This Week's N.Y. Deal Sheet
Deals continued to roll in on all fronts this week, with Amazon signing a lease right over the Queens border on Long Island and an outer borough office building trading hands.
TOP LEASES
Amazon signed a lease to occupy all of the 422K SF warehouse at 253-51 Rockaway Blvd. in Hempstead that Wildflower Ltd. is developing, the Town of Hempstead Industrial Development Agency announced. Wildflower received economic incentives from the town for building the three-story building on the Long Island property, situated on 11 acres near John F. Kennedy International Airport. Certilman Balin Adler & Hyman LLP’s Daniel Baker represented the landlord in negotiations.
***
Cloud software company Infor inked a 90K SF lease renewal for around $80 per SF at 635-641 Sixth Ave., owned by SL Green, The Real Deal reports. The company has been the anchor tenant in the Midtown South building since 2013, when it signed a long-term lease expansion for the space it holds now. While the asking rent in that agreement was not disclosed, asking rents throughout that building were between the high $70s per SF and the high $90s per SF when the lease was signed, TRD reported at the time. Savills’ Jim Wenk and Kirill Azovtsev and JLL’s Brannan Moss brokered the deal for the tenant.
***
SL Green has two more new tenants in One Vanderbilt. MSD Partners, the family office of Michael Dell, will take up over 35K SF on the 22nd floor of the skyscraper for the next 15 years, Bloomberg reports. The investment company currently has its New York headquarters listed as the 21st floor of Oxford Properties Group’s 645 Fifth Ave., also known as Olympic Tower. In another deal, Mamoura Holdings agreed to lease 28K SF across the 51st floor for the next 10 years, Commercial Observer reports. These new leases and six others in negotiation will lift the office tower's occupancy to 90%, per Bloomberg.
TOP SALES
Ivy Realty bought a three-story, 235K SF office building at 133-33 Brookville Blvd. in Queens for $29.5M, property records show. An affiliate of Northeast Capital Group sold the Rosedale building, called Cross Island Plaza, according to Cushman & Wakefield. World Commerce Services and Widelane Global Logistics are among the tenants in the building, according to its website. Andrew Merin, David Bernhaut, Gary Gabriel, Kyle Schmidt, Ryan Larkin and Frank Liggi of Cushman & Wakefield brokered the deal for Ivy Realty.
***
Atlantic Development Group purchased 1949-1961 Jerome Ave. in the Bronx from Tremont Garage Realty Corp. for $13.9M, property records show. The property is zoned as a parking garage, according to PropertyShark.
***
JTRE Holdings bought a 61K SF office building at 14 Vesey St. from the New York County Lawyers Association for $19M, property records show. The five-story downtown building was developed in 1929, according to LoopNet. The NYCLA used the building for its headquarters and was set to sell it in May of 2020, but the buyer defaulted, according to the New York Law Journal.
TOP FINANCING DEALS
Savanna scored a $264M construction loan for the mixed-use development it is building at 141 Willoughby St. in Brooklyn, the developer announced. Funds managed by CarVal Investors are providing a portion of the debt. JLL’s Aaron Niedermayer and Kellogg Gaines brokered the deal for the borrower. Savanna is developing a 24-story building that will include retail, office and residential space, according to New York YIMBY.
***
Hakimian, Certes Partners and Red Pine Capital Partners secured a $59M construction loan from Scale Lending to complete the multifamily development at 212 East 125th St., The Real Deal reports. Nearly a third of the 113 apartments included in the project will be designated as affordable. The 12-story building is expected to include commercial space on the ground floor, Patch reported when the developers first filed for permits in 2019.
***
Icon Realty Management scored a $22M loan from JPMorgan Chase to buy 152-154 Second Ave. in the East Village, PincusCo. Media reports. The rental building contains 25 apartments across 10 stories. Rentals at 152 Second Ave. range from one to three bedrooms and were leased for around $3,500 per month to $7K per month over the past year, according to StreetEasy.
