This Week's N.Y. Deal Sheet
This week, the downtown leasing market saw some big deals, a stalled Red Hook development scored financing and a massive warehouse property traded hands.
TOP LEASES
Refinitiv, a London-based financial markets data firm, leased 109K SF at 28 Liberty, landlord Fosun Hive Holdings announced. The company will move from its Midtown offices at 3 Times Square to the entire 37th, 38th and 56th floors. Thomas Costanzo and Isabella Chen represented the landlord in-house. JLL’s Peter Riguardi, Mitch Konsker, John Wheeler, Michael Berman, Dan Turkewitz and Eliza Akers also represented Fosun. Refinitiv was represented by JLL’s Robert Martin and T.J.Hochanadel.
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Thornton Tomasetti, an engineering firm, is taking 102K SF at Silverstein Properties' Equitable Building at 120 Broadway. The deal is for 15 years and means the tenant is consolidating its space from 51 Madison Ave. and 40 Wall St. — also known as The Trump Building — according to Commercial Observer. Rents in the building are between $62 and $74 per SF. Silverstein was represented in-house by Joseph Artusa. CBRE’s Mary Ann Tighe, Tim Dempsey, Steve Eynon, Brendan Herlihy and Marlee Teplitzky arranged the deal for the tenant.
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Northwestern Mutual has signed a 91K SF lease at Brookfield’s 200 Liberty St., JLL announced. JLL’s Scott Vinett’s and Fischer & Co.’s Chris Joyner and Andrew Hegmann represented the tenant. The landlord was represented in-house by Mikael Nahmias along with JLL’s Paul Glickman and John Wheeler.
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JLL is expanding its presence at 330 Madison Ave., expanding to 150K SF from its 82K SF spread today. The deal is for 10 years and means JLL will take part of the second floor, the entire third, fourth and fifth floors, and part of the sixth floor. JLL was represented in-house by Peter Riguardi, and the landlord was represented by JLL’s Frank Doyle, Dave Kleiner and Clark Finney.
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Fitness Factory Health Club inked a 10-year, 18K SF lease at RXR Realty's 475 Clermont in Brooklyn, Commercial Observer reports. Asking rents in the deal were between $80 and $90 per SF. Ripco Real Estate’s Jason Pennington, Andrew Clemens, Benjamin Weiner and Jessica Hedrington arranged the deal for the landlord.
TOP SALES
CenterPoint Properties paid about $134M for the leasehold 101-01 Ave. D, 103-00 Foster Ave. and 101-10 Foster Ave. as well as a one-acre lot on East 105th Street between Avenue D and Foster Avenue, The Real Deal reports. In total, the three properties, sold by Rentar Development, span 925K SF. DY Realty’s Mat Diana, Paul Yuras and Peter Derbar brokered the deal on both sides.
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Jonathan Rose Cos. paid $35M for 4-21 27th Ave. in Queens, a 202-unit Mitchell-Lama property called Goodwill Terrace Apartments. Goodwill Industries of Greater New York and Northern New Jersey Inc. was the seller. JRC plans to invest $10M in capital improvements. The New York City Housing Development Corp. provided a $28.5M loan for the acquisition. Transwestern Commercial Services’ Stephen Powers, Lindsay Ornstein, Jake Cinti, Dean Sigmon and Justin Shay arranged the deal.
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Prologis paid $21.5M to Willowen Management Corp. for a last-mile distribution warehouse at 24 Woodward Ave. in Queens, Newmark Knight Frank announced. The property is two stories and 110K SF. NKF’s Brian Ezratty and Scott Ellard arranged the deal.
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Freo Group paid $22.9M for a multifamily building at 79-87 Clifton Place in Brooklyn, according to Skyline Properties. Ami Ariel was the seller of the property, which features 40 residential units and 16 parking spaces. The price works out to be $400 per SF. Daniel Shirazi and Jacob Lewis of Skyline Properties arranged the deal.
TOP FINANCING DEALS
Churchill Real Estate Holdings loaned Italian developer Est4te Four $74M for its planned condominium project at 160 Imlay St., The Real Deal reports. Previous financing was provided by Apollo Commercial Real Estate Finance. Maverick Capital Partners’ Adi Church brokered the loan for Est4te Four. The Red Hook project is set to have 70 units, but has hit some setbacks, per TRD.
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Phoenix Realty Group and Artimus Construction locked down $181M for their 25-story project at 147-07 94th Ave., The Real Deal reports. The Housing Development Corp. loaned $124.8M, including $50.2M from a participation loan with JPMorgan Chase. Another $56M came from the city's Department of Housing Preservation and Development. The plan is for the project to span 544K SF and feature both affordable and market-rate units.
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Bluestone Group, Altmark Group, Madison Realty Capital and Galil Management locked down $85M from LibreMax Capital for the group's office property in the Bronx, TreppWire reports. The building is at 825 East 141st St. and is known as Union Crossing. Progress Capital brokered the deal.
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Morgan Stanley provided $50.4M to Finkelstein Timberger East Real Estate for the refinancing of five rental properties in the Bronx, Commercial Observer reports. The financing comes with a rate of 3.78%. Black Bear Capital Partners’ Bryan Manz, Rob Serra and Emil DePasquale arranged the financing.
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Lightstone Group locked down $175M from Goldman Sachs for the 286-room Moxy East Village hotel, per TreppWire. Lightstone previously reeled in a $91M loan from Bank OZK in 2018.
