This Week's N.Y. Deal Sheet
All types of deals continued to close during the final week of summer, but there were no massive leases and fewer big sales than weeks before.
TOP SALES
Long Island-based Namdar Realty Group and Empire Capital Holdings paid Clemons Management $107M for a Class-B Garment District office building at 345 Seventh Ave., property records show. The 25-story, 190K SF building boasts tenants such as Paris Forino Design, Gunn Landscape Architecture, and Corporate Resolutions, according to CompStak. CBRE’s Doug Middleton, Alana Bassen and Darcy Stacom brokered the deal for the seller, Commercial Observer reported in July, when the deal first went under contract. Namdar Realty Group is known for its portfolio of malls throughout the country; it also owns office buildings on Long Island and mixed-use buildings around the country, per its website.
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Jay Group sold a 141-unit apartment building at 56 West 125th St. to HUBBNYC for $105M, The Real Deal reported. The 17-story building — which sits along Harlem’s main retail corridor — was developed by the Jay Group in 2018, New York YIMBY reported at the time. At the time, it was set to be the tallest building in the neighborhood, per Curbed.
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Lightstone Group bought a 65-unit, 15-story building at 700 West End Ave. from Salamon Realty for $29M, property records show. The Upper West Side apartment building, built in 1925, is a block from the 96th Street Station, a stop for the 1, 2 and 3 trains. Rents for one-bedroom apartments in the building were recently between $2,300 and $2,700, per StreetEasy.
TOP LEASES
Varde Partners signed a 23K SF lease at Tishman Speyer’s 520 Madison Ave., JLL announced. The company will move just up the street from its existing location at Macklowe Properties’ 510 Madison Ave. JLL’s Cynthia Wasserberger and Georgina Cook brokered the deal for the tenant, while JLL’s Megan Sheehan brokered the deal for the landlord. The company joins Jefferies & Co. as a tenant in the 43-story, 1M SF office tower, and it expects to move in next year.
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Apifiny, a cryptocurrency trading network, is moving from downtown to Midtown to take up 12K SF on the 35th floor of Rudin Management Co.’s 1675 Broadway, Rudin announced. Apifiny, founded in 2019, plans to move from its office at 199 Water St. for a five-year lease. Colliers’ Sam Einhorn brokered the deal for the tenant, while Robert Steinman handled the deal for the landlord in-house. Asking rent for other available spaces in the building is $67 per SF, per Rudin’s website.
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Fabric company Nassimi inked a 12K SF deal at The Adler Group’s 550 Seventh Ave. with an asking rent of $55 per SF, Commercial Observer reports. The iconic fashion office building in the Garment District was once the location of Ralph Lauren’s headquarters before it moved to the Starrett Lehigh building in 2018.
TOP FINANCING DEALS
KKR provided development duo Turnbridge Equities and Dune Real Estate Partners LP with a $381M construction loan for the Bronx Logistics Center, to be located at 920-980 East 149th St. in Hunts Point, JLL announced. The 1.3M SF industrial property in the industrial neighborhood will span two floors when it's completed. JLL’s Christopher Peck, Peter Rotchford and Madison Warwick brokered the debt.
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Soho Properties refinanced 560 Seventh Ave. — the site of its newly opened Margaritaville Resort Times Square — with a $317M loan from Bedrock Capital Associates LLC, The Real Deal reports. The hotel project cost the developer $370M, it said in a release announcing the opening. The 32-story building contains 234 rooms and a Margaritaville restaurant on the ground floor and multiple themed bars throughout the building.
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Bank Leumi financed an $82M construction loan for Izaki Group to develop 314 East 86th St., PincusCo. Media reports. Izaki purchased the property in 2017 along with two adjacent buildings for $42M, The Real Deal reported at the time. The company planned to build a 20-story condo building on the property in 2019.
