This Week's N.Y. Deal Sheet
This week, the developers planning a massive new film production studio in Queens closed on their site, an accounting firm locked down a big new space for its headquarters and a Hudson Yards development scored financing.
Top Leases
Accounting firm Marcum LLP is taking almost 71K SF at 730 Third Ave. for its new headquarters. The company is currently at 750 Third Ave., and will expand its space by 10K SF in the move, per a release. TIAA owns the building, which spans 665K SF. NKF’s Ross Perlman and Lee Brodsky represented the tenant, while the landlord was represented by CBRE’s Neil King and Paul Amrich.
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Randolph Beer, a brewpub, leased 12K SF at 25 Kent in Brooklyn, the building's developers said in a release. It will be Randolph’s fourth location in the city, per Eater, and will open in the fall. The lease spans both retail and manufacturing space and will feature a brewery and canning operations and a taproom. Lee & Associates NYC arranged the deal for buildings owners Rubenstein Partners and Heritage Equity Partners.
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Alteryx, a data analytics firm, is taking 18K SF at 19 West 44th St., Commercial Observer reports. The lease is for a full floor, and means the company is moving from its temporary space at 275 Seventh Ave. in June. Cushman & Wakefield’s Steve Billigmeier and Sebastian Infante represented the tenant. Mitchell Konsker, Ben Bass, Barbara Winter and Kip Orban of JLL brokered the deal for Savanna.
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Online publication Slate leased 23K SF at 15 MetroTech Center, which is owned by Brookfield. The space is on the eighth floor of the 19-story building, per a release from the landlord. Brookfield is repositioning the 5.5M SF MetroTech complex, which it acquired in 2018 as part of the Forest City purchase. Brookfield Properties was represented in-house by Jesse Cooperman, Alex Liscio and Ross Hoddeson. The tenant was represented by Shannon Rzeznikiewicz and Justin Haber of JLL.
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Law firm Katsky Korins LLP has extended its lease at 605 Third Ave., Fisher Brothers announced. The extension is for nearly 20K SF on the 17th floor of the 1.1M SF building. The deal means the firm is staying at the Third Avenue building through mid-2032. Fisher Brothers, the landlord, was represented in-house by Marc Packman and Clark Briffel. The tenant was represented by Oliver Katcher of Indigo Property Holdings.
Top Financing
Related Cos. and Eliot Spitzer scored $276M from M&T Bank, The Real Deal reports. The financing is for their 526-unit development in Hudson Yards at 451 10th Ave., which will feature senior housing. The money comes in the form of a $203M mortgage and a $73.1M mortgage, per TRD, and are building and project loans.
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JPMorgan Chase loaned $340M to Extell Development to refinance 13 properties in Plaza District, PincusCo reports. The sites are along Fifth Avenue and around West 46th and West 47th streets. The loan closed in December and was recorded on Feb. 7, per the website.
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Finkelstein Timberger East Real Estate scored $77.7M from Morgan Stanley, Commercial Observer reports, for eight rental buildings in the Bronx. The properties are at 1299 Grand Concourse, 2500 University Ave., 2785 Sedgwick Ave., 3018 Heath Ave., 1576 Taylor Ave., 2505 Aqueduct Ave. West, 1264-1270 Gerard Ave. and 1945 Loring Place South, per the publication. They feature a total of 528 rental units and nine commercial spaces. Black Bear Capital Partners’ Bryan Manz, Rob Serra, Phil Bowman and Emil DePasquale arranged the financing.
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Israel-based Bank Hapoalim loaned Elad Group $119.6M for its condo project at 505 West 43rd St. in Clinton., PincusCo reports. The developer had previously locked down construction financing from the bank back in 2017 for the project. Bank Hapoalim had also loaned it $42M in 2014.
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Muss Development scored $42M in permanent financing from Nationwide Life Insurance Co. for The Agora Building at 1556 Third Ave., NorthMarq announced in a release. NorthMarq’s Charles Cotsalas and Robert Delitsky arranged the financing for the mixed-use, Upper East Side building.
Top Sales
Wildflower Studios closed on its waterfront site in Astoria for $71.6M, per multiple press reports and property records. Piano-maker Steinway is the seller of the Ninth Avenue site. Wildflower is joining with Robert De Niro, his son, Raphael, and producer Jane Rosenthal to build a brand-new film production studio on the site, which is expected to cost $400M. Bjarke Ingels Group is designing the facility. Ares Commercial Real Estate Management loaned $56.5M for the purchase, per PincusCo.
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Pebb Capital and TriArch Real Estate Group sold the building at 15 East 11th St., known as the Alabama, for $104M, The Real Deal reports. The building has 175 student housing units, and the buyer was a Simons Foundation-linked entity. The sellers bought the property four years ago for $58M and converted it from an apartment building to student housing.
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Largo Investments, run by Nissim Ben-Nun and Nicholas Werner, dropped $31.8M on 85 South Fourth St. in Williamsburg, PincusCo reports. The seller of the building, which features 42 residential units and spans 71K SF, was Juda Rosenfeld, per the publication.
