This Week's N.Y. Deal Sheet
It was a big week for deals in NYC, with sizable trades, major construction loans and an active Manhattan office leasing market, especially in Midtown South, which saw a huge PR firm renewal and a major bank expansion.
TOP LEASES
PR firm Edelman renewed for nearly 174K SF at 250 Hudson St., a 400K SF building owned by Jack Resnick & Sons. The renewal is for 15 years, according to the landlord, and the asking rent wasn't made public. The tenant will continue to occupy six floors in the property and was represented by Mary Ann Tighe, Ken Meyerson, Todd Lippman and Adele Huang of CBRE. The landlord was represented in-house by Adam Rappaport and Brett Greenberg.
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Capital One Bank is expanding its office at 114 Fifth Ave., owned by Columbia Property Trust, Allianz Real Estate and L&L Holding Co. L&L is spearheading leasing at the property, and announced that the bank is adding 60K SF onto its lease to bring its total presence to nearly 117K SF. The renewal is for 12 years and Capital One will occupy the second through seventh floors. The landlords were represented by L&L Executive Vice President and Director of Leasing David Berkey. The tenant was represented by Cushman & Wakefield’s Dale Schlather and Senior Director Greg Herman.
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Moinian Group locked down a 30K SF lease with healthcare company Spring Health at 60 Madison Ave., The Real Deal reports. As part of the deal, Spring Health is also taking 12K SF at 245 Fifth Ave., which Moinian co-owns with Thor Equities, for six months. Spring Health’s current office is at 251 Park Ave. South. JLL’s Justin Haber and Kyle Riker represented Spring Health. The landlord was represented by the CBRE’s Gregg Rothkin and Tim Freydburg.
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GFP Real Estate announced new leases at 322 Eighth Ave. across 38K SF with three separate companies. Purple PR signed up for an extra 5,200 SF for four years, bringing its presence in the property to 18K SF. JLL’s Simon Landmann represented Purple PR. Courtside Ventures Management, represented by JSRE Management's Jeff Sharon, expanded to 4,500 SF on the 19th floor after adding 1,800 SF in its lease. Alzheimer’s Foundation of America added 2K SF to its lease as part of a 16K SF, 10-year renewal and expansion. The nonprofit negotiated directly with the landlord, who was represented in-house by GFP's Allen Gurevich in all three deals.
TOP SALES
Risland Holdings snapped up 106 unsold condos at Skyline Tower, paying its partners on the project $161.3M for the units, according to PincusCo and public records. United Construction & Development Group and FSA Capital are partners on the luxury tower at Court Square in Long Island City, which has 801 apartments. A total of 606 have been sold, per PincusCo.
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HUBB NYC paid $76.8M for the 130-unit apartment building at 150 Union Ave. in Williamsburg, The Real Deal reports. The seller was Adam America Real Estate, and a JLL team led by Bob Knakal brokered the sale. The property was developed with the 421-a tax abatement seven years ago and benefits from the program for 35 years.
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Charney Cos. and Tavros Capital paid $68.3M for 24-19 Jackson Ave. in Queens, per PincusCo and public records. The seller of the development site in Long Island City was Toyoko Inn Co. The buyers purchased the property through the entity Court Square 45th Ave 2 LLC. The development site has long been planned as a hotel, according to TRD Research, although Toyoko Inn doesn't list any U.S. hotels on its website.
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Largo Investments sold a four-story office building in Williamsburg, Commercial Observer reports. The buyer was Shawnick Williamsburg LLC, an affiliate of Frank Shahidi, paying $24.1M for the property at 75 North Seventh St. Shahidi secured an $11.7M loan from First Republic Bank to purchase the building, which once housed an outpost of women-focused coworking firm The Wing, according to CO.
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The residential building at 77 Columbia Heights in Brooklyn traded for $17M, Crain’s New York reported. The sellers were Eugene Keilin and Joanne Witty, and the buyer used an LLC called MSL 77CH Holdings to acquire the property.
TOP FINANCING DEALS
Stellar Management and the Chetrit Group scored $365M from Citigroup, BMO Capital Markets and Starwood Property Trust to refinance an Upper West Side multifamily portfolio, Commercial Observer reports. The commercial mortgage-backed securities will go toward Park West Village at 784, 788 and 792 Columbus Ave., which spans 773K SF and 850 units. Henry Bodek of Galaxy Capital arranged the financing.
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Bank of America loaned $388.4M to Steven Witkoff and Apollo Commercial Real Estate Finance for the construction of a 591-unit tower in Downtown Brooklyn. The development, called The Brook, would feature 448K rentable SF of mixed-income multifamily space across 591 units, per a release from Walker & Dunlop. The firm’s Aaron Appel, Keith Kurland, Jonathan Schwartz, Adam Schwartz, Michael Ianno and Sean Bastian arranged the financing on behalf of the borrowers. The development is one of the last to make use of the 421-a tax abatement, which expired in June
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Zar Property NY locked down $100M from Safra National Bank for the refinancing of 42 Greene St. and 90 Grand St., The Real Deal reports. The properties have office and retail space, and the debt replaces a $70M loan Safra had provided in 2014, per TRD. Newmark's debt team of Dustin Stolly and Jordan Roeschlaub brokered the loan.
