This Week's N.Y. Deal Sheet
As the summer winds down, deal flow kept on rolling this week, with big deals closing across sales, leases and financing.
TOP LEASES
Healthcare tech company Cedar signed a 67K SF lease at the Rudin family’s 32 Sixth Ave., the landlord announced. This will be a move and expansion from its current 17K SF space at 95 Morton St. The five-year deal was brokered by Avison Young’s Mitti Liebersohn and Evan Foley, who represented the tenant, as well as Rudin Management's Robert Steinman, who represented the landlord.
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Payment platform Adyen will take up 30K SF on the 10th and 11th floors of Madison Capital’s 71 Fifth Ave., JLL announced. The tenant is moving from its current office nearby at 18 East 16th St. Transwestern’s Thomas Hines and Rory Murphy brokered the deal for the tenant, while JLL’s Mitchell Konsker, Dan Turkewitz and Benjamin Bass represented Madison Capital, along with in-house agents Jonathan Ratner, J. Joseph Jacobson and Cindy Chang.
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Cannabis company LeafLink expanded at Broad Street Development’s 80 Broad St. to 26K SF, Crain’s New York Business reports. Asking prices for current available offices at the Class-B building range from $54 per SF to $62 per SF, according to the building’s website. JRT Realty’s Greg Smith brokered the deal for the tenant while David Israni brokered the deal for the landlord in-house, per Crain’s.
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French investment group Eurozeo plans to move and expand within The Paramount Group’s 745 Fifth Ave. in a new 14K SF lease, Transwestern announced. The company will move from its 6K SF office on the 32nd floor to its new space on the 19th floor of the building. Transwestern’s Chase Gordon and OPEN Impact Real Estate’s Lindsay Ornstein brokered the deal for the tenant.
TOP SALES
In another Bronx industrial buy, Centerpoint purchased an Amazon-occupied warehouse at 511 Barry St., it announced. Innovo Property Group sold the property for $119M, up from its $53M price tag in 2019, Commercial Observer reported. CBRE’s Brian Fiumara, Doug Middleton and Ryan Sibler along with Rob Kossar, Tyler Peck, Leslie Lanne and Andrew Scandalios of JLL negotiated the deal, according to CenterPoint.
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The Hudson Cos. paid Midwood Investment and Development $41M for a site at 975 Nostrand Ave. in Crown Heights, according to Cushman & Wakefield. The seller planned to tear down the Associated Supermarket on the lot and develop a multifamily building and bring the supermarket back as the ground-floor retailer, Brownstoner reported in July. Cushman & Wakefield’s Daniel O’Brien, Adam Spies, Josh King, Marcella Fasulo and Caroline Hodes brokered the deal for the seller.
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Storage company Storage Deluxe bought an industrial property at 34-37 37th St. in Astoria from Steve Poliseno for $20M, PincusCo. Media reports. Storage companies have been buying up many properties over the past year as the industry's demand boomed amid the coronavirus pandemic. The property is 54K SF with 72K SF in air rights, per Pincus.
TOP FINANCING DEALS
Tishman Speyer secured a $425M refinancing with Bank of America for its office building at 28-07 Jackson Ave. in Long Island City, Commercial Observer reports. The 1.2M SF building — called the JACX — counts Bloomingdale's and a large WeWork as tenants. It was built in 2018 for $650M, per CO.
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ZG Capital Partners refinanced 1450 Broadway with a five-year, $215M CMBS loan from the Bank of Montreal, Commercial Observer reports. WeWork is among the Times Square office building’s tenants. There are seven office vacancies in the building, according to its website.
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Jade Century Properties and Peter Huang scored a $101M construction loan from Centennial Bank for the development duo’s project at 131-02 40th St. in Flushing, The Real Deal reports. The 20-story, two-tower development — dubbed the Flushing Point Plaza — will contain 376 condos along with community space and a huge parking lot, according to New York YIMBY.
