This Week's N.Y. Deal Sheet
As winter raged on with a second snowstorm within two weeks, several leases were signed, some financings closed — but there was only one investment sale over $10M.
TOP LEASES
Law firm Belkin, Burden, Goldman LLP, penned a 16-year lease for over 30K SF in Empire State Realty Trust’s One Grand Central Place, Savills announced. The asking rent was $65 per SF. Savills’ Jeffrey Peck, Daniel Horowitz, Roi Shleifer, Jacob Stern and Colm Ralph brokered the deal for the tenant while Scott Klau, Erik Harris, Neil Rubin and Billy Cohen of Newmark represented ESRT. The firm will move from its current location at 270 Madison Ave. to join tenants like Johnson Controls and Pine Brook Partners in its new building.
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Fine art logistics company Maquette Fine Arts Services expanded its lease at the Matsil Building, 48-49 35th St. in Long Island City, by over 56K SF, North River Co. announced. The tenant, which uses the industrial building as its headquarters, now takes up nearly 151K SF. NRC’s Chris Pachios and Forrest Mas brokered the deal in-house.
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There are two new tenants at Skyler Realty’s 330 Fifth Ave., Adams & Co. announced. Home product company VCNY and Regal Home Collections each signed leases for 12,237 SF. Both companies will move from 295 Fifth Ave. Adams & Co.'s Alan Bonett and Bradley Cohn brokered the lease for the tenant, while Adams & Co.’s Alan Bonett brokered the deal for Skyler Realty.
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Revel signed a 15K SF lease at the former Pfizer Building at 630 Flushing Ave. in Brooklyn to build a fast-charging station, the electric moped sharing company announced. It will contain 30 charging stations. The landlord is Acumen Capital Partners. Remy Liebersohn, Pat Dugan and Teddy Seber of Cushman & Wakefield brokered the deal for Revel.
TOP FINANCING DEALS
Deutsche Bank and Barclays lent Vornado Realty Trust $525M to refinance its Midtown East building at One Park Ave., Commercial Observer reports. The term of the loan is five years and James Millon, Tom Traynor and P.J. Finley of CBRE brokered the debt. NYU Langone Medical Center’s 633K SF lease renewal at the building was among the top leases inked in 2020.
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Douglaston Development scored a $75M construction loan for its project at 2856 Webster Ave. in the Bronx. New York State Housing Finance Agency provided the debt. The developer is building a senior affordable housing complex with 188 units, according to New York YIMBY. Stephen B. Jacobs Group is the architect on the project, which is set to be completed in 2022.
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Principal Real Estate secured a $39M loan for its multifamily property at 27-19 44th Drive in Queens called Watermark LIC, PincusCo. Media reports. MetLife financed the debt. The building, which was developed in 2017, is 27 stories with 168 units, StreetEasy reports. Its active listings contain studio and one- and two-bedroom apartments that range from $2,100 a month to $4,750 a month.
TOP SALES
In the only commercial investment sale above $10M recorded this week, CBS Broadcasting paid $26.8M for 500 West 57th St., property records show. Extell Development sold the building. Built in 1913, the Hell’s Kitchen property is seven stories, according to StreetEasy. Extell purchased the property for $19M in 2017, The Real Deal reported at the time. CBS' acquisition adds to an existing group of properties it owns nearby.
CORRECTION, FEB. 9, 5 P.M. ET: A previous version of this story included a lease that was signed in December 2019. This story has been updated.
