This Week’s N.Y. Deal Sheet
Lower Manhattan was the center of activity in the office leasing market this week, while the majority of sales took place in the outer boroughs.
TOP LEASES
UK fintech firm Revolut is taking 10K SF at Trinity Church Wall Street’s 107 Greenwich St. office building, according to a release. The lease is for a full floor of the office portion of the mixed-use Trinity Commons project, which also has an address of 76 Trinity Place and is owned and operated by the historic church across the street. Revolut, which was founded in 2015 and has an estimated worth of $33B, is set to relocate from a coworking spot at 53 Beach St. as it expands in the U.S. JLL’s Val Stobetsky, Calum Waddell, Will McGarry and Hale King repped Revolut in the deal, while a JLL team of John Wheeler, Andrew Coe and Margaux Kelleher repped building ownership.
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Clarion Partners, LaSalle Investment Management and Banyan Street have signed two new leases totaling 16K SF at their 180 Maiden Lane office property in the Financial District, according to a release. Nonprofit City Year has signed for 11K SF, and event marketing software company One Clipboard, doing business as Splash, signed for 5K SF, both in pre-built units on the 25th floor of the 1.2M SF building. Transwestern’s Rory Murphy, Larry Serota and Stacey Kruger Birndorf repped City Year, while JLL’s Michael Pallas, Andrew Coe and Margaux Kelleher repped Splash. A Cushman & Wakefield team of Tara Stacom, Rob Lowe, Justin Royce, Frank Cento and Connor Daugstrup repped the building’s ownership in the deals, along with Jesse Rubens of JLR Realty Inc.
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LH Charney’s 1441 Broadway in Times Square has signed two leases totaling 28K SF, according to a release. Apparel manufacturer Kellwood signed for 19K SF on the 18th floor with representation from Kritzer Realty’s Marc Kritzer. KBL Group, a market research and product development company serving the fashion industry, signed for 8K SF on the eighth floor. Both firms are relocating from other buildings to 1441 Broadway. Colliers’ Rick Doolittle, J.P. Howard, Michael Joseph and G. Taylor Bell repped LH Charney, which has signed almost 76K SF of leases in the property over the past 12 months, following upgrades including 2K SF of LED signage on the property’s exterior and the creation of a 46K SF glass-box retail space.
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Civil rights law firm Neufeld Scheck Brustin Hoffmann & Freudenberger is moving into 13K SF at 200 Varick St., according to a release. The 1927-built property, owned by GFP Real Estate, spans 12 stories and features 490K SF of office space. GFP renovated the Hudson Square building in 2022 to improve its lobby and entrance, among other features. The law firm joins tenants including Film Forum, the Omnicom Group and Reservoir Media in the building. The lease was brokered by Robert Silver, Brittany Silver, Anthony Sciacca and Jamie Jacobs of Newmark, and Jeffrey Gural and Rhonda Singer worked on behalf of building ownership. Newmark’s Josh Gosin, Todd Hershman and Matthew Shreiner served as the tenant rep in the deal.
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ABS Partners Real Estate has signed two fashion tenants at its 210 Eleventh Ave. property, totaling 16K SF, according to a release. Designer Gabriela Hearst added 3K SF to bring its footprint to 12K SF in the building, while designer and fragrance brand Narciso Rodriguez has signed for almost 4K SF for a headquarters and showroom space. The building, recently rebranded as the Chelsea Arts Center, is 93% leased following $2M worth of improvements, including a new keycard access system, facade work, and repainting its lobby, public corridors and restrooms. Other tenants in the building include Craig Greenberg Architect, Moleskine America and modeling agency NM Creative. Savills’ Allyson Bowen repped the tenants, while ABS’ Audrey Novoa, Benjamin Waller and Gregg Schenker repped ownership.
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KF Braun Management’s 150 William St. doesn’t have to find a new tenant quite yet. The New York City Administration for Children’s Services has signed a two-year lease extension for its 530K SF in the building, a full-block property known as the Royal Insurance Building, Commercial Observer reported. The agency, which has been in the building since 1996, will pay $1.3M per month in rent.
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Designer fashion house Dolce & Gabbana has signed for 23K SF at Tahl Propp Equities’ 695 Madison Ave., a 30K SF property vacated by Hermès at the end of last year, Commercial Observer reported. It is unclear if Dolce & Gabbana will close any of its locations or its flagship, an 18K SF location at 717 Fifth Ave. where the brand signed a 15-year lease in 2011, for its move to Madison Avenue. Lantern Real Estate’s Matthew Seigel repped the landlord in the deal.
TOP SALES
Carlyle Group and Z+G Property Group have acquired a 46-unit multifamily building in Brooklyn’s Bedford-Stuyvesant neighborhood for $22.4M, according to a release. The property at 180 Bainbridge St. is a former Catholic school building that was restored and renovated as a residential property by seller Bushburg, with new amenities including parking, common indoor and outdoor areas, and a gym. The deal is the largest multifamily transaction by dollar volume in the neighborhood so far this year. TerraCRG’s Matt Cosentino and Ofer Cohen arranged the deal.
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Terreno Realty Corp. has purchased a Red Hook commercial site from Lande Alexander Properties for $27.5M, according to a release. The two-story structure at 185 Van Dyke St. was a waterfront industrial building built in the 1800s that now houses tenants including Strong Rope Brewery and Steve’s Authentic Key Lime Pie. A JLL team of Michael Mazzara, Bob Knakal, Stephen Palmese, Brendan Maddigan, Hall Oster, Jonathan Hageman, Ethan Stanton, Winfield Clifford and Connor McCullough arranged the sale, and JLL’s Dan Morici also repped the seller.
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San Francisco-based real estate firm Spear Street Capital has acquired a SoHo commercial property for $48.1M, Crain’s New York Business reported. The building, 30-32 Howard St., is a renovated office and retail building. Boston-based seller Intercontinental Real Estate Corp. paired with KPG Funds in 2018 to buy the property, shelling out $46M on the acquisition and planning a gut rehab for the 42K SF property at the time, according to Connect CRE. Now branded as Howard X Crosby, the property has 13K SF of office space and 3K SF of retail space, and it is almost 91% leased, according to CoStar data reported by Crain’s. The property adds to Spear Street’s New York spending spree following the firm’s 2021 purchase of 641 Sixth Ave. from SL Green for $204M.
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A foreclosure sale means 215 Moore Ave., the site of Heritage Equity Partners’ planned Bushwick Generator development, is now in the hands of Fortress Investment Group. Fortress won an auction with a $25.5M bid, Crain’s New York Business reported. The planned development was expected to span 375K SF and include both office and retail space but ran into financial trouble when Heritage defaulted on its loan. Axos Bank had provided the initial loan, but Fortress bought the debt in 2019 and filed to foreclose on the property the same year.
TOP FINANCING
Qatari billionaire Faisal Bin Qassim Al Thani’s private company, Al Faisal Holding, has scored a $270M refinancing for a Times Square hotel at 790 Seventh Ave., PincusCo reported. The loan comes from Mack Real Estate Group and replaces a $290M sum on the 685-key property from the same lender. Al Faisal Holding was reportedly seeking to sell or refinance the 22-story hotel in January, according to Real Estate Alert, after its value fell from its 2015 sale price of $519M to $300M.
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GFP Real Estate has notched a $24M refinancing deal with Amalgamated Bank for a Union Square office property, according to a release. The eight-story, 120K SF building at 5-9 Union Square W, overlooking Union Square Park, is 100% leased, with the five-year, fixed-rate refinancing closing in late September. Newmark’s Paul Talbot arranged the debt for the property, which was first completed in 1897 and features Renaissance-inspired office towers.
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Madison Realty Capital has nabbed a $189M refinancing package for its 295-unit residential project in Woodside, PincusCo reported. The financing came from MF1 Capital and replaces a $175M loan from Apollo Global Management. The building is known as Woodside Central and is a luxury residential property in the Queens neighborhood featuring a roof deck, a tenant lounge and a gym, according to StreetEasy, which shows just six units available after leasing began in April. The loan works out at around $784 per built SF for the development at 46-10 70th St., according to PincusCo’s analysis.
