This Week's N.Y. Deal Sheet
The heat wave in New York City may have ended last week, but the market has only gotten hotter as big investment sales, office leases and financing deals closed.
TOP SALES
Uniqlo closed on its purchase of 546 Broadway, where it has had a 53K SF location since 2006, from AB & Sons for $160M for 546 Broadway, property records show. Isaac, Eli and Abraham Chetrit, who run AB & Sons, had owned the nearly 96K SF residential, office and retail property since 1981, The Real Deal reported. The Japanese clothier is the latest in a series of retailers purchasing their buildings as retail property values go down.
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Seavest Healthcare Properties bought a Brooklyn medical office building at 902 Quentin Road from Marx Development Group for nearly $54M, property records show. CIT Group Inc. helped finance the purchase with a $33M acquisition loan, the lender announced. The eight-story building was developed in 2013 and its tenants include NYU Langone Health and Touro College.
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Mack-Cali Realty Corp. sold a suburban office portfolio in Red Bank, New Jersey, to First Mile Properties for $84M, the REIT announced. The properties, collectively called River Centre, make up a six-building office campus. The buildings are 67% occupied, but their vacancies vary: one building has 32% occupancy and another is 100% occupied, according to its website. Prime Finance lent First Mile $74M to make the purchase, Commercial Observer reports.
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Madison Capital purchased the industrial buildings at 688 and 702 Court St. in Brooklyn for $45M, property records show. Jack Guttman of Guttman Realty Advisors signed for the seller. The two properties, which sit near the East River in Red Hook, are warehouses built in 1970, according to LoopNet. Madison Capital owns several industrial buildings in neighborhoods along the river that were once the epicenter for national manufacturing in Brooklyn’s heyday.
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Another industrial property changed hands in Queens this week. Industrial giant Prologis bought a terminal at 46-81 Metropolitan Ave. from James Juliano for $43M, property records show. The Maspeth property was built in 1965 and Super Bus Inc. is a tenant in the building, according to its website.
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Camber Property Group bought an apartment building at 440 West 41st St. for $40M, property records show. The property was going through the bankruptcy process when Camber purchased it, according to the documents. The 14-story, 100-unit building was developed in 1988, according to StreetEasy.
TOP LEASES
Bitcoin trading company Coinbase will take up 30K SF at 55 Hudson Yards, the New York Post reports. The company is subleasing the space from Point72 Asset Management, the company of new New York Mets owner Steve Cohen, which has a 339K SF footprint in the building. Coinbase will join tenants such as Facebook and Silver Lake in the building, one of the handful of trophy office towers Related Cos. and Oxford Properties Group developed in Phase 1 of the Hudson Yards megaproject.
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Webull Financial renewed its lease at 44 Wall St. and more than doubled its footprint in the building, Commercial Observer reports. It will take up 26K SF, up from 9K SF. The building has availability ranging from over 2K SF to over 12K SF across 10 of its floors, according to its website. George Comfort & Sons’ Matt Coudert, Alexander Bermingham and Caswell Jernigan brokered the lease for the landlord and Robert Gallucci of Colliers International represented the tenant, per CO.
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Volastra Therapeutics expanded its lease to 15K SF at Janus Property Co.'s The Mink Building on 1361 Amsterdam Ave., the landlord announced. It initially took up 11K SF when it moved uptown from JLabs at 101 Sixth Ave. last year.
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Oncology medicine company Black Diamond Therapeutics signed a lease to take up 18K SF at the Alexandria Center for Life Science on 430 East 29th St. CBRE's Joseph DeRosa and John Isaacs brokered the deal for the tenant while landlord Alexandria Real Estate Equities had in-house representation. Tenants such as Pfizer, NYU Langone and Eli Lilly also take up space in the building.
TOP FINANCING DEALS
Nightingale Properties and Wafra Capital Partners scored a $500M acquisition and construction loan for 111 Wall St. from four lenders: SKW Funding, PIMCO, Oaktree Capital and Bain Capital, Commercial Observer reports. Newmark’s Dustin Stolly and Jordan Roeschlaub brokered the deal for the ownership group.
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Circle F Capital secured a $90M loan from Parkview Financial to develop 1 Park Row, The Real Deal reports. Demolition on the building was ongoing as of September, New York YIMBY reported. The new building was planned to have three floors of retail, YIMBY reported in 2017 when the renderings of the building were first released.
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Capital One lent Cammeby’s International Group $70.2M to refinance the apartment building at 115 Pitt St., PincusCo. Media reports. The 172-unit, six-story building was developed in 1983. A three-bedroom apartment at the Lower East Side property was rented in April for just under $3K, per StreetEasy.
