This Week's N.Y. Deal Sheet
This week, a massive portfolio of apartments changed hands, a Long Island City warehouse locked down a lease and more than $1B in new loans is coming for a Midtown office building.
TOP SALES
L+M Development Partners and Invesco Real Estate agreed to buy five former Mitchell-Lama developments in Manhattan and on Roosevelt Island from Urban American and Brookfield for $1.2B, the buyers announced last week. The buildings include the River Crossing, the Heritage, the Miles and the Parker in Harlem and Roosevelt Landings on Roosevelt Island. The portfolio spans 2,800 market-rate units, and L+M and Invesco plan to return more than 1,800 of them to long-term rent regulation. The units are part of the 4,000-unit Putnam Portfolio, which was first listed for sale in March.
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A Madison Capital-led investment group paid $206M for 130 Prince St., The Real Deal reports. Invesco sold the 88K SF office property, and Evan Layne and Brett Siegel of Eastdil Secured brokered the deal.
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McSam Hotel Group, led by Sam Chang, paid $18.8M for a parking garage in Chinatown, The Real Deal reports. The eight-story building at 62 Mulberry St. spans nearly 35K SF. The seller was 62-64 Mulberry Street Corp., of which Lai Ming Fu is president.
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Sabet Group paid $21.3M for 457 Broome St., Commercial Observer reports. Beam-Rich Inc. sold the SoHo building, which features two retail units, nine residential units and one office unit. Meridian Capital Group’s David Schechtman, Lipa Lieberman and Abie Kassin represented the seller side in the deal.
TOP LEASES
Maquette, a fine art logistics company, is taking nearly 47K SF at North River Co.’s warehouse in Long Island City. The building, at 48-49 35th St., is three stories and spans 260K SF, per a release from the landlord. Maquette also has nearly 21K SF at NRC’s property at 33-02 48th Ave. in Long Island City. NRC Director Forrest Mas with principal Chris Pachios negotiated the new lease directly with the tenant.
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PDT Partners renewed its lease at 1745 Broadway, inking a deal for 50K SF with landlord Invesco Real Estate, Commercial Observer reports. PDT, an investment management firm, has been in the building since 2011. Invesco bought the office portion of the building last year from SL Green and Ivanhoé Cambridge. CBRE’s Ben Friedland, Silvio Petriello and Mike Movshovich brokered the deal for PDT, and Invesco was represented by Cushman & Wakefield’s Robert Lowe.
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Avison Young has leased 45K SF at RXR Realty’s 530 Fifth Ave., the New York Post reports, where it move its NYC headquarters. The space will be on part of the third and the entire fourth floor. Mitti Liebersohn and Joe Harbert brokered the deal for Avison Young in-house. RXR’s Dan Birney and Alexandra Budd represented RXR, also in-house.
TOP FINANCING DEALS
Durst is locking down a $1.6B loan for the refinancing of One Bryant Park, Commercial Observer reports, citing a Kroll Bond Rating Agency report. The deal, set to close later this August, features $950M in commercial mortgage-backed securities loan from the Bank of America — the tower's anchor tenant — with $650M in previous public-assisted financing from 2009 on the collateral, per CO.
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RXR Realty locked down $225.6M from Goldman Sachs for its Long Island University campus development in Brooklyn. The financing includes a $155.9M building loan and a $69.7M project loan, Commercial Observer reports, and is for the construction of a $300M residential tower on the campus. RXR is paying $76.4M to LIU for the site at 196 Willoughby St., per CO.
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The Hakimian Organization locked down $42.5M from Apple Bank for Savings for 30 West 18th St., Commercial Observer reports. The loan includes $750K in new money, and the remainder refinances the outstanding balance on a $45M loan from the New York Community Bank from 2015. Meridian Capital Group’s Jeff Weinberg and Rael Gervis brokered the deal.
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MetLife provided Marx Realty with $140M for the refinancing of 10 Grand Central, Commercial Observer reports. The loan has a loan-to-value of 30% and has a rate of 3.99%. Cushman & Wakefield’s Steve Kohn, Adam Doneger, Mark Ehlinger and Noble Carpenter arranged the financing.
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The Torkian Group locked down a $43M mortgage from AIG for the apartment building at 311 West 50th St. known as the Cameo, Commercial Observer reports. The financing — arranged by Aaron Birnbaum and Carol Shelby of Meridian Capital Group — replaces a $42M loan from BankUnited from 2015, and adds $2.2M in new debt.
