This Week's N.Y. Deal Sheet
As fireworks boomed over New York City this Independence Day weekend, some deals were closing throughout the five boroughs. Aurora Capital Associates and William Gottlieb Real Estate scored a $150M construction loan for the Solar Carve Tower, and a health nonprofit expanded on Third Avenue.
TOP SALES
Global One Investments purchased a 114-unit multifamily building at 105-05 69th Ave. in Forest Hills for $26.5M, property records show. Asset management company BlackRock Realty Advisors sold the six-story building, dubbed The John Adams. The building contains apartments that market for $1,600 to $3,000 per month, according to StreetEasy. The property went under contract March 27, according to the city property record, and closed June 23.
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Meridian Properties bought a 54-unit, six-story building at 556 Lefferts Ave. in Brooklyn's Wingate neighborhood for nearly $18.3M, property records show. The seller, Treetop Development, bought the property for $25M in 2017, PincusCo. Media reports. The building, built in 1938, holds apartments that range from one bedroom to three bedrooms.
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Wildflower Ltd purchased a 120K SF industrial property at 1340 East Bay Ave. in the Hunts Point neighborhood of the Bronx for $26.5M, The Real Deal reports. A Sims Metal Management-affiliated LLC sold the property. The building was built in 1959, according to PropertyShark. Sims has used it as a metal recycling facility, but its website lists the location as closed.
TOP LEASES
Healthcare nonprofit The Mother Cabrini Health Foundation expanded its lease at Sage Realty Corp.’s 777 Third Ave. to almost 30K SF, the landlord announced. The nonprofit has had offices on parts of the 22nd and 23rd floors of the building and will now occupy both floors in their entirety. Sage Realty was represented in-house by Michael Lenchner and Jack Brennan, while CBRE’s Mary Ann Tighe and Alex D’Amario represented the tenant. The foundation works to provide healthcare to vulnerable New Yorkers, according to its website.
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Texas-style barbecue restaurant Hill Country Barbecue Market renewed its lease for 12 years for its nearly 11K SF at 30 West 25th St., Commercial Observer reports. The entire building, owned by Himmel + Meringoff, is 98K SF, and the restaurant has been there since 2007. The restaurant owner was one of several to follow New Yorkers out to the Hamptons amid the pandemic, setting up a satellite "location" in his house in East Hamptons, The Wall Street Journal reported.
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Mitsubishi Chemical Holdings America is moving down a few floors in the Durst Organization’s 655 Third Ave. for its lease expansion and renewal, increasing its footprint in the building by 6K SF, Commercial Observer reports. The company will move from the 15th floor, where it had leased 8,530 SF, to 14,200 SF on the 12th floor. Cresa’s Gregg Cohen negotiated for the tenant while Ashlea Aaron negotiated for Durst in-house.
TOP FINANCING DEALS
Aurora Capital Associates and William Gottlieb Real Estate scored a $150M construction loan for their building at 40 10th Ave., dubbed the Solar Carve Tower, Commercial Observer reports. German bank Deutsche Pfandbriefbank provided the debt. Ackman-Ziff Real Estate Group negotiated on behalf of the borrower. The mixed-use building includes 160K SF of office space, according to New York YIMBY. Jeanne Gang’s Studio Gang designed the building.
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Maddd Equities secured a $50.5M construction loan from Sterling National Bank for the development of a charter school at 18 Bruckner Blvd. in the Bronx, PincusCo. Media reports. The developer is converting the existing four-story warehouse that sits on the site into a charter school, designed by British architect David Adjaye, for K-12 students who live in Harlem, the South Bronx and Newark, New Jersey, Commercial Observer reported in June.
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Long Island investor Steel Equities scored a $50.2M refinance for its manufacturing building at 325 Johnson Ave. in Williamsburg, Brooklyn, PincusCo Media reports. Steel Equities bought the 160K SF warehouse for $53M in 2018, The Real Deal reported at the time. Netflix is a tenant at the property.
