Developers Strike Deal To Redevelop Historic Queens Bowling Alley: The N.Y. Deal Sheet
A new joint venture is hoping to avoid a gutterball as it embarks on a housing project to replace the historic Whitestone Lanes bowling alley in Queens.
Urban Realty Partners has partnered with the Macaluso family’s private development arm, MarMar Realty, to acquire the historic 48-lane bowling alley at 30-05 Whitestone Expressway for $45M, according to a deed filed to the city register Tuesday.
The 81K SF property, built in 1960 and owned by the Macaluso family for three generations, has long been home to the Whitestone Lanes Bowling Center, once called “the holy grail of bowling” with lanes open 24 hours a day.
The new joint venture now has the option to build a nine-story, 406K SF multifamily building with up to 415 apartments and public space after Queens Community Board 7 approved a rezoning in 2023 that residents sought to prevent.
Commercial Observer first reported the sale, which the family owners have been trying to achieve for more than a decade.
Marco Macaluso first listed the property for sale in 2015, asking $60M, before withdrawing the building from the market to pursue a rezoning. Its redevelopment is expected to include affordable housing and is eligible for the federal opportunity zone program, New York state’s 485-x tax break and the city’s mandatory inclusionary housing program.
JLL’s Mike Mazzara, Ethan Stanton and Brendan Maddigan brokered the sale on behalf of the Macaluso family.
The property is the second bowling alley that developers have proposed replacing with housing in the past two years, following Cord Meyer Development and the Variety Boys and Girls Club of Queens’ rezoning proposal that would replace a Jackson Heights bowling alley with a 276-unit project, Crain's New York Business reported.
TOP SALES
Union Investment and Nuveen Real Estate sold a four-story Yorkville retail building at 1511 Third Ave. to Stockbridge Capital Group for $46.1M, Commercial Observer reported. The deal is Stockbridge’s second transaction in NYC. CBRE’s Doug Middleton, Jack Stillwagon and Daniel Kaplan represented the sellers. The property is fully occupied, with Gap and Equinox among its tenants, Crain’s reported.
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CareRite Centers acquired a three-story, 51K SF Whitestone nursing home and parking lot at 157-15 19th Ave. for $58.2M, Crain’s reported. Clearview Land LLC was the seller of the building, which houses the Grand Rehabilitation and Nursing facility.
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Sioni Group acquired a 12-story Flatiron District office building at 38 W. 21st St. for $31M, Commercial Observer reported. Valley National Bank provided Sioni with a $21M loan to finance the acquisition. BKREA’s Bob Knakal, Faraz Cheema and Ryan Candel represented the seller, Jack Vogel Associates.
TOP LEASES
Law firm Alston & Bird LLP leased 170K SF at Harbor Group International’s 51 W. 52nd St. for 15 years, bringing the 900K SF office tower to full occupancy. HGI acquired the building, also known as Black Rock, in 2021 and has spent $128M modernizing infrastructure and adding amenities. The law firm will relocate from 90 Park Ave. to the ninth through 15th floors of the tower. It was represented by Savills' Brad Walk, Matthew Barlow, David Goldstein, Joseph Learner, Matthew Brainard and Laura Whelan. Newmark’s Howard Hersch, Greg Conen, Scott Klau, Jennifer Schreiber and Zach Weil represented the landlord.
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Design and fabrication company Pink Sparrow signed a 62K SF, full-building lease at Oriole Realty’s 30-10 Review Ave., a two-story warehouse building in Long Island City, Commercial Observer reported. The deal gives Pink Sparrow 54K SF of warehouse space and 8K SF of offices as it relocates from 24 Greenpoint Ave. Asking rents were $30 per SF. Newmark’s Ryan Gessin and Drew Wiley represented the tenant, while DY Realty Group’s Paul Yuras and Paul Cianciaruso represented Oriole Realty.
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Quality Services for the Autism Community signed a 25K SF lease with Simone Development Cos. at 1200 Zerega Ave. in the Bronx. The nonprofit is relocating its Bronx services to 13K SF on the second floor and 12K SF of outdoor space at the two-story, 96K SF building.
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Jeweler David Yurman plans to open a flagship at 685 Fifth Ave. after signing a 23K SF lease with Brookfield retail subsidiary GGP, Crain’s New York Business reported. The deal spans the entire retail condo of the 29-story building below the Mandarin Oriental Residences' 69 luxury condos. Yurman signed the lease one month after the building’s $160M loan was transferred to special servicing following retailer Coach's announcement of its exit. Lantern Real Estate Advisors’ Matthew Siegel represented the jeweler. Kirsten Lee represented GGP in-house.
TOP FINANCING DEALS
PGIM's real estate arm lent $222M to the Rudin family to refinance two Manhattan office buildings that collectively span more than 1M SF, the lender announced. Rudin landed a $140M loan for the 452K SF tower at 41 Madison Ave. in NoMad and an $82M sum for 641 Lexington Ave., which spans 582K SF.
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Benchmark Real Estate Group refinanced a 61-unit, six-story apartment building at 194 E. Second St. with a $44.5M loan from Citi, according to a release. JLL’s Michael Zaremski, John Flynn and Clayton Ross represented Benchmark. Benchmark acquired the property for $43M in 2024 from Skyline Developers, according to Traded.
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Hershy Silberstein scored a $102M loan to convert 311 W. 43rd St., a 14-story, 193K SF office, into apartments, Commercial Observer reported. S3 Capital provided the mortgage, which is also the lender’s first office-to-resi loan. Silberstein acquired the property for an undisclosed price and plans to create 160 apartments with 40K SF of retail. David Werner was under contract for the building for $40M in April, The Real Deal previously reported. Arrow Real Estate Advisors’ Morris Betesh, Israel Mermelstein, Jack McPhail and Joseph Kean arranged the financing.
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JPMorgan Chase supplied a $122M loan to Blackstone Group to refinance the Kimpton Hotel Eventi at 851 Sixth Ave., PincusCo reported. The sum replaced a $125M loan from Wells Fargo on the 333K SF building, which consists of five commercial condos containing retail and restaurant space, the hotel and two underground parking garages.
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Lonicera Partners refinanced a 314-unit Downtown Brooklyn apartment building at 15 Hanover Place, PincusCo reported. PNC Bank provided the $150M loan, which replaced a $134M loan from Santander Bank.
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The Jay Group, Jacob Aini and Paul Gagliardi scored a $130M loan from Morgan Stanley to refinance a 273-unit mixed-use building at 3880 Ninth Ave. in Inwood, PincusCo reported. The building is split into two condominiums, one containing the residential units across 292K SF and one containing 36K SF of retail. The financing replaced a $92M loan from Apollo Global Management.
