee & Associates NYC.

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JUNE 30 Contact Kristine Wolf 800-654-4993, ext. 245 kwolf@nyrej.com

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12 May 12, 2026

Avison Young secures $30m loan for GMC at Brooklyn Navy Yard Metropolitan Realty Assocs. refinances 5101 Fashion Dr. with $32.8 million loan FINANCE

NANUET, NY Metropolitan Realty Associates LLC (MRA), led by CEO and founder Joseph Farkas,

BROOKLYN, NY Avison Young se - cured a $30 million sub-leasehold mortgage loan on behalf of an entity controlled by the Brooklyn Navy Yard Development Corp. (BNYDC) for the Green Man- ufacturing Center (GMC) at the Brooklyn Navy Yard, a set of three buildings totaling 250,680 s/f of light industrial and ancillary office space. The financing was provided by Webster Bank. Avison Young’s tri-state debt and equity finance team led by principal Scott Singer; executive director Kevin Swartz; senior director Kathleen McSharry and analyst David Brucker arranged the financing on behalf of BNY - DC. Notably, the team conceived of the sub-leasehold financing structure for BNYDC over a decade ago and secured financing at that time from Sterling National Bank, which merged with Webster Bank in 2022. Originally built between 1857 and the 1940s, the GMC was used as machine shops for manufac- turing ship components for the U.S. Navy during World War II. In 2015, BNYDC completed sub- stantial renovations that involved modifying the existing buildings to create a multi-tenanted build- ing complex for industrial and

mercial condominium units and the creation of multiple revenue streams across retail, self-storage, and outparcel restaurant uses. Recent leasing activity has further strengthened the asset’s performance, highlighted by a newly executed 10-year, 35,500 s/f lease with Best Buy. In addition, MRA developed a freestanding Popeyes Louisiana Kitchen on the property, further activating the site and enhancing its consumer draw. The property also includes an 865-unit self-storage facility on the second floor, 90% occupied and undergoing a further expansion to meet the growing demand for storage facilities with the right mix of unit sizes. The facility is being operated by Storage King USA. Royal Properties serves as the exclusive leasing agent for the property, with David Landes and Zach Landes leading leasing efforts. “The new financing reflects both the scale of the transformation and the strength of the underlying asset,” said Farkas. “By reimag - ining a former department store as a multi-tenant, multi-use asset, we’ve created a property that is well-positioned to meet current market demand and generate long- term value.”

has secured a $32.8 million refinancing for its retail proper- ty at 5101 Fash- ion Dr., known as RTL Nanuet. The loan was provided by

Joseph Farkas

IDB Bank and replaces an exist- ing $22.9 million loan on the asset. MRA acquired the former Ma- cy’s building in December 2018 for $11.2 million and has since completed a comprehensive re- positioning of the 218,000 s/f property, transforming the former single-tenant department store into a diversified, income-producing asset. “This refinancing validates the value we’ve created since acquir- ing the property,” said Farkas. “By reconfiguring the asset into multiple revenue streams and attracting strong national tenants, we’ve repositioned the property to perform in today’s retail envi- ronment.” The refinancing incorporates the full scope of improvements made to date, including the conversion of the building into separate com -

manufacturing tenants designed according to Leadership in En - ergy and Environmental Design (LEED) principles. The reno- vation included repairs to the foundation, facade restoration, improved building envelope, new windows, new metal roof, new utilities/mechanical systems, new life safety systems, and additional work to attract prospective tenants. The property is fully leased to four tenants that exemplify the Yard’s ethos to champion eco- nomic and innovation growth in Brooklyn, collectively employing hundreds of workers earning qual - ity wages and honing real skills across multiple industries. “We’re pleased to continue our long-standing partnership with the Brooklyn Navy Yard Development Corp. with this latest

financing,” said Singer. “By lever - aging the sub-leasehold structure our team originally implemented over a decade ago, we were able to deliver a solution that supports the Yard’s ongoing growth while unlocking additional value from a fully stabilized asset.” “The Brooklyn Navy Yard is a powerful engine for job creation and economic growth. We support over 13,000 jobs with our campus and this financing enables us to build on that momentum,” said Lindsay Greene, president & CEO of the Brooklyn Navy Yard. “The Green Manufacturing Center ex - emplifies our progress and this in - vestment ensures we can continue to deliver economic opportunity through manufacturing jobs to New Yorkers for years to come.” FOR FULL STORY VISIT NYREJ.COM

NEW YORK

May 12, 2026 13

Gantry procures $11.5m for Public Storage facility recapitalization

FINANCE Arrow R.E. Advisors structures $8.8 million construction loan for multifamily development

ISLAND PARK, NY Gantry has secured a $11.5 million permanent loan to retire maturing debt for a Public Storage managed facility located at 4055 Austin Blvd. on Long Is- land’s South Shore. The 740-unit, three-story, climate-controlled facility is stabilized and perform- ing at the top of its class in its region. Its location is positioned at the main east–west connection between the cities of Long Beach and Oceanside on Long Island and the adjacent Nassau County mainland, capturing consistent local traffic as well as seasonal beach demand. Gantry’s Robert Slatt, princi- pal, and Alex Poulos, associate, with the firm’s San Francisco production office represented the BRADENTON, FL Ian Fitzgerald of Largo Capital, Inc. arranged a $15 million construction loan for Forest Cove, a 156-unit workforce hous- ing development. The financing was structured on a five-year term with 36 months of interest-only payments and a completion guar- anty that burns off to non-recourse at stabilization. The project is a public-private partnership between Manatee

BROOKLYN, NY Arrow Real Estate Advisors has arranged an $8.8 million construction loan for the development of a new multifamily property located at 1532 Bergen St. in Crown Heights. The financing was provided by S3, a debt fund lender. The transaction was led by Arrow Real Estate Advisors’ Morris Betesh, founder and man- aging partner, Israel Mermelstein, senior director, and Louis Halperin, associate. “It was a privilege to represent a new client as they embark on their largest development project,” said Israel Mermelstein, senior director ofArrowRealEstateAdvisors.“S3 proved to be the ideal lending part- ner for the sponsor, and we were pleased to facilitate the expansion of that relationship. By engineering a highly customized loan structure tailored to the unique requirements of this transaction, we ensured a seamless execution that aligned perfectly with the sponsor’s stra- tegic goals for this asset.” The loan will fund the con- struction of a six-story, 27,136 s/f mixed-use building comprising 25 residential units, two commercial spaces, and eight parking spaces. Planned amenities include a fitness

Slatt, “The Island Park facility is a high quality, stabilized asset leveraging its strategic location and climate-controlled units to lead its competitive set. Gantry’s exclusive network of insurance company lenders remain stead- fastly committed to their self storage financing programs and target high performance assets like this with their best terms. Our ability to source and close the desired permanent refinance with a correspondent in 45-days from application to funding is a testament to that commitment. In today’s competitive debt market where options must be considered, they are often the most attractive source offering non-recourse fi - nancing for the asset class.”

borrower, a private real estate investor. The five-year, fixed rate, non-recourse loan was provided by one of Gantry’s correspondent insurance company lenders. According to Gantry’s Robert

center, laundry room, and roof terrace. The sponsor acquired the prop- erty in September 2025 and has since advanced the project through the approval process, including se- curing additional floor area through the Uniform Land Use Approval Procedure (ULURP). Demolition is already underway, with sitework and excavation expected to begin in the second quarter of 2026. Completion is anticipated in the first quarter of 2027. Located near the 4, A, and C subway lines, the property offers connectivity to Manhattan and the broader New York City area.

Fitzgerald of Largo arranges $15m const. loan

County and a developer group that includes some of the area’s largest employers as equity partners. Each participating employer reserved a proportionate number of units for their employees to rent at afford- able rates.

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