This Week's N.Y. Deal Sheet
As a whirlwind of a summer came to a close last week, major deals of all types did as well, including several construction loans and a variety of Manhattan investment sales.
TOP LEASES
Financial technology company DailyPay signed a sublease deal to take up 137K SF at The Retirement System of Alabama’s 55 Water St., the company announced. DailyPay is expanding its New York City office space threefold and moving out of 55 Broad St., owned by Rudin Management Co. The Water Street space was put on the sublease market by S&P Global, The Real Deal reports.
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Mitsubishi International inked a 20-year, 68K SF lease at The Durst Organization’s 151 West 42nd St., Crain’s New York Business reports. The corporation joins Nasdaq and BMO Capital Markets as a tenant in the building. It is moving from its 120K SF office at 655 Third Ave., also owned by The Durst Organization, Commercial Observer reports. Newmark’s Moshe Sukenik, Noel Flagg and E.N. Cutler brokered the deal for the tenant.
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Raw Brands will occupy 13K SF at Daniel Mintz’s 205 West 39th St., Commercial Observer reports. The 17-story, Class-B Garment District building serves as the Calvin Klein headquarters as well. Resolution Real Estate Partners’ Evan Lieberman brokered the deal for Raw Brands while Resolution Real Estate Partners’ Mitch Cooperstock brokered the deal for the landlord, per CO.
TOP SALES
Gaia Real Estate paid Anbau NYC $50M for three East Village apartment buildings, property records show. The portfolio spans 54-26 East Third St., 50-52 East Third St. and 58 East Third St. with a total of 71 units, Gaia stated in its announcement of the acquisition. Avison Young’s Brandon Polakoff brokered the deal for Anbau, Real Estate Weekly reports.
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Grid Group purchased a parking garage at 142 West 21st St. from Jadlamm Realty Corp. for $31M, property records show. The building was developed in 1925 and is two stories high. Parking has become increasingly sparse over the past few months as car ownership ticks up and thousands of street parking spots are taken up by outdoor dining. While there are no property records indicating the last sale price, a 2019 satisfaction of mortgage certificate for a $40K loan shows that Jadlamm took out a mortgage on the property in October 1946.
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The Morgan Group sold two Bronx apartment buildings to Chestnut Holdings for a total of $17.4M, PincusCo. Media reports. The two properties are 230 East 167th St. in Concourse, which contains 78 units, and 344 East 209th St. in Norwood, which contains 32 units.
TOP FINANCING
Wells Fargo loaned TF Cornerstone $337M in construction debt to continue developing 595 Dean St. and 615 Dean St. into a residential property dubbed the Pacific Park complex, The Real Deal reports. The building is slated to contain 800 units as well as retail space, New York YIMBY reported when excavation on the property began in February. It is set to be finished in 2023.
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Rabsky Group scored a $450M construction loan from Madison Realty Capital for the development company’s project at 625 Fulton St., Commercial Observer reports. The building is set to rise 941 feet high and contain office space, retail space and school space, per New York YIMBY.
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Arbor Realty Trust provided E&M Management $64M to refinance 13 Upper Manhattan apartment buildings, PincusCo. Media reports. The portfolio is comprised of 610 West 141st St., 337 West 138th St., 145 Edgecombe Ave., 557-561 West 149th St., 620 West 141st St., 2010 Adam Clayton Powell Blvd., 1829 Adam Clayton Powell Blvd., 1833 Adam Clayton Powell Blvd., 707 St. Nicholas Ave., 305 West 111th St. and 303 West 111th St., according to property records. The total unit count is in the hundreds.
