This Week's N.Y. Deal Sheet
During another quiet week for real estate deal-making, Rockrose Development picked up its first Brooklyn property for $81M and Zeta Charter Schools signed two new leases.
TOP LEASES
GFP Real Estate has nailed down one of the biggest relocations in recent weeks with a 241K SF deal for the Securities and Exchange Commission at 100 Pearl St., the New York Post reports. The SEC is moving to the building also known as 7 Hanover Square from Brookfield Place. JLL represented the SEC and Newmark Knight Frank represented GFP, which is undertaking a major improvement project at 100 Pearl.
***
Technology development firm D.E. Shaw signed a 12-year lease renewal for a 77K SF space at Tower 45 on 120 West 45th St. Avison Young’s John Ryan, Arthur Mirante and Mitti Liebersohn represented landlord Kamber Management. CRBE’s Timothy Dempsey, Roger Griswold and Munish Viralam represented the tenant.
***
Zeta Charter Schools signed a lease for a new school in the Bronx, Transwestern Real Estate Services announced. The 65K SF lease is for an elementary school, Zeta Bronx Tremont Park Elementary, at 1910 Arthur Ave. in the Tremont neighborhood. Zeta Charter Schools also signed a lease for a 98K SF space on 425 Westchester Ave. in the South Bronx last year. That building is set to house Zeta Bronx 1. Both schools will open in time for the 2021-2022 school year. Transwestern Real Estate Service’s Lindsay Ornstein, Stephen Power and Thomas Hines brokered the deal for Zeta Charter Schools. Joyland Group handled leasing in-house.
***
Whin Community Charter School Inc. signed a 40-year lease for over 26K SF at 506 West 181st St. in Washington Heights, PincusCo reports. Landlord Gary Spindler bought the property in 2007 for $11.7M.
TOP FINANCING DEALS
Emerald Equity Group scored $50M in loans for several of its multifamily Bronx properties from Sabal Capital Partners, PincusCo reports. The first loan of $14.8M was for six residential units in the Longwood Melrose neighborhood. The second loan of $14.7M was for 106 residential units in the Tremont neighborhood. The final loan was for $16.4M for 102 residential units in the Fordham neighborhood. Sabal Capital Partners securitized the loans as part of a broader $110M CMBS debt offering, its first, according to PincusCo.
***
RAL Development scored a $44.7M refinancing for its residential properties at 15 and 50 Bridge Park Drive in Brooklyn, Law360 reports. Both Bank OZK and Wells Fargo Bank are listed on the mortgage.
***
Mendel Roth took out a $39.5M loan from Ladder Capital Finance LLC for three apartment buildings he owns at 7 Skillman St., 5 Skillman St. and 742 Bedford Ave. in the Bedford-Stuyvesant neighborhood in Brooklyn, PincusCo reports. The properties have a total 86 units, with an average loan per unit rate of just over $459K.
***
Flatbush landlord Gili Haberberg secured a $17.5M loan from Axos Bank on a property at 77 Clarkson Ave., PincusCo reports. The space, just over 42K SF, holds 44 residential units.
Rockrose Development bought a 380K SF development site at 98 DeKalb Ave. in Brooklyn for $81M, according to The Real Deal. JLL’s Bob Knakal and Stephen Palmese represented the seller, the Kotler family. This is the first Brooklyn property for Rockrose Development, which also owns properties in Manhattan, Queens and Washington, D.C.
***
Bolivar Development bought a development site at 3041 Webster Ave. in the Norwood neighborhood of the Bronx for $6.4M, JLL announced. The property includes a two-story, 15K SF retail space. JLL’s Karl Brumback, Eric Tiefen and Brian Streilein brokered the sale for the seller, Sam’s Carpet.
CORRECTION APRIL 24 AT 11:30 A.M. ET: Zeta Charter Schools signed the lease at 425 Westchester Ave last year, not recently. The story has been updated.
