This Week's N.Y. Deal Sheet
This week, coworking firm Industrious ramped up its Manhattan presence, a collection of office condominiums traded and Tishman Speyer landed a full-building office lease in Downtown Brooklyn.
TOP LEASES
Tishman Speyer has filled up its major development atop the Macy's in Downtown Brooklyn in one fell swoop. The developer has signed The Whittle School, a private school from Avenues School founder Chris Whittle, to a 620K SF lease at The Wheeler, the adaptive reuse development at Fulton and Livingston streets. The deal has been in the works for nearly a year, and would allow the school to open for the 2021-2022 academic year. Tishman Speyer renovated and consolidated the Macy's on the first four floors and built a new, 10-story tower above it, which the Whittle School will fully occupy on a 20-year lease.
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Flexible workspace provider Industrious announced a deal with TF Cornerstone for Carnegie Hall Tower at 152 West 57th St. Industrious will put Canvas by Industrious, its flexible private office offering, into a 17K SF space and will manage the building’s new conference center, per a release. Industrious is taking space on the 43rd and 56th floors. The deal is a management agreement, not a direct lease, in line with Industrious' business model.
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George Comfort & Sons inked a deal for Industrious to take about 57K SF at 135 West 50th St., the landlord announced. The arrangement is for 15 years. Industrious will run a 37K SF coworking space and manage the building’s new 20K SF amenity center, dubbed Club 135 by Industrious, which George Comfort & Sons is building. Industrious is based in New York and has 90 locations nationwide, but only a handful in Manhattan, although it is ramping up its local activity to start 2020.
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Amazon leased a 450K SF warehouse on Staten Island, Crain’s New York Business reports. The building is in the Matrix Global Logistics Park, which Matrix Development Group and Morgan Stanley are developing. The warehouse is next door to the 855K SF distribution center Amazon leased in 2017.
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Law firm McLaughlin & Stern renewed for 112K SF at The Sapir Organization’s 260 Madison Ave. The deal is for 12 years, and includes Sapir renovating the space, which spans floors 15 to 22, according to a release. Sapir Chief Operating Officer Husein Sonara negotiated the deal in-house. Avison Young’s Arthur Mirante and Mike Gottlieb brokered the deal for the tenant.
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Prose, a beauty company, is taking a 28K SF industrial lease deal at 850 Third Ave. in Industry City. The space will be for the manufacturing and distribution of hair care products. Colliers International’s Marcus Rayner, Richard Warshauer and Sam Einhorn arranged the deal.
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Sheltering Arms Children and Family Services leased 25K SF at 25 Broadway, Transwestern announced. The social services organization also sold one floor of its current headquarters at 305 Seventh Ave. in Midtown for $7.5M, according to a release. Transwestern’s Lindsay Ornstein, Stephen Powers, Thomas Hines and Jake Cinti arranged the deals. At 25 Broadway, building owner Wolfson Group was represented by CBRE’s Bruce Surry, Richard Levine and Gary Kamenetsky. The buyer of the floor at 305 Seventh Ave. was the Consortium for Workers Education, which was represented by Neil Lipinski of Lipinski Real Estate Advisors.
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Arbor Realty Trust is renewing and expanding its lease at the Seagram Building at 375 Park Ave., building owner RFR announced. The real estate lender and investor had previously leased 16K SF there, and is now expanding to the whole of the 29th and 30th floors for a total of 36K SF. AJ Camhi and Kevin West of RFR represented the landlord in-house. Colliers International’s Ted Koltis and Reid Longley represented the tenant.
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Capital Properties locked down two leases at Trinity Centre at 111-115 Broadway for a total 60K SF. Advertising agency Johannes Leonardo is taking 52K SF, per CBRE, and Signature Bank expanded its lease there to nearly 11K SF from its current 2K SF. The asking rents were $58 per SF. CBRE’s Adam Foster, Brad Gerla, Adam Leshowitz and Mike Rizzo represented the landlord in the deals. Johannes Leonardo was represented by Daniel Breiman of Olmstead Properties. Colliers International’s Howard Kaplowitz and Michael Cohen brokered the deal for Signature Bank.
TOP SALES
Marriott Vacations Worldwide paid about $86.4M for six commercial condominiums at 33 West 37th St., The Real Deal reports. The seller was the company’s partner at the site, private equity firm 54 Madison Partners. The two bought the asset four years ago for $105M, and Marriott is now buying it back in tranches, per TRD. Marriott Vacation Club Pulse is in the building.
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Penn South Capital bought 39 Clarkson St. in the West Village, per The Real Deal, paying $27.3M. The seller of the property, once home to a chocolate factory, was an LLC tied to Rano Properties.
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CW Realty’s Cheskie Weisz paid $33.1M for a development site in Williamsburg, spread across 118 Hope St. and 428 and 426 Rodney streets, according to Marcus & Millichap, whose Said Boukhalfa and Jonathan Codorniu arranged the deal on both sides. Weisz is planning to build 100 luxury and affordable rental units on the site. The seller of the Hope Street site is developer Heatherwood, while the Rodney Street sites were sold by private owner-users.
TOP FINANCING DEALS
G4 Capital Partners loaned $71M to an entity linked to W&L Group for 2300 Cropsey Ave. in Brooklyn's Gravesend neighborhood, according to The Real Deal. The developer is planning a 154-unit, mixed-use building on the site, which it acquired in 2014. The financing deal provides $66M in project and building loans and refinances W&L Group's acquisition loan.
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Two Trees Management locked down $78.8M from M&T Bank, the bank announced in a release. The financing is for the company to buy land for its River Street development. Two Trees is planning two apartment buildings there with 1,000 units, as well as a YMCA, office, retail and a public park.
