This Week's NY Deal Sheet
The week started with a blizzard and ended with a financing bang. The ownership group in charge of the office tower at 5 Times Square secured a refinancing for more than $1B. Here are the other big deals we found in New York commercial real estate last week.
TOP LEASES
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Publisher W.W. Norton & Co. signed a long-term 95K SF lease renewal at 500 Fifth Ave., a building owned by L&B Realty Advisors. Rents range from $68 to $90/SF. A Savills Studley team led by executive vice president Daniel Horowitz, Jeffrey Peck, Gary Kerper and Roi Shleifer represented W.W. Norton, while a Cushman & Wakefield team of Harry Blair and Sean Sterns represented L&B Realty Advisors.
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Stifel Financial Corp. subleased two floors totaling 46K SF at 277 Park Ave., a building owned by Stahl Organization. The space was previously occupied by Stifel subsidiary Sterne Agee Group. Financial services firm Ladenburg Thalmann took the entire 23K SF 26th floor in a sublease that will start in April and run until January 2021. Luis Pupolo and Alex Furst of Douglas Elliman Commercial represented Ladenburg Thalmann. The Agricultural Bank of China signed a sublease for the 23K SF 24th floor until January 2020. While terms of the subleases were not disclosed, rents in the building average $85/SF. A Cushman & Wakefield team of Mark Weiss, Robert Eisenberg, Scott Shelbourne, Barry Garfinkle and Mikael Nahmias represented Stifel in the deals.
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Target signed a lease with Empire State Realty Trust for a 43K SF store at 112 West 34th St., across the street from the flagship Macy's in Herald's Square. ESRT's Fred Posniak and Shanae Ursini repped the landlord in-house with Cushman & Wakefield's Joanne Podell, Ian Lerner and Mary Clayton. Peter Ripka, Richard Skulnik and Jeffery Howard of Ripco Real Estate represented Target.
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Marketing analytics firm ComScore is expanding its footprint at 7 Penn Plaza, owned by the Feil Organization, by almost 15K SF to nearly 40K SF in a 10-year deal. Asking rent was $65/SF with ComScore set to expand in July. David Turino is the landlord's director of commercial leasing, while Robert Hill and Brian Hay of CBRE represented ComScore.
TOP SALES
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The Matsil family sold its three-story, 246K SF warehouse at 48-49 35th St. in Long Island City to Metropolitan Realty Associates, a firm controlled by Joseph Farkas, for $55M. The building is 79% leased, with AirSea Packing, an international shipping company, the largest tenant, occupying 100K SF. Jeff Unger and Neil Dolgin of Kalmon Dolgin represented the Matsil family, while law firm Duval & Stachenfeld represented MRA.
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Richard Scharf's Abro Management purchased two adjacent Brighton Beach, Brooklyn, rental buildings from David Kramer's Hudson Cos. for $47M. The apartment buildings at 1125 Banner Ave. and 2750 East 12th St. have 102 units in total spanning 115K SF. Westwood Realty Associates' Steven Vegh brokered the deal.
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Japanese billionaire Bungo Shimada sold his 14K SF mansion, just steps from Central Park, on 7 East 76th St. for $41.5M to imprisoned Chinese electronics tycoon Huang Guangyu. Sotheby's Stan Ponte and Max Collins represented Shimada in the transaction.
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Marcello Porcelli's LargaVista companies bought a 50K SF warehouse from Leon Kassabian at 30-12 41st Ave. in Long Island City for $27M. CBRE agents Dan Kaplan, Tim Sheehan, Josh Kleinberg and John Reinertsen represented Kassabian.
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An LLC registered to Paul Amit and Jacky Bain sold the new apartment building on 1035 Fulton St. rebranded as 976 Fulton in Bedford-Stuyvesant for $22M to an anonymous LLC.
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Condos at the "Jenga tower" on 56 Leonard St., developed by Hines and the Alexico Group, continue to sell at a brisk pace. The building's newest resident is Swiss Watch International CEO Izac Ben-Shmuel, who purchased a 49th-floor condo for just over $13M. A second penthouse unit sold for almost $22M while a third, 46th-floor condo unit sold to Beleonard LLC for over $11M.
TOP FINANCING DEALS
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Scott Rechler's RXR Realty and David Werner refinanced their 5 Times Square office tower with a $1.4B debt package from Morgan Stanley. The debt package includes a $782M senior mortgage carrying a five-year term, a $200M junior mortgage from SL Green and roughly $418M in mezzanine financing.
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Allen Gross's GFI Development Group secured a loan package of $181.3M for the newly completed 287-key Beekman Hotel and connected condo-tower at 5 Beekman St., according to documents filed with the Tel Aviv Stock Exchange.
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Ormonde Equities secured an $85M refinance loan for its property on 2030 Broadway. Principal Life Insurance Co. provided the debt. Eastern Consolidated's Jonathan Aghravi and Charles Han represented Ormonde.