This Week's N.Y. Deal Sheet
After a summer lull last week, deals picked back up again, including a new office relocation over 100K SF.
TOP LEASES
Law firm Mintz, Levin, Cohn, Ferris, Glovsky and Popeo P.C. signed a 20-year lease for 101K SF at SL Green’s 919 Third Ave., the landlord announced Tuesday. Asking rent was $80 per SF, the New York Post reports. The law firm joins Bloomberg LP and Debevoise & Plimpton in the 1.5M SF, 47-story building. Newmark's Moshe Sukenik, Eric Zemachson and Jason Perla brokered the deal for the tenant, while SL Green was represented in-house.
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TMRW Life Sciences quintupled its footprint in Jack Resnick & Sons’ 250 Hudson St., the landlord announced. The life sciences company will take up 38K SF for the next 12 years in the building, an expansion from the 5,500 SF it occupies now. Avison Young’s Mitti Liebersohn negotiated the lease for the tenant, while Brett Greenberg and Adam Rappaport brokered the deal in-house for the landlord. The Hudson Square property is also leased to law firm Lieff Cabraser Heinmann & Bernstein and marketing company Mekanism.
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Broadway will be back this fall, and the Theater District is about to get a museum dedicated to the world-famous industry. The Museum of Broadway inked a 26K SF lease at 550 Stewart Acquisition LLC’s 145 West 45th St., Lester Bleckner & Shaw announced. Cushman & Wakefield’s Amy Zhen, JLL’s Matt Schuss and Lester Bleckner & Shaw’s David Blecknfer brokered the deal for the tenant, while LSL Advisor’s Daniel Lolai and Rheem Bell and Freeman’s Casey Smith brokered the deal for the landlord.
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Brevan Howard will take up 22K SF at Fisher Brothers’ 1345 Sixth Ave. starting early 2022, the landlord announced. This is a move from the firm’s current location at 590 Madison Ave. Dan Posy and Jason Roberts of JLL arranged the deal for the tenant while CBRE’s Howard Fiddle, Peter Turchin, Gregg Rothkin, Anthony Dattoma, Benjamin Joseph and William Iacovelli arranged the deal for the landlord along with in-house agents Marc Packman, Clark Briffel and Charles Laginestra.
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Law firm Freehill Hogan & Mahar LLP renewed its 17K SF lease at Rudin Management’s 80 Pine St. for another 11 years, the landlord announced. Savills’ Howard Nottingham and Allyson Bowen brokered the deal for the tenant while Kevin Daly handled the deal in-house for the landlord.
TOP SALES
Extell Development purchased the air rights to 738 Eighth Ave. and 740 Eighth Ave. from the Shubert Organization for $31M, property records show. The Celtic Pub sits beside the lot, near several Broadway theaters and Times Square. Extell’s portfolio contains retail, office, hospitality and luxury residential including the supertall Central Park Tower. The Shubert Organization is known as a theater production company and property owner.
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The New York City School Construction Authority bought a Brooklyn retail property at 8802 Fifth Ave. from landlord Efthimios Zisimopoulos for $21M, property records show. The building, located in the Fort Greene neighborhood, is zoned as a shopping center. No recent building, construction or zoning applications have been filed with the Department of Buildings for the address.
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Lakewood, New Jersey-based MEB Capital purchased an apartment building at 135 West 225th St. in Manhattan for $15M, property records show. The seven-story, 82-unit Marble Hill building was sold by Rosedale Management. The buyer is a private equity firm that specializes in purchasing distressed mortgages.
TOP FINANCING DEALS
Silverstein Properties refinanced 1 River Place with $235M in debt from Greystone, Law360 reports. The 40-story luxury apartment building in Hell’s Kitchen contains 921 units, according to StreetEasy. Studios, one-bedrooms and two-bedrooms are listed for between $2,600 and over $5,300.
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Starwood Property Trust lent 60 Guilders Davidson Kempner $106M so the joint venture could purchase an office condo at 12 MetroTech Center, Cushman & Wakefield announced. The condo, which was sold by Brookfield, is 185K SF and on the top five top floors of the 30-story building. C&W's Gideon Gil, Lauren Kaufman, Steve Kohn and Alex Hernandez brokered the debt, which backed the $128M acquisition.
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Clipper Realty scored a $53M construction loan from AIG for its development at 1010 Pacific St., PincusCo. Media reports. Clipper purchased the land for $20M in late 2020. The landlord is developing a J. Frankl Architects and Studio C Architecture-designed 175-unit apartment building, New York YIMBY reported in January when the company began demolition.
