This Week's N.Y. Deal Sheet
Office leasing slowed ahead of the holiday weekend, but lenders continued to show an increasing appetite for New York City multifamily deals.
TOP FINANCING DEALS
The Feil Organization snagged a $100M refinancing deal for three commercial condo units at 488 Madison Ave., PincusCo reported. The lenders were Deutsche Bank and Morgan Stanley through an entity named German American Capital Corporation. The prior lender was Capital One, which previously loaned $90M. Altogether, the three condo units span 391K SF.
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G4 Capital is originating a $286M construction loan to the Rabsky Group, The Real Deal reported. The Brooklyn-based developer plans to use the sum to build 313 Bond St., a 567K SF multifamily building that will eventually add 604 units to Gowanus. G4 Capital also provided a pre-development loan worth $92M to the project in 2022.
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John Quadrozzi Jr.’s entity, Gowanus Industrial Park, secured a $53.5M loan from Elliott Investment Management to finance four properties, PincusCo reported. The loan will cover 685-747 Columbia St. in Red Hook, Brooklyn, as well as 73-02 Amstel Blvd. in Arverne, Queens. Quadrozzi is a Brooklyn industrialist who owns the GBX-Gowanus Bay Terminal.
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Maxim Credit Group has agreed to loan $89.9M to Grubb Management for a Financial District apartment building, Crain’s New York Business reported. Grubb is developing 111 Washington St. and began laying foundation for the planned 64-story building, which will eventually have 462 residential units and 7K SF of commercial space, in February, per New York YIMBY.
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United American Land nabbed a $23.5M loan to refinance two properties in Manhattan’s Tribeca neighborhood, PincusCo reported. Israel Discount Bank provided the loan, which replaces a Pimco loan of $28M. The properties covered by the loan are 415 Broadway, a historic bank building with office and retail, and 63 Lispensard, an eight-unit residential property.
TOP SALES
Thor Equities sold a retail condo at the base of 680 Madison Ave. for $180M, The Real Deal reported. Buyer TZ Capital paid approximately 35% less than what Thor acquired the property for when it shelled out $277M in 2013. The deal was one of the most expensive ever on Madison Avenue at the time. The 34K SF wraparound space is fully leased to tenants, including Oscar de la Renta and Tom Ford.
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Multifamily building The Knox, at 49 E. 34th St., has changed hands for $68M, Commercial Observer reported. Four Winds Real Estate sold the 36-story property to Morgenstern Capital and HIG Capital. The 110-unit building's apartments are rented starting at $4,650 per month. The deal was arranged by Gary Phillips, Will Silverman and Jeff Organisciak of Eastdil Secured. The acquisition financing came from Affinius Capital.
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Bruce Haley has sold two apartment buildings to Josef Chehebar, Crain’s reported. The five-story rental buildings, which sit close to Central Park on the Upper West Side, sold for $14.5M. It's unclear who brokered the deal.
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Hiwin Group USA spent $21M on a five-story building in Midtown West, PincusCo reported. Gerald Shallo, via an entity called Minerva 54 Realty Co., LLC, sold the 28K SF retail building at 238-240 W. 54th St. The deal price indicates that the sale is potentially being viewed as a development site, per PincusCo.
TOP LEASES
Importer and wholesale consumer goods distributor JME, which also operates as Argento SC by Sicura, has signed for 17K SF at Meyer Equities’ 469 Seventh Ave., Commercial Observer reported. Asking rents were $52 per SF in the 267K SF building. Structural engineer Severud is also a tenant in the 16-story property. It’s unclear who represented building ownership, but the tenant was represented by Daniel Lolai, Wayne Siegel and Eric Siegel of LSL Advisors.
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Pontera Solutions, a fintech company, has signed for 41K SF at the Empire State Building, according to a release. Pontera will relocate from 11K SF at 111 W. 33rd St. Both Pontera’s old and new addresses share the same landlord, Empire State Realty Trust. JLL’s Justin Haber and Kyle Riker repped Pontera in the deal, while Newmark’s Scott Klau, Erik Harris, and Neil Rubin repped ESRT.
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Two tenants have signed for a total of 21K SF at Lex NY Equities LLC’s 600 Lexington Ave., according to a release. Asset manager Professional Capital Management took 8K SF, with representation from Danny Volk and Mikaela Seegers of Vantage RE. Investment banking advisory GLC Advisors renewed its 12K SF space, with representation from Daniel Posy and Jason Roberts of JLL. The landlord of the 305K SF office tower in Manhattan’s Plaza District was represented by Harry Blair, Connor Daugstrup and Bianca DiMauro of Cushman & Wakefield in both of the transactions.
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Fintech company Quantitative Brokers has renewed its lease at RFR's 285 Madison Ave., Commercial Observer reported. The fintech firm will stay put on the 17th floor of the 26-story building. Asking rents went up by $3 per SF to a total of $85 per SF in the renewal, compared to 2019 when the fintech firm first moved into the space. Quantitative Brokers was represented by Sam Seiler of JLL, while RFR had in-house representation from Ryan Silverman and AJ Camhi.
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Office Realty Trust signed two leases at 60 Broad St., spanning a total of 23K SF, according to a release. Financial services company Wellington Shields signed an 11-year deal for 10K SF on the 39th floor with representation from Colliers’ Reid Longley. Digital marketer Skai signed for 13K SF for five years on the 33rd floor with representation from Michael Berman of JLL. Skai is relocating from 80 Pine St., and Willington Shields is relocating from 140 Broadway. Office Realty Trust was represented by John Wheeler, Robin Olinyk and Thomas Swartz of JLL.
