This Week's N.Y. Deal Sheet
This week, SL Green bagged a big lease for One Vanderbilt, a White Plains mixed-use project scored financing and Extell Development made another Manhattan purchase.
TOP LEASES
Finance firm Stone Ridge leased almost 100K SF at SL Green’s One Vanderbilt in a deal that will see them reportedly paying as much as $245 per SF over the lifetime of the lease, which runs 15 years, Business Insider reports. The company will be moving from 560 Madison Ave. The space at One Vanderbilt is across four floors. Other tenants in the building, which SL Green delivered in September, include Greenberg Traurig and The Carlyle Group.
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AppsFlyer, a mobile marketing analytics and attribution platform, is taking 13K SF at 300 Park Ave. South. The deal is a sublease with Swavelle Mill Creek Fabrics, and will mean AppsFlyer will be moving to the eighth floor, Commercial Observer reports. The sublease deal is for seven years in the Rockrose Development-owned building. AppsFlyer is moving from 220 Fifth Ave. Allison Buck, Jim Wenk and Kirill Azovtsev of Savills represented the subtenant, while Newmark’s Corey Borg and Eric Zamechson represented Swavelle. Rob Fink brokered the deal in-house for the landlord. Asking rent was in the $70s per SF.
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Extell Development locked in a 99-year ground lease for the Shefa School at 17 West 60th St., PincusCo reports. The developer paid $49.5M for the lease, which works out to be $646 per buildable SF. Ilana Ruskay-Kidd signed the deal for the Shefa School, while Gary Barnett signed for Extell, which used an LLC called 17 West 60th Street Holder.
TOP SALES
Timeshare operator Hilton Grand Vacations paid $58.4M for a 161-room hotel at 12 East 48th St. The seller was 54 Madison Partners, which had been the mezzanine lender on the property but foreclosed on the original developer, Hidrock Properties, in May 2020, The Real Deal reports. Timeshare operator Hilton Grand Vacations separated from Hilton in 2017 and had been working with the original developer to run the timeshare, per TRD.
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Brookfield Asset Management is taking full ownership of Waterside Plaza, the four-tower mixed-use property in Kips Bay, which it has partially owned since 2018. The deal for the four-tower complex sees Brookfield buying out former New York Lt. Gov. Richard Ravitch, the original developer. The Real Deal first reported the sale, and though the price of the transaction was not made public, a source told the publication the property is worth around $600M.
The site has around 1,400 units that Ravitch built in the 1970s. Doug Harmon and Adam Spies of Cushman & Wakefield arranged the sale. In an emailed statement, a Brookfield spokesperson said that the Plaza is a "uniquely-situated complex" and that Ravitch and his team had "managed it with excellence, and we intend to do the same."
TOP FINANCING DEALS
Rose Associates and its partners locked down $182M in financing to redevelop an office building in White Plains, announced Square Mile Capital, which invested $47.4M of preferred equity into the project. Pacific Western Bank provided a $134.5M senior construction loan. The developer is turning the former AT&T Building at 440 Hamilton Ave. into 468 apartments with studios as well as one- and two-bedrooms.
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Northwind Group has provided an inventory loan to Brooklyn North Capital and RiverBrook Equities for a condo development at 165 Lexington Ave. in Kips Bay. The two-year financing totals $48.5M, The Real Deal reports, and it recapitalizes the project. In 2018, the developers scored $46M from S3 Group, per the publication. The property has 4K SF of retail and 43 units asking between $800K and $3.5M.
