This Week's N.Y. Deal Sheet
This week, SL Green closed on a major Midtown property sale and Bolivar Development scored a major construction loan for its East Harlem building.
TOP SALES
Reuben Brothers bought a $168M retail condominium at 609 Fifth Ave. in cash from SL Green despite a decline in rent collection rates since the beginning of the shutdown, Commercial Observer reports. CBRE’s Darcy Stacom, Doug Middleton and David Fowle represented the seller. Puma rents 24K SF in the property and is up-to-date on rent, CO reported, but Vince, which leases 5K SF, didn't pay rent in April or May.
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Camber Property Group acquired an eight-property, 384-unit portfolio in Flatbush from Steven Neuman's Coltown Properties for a total of $82M over seven transactions, PincusCo. reported. The portfolio includes eight buildings at 211 Linden Blvd., 280 East 21st St., 816 Ocean Ave., 672 Ocean Ave., 666 Ocean Ave., 682 Ocean Ave., 95 East 18th St. and 91 East 18th St.
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Issac Chetrit bought a $28.7M development site at 620 West 153rd St. in Hamilton Heights from Anbau Enterprises, Commercial Observer reports. The property contains 150K buildable SF. JLL’s Bob Knakal, Jon Hageman and Patrick Yannotta brokered the deal on behalf of both the buyer and the seller.
TOP LEASES
Hickory Lane Capital Management signed a three-year lease for 2,100 SF on the seventh floor of 530 Seventh Ave., landlord Savitt Partners announced. Savitt Partners’ Brian Neugeboren, Nicole Goetz and Alicia Parente negotiated for the landlord. Voro Real Estate’s Christina Combias represented the tenant.
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Law firm Cozen O’Connor signed a 7,100 SF lease for the 34th floor of 100 Park Ave., Commercial Observer reported. Cushman & Wakefield’s Justin Royce and Connor Daugstrup represented owner SL Green, along with in-house agents Caitlin Cole, Jeremy Bier and Larry Swiger. Avison Young’s Michael Gottlieb, Jennifer Ogden, David Fahey and Jeff Lindenmeyer brokered the deal for the tenant.
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Jacob Schwimmer signed a 99-year ground lease for a 55K SF manufacturing building at 40 Bruckner Blvd. in the Bronx, PincusCo. reports. The landlord is Peter Benedetto and the property is worth $32.3M.
TOP FINANCING DEALS
Bolivar Development scored a $70M construction loan for a 178-unit multifamily building at 1998 Second Ave. in East Harlem, according to TreppWire. M&T Bank provided the debt. The development would include 13K SF of retail space and 500 SF of community space on the ground floor of the building.
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Camber Properties received a $65.6M mortgage loan on its recent Flatbush acquisition including properties on East 21st Street, East 18th Street, Lindon Boulevard and Ocean Avenue, PincusCo. reported. Merchants Bank of Indiana provided the debt, according to PincusCo Media.
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Yehoshua Leib Fruchthandler scored a $38.5M loan for a 200-unit multifamily building at 883 East 180th St. in the Tremont neighborhood of the Bronx, PincusCo. reports. Signature Bank provided the loan.
