This Week's N.Y. Deal Sheet
Deals are rolling and leaves are beginning to fall as New York City braces for another cold weather season amid a once-in-a-century pandemic.
TOP SALES
Mack-Cali sold a $160M office portfolio in Morris County, New Jersey, to a joint venture of Onyx Equities, Taconic Capital Advisors, Axonic Capital and Machine Investment Group, the seller announced. The portfolio includes 1 Sylvan Way, 3 Sylvan Way, 5 Sylvan Way, 7 Sylvan Way, 4 Campus Drive, 6 Campus Drive, 8 Campus Drive, 2 Hilton Court and 2 Dryden Way, all in Parsippany, as well as an office building at 1 Giralda Farms in Madison, a spokesperson for Mack-Cali told Bisnow. The sale is the latest strategic move by Mack-Cali, now led by interim CEO MaryAnne Gilmartin, to shed its suburban office holdings.
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The Carlyle Group purchased the 24,500 SF building at 24-02 Queens Plaza South in Long Island City for $40M, property records show. Atlas Capital Group was the seller, Newmark Knight Frank announced. Carlyle plans to develop a 270K SF commercial space once the current tenant’s lease term runs out, according to NKF. Carlyle Group is an investor in the life sciences development company Botanic Properties, which is connected to the LLC listed on the deed, Commercial Observer reports. NKF’s Brian Ezratty and Scott Ellard represented the seller, and their colleague Bill Harvey represented the buyer.
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Mehra Properties bought an industrial property at 15-30 130th St. in Flushing, Queens, for $12.5M from Basil Messados, property records show. The property is over 37K SF. Mehra Properties is a property management company that owns retail, office, industrial, multifamily and mixed-use properties in New York, New Jersey and Pennsylvania, according to its website. The seller is the owner of taxi medallions, according to PincusCo. Media. Messados was mentioned in connection with a fellow medallion owner who was indicted on charges of bribery in last year's Pulitzer Prize-winning New York Times investigative series on taxi medallions.
TOP LEASES
Madison International Realty inked a 25K SF lease in Tishman Speyer’s 300 Park Ave. The real estate firm will take up space on the building’s third floor beginning in 2021. This is a relocation and expansion from the company's current 14K SF location at 410 Madison Ave. CBRE’s Howard Fiddle and Evan Fiddle represented Madison International. Tishman Speyer’s Gregory Conen and Samantha Augarten brokered the deal for the landlord in-house.
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Tri-State Commercial Realty penned a lease at Industry City’s Building 19 in Sunset Park, Crain’s New York Business reports. The brokerage is moving from its current digs in Brooklyn's Kensington neighborhood. The move comes as the controversial Industry City rezoning is pushed through city council. The lease spans 10 years and is for 6,300 SF.
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The Alexandria Center For Life Sciences has a new coronavirus testing lab tenant. Brooklyn-based biotech company Opentrons inked a sublease for 30K SF of lab space in the building at 430 East 29th St., Commercial Observer reports. The space is set to be used for coronavirus testing. Cushman & Wakefield’s William Hartman, Michael Baraldi and James Gale brokered the deal. Opentrons is leasing the space from sublandlord Eli Lilly and Co.
TOP FINANCING
Global Holdings scored $443M in refinancing for its 39-story tower, 1250 Broadway in Midtown South, PincusCo. reports. HSBC Bank provided the debt. The building, named NoMad Tower, recently underwent $55M in renovations and counts Zillow and TransPerfect among its larger tenants.
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KD Sagamore Capital and Ranger Properties secured a $24M construction loan for their condominium project on Manhattan’s Lower East Side, PincusCo. Media reports. Bank OZK provided the debt. The 14-unit project is located at 199 Chrystie St. and comes despite Manhattan's glut of condos in the past few years. This trend, exacerbated by many fleeing the city amid the coronavirus pandemic, has led to downward pressure on pricing.
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Stellar Management scored $41.3M in refinancing on two multifamily properties in Manhattan and the Bronx, Pincus Co. Media reports. The first is a 99-unit building that sits at West 81st Street and Amsterdam Avenue on Manhattan’s Upper West Side. The Bronx property is a 103-unit building at 1889 Sedgwick Ave. Bank United provided the debt.
