This Week's N.Y. Deal Sheet
With the countdown to the end of the year two weeks away, big deals slowed compared to prior weeks.
TOP LEASES
Sheltering Arms has signed a 34,500 SF lease at the Chehebar family’s 165-19 Jamaica Ave. in Queens, Crain’s New York Business reports. The New York nonprofit works to address inequality through aiding families and children, according to its website. The 25-year lease will allow the nonprofit to move from its current location nearby in the neighborhood. Asking rent was $35 per SF. Stephen Powers, Lindsay Ornstein, Thomas Hines, Jake Cinti and Alexander Smith of Transwestern brokered the deal for the tenant.
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In the Bronx, Communitas America penned an agreement to occupy 22,500 SF across three floors at HGI America’s 521 Bergen Ave, the tenant announced. Communitas is a nonprofit that invests in changemakers, entrepreneurs and grassroots activists in underserved communities throughout the city, according to its website. The building, which will be an accelerator known as Heyground once it opens, is in development and set to be delivered by the first quarter of next year.
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Gulf International Bank extended its 10K SF lease at 330 Madison Ave. for another 10 years, JLL announced. JLL’s David Kleiner, Frank Doyle, Clark Finney and Georgina Cook brokered the deal on behalf of the landlord, Munich-based asset management company MEAG. Cushman & Wakefield’s Jonathan Schindler and Aron Schreier represented the tenant. This is one of three leases that JLL has brokered in the building recently. Roanoke Insurance Group signed a 5,464 SF lease in the building and technology service company ROX Systems signed an agreement to take up 3,123 SF.
TOP SALES
A K2 Real Estate Partners affiliate bought 633 East 104 St. in Brooklyn from E & M Associates for $51.2M, property records show. The multifamily property is a five-floor adult-care facility built in 1975, according to The Real Deal. K2 Real Estate Partners is also developing a multifamily building in Prospect-Lefferts Gardens in Queens.
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Another K2 Real Estate Partners affiliate paid $12.6M for a 43-unit, six-story multifamily building located at 2514 Albemarle Road in Flatbush, property records show. This property was developed by Abe Caller in 2013.
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Gastroenterologist Shawn Khodadadian bought 147 East 26th St. in Kips Bay from S.F.B. Corp. for $10.6M, property records show. The building is three stories and has three units, according to StreetEasy. Mount Sinai Beth Israel’s Heart Institute is located on the second floor of the building.
TOP FINANCING
LBA Logistics and RXR Realty scored a $316M construction loan for the development of its 1.1M SF distribution center at 55-15 Grand Ave. in Maspeth, Queens, JLL announced. The lender wasn't disclosed. JLL’s Kevin MacKenzie, Mike Tepedino and Brian Torp brokered the deal for the development duo. The project, which is leased to Amazon, is set to be delivered by the end of 2022.
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Joseph Chetrit and David Bistricer scored a $232.5M loan on their 223-unit condo project near Gramercy Park on East 20th Street called Gramercy Square Condominium. G4 Capital Partners provided the financing, according to Cole Schotz P.C. Leo Leyva, Rab Nalavala and Danielle Pasquariello, Jennifer Chung, Drew Barone and Nicole Dlugosz of Cole Schotz P.C. advised the lender. SL Green provided $380M in refinancing on the project in 2018. The joint venture purchased the property in 2013 for $150M.
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Zar Property NY increased the debt on its office building at 349 Fifth Ave. — home to a WeWork — by $30M, PincusCo. Media reports. Signature Bank provided the extra financing. There is also a Chase Bank in the building. Zar paid nearly $19M for the property in 2009, according to the Reonomy platform.
