This Week’s N.Y. Deal Sheet
New York City this week saw a handful of smaller office leases signed, but one large refinancing loan and the most expensive multifamily sale since the start of the pandemic demonstrated continued optimism in the NYC real estate community.
TOP LEASES
Industrious is banking on the return of workers to the Financial District, opening a new, 44K SF outpost at 25 Broadway with property owner the Wolfson Group, according to a release. The flexible office company’s space in the Cunard Building will have more than 350 seats and is expected to open next month. Industrious said the move was part of its expansion across New York.
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International law firm Clifford Chance signed a 144K SF lease at Brookfield’s Two Manhattan West. The 1.9M SF skyscraper is still under construction, but the law firm reportedly plans to move 500 employees to floors 39 to 42 in the building from its current space in Paramount Group's 31 West 52nd St., in 2024. CBRE’s Stuart Eisenkraft, Chris Hogan, Lewis Miller, Ramneek Rikhy and Andrew Sussman represented the tenant, while Cushman & Wakefield’s Howard Cross, Nicholas Dysenchuk, Josh Kuriloff, Matthias Li, Robert Lowe, Bruce Mosler, John Santora and Ethan Silverstein represented the landlord.
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Medical company AdaptHealth signed an expansion deal in the Bronx with landlord Simone Development Cos., according to a release. It is growing from its 28K SF footprint to taking up the entire building at 1185 Commerce Ave., a renovated industrial building that has 20K SF of available land. Simone's Josh Gopan represented the landlord in-house, while Cleva/Philips Real Estate Services Corp. represented AdaptHealth.
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Sage Realty has signed three new leases at its 767 Third Ave. building. Civil litigation law firm Spears & Imes took 8K SF, while AGW Holding LLC signed for 3K SF and construction law firm Greenberg, Trager & Herbst LLP renewed its 4K SF lease. Resolution Real Estate’s Jeffrey Zund represented Spears & Imes, Savills New York’s Christina Bicks represented AGW Holding LLC and Sage’s Michael Lenchner and Jack Brennan represented the landlord.
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Four tenants signed on for a total of 23K SF at The Paramount Building, located at 1501 Broadway, according to a release. Broadway and event technology company Today Tix took 10K SF, with representation from Raise’s Jamie Katcher and Sebastian Infante, previously of Cushman & Wakefield. Life sciences technology company TandemAI took 8K SF with representation from Adams & Co. Real Estate’s Brett Maslin. Broadway producer Christine Schwarzman's company, No Guarantees, and real estate investment firm Bridgerock Capital, signed for 3K SF apiece. The 32-story landmarked office tower previously served as Paramount Pictures’ East Coast headquarters. Newmark’s Matthew Leon, Stephen Gordon and Nathan Kropp are the property’s leasing advisers.
TOP SALES
New Empire Corp. has big plans for a Woodside development site it purchased for $16.2M, according to a release. The developer plans to demolish the one-story corner building currently on the 19K SF site, 58-01 Queens Blvd., and replace it with a condominium building containing as many as 120 one- and two-bedroom apartment units. The sale has yet to be recorded in property records, which lists Carol Wolfe, the executor of the estate of Pearl Meyer, as the owner.
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Manhattan-based Silverberg Investments has sold its 355 West 52nd St. office tower to Seavest Investment Group for $47.5M, Crain’s New York Business reported. Silverberg has owned the 100% leased, eight-story property since at least 1997, Crain’s reported, with average asking rents at around $57 per SF. Originally built in 1910, the 46K SF building was renovated in 1994. NYU Langone's ambulatory care center is the anchor tenant with a 42K SF lease. Eastdil Secured’s Jeffrey Organisciak brokered the deal, according to Crain’s.
TOP FINANCING
The Rudin family secured a $415M refinancing deal with a consortium of lenders, led by JPMorgan Chase and including Bank of America and M&T Bank, to reposition 3 Times Square. The three-year floating-rate loan comes with two one-year extension options and will fund the construction of new amenity space in the building and leasing efforts for its extensive vacancy. Rudin co-owns the building with Thomson Reuters, and is developing a large, dedicated space for Touro College there with a separate entrance.
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60 Guilders secured a $170M loan from Apollo for the acquisition of 3300 Northern Blvd. in Long Island City, Commercial Observer reports. 60 Guilders bought the property, owned by Vornado Realty Trust, for $173M in a "quietly marketed" sale, per CO. Adam Spies, Josh King, Doug Harmon and Marcella Fasulo of Cushman & Wakefield represented 60 Guilders, bringing in Sixth Street Partners as an equity partner, and advised Vornado on the sale, while the debt was negotiated by Estreich & Co.
