This Week's N.Y. Deal Sheet
New York's leasing market is slowly but surely picking up speed, but its investment sales are still lagging as summer days start to dwindle.
TOP LEASES
Hospitality company 16 On Center inked a lease with RXR Realty to occupy 13K SF at 601 West 26th St. The space will be used for a food hall that will feature alternative restaurant seating arrangements, such as takeout counters. RXR was represented by in-house brokers Reed Zukerman, Brian Cheeseman and Whitney Arcaro as well as Newmark Knight Frank's Peter Fine and Janey Steinmetz.
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Private school BASIS Independent Brooklyn signed a lease for 62K SF at City Point in Downtown Brooklyn with Albee Development and Acadia Realty Trust, The New York Post reports. The school already has another lease at City Point. The school’s second location is set to open in fall 2021 and is part of a 71K SF expansion underway at City Point. Arch Brokerage’s Laurence Roberts represented the landlord.
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City National Bank extended its 36K SF office and retail lease at New York City REIT’s 1140 Sixth Ave. in Midtown, where it has been a tenant since 2011, Globe St. reports. The bank’s space spread across four floors, including 3,400 SF on the ground floor and space on the second, third and 16th floors. CBRE’s Lynn Williams and Jeffrey Welch represented City National Bank, while Avison Young’s Todd Korren represented the landlord.
TOP FINANCING
Alfred Weissman Real Estate scored an $80M refinancing on its 435K SF industrial warehouse at 555 Tuckahoe Road in Yonkers, Cushman & Wakefield announced. JPMorgan Chase provided the debt. The brokerage’s Gideon Gil, Zachary Kraft and Meredith Donovan negotiated the debt for the space, currently leased to the United Parcel Service.
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Pride Builders scored a $41.6M refinancing for its Midtown multifamily property at 227 East 44th St. Popular Bank financed the debt, PincusCo. Media reports. The 67-unit building, completed in 2016, was designed by The Marin Group. The loan is on 62 of the units; the remainder were sold to the Republic of Senegal in April, according to PincusCo.
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Sprague — a gas, fuel and energy company — secured a $56M loan for its tank farms at 939 East 138th St., 184 Locust Ave., 290 Locust Ave., 302 Locust Ave. and 303 Locust Ave. in the Bronx, totaling 1.3M SF, PincusCo. Media reports. MUFG Bank provided the debt. The company’s Bronx location is one of over a dozen terminals around the Northeast U.S. and Quebec, according to its website.
TOP SALES
Madison Capital Realty bought 82-186 Spring St., a SoHo development site worth $28M, from Opal Properties, PincusCo. Media reports. Madison lent the former owner $23.3M in a mortgage in 2017. At the time, Opal planned to transform the site into a luxury condominium building with retail on the ground floor. There was a bankruptcy sale on the property in February, according to Trulia.
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Nonprofit Villa Bedford Housing Development Fund Corp. purchased nonresidential, vacant land in the Bronx from The Roman Catholic Church of St. Philip Neri on Villa Avenue for $11.6M, property records show. In April 2019, the Archdiocese of New York committed to building 1,500 affordable units on its properties, including on some of St. Philip Neri’s properties, where a projected 171 affordable units will be built, Gothamist reported at the time.
