This Week's N.Y. Deal Sheet
Deal volume in New York City remained as sunny as the weather this week with active leasing, financing and sales.
TOP LEASES
St. Francis College is opening a new campus facility at Tishman Speyer’s 181 Livingston St. in Brooklyn, the school announced. The college leased 255K SF across three floors at the project, an office tower built over the Macy's in Downtown Brooklyn. The school will open in September 2022 and will include a 300-seat auditorium, a 260-seat cafeteria and a 6,600 SF library. Tishman Speyer and Macy's partnered on the $500M project, called The Wheeler Building, which shrank Macy's footprint and cleared the way for a 10-story office development above the store. Cushman & Wakefield’s Patrick Dugan, Frank Liantonio and Jon Herman brokered the lease for St. Francis College.
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SLR Capital Partners signed a 12-year, 28K SF lease renewal at Morgan Stanley Prime Property Fund’s 500 Park Ave., expanding its footprint in the building by over 8K SF, JLL announced. The company will now take up the third and sixth floors of the 40-story office and condominium building. JLL’s Cynthia Wasserberger, Frank Doyle and Georgina Cook brokered the deal for the landlord, while JLL’s Rob Martin and Dan Santagata represented the tenant.
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CVS inked a 13K SF lease across the ground floor and basement levels at 512 Seventh Ave., The Real Deal reports. The 45-story office building — called the Navarre Building — was developed in 1930, according to CommercialCafé. The Moinian Group, Chetrit Group and Minskoff Equities hold the ground lease for the building. Steven Bentolila of Oxford Property Group brokered the deal for the tenant, per TRD.
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Technology infrastructure manager Kyndryl, which was recently spun off from IBM, will take up 23K SF at SL Green’s One Vanderbilt for the next nine years, bringing the new skyscraper’s occupancy up to 81%, the real estate investment trust announced. Cushman & Wakefield’s Patrick Murphy, Winston Schromm and Will Yeatman brokered the deal for the tenant while CBRE’s Robert Alexander, Ryan Alexander, Alex D’Amario and Emily Jones brokered the deal for the landlord. One Vanderbilt has signed several deals for new tenants over the past few weeks in its signature Midtown project.
TOP SALES
Swedish company Klövern and GDSNY purchased 407 Park Ave. from Maryland-based Land Finance Corp. for $30.7M, property records show. The Midtown building, near 55th Street, is the New York flagship location of men’s clothing designer Stefano Ricci, according to the retailer’s website.
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Premier Equities paid Hersha Hospitality Trust $18M for a 43-key hotel at 130 Duane St. and inked a lease with Sonder to turn the rooms into short-term rentals, Commercial Observer reports. The five-story boutique hotel, called The Duane Hotel, was developed in 2003, according to StreetEasy.
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Madison Realty Capital took over an East Village multifamily portfolio from its borrower, Raphael Toledano, The Real Deal reports. Madison paid $153M to purchase the 15 buildings out of bankruptcy. Madison has promised to pay the tenants of the buildings $1M in rent credits as part of a settlement in a case where New York State Attorney General Letitia James accused Madison of being complicit when Toledano illegally deregulated the apartments in 2017, The Real Deal reported in December. Madison did not admit to any wrongdoing in the case.
TOP FINANCING DEALS
Scale Lending provided SB Development with a $55M construction loan for a 24-story, 86-unit condominium project called The Nova, located at 41-05 29th St. in Long Island City, the lender announced. The development, which is slated to be finished by June 2022, also includes 95K SF of retail space. It sits across from Queens Plaza Park and will reach 290-feet high, New York YIMBY reported in 2019.
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Columbia Pacific Advisors provided P. Zaccaro Inc. a $39M bridge loan for its multifamily and retail building at 68-70 Spring St., property records show. It is the first loan that Columbia has provided out of its Columbia Pacific Recovery Fund, which provides debt to landlords that have been impacted by the coronavirus pandemic, the lender announced. The new eight-story development includes 10 luxury units that range from two- to three-bedrooms. P. Zaccaro began developing the building in April 2017, according to its website.
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Park-It Mgmt Inc. scored a $44M construction loan from affiliates of JPMorgan Chase for 160 West 124th St., Cushman & Wakefield announced. The space will be developed into a wellness center for Mount Sinai. Cushman & Wakefield’s Gideon Gil, Preston Flammang and Alex Lapidus brokered the debt for Park-It Mgmt Inc.
