This Week’s N.Y. Deal Sheet
This week saw a few smaller sales mostly concentrated in the outer boroughs, while the office market in Manhattan’s Financial District neighborhood snagged several tenants following the long Labor Day weekend.
TOP LEASES
The Corporation for Supportive Housing has signed for office space in FiDi, according to a release. The nonprofit is set to take 11K SF at Harbor Group International’s 55 Broadway, occupying the entire 10th floor of the 32-story, 363K SF office tower. The company joins other tenants including Bank of Communications, Syscom Global Solutions and The Cochran Firm. Aron Schreier and Jason Kroeger of Cushman & Wakefield repped the Corporation for Supportive Housing, while Brad Gerla, Jonathan Cope and Hayden Pascal of CBRE handled the deal for Harbor Group International.
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Naftali Group has signed a ground lease for 301-307 Third Ave. valued at $21.5M, according to a release. The 99-year ground lease works out to $300 per zoning floor area and contains an existing two-story building at the intersection of Manhattan’s Kips Bay and Gramercy neighborhoods, according to Avison Young. The building was previously the location of a Mattress Firm store and has an Amalgamated Bank of New York branch on its ground floor. Proposed development plans for the site allow for 72K SF of zoning floor area as of right, with a further 15K SF allowed if the development considers using an inclusionary housing bonus. The ground lease owner is Snake River Development, which is managed by BNS Real Estate and was repped in the transaction by Avison Young’s Charles Kingsley, Neil Helman, Erik Edeen, James Nelson and Brandon Polakoff. Naftali, run by CEO Miki Naftali, represented itself.
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L.H. Charney Associates signed clothing company 32 Degrees to a 12K SF expansion at 1410 Broadway, Commercial Observer reported. 32 Degrees' footprint in the property comes to 27K SF in a deal brokered by Colliers’ Rick Doolittle, J.P. Howard, Michael Joseph and Taylor Bell for both parties. Footwear company Geox also signed a lease in the building, securing 3K SF on the 14th floor in a deal arranged by Cushman & Wakefield’s Ron Lo Russo and Jason Kroeger. The 34-story, 368K SF property was first built in 1930 and received its most recent renovations in 2020, according to LoopNet.
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The Durst Organization has signed multiple tenants at 1 World Trade Center to a total of 43K SF, Commercial Observer reported. Pilot Fiber NY, an internet service provider, is expanding its space to bring its footprint in the building to 12K SF, with Durst’s Eric Engelhardt and Karen Rose repping the landlord in-house, alongside David Falk, Peter Shimkin, Hal Stein, Jason Greenstein and Nathan Kropp of Newmark. Colliers’ Michael Thomas and Taylor Bell repped the internet provider. Pharmaceutical company Capital Rx renewed its 10K SF lease in the building, having first taken on the space last year, with representation from Clint Dewey and Eric Ferriello of Colliers. LMAX Group, a fintech firm located in Servcorp’s coworking space at the tower, renewed its 8K SF lease on the 76th floor with representation from CBRE’s Sinclair Li and Patrick Moroney. Artificial intelligence company Fractal Analytics renewed its 8K SF lease on the same floor with representation from Newmark’s Brian Cohen and Aaron Winston. Asset management firm OnyxPoint Global also transitioned from subtenant to official tenant, signing a 3K SF lease on the 45th floor, and data security firm RQD* Clearing also signed a 3K SF lease on the 47th floor with representation from CBRE’s Rob Wizenberg.
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HVAC design collective Ambient Enterprises is taking 17K SF at 498 Seventh Ave., a 25-story office building in Midtown South owned by a joint venture of George Comfort & Sons, Loeb Partners Realty and South Korean investment firm JR AMC, Commercial Observer reported. Ambient, which is a collective of 11 companies, signed as a subtenant and plans to move into the space in November. The collective is leaving two other office properties, 5 West 19th St. and 20 West 36th St., in order to move into the 960K SF property. Savills acted as the broker for the subtenant, with Christopher Foerch, Roi Shleifer, Ryan Remington and Jack Bivins repping Ambient. George Comfort & Sons’ Andrew Conrad and Matt Coudert repped the landlord in-house, as well as the sublandlord, which wasn't identified.
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Sports tech company Genius Sports has signed for 12K SF at The Durst Organization’s 825 Third Ave., the landlord announced. London-based Genius Sports will occupy the entire 26th floor of the property, which is wrapping up a $150M capital improvement program that includes lobby renovations and the creation of tenant amenity spaces. Durst has recently signed Toyota Tsusho America, the National Bank of Egypt and Gotham Asset Management to the property. Durst had in-house representation from Tom Bow, Ashlea Aaron, Lauren Ferrentino and Bailey Caliban, while Newmark’s Joshua Berg and A.J. Dorn handled the deal for Genius Sports. Genius Sports' current New York office is in the Meatpacking District at 413 West 14th St., according to its LinkedIn page.
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GFP Real Estate has signed several tenants for a combined 11K SF at 230 Fifth Ave. The largest lease was signed by wholesale textile manufacturer JS Royal Home USA Inc., which took almost 6K SF on the 12th floor in a deal that doubled its prior 3K SF space in the building. Home textile company Innovated Designs LLC, which sells under the name ID Home Fashions, textile company Triangle Home Fashions, home decorations producer Urban86 and Italian linens company CasaRovea USA Inc. all signed small deals at the office building. The 1914-built beaux-arts-style office property in NoMad has 20 floors filled with more than 140 showrooms for companies producing textiles, home furnishings and more. GFP’s Jane Gural-Senders and Harvey Richer repped the landlord in-house, in addition to all the tenants in these deals.
TOP SALES
Nonprofit National Sawdust now owns the Williamsburg theater that has long been its home, Crain’s New York Business reported. Virginia-based Dankyle Realty LLC sold the 350-seat theater, which is located at 80 North Sixth St., for $24M, according to public records. The property last changed hands in 2009 for $2.3M and has since been transformed from its former incarnation as a factory via a $16M renovation.
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The property home to an 8K SF Chase Bank branch in the Brooklyn neighborhood of Bensonhurst has sold for $10.2M, according to a release. The building, located at 6501 18th Ave., was previously owned by Crown 18th Avenue LLC and now belongs to JAG Management LLC. Marcus & Millichap’s Alan Cafiero, Eric Anton, Nelson Lee and David Cafiero marketed the property for the seller and also repped the buyer, with the brokerage’s John Horowitz joining the team to close the sale.
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An industrial portfolio close to JFK International Airport has sold for $146M, according to a release. The portfolio spans 500K SF across 10 buildings at 95 Inip Drive, 90 Inip Drive, 71 Inip Drive, 55 Inip Drive, 41 Inip Drive, 100 Inip Drive, 40 Inip Drive, 475 Doughty Blvd., and 447-453 Doughty Blvd. The sale is the first time that the properties, owned by the Elias family, have changed hands in 50 years. The buyer was a partnership between Onyx Acquisition IV LLC and Starwood. CBRE’s Brian Fiumara, Martin Lomazow, Philip Heilpern, Matt Manoogian, Paul Leone, Doug Middleton, Michael Hines, Brad Ruppel, Bo Cashman, Jonathan Beard, Joe Hill and Lauren Dawicki repped the seller in the deal.
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A mixed-use apartment complex in Greenwich Village has changed hands for $13.5M, Crain’s reported. The property, located at 14-16 Bedford St., has 21 residential units and a little over 2K SF of retail space. Real estate investment firm Wharton Properties purchased the property from Laub Realty, which bought the building in 2005 for $6.5M. Rosewood Realty Group repped both the buyer and seller in the deal.
TOP FINANCING
A joint venture of Aurora Capital Associates, Midtown Equities and ACHS Management has scored a $90M refinancing of 240 Bedford Ave., according to a release. The sum will go toward the 181K SF mixed-use Williamsburg property, which is anchored by Whole Foods. The property is on one of Brooklyn's prime retail corridors and also counts Equinox and Citibank as tenants. Apollo Global Management provided the debt in a deal brokered by Newmark’s Dustin Stolly, Jordan Roeschlaub, Daniel Fromm, Benjamin Kroll and Alexander Saslove.
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The Grower Housing Development Fund Corp. has landed a $35.6M rehabilitation loan for a scattered-site Section 8 portfolio that covers 251 units in Williamsburg, according to a release. The 10-year-fixed-rate, five-year-interest-only loan came from Fannie Mae with a 35-year amortization and includes $8M specifically in renovation dollars for long-term affordable housing preservation. A Walker & Dunlop team led by Frank Cassidy and John Gilmore arranged the financing for the nonprofit with support from New York City Department of Housing Preservation and Development and the New York City Housing Authority.
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ZD Jasper Realty snagged a $103M construction loan for the development of two residential buildings in Hudson Yards, PincusCo reported. The properties, 485-487 Ninth Ave. and 489-491 Ninth Ave., will contribute 122 units to the neighborhood if plans submitted to city agencies in September last year are approved. The loan from Preferred Bank replaces a previous $24M loan from First Commercial Bank.
