This Week’s N.Y. Deal Sheet
It was a quiet week for NYC CRE surrounding the federal holiday Monday, with just a handful of leases closing and the majority of sales and financing transactions taking place in the outer boroughs.
TOP LEASES
Northwood Investors has signed two nonprofits to leases spanning 69K SF at its 1180 Sixth Ave. office tower. Selfhelp Community Services signed for 46K SF, moving into a custom-designed space on the second and third floors of the 23-story building. American National Standards Institute signed for 23K SF for the entire 10th floor. Northwood recently undertook a capital improvements program to renovate 1180 Sixth's main entrance, lobby and facade. Other tenants in the building include consulting firm Compensation Advisory Partners and financial and insurance services company Advantage Capital Holdings. Cushman & Wakefield’s Bryan Boisi, Michael Baraldi and Harry Blair repped the landlord in both transactions, while Selfhelp was repped by Transwestern’s Thomas Hines and Open Impact’s Stephen Powers, Lindsay Ornstein and Alex Smith.
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Middle-market private equity firm TruArc Partners has signed an extension for its 10K SF at Marx Realty’s 545 Madison Ave., Commercial Observer reported. The deal gives TruArc another seven years in the 18-story tower, which Marx acquired in 2019 and has since spent $24M renovating. Asking rents ranged between $86 and $135 per SF. Other tenants in the building include financial firms Strike Technologies, Snow Phipps and Helix Partners. Tara Stacom of Cushman & Wakefield repped ownership of the 140K SF building, while Evan Margolin of JLL repped TruArc.
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The Durst Organization has a new tenant at 825 Third Ave., Commercial Observer reported. Dimension Renewable Energy, a solar energy developer, signed for 11K SF in the 530K SF building. The landlord recently completed a $150M renovation of the 40-story tower, including adding a new tenant amenity space and updating the lobby. The building’s tenant roster includes Gotham Asset Management, National Bank of Egypt and Toyota Tsusho America, and asking rents are $88 per SF. CBRE’s Greg Maurer-Hollaender and James Ackerson repped the tenant, while Durst’s Thomas Bow, Ashlea Aaron and Bailey Caliban repped the landlord in-house.
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The Chetrit Group has lured a state government agency to a new home a block away from its current digs in Manhattan’s Financial District, Commercial Observer reported. The Office of Temporary and Disability Assistance will relocate from its space at 25 Beaver St. to 26 Broadway, where it will occupy the entire 15th floor. The 45K SF, 10-year lease puts the OTDA in the same building as the New York City Charter School for the Arts and the New York Film Academy. Ownership for the 31-story building, which is landmarked and known as the Standard Oil Building, was represented by Howard Kesseler of Newmark.
TOP FINANCING DEALS
DTH Capital and Rose Associates landed a $395M loan from Goldman Sachs to refinance their 66-story mixed-use property at 70 Pine St., according to a release. The building was first built in 1932 for office use and features 612 luxury apartments, retail and a hotel space with 165 keys. A JLL Capital Markets debt advisory team led by Christopher Peck, Geoff Goldstein and Christopher Pratt arranged the debt.
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Brause Realty and Lonicera Partners nabbed a $75M loan from JPMorgan Chase and First Citizens Bank for a mixed-use development in Murray Hill, according to a release. The property will add 157 units of housing across 20 stories and is one of the last slated to receive the now-expired 421-a tax break. The base of the building, which is expected to deliver in the fourth quarter of 2025, will also feature a 5K SF commercial space. Cushman & Wakefield’s Gideon Gil, Lauren Kaufman, Zachary Kraft and Cecelia Galligan of the brokerage’s equity, debt and structured finance team repped the borrowers.
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Lam Group scored an $85M loan from Deutsche Bank to refinance a Brooklyn hotel, PincusCo reported. The 322-key Sheraton Brooklyn New York at 222-228 Duffield St. in Downtown Brooklyn has 150K SF across 25 stories, according to contractor F&T Group. The debt retires a $68M sum from H.I.G. Capital.
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Valley National Bank will lend Zev Mayer $27M to refinance a newly built rental in the Bronx, PincusCo reported. Mayer is behind developer Skyrock NYC, which has been active in the Bronx in recent years, according to New York YIMBY. The property at 1258-1268 Shakespeare Ave. in Highbridge is seven stories and has 90 rental units, including 19 income-restricted units. The debt retires a previous $18M loan from Vernon Capital Funding.
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Bank Hapoalim has agreed to lend developer Anshel Fridman $25.1M for a seven-story, 89-unit project in Mott Haven in the Bronx, Crain’s New York Business reported. Fridman acquired the property, alongside 402-406 East 134th St., for a combined $8.4M in 2022, The New York Times reported. The lots were separate but connected, and both were home to one-story properties at the time of the sale.
TOP SALES
Nonprofit the Society of St. Paul purchased 2187 Victory Blvd. in Staten Island’s Westerleigh neighborhood from another nonprofit, PincusCo reported. The Stephen Siller Tunnel to Towers Foundation, a first responders charity set up in the aftermath of 9/11 that counts actor Mark Wahlberg among its supporters, sold the 82K SF property for $17M.
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Mural Real Estate has purchased a used car lot in Jamaica, Queens, for $15.8M, PincusCo reported. The seller of the industrial property at 161-10 and 161-13 Hillside Ave. was Sandra Halpern, who is the sole surviving trustee of the estate of Eziel Koeppel.
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A former gym in Brooklyn’s Williamsburg neighborhood has sold for $10M, Crain’s New York Business reported. The one-story property at 107 S. Sixth St. is reportedly being eyed for a residential conversion that could result in 29 units. The seller was Joseph Lentini, and the buyer was Mendel Berkowitz, who is also trying to build a nine-story, 101-unit residential property a few neighborhoods over at 155 S. Elliot Place in Fort Greene, according to previous reporting from New York YIMBY.
