This Week's N.Y. Deal Sheet
This past week in New York City commercial real estate saw Brookfield buying into the Queens industrial market and Planet Hollywood signing a deal to return to Times Square.
TOP LEASES
CIM Group inked two deals spanning a total of nearly 70K SF at 1440 Broadway, the company announced. Land’n Sea, a clothes designer and manufacturer leased just shy of 34K SF on the third floor, while CNY Group took 34K SF on the fourth floor. CIM Group’s in-house leasing team arranged the deals at the 745K SF Midtown building, along with CBRE. The building's website says there is still more than 250K SF of availability. Los Angeles-based CIM acquired the building during New York REIT's liquidation in 2017 for more than $500M and refinanced it for $400M last year, The Real Deal reported.
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Planet Hollywood has signed a nearly 18K SF lease in a 15-year deal at 140 West 42nd St. in Times Square. The chain’s owner, Earl Enterprises, is paying more than $3M a year in rent in the deal, the New York Post reports. The space is at the base of the Hilton Garden Inn hotel, in a condominium owned by Australian financial firm Macquarie Asset Management. The restaurant, which will also house a ghost kitchen and multiple concepts, is due to open by the end of the year.
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Bentex Group is leasing nearly 49K SF across the entire second and 11th floors, as well as part of the 12th floor of Arcade Building Associates’ 34 West 33rd St. This expansion means Bentex has nearly 61K SF at the property. David Levy and Brett Maslin of Adams & Co. represented the landlord. Michael Beyda of Benchmark Properties represented the tenant in the transaction. Asking rent was around $50 per SF.
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Spectorgroup leased 15K SF at 200 Madison, owned by George Comfort & Sons and partners Jamestown and Loeb Partners Realty. The deal brings the property to 96% leased, according to a release from George Comfort & Sons. Commercial design and architecture firm Spectorgroup is taking part of the 19th floor in the building, where it will relocate from its current headquarters at 183 Madison Ave. in the third quarter of 2022. George Comfort & Sons’ Andrew Conrad and Matt Coudert represented the ownership group, while the tenant was repped by Ben Shapiro and Andrew Sachs of Newmark, alongside Adam Spector of JLL.
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Design firm F. Schumacher & Co. leased 26K at Chetrit Group’s 459 Broadway, Crain’s New York Business reported. Howard and Alexander Kesseler of Newmark brokered the deal for the landlord, while Sinvin represented the tenant. The deal sees the hallowed New York brand fill the entirety of the office space at the property.
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Empire State Realty Trust leased 24K SF to Crown Castle at the office building at 1359 Broadway, per Crain’s. Colliers’ Reid Longley represented Crown Castle in the deal. Shanae Ursini and Ryan Kass represented ESRT in-house, along with CBRE’s Paul Amrich, Emily Chabrier, Neil King and Meghan Allen.
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Wholesale company Gold Medal International leased 17K SF at 225 West 37th St., taking the entire sixth floor and part of the ninth floor, according to Adams & Co., whose Alan Bonett and Brad Cohn represented the tenant in the deal. Daniel Breiman of Olmstead Properties represented the landlord, JLJ Bricken.
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Recognize, a tech services investment firm, leased 15K SF at DivcoWest's 540 Madison Ave., per Cushman & Wakefield. The deal has the firm taking the whole second floor and is one of four new long-term leases and two lease renewals collectively spanning almost 36K SF at the building. Recognize was represented by Newmark’s Brad Needleman. C&W’s Ethan Silverstein, Ron Lo Russo, Dan Organ and Peter Kerans represented DivcoWest.
TOP SALES
Brookfield dropped $46.5M on an industrial building in Richmond Hill in Queens, PincusCo reports. The seller was Urban Storage Fund and the property is at 87-40 121st St. The sale price works out to be $560 per built square foot and the price per buildable SF is $427, according to the publication. Urban Storage bought the property in 2015 for $2.7M.
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Monday Properties paid $131M to buy an apartment complex in Stamford, Connecticut, the Stamford Advocate reports. The four-story property at 75 Tresser Blvd. spans 344 units. Monday Properties, traditionally an office landlord with holdings concentrated in Northern Virginia, bought in the area because Stamford is a cheaper alternative to other parts of the Tri-State Area, Frank Craighill, Monday Properties’ vice president of development, said in a statement to the Advocate. The seller was not made public.
TOP FINANCING DEALS
BankUnited provided $47M to Rose Associates and Marmara Group, per a release from Rose, to finance the renovation and repositioning of the 108-unit apartment building at 301 East 94th St. Marmara operates it as a mix of short- and long-term rental apartments. Cushman & Wakefield’s Steve Kohn, Alex Hernandez and Alex Lapidus arranged the loan, while Alan Cohen of ABS Partners served as an adviser to Marmara.
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Investors Bank loaned Wharton Realty Group $85M to refinance a retail building at 162-10 Jamaica Ave., PincusCo reports. The debt will retire debt from previous lender M&T Bank.
