Canyon Funds Soho Luxury Co-Op Build

NEW YORK CITY-SK Development, Ironstate Development and the Chetrit Organization plan to launch construction immediately on their 10 Bond Street luxury apartment building in Soho, now that the joint venture has secured a $31.1-million senior loan from Canyon Capital Realty Advisors LLC. Designed by Selldorf Architects, the project will consist of eleven residential co-ops and a retail condominium. “We continue to be very interested in the Manhattan residential market, and are pleased that our construction financing will pave the way for the transformation of an underutilized site into a true residential jewel box,” says Canyon's Jonathan Roth. A first-quarter 2015 completion is anticipated.

An Ariel Property Advisors team of Shimon Shkury, Victor Sozio, Michael A. Tortorici, Jesse Deutch and Marko Agbaba has arranged the sale of nine multifamily buildings on the Upper West Side, Central Harlem and East Harlem for a total of $30.5 million. The largest of the sales was $11.1 million for five attached walk-ups at 265-273 W. 146th St. between Adam Clayton Powell Jr. and Frederick Douglass boulevards in Central Harlem. The Ariel team also arranged the sales, all on behalf of real estate investment firms, of a five-story walk-up at 950 Columbus Ave. for $5.1 million; a six-story, mixed-use building at 88 E. 11th St. for $5 million; a six-story, corner mixed-use walk-up at 1161 Park Ave. for $4.8 million; and a six-story walk-up at 524 E. 119th St. in a $4.5 million transaction.

Moving from Northern Manhattan to Midtown South, a five-story loft building at 351-353 Canal St., owned by Tunnel Holdings for the past 70 years, has sold for $24.75 million. Eastern Consolidated's Peter Carillo, Alexander G. Erdos and Paul J. Nigido represented Tunnel Holdings and also procured the buyer, 351 Canal LLC. The property includes ground-floor retail, offices on the second floor and 10 residential units on floors three through five. 

WisdomTree Investments Inc., a New York City-based exchange-traded fund sponsor and asset manager, has signed on for the entire 35th floor of 37,923 square feet in a relocation to Brookfield Office Properties' 245 Park Ave. A Studley team of Matthew Barlow, Greg Taubin and Gabe Marans represented the tenant, which is moving from 20,000 square feet at 380 Madison Ave. Peter Shimkin of Newmark Grubb Knight Frank and Sarah Pontius of BPO represented ownership. The new tenant, which has leased the space for 15 years, expects to move in during the first quarter of 2014.