This Week's N.Y. Deal Sheet
Leasing activity picked up significantly in New York City as more signs of life in the city's office market start to peek their heads out this spring.
TOP LEASES
Adult technology school General Assembly signed a 10-year, 40K SF lease renewal at ABS Partners’ 915 Broadway, The Real Deal reports. The 20-story Class-B office building, located just south of East 20th Street in The Flatiron District, was built in 1926. The school scored a rent deal on the space and will merge its other nearby locations into this one, TRD reports.
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Burlington Stores expanded its footprint in Empire State Realty Trust’s office building at 1400 Broadway from 35K SF to 68K SF, ESRT announced. Tenants like Signature Bank and Uber also take up space in the 37-story building, located near Herald Square. Colliers' Alan Desino brokered the deal for the tenant, while Newmark’s Scott Klau, Erik Harris and Neil Rubin arranged the deal for the landlord alongside in-house representative Keith Cody.
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SUNY Empire State College will take up nearly 30K SF at The Feil Organization’s Four Park Ave. in Murray Hill, the landlord announced. The school will operate on the second floor and mezzanine level of the 21-story building, also known as 66 East 34th St. The building has 364 rental apartments as well, according to StreetEasy. The school is moving from its current location at 325 Hudson St. Savills’ Daniel Thompson brokered the deal for the college, while The Feil Organization’s Kevin Driscoll brokered the deal in-house for the owner. Duane Reade and Wolfgang’s Steakhouse are retail tenants in the building.
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Aldi Supermarket is set to take up 20K SF this fall in Triangle Equities’ 2201 Nostrand Ave. in Flatbush, Brooklyn, according to Ripco Real Estate. The space, formerly leased by The Children’s Place and David’s Bridal, is part of a retail building that counts HomeGoods and Applebee’s among its tenants. Ripco’s Esther Bukai brokered the deal for the tenant, while Botsaris Morris Realty Group’s Peter Botsaris brokered the deal for the landlord.
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Technology company Radancy signed a lease for nearly 16K SF at One Battery Park Plaza, owned by The Rudin Family and Allianz Real Estate of America. The space, which spans part of the 27th floor of the 35-story building, will become Radancy’s global headquarters when it moves in this summer from 125 Broad St., according to Rudin. CBRE’s Gerry Miovski, Chris Mansfield and Masha Dudelzak brokered the deal for the tenant, while Rudin Management Co.’s Kevin Daly brokered the deal for the owners.
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Asset Management Company Phase One Network Inc. signed a lease for nearly 15K SF at Thor Equities’ 25 West 39th St. The company will take up the 13th floor of the 16-story building, where Industrious and Movado also have space.
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Healthcare technology company InterSystems Corp. inked a 10-year lease for 10K SF at RXR Realty’s 1330 Sixth Ave., the landlord announced. This is an expansion from its prior lease, which spanned 6,200 SF. CBRE’s John Nugent, Alex D’Amario and David Fitzgerald brokered the deal for the tenant, while JLL’s Paul Glickman and Cynthia Wasserberger brokered the deal for the landlord, along with in-house representatives Andrew Ackerman and Alexandra Budd.
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A new Sweetgreen is coming to Hudson Square. The salad company will take up 7,665 SF at Jack Resnick & Sons’ 315 Hudson St. for the next 10 years, the landlord announced. The Shopping Center Group’s David Firestein, Jacqueline Klinger and Amanda Keller represented Sweetgreen, and Brett Greenberg and Adam Rappaport represented the landlord in-house. Sweetgreen will likely feed its fair share of tech workers: Google is a tenant in the Class-A office building.
TOP SALES
Lincoln Equities and PCCP bought a Rockland County industrial portfolio totaling nearly 261K SF across 23 acres in Valley Cottage for $53.5M, JLL announced. The three buildings are located at 616 Corporate Way, 618 Corporate Way and 711 Executive Blvd. JLL’s Jose Cruz, Marc Duval, Jordan Avanzato, Ryan Robertson and Andrew Scandalios brokered the deal for the seller, Sasson Real Estate Group and Garelick Holdco LLC.
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Kemmei Okada, president of the Japanese food company Minamoto Kitchoan, purchased 604 Fifth Ave. near Rockefeller Center, according to Compass Vice President Adelaide Polsinelli, who represented the buyer. The building was sold for nearly $45M by The Riese Organization, property records show. The six-story building, dubbed the Childs Building, was developed in 1939, according to StreetEasy.
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InSite Property bought a 136K SF piece of land at N/59-02 Borden Ave. in Maspeth from Home Depot for $18M, PincusCo. Media reports. InSite is the latest self-storage business to pick up land and buildings in the outer boroughs. Home Depot still owns a parcel adjacent to the one it sold.
TOP FINANCING DEALS
North River Co. and North Colony Asset Management secured a $51M loan for the Matsil Building at 48-49 35th St. in Long Island City, Cushman & Wakefield announced. An affiliate of AIG financed the debt. C&W’s Steve Kohn, Alexander Hernandez, Emily Johansen and Josh King brokered the debt for the landlords. Maquette Fine Art Services signed a 56K SF lease at the building last quarter, expanding its footprint to over 150K SF.
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The Allure Group and Landpex Development scored an $87.4M construction loan for their 243-unit apartment development project at 2218 Cropsey Ave. and 2230 Cropsey Ave. in Gravesend, PincusCo. Media reports. Bank Leumi provided the debt. When it is finished, it will reach 30 stories, making it the tallest building in South Brooklyn, CityRealty reported this summer.
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Another construction loan was nailed down this week: Eastern Star Development secured $43M for its project at 300 West 30th St., a planned 82-unit apartment building, PincusCo. Media reports. Cathy Bank financed the debt. The building is set to be completed by the end of this year, according to New York YIMBY.
