This Week's N.Y. Deal Sheet
This week, the Gucci store in SoHo sold to a foreign investor, a Financial District office locked down a slew of leases and two residential buildings scored financing.
TOP SALES
The building that houses the Gucci store in SoHo, 375 West Broadway, has sold to Australian investor Macquarie Asset Management on behalf of an overseas family office, The Real Deal reports. The sale price was $130M, with the seller unable to be identified beyond the fact it was an institutional owner advised by J.P. Morgan Global Alternatives. The Gucci store spans 10K SF and the office space above is 60K SF. JLL’s Andrew Scandalios and David Giancola represented the seller.
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A&E Real Estate paid $15M for a multifamily property at 92-40 Queens Blvd. in Rego Park, the company announced. The property has 60 apartments, seven commercial units, including five retail storefronts, and 16 parking spots. The sale closed at a 5% capitalization rate, the company said, and it paid $200K per unit.
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Stonehenge Partners and Stockbridge Capital Group bought the 164-unit apartment building at 354 East 91st St. from Carmel Partners, The Real Deal reports. Hodges Ward Elliott’s Daniel Parker and Allie Boyan arranged the deal for the Upper East Side building known as The Cole, which stands 22 stories and has a Duane Reade pharmacy on the ground floor.
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Prologis paid $19.3M for the industrial site at 46-81 Metropolitan Ave. Queens, Crain’s New York Business reports. The seller was identified as 269 Triple J Metro LLC. Prologis, a California-based real estate investment trust, is the largest developer of industrial properties in the country.
TOP LEASES
Global Holdings Management Group inked three deals at 99 Park Ave. spanning a total of 65K SF. Berkshire Hathaway subsidiary Garan is moving from 200 Madison Ave. to take 31K SF across the seventh floor. AKAM Associates leased 26K SF on the 14th floor to relocate from 260 Madison Ave., and CardWorks signed on for 7K SF on the 18th floor. The landlord was represented in the deals by JLL’s Paul Glickman, Diana Biasotti, Kristen Morgan and Harrison Potter. Newmark's Noel Flagg represented Garan, CBRE’s David Opper and Eddie Sisca represented CardWorks and JLL’s Joe Messina, TJ Hochanadel and Dan Santagata represented AKAM Associates.
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Five tenants signed on for more than 100K SF combined at Rudin’s 80 Pine St., the landlord announced. New York Property Insurance Underwriting Association signed a 16-year, 15K SF lease for the entire 31st floor. Weather forecasting media platform AccuWeather Inc. signed an eight-year lease for 14K SF on the 26th floor, where it will move from 7 World Trade. CureMD leased 9K SF on the 21st floor for 10 years. January Digital leased nearly 5K SF to expand their space in the building to nearly 15K SF. The deal is for 10 years. The National Urban League signed a 57K SF on a three-and-a-half-year direct lease, expanding from its previously subleased space on the ninth floor.
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Code Climate leased nearly 42K SF at 195 Broadway, owned by L&L Holding Co. The space is on the full 20th floor, for which the tech firm agreed to a 10-year deal with asking rents at $55 per SF, Commercial Observer reports. The tenant is moving from 54 West 21st St. in the coming months.
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Petco leased 30K SF at 44 Union Square to relocate its current store at 860 Broadway, Commercial Observer reports. The new space is over three floors, with asking rents at $450 per SF for the ground floor, $125 per SF on the second floor and $100 per SF foot on the lower level. Newmark’s Jeffrey Roseman brokered the deal for the landlord, Reading International. Ripco represented the pet goods retailer.
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Delta Galil Industries leased 50K SF at Morgan Stanley’s 2 Park Ave., Crain's New York Business reports. The deal was arranged by Cushman & Wakefield’s Tara Stacom, Mitch Arkin, Peter Trivelas and Mike Tranfalia on the landlord side. Newmark’s Lance Korman, Brian Waterman and David Berke brokered the deal for the tenant.
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Nonprofit Graham Windham leased 15K SF at 195 Montague St. in Brooklyn, per Crain’s New York Business. The property is owned by The Leser Group, and OPEN Impact Real Estate’s Stephen Powers and Lindsay Ornstein, along with Transwestern Real Estate Services’ Arthur Skelskie, Alexander Smith and Ginny Durfee arranged the deal for the landlord.
TOP FINANCING DEALS
BridgeCity Capital provided a $55M bridge loan to Ranco Capital for Deermar Residence, a luxury residential building in Park Slope. The loan will go toward refinancing the $39.1M construction loan that had been provided by Bank Leumi, per The Real Deal, on the project at 262 Ninth St.
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BHI, also known as Bank Hapoalim International, has provided a $35M bridge loan to an affiliate of BLDG Management for the refinancing of the 45-unit development known as Stella Residences. The property is a 10-story rental apartment building located at 251 East Second St. in the East Village. Greystone’s Drew Fletcher, Matthew Klauer and Jesse Kopecky arranged the financing on behalf of BLDG.
