This Week's N.Y. Deal Sheet
After a few strong weeks, New York City's office leasing market cooled a bit as the city officially welcomed spring.
TOP LEASES
Private equity company Hellman & Friedman LLC signed a 15-year, 28K SF lease at L&L Holding Co.’s 47-story office building at 425 Park Ave., the landlord announced. Cushman & Wakefield’s Jonathan Serko, Barry Zeller, Andrew Ross, Richard Serko, Ed Donnery and Mike Middleton brokered the deal for the tenant, while Andrew Wiener and David Berkey of L&L negotiated the deal for the landlord in-house. The tenant will move in later this year from Lever House at 390 Park Ave., according to the landlord.
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Golden Goose USA, the Venice, Italy-based fashion company, inked an 11-year lease for just under 13,600 SF at Silverstein Properties’ 120 Broadway in the Financial District, the landlord announced. The Schrimmer Design Group will design the company’s new space on the building’s 33rd floor. Savills’ Howard Simson arranged the lease for the tenant while Silverstein was represented in-house by Joseph Artusa.
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One building in Greenwich Village signed three new retail leases this week, each with asking rents at $175 per SF, Commercial Observer reports. QQ Nails and Spa will take up over 3,200 SF at TF Cornerstone’s 23 East 10th St. for the next 10 years while Simo Pizza will take up over 2,150 SF and bakery Maman will take up over 1,800 SF, according to CO.
The three leases, together totaling over 7,100 SF, make up the retail space at the base of the 205-unit, 12 story co-op multifamily building called The Albert. SRS Real Estate Partners’ Brian von Schmid brokered the leases for the landlord and Taryn Brandese and Emily Green of Brand Urban brokered the deal for the bakery.
TOP SALES
Investment management company BlackRock bought a 130K SF Class-A warehouse at 100 Precision Drive in Brookhaven, Long Island, for $30.7M from Woodmont Industrial Partners. Woodmont bought the building in 2019, then Amazon inked a 110K SF lease at the location in August to open a last-mile delivery center. The building has 25-foot ceilings and parking for 325 vehicles, according to Real Estate NJ.
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Van John Realty sold 400 West 219th St. in Inwood for $16M, property records posted this week show. Peter Fine of Atlantic Development Group signed for the buyer LLC. The building is set to become a 104-foot-tall educational building, New York YIMBY reported last month.
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The Committee to Protect Journalists, a global nonprofit, purchased a commercial condo at 515 West 38th St. from Eric Birnbaum’s Imperial Cos. for $10.2M, property records show. The buyer does not currently have an address listed on its website, but it had a previous office location at GFP Realty Group’s 330 Seventh Ave.
TOP FINANCING
The Namdar Group scored a $120M construction loan, provided by Slate Property Group’s SCALE Lending, for its development of a multifamily building at 618 Pavonia Ave. in Jersey City, the lender announced. The 27-story building will have 432 units upon completion. One of Namdar’s recent developments in the city, 97 Newkirk, has listed studios to three-bedroom apartments for between $1,600 per month to over $3,900 per month.
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GFI Capital secured $95.2M in refinancing on its properties 14 West 29th St. and 1186 Broadway, PincusCo. Media reports. AIG provided the debt. The first of the two properties at 1186 Broadway, also known as 10 West 29th St., is the 280-key The Ace Hotel. The second of the two properties, an eight-unit, five-story building contains studios and one-bedroom apartments, according to StreetEasy.
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North Carolina-based nonprofit The Kellen Foundation provided a $35M donation for the Hospital for Special Surgery to build a new 100K SF building on East 70th St. above FDR Drive, along the East River, Crain’s New York Business reports. The building is expected to be completed by 2024 and will be geared toward orthopedics and rheumatology.
