Troubled Staten Island Apartments Trade For $365M: The N.Y. Deal Sheet
Delshah Capital sold a 1,103-unit Staten Island apartment complex for $364.7M to a trio of local housing stalwarts.
A joint venture of the Arker Cos., L+M Development Partners and LIHC Investment Group bought the Park Hill apartments, according to city deed records.
The deal is split across three transactions for the federally subsidized buildings at 140-180, 185-225 and 240-280 Park Hill Ave., according to PincusCo, which first reported the deal.
Tenants have submitted more than 2,000 complaints in the past few years over issues including rodents and hot water, Crain’s New York Business reported. A local lawmaker requested an investigation into the landlord, which has owned the complex for two decades, for allegedly squalid conditions, including some tenants going without heat during last month's cold snap.
The ownership change will be followed by renovations at the complex using funding from the city and state.
TOP SALES
Miami-based Gencom closed on its purchase of the 253-room Ritz-Carlton New York, Central Park for $320M, The Real Deal reported. Gencom landed a $235M loan from Banco Inbursa to finance the deal, which was arranged by a Newmark team led by Adam Spies, Mark Schoenholtz and Marcella Fasulo. The seller was Westbrook Partners, which is also reportedly under contract to sell another Ritz-Carlton in Washington, D.C.
***
Rockrose closed on its acquisition of the former site of the Long Island College Hospital from SUNY Downstate Health Sciences University for $100M, PincusCo reported. Development plans at the Cobble Hill site had been stalled for years due to legal disputes between SUNY and the site’s previous owner, Fortis Property Group.
***
Terreno Realty Corp. bought a 313K SF warehouse at 28-10 Whitestone Expressway in Queens for $92M, it announced last week. Wildflower Managing Partner Adam Gordon sold the site for almost three times the $35.8M he spent acquiring it in 2025, Crain’s reported.
***
Toll Brothers bought a luxury condo development site at 118 10th Ave. from Benny Barmapov. The 12K SF assemblage, which spans two lots, overlooks the High Line and allows for an 85K SF residential project. Adirondack Capital Partners’ Michael Hunter Coghill and Chad Sinsheimer advised the seller.
TOP FINANCING DEALS
An affiliate of Olshan Properties refinanced 99 Hudson St., a 184K SF Tribeca office building, with a $40M loan from Connecticut General Life Insurance, public records show. A JLL Capital Markets team led by Steven Klein represented the borrower.
***
Olayan Group scored $800M to refinance 550 Madison Ave., otherwise known as the Sony Building, from ING Capital, The Real Deal reported. The new debt adds $230M to the prior loan's balance of $570M, which was also held by ING. The property is now roughly 96% occupied after global financial services firm Aquarian Holding signed a 75K SF lease nine months ago.
***
Carlyle Group and Property Markets Group refinanced two Gowanus rental properties at 267 Bond St. and 510 Sackett St., PincusCo reported. Brookfield Properties provided the $296M loan for the 344-unit complex. The financing replaces a $201.9M loan from Apollo Global Management.
***
RXR Realty refinanced a 320-unit rental condo building at 160 Front St. in Dumbo for $143M, PincusCo reported. New York Life Insurance Co. provided the funding, which retires a $154M loan from Capital One.
TOP LEASES
Epic Insurance expanded to 25K SF at American Strategic Investment Co.’s 1140 Sixth Ave. It isn’t clear how big Epic’s prior footprint in the building was. Cushman & Wakefield’s Josh Kuriloff, Matthias Li, Pierce Hance, Heather Thomas and Nicole Estevez represented the landlord, while CBRE’s Eric Deutsch and Jared Freede represented the tenant.
***
The New York City Department of Environmental Protection signed a 20-year lease for 155K SF at Innovo Property Group’s 24-02 49th Ave., Commercial Observer reported. The agency is moving from a smaller, older building at 59-17 Junction Blvd. in Flushing to Long Island City. CBRE represented the landlord.
***
Nespresso renewed its 42K SF lease at Empire State Realty Trust’s 111 W. 33rd St., the REIT announced. The coffee-machine maker has been a tenant in the 26-story building since 2018. ESRT’s Shanae Ursini and Scott Klau represented the landlord in-house alongside Newmark’s Kerry Lavelle and Erik Harris, while JLL’s Justin Haber, Kyle Riker and Emma Gill represented Nespresso.
***
Seaport Entertainment Group signed the Balloon Museum to the entire 54K SF Tin Building at 96 South St. in a direct deal, Commercial Observer reported. The tenant replaces a gourmet food hall from chef Jean-Georges Vongerichten, which occupied the space for less than four years.
