This Week's N.Y. Deal Sheet: One Vanderbilt Hits 100% Occupancy With $265-Per-SF Lease
SL Green's One Vanderbilt is now fully occupied after signing a 6K SF deal with UnitedHealthcare, Bisnow has learned.
TOP LEASES
The five-year lease gives United part of the 54th floor of the 59-story supertall in Midtown Manhattan, two people familiar with the deal told Bisnow. Asking rents for the space were $265 per SF, making it one of the most expensive office leases in the city's history.
JLL's Lisa Kiell, Margaux Kelleher and Andrew Coe brokered the deal on behalf of the tenant. Other tenants in the 1.6M SF office tower, which opened in September 2020 at 70% leased, include TD Bank and TD Securities, The Carlyle Group, Greenberg Traurig and Walker & Dunlop. SL Green declined to comment on the deal, while a JLL spokesperson didn't immediately respond to a request for comment.
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Clothing retailer Alex Mill, which was founded by Alex Drexler in 2012 and counts Old Navy and Madewell founder Millard “Mickey” Drexler as chairman, is set to open a new 2K SF store in Tishman Speyer’s Rockefeller Center, according to a release. The store is expected to open in time for the holiday season, adding to its current retail footprint at 77 Mercer St. in SoHo and 1182 Madison Ave. on the Upper East Side.
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Loeb Enterprises has renewed its 18K SF lease at Paramount Group's 712 Fifth Ave., according to a release. Loeb Enterprises has been a tenant at the building since 2006 and will maintain its corporate headquarters across part of the sixth and the entire seventh floor of the 545K SF, 52-story building in Midtown Manhattan. Anthony Dattoma of CBRE repped both the tenant and the landlord in the deal.
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Corem AB and GDS Development Management have signed R&D firm Injective Labs as a tenant to 9K SF for five years at 205 W. 28th St., Crain’s New York Business reports. The 12-story property is also known as 28&7 and has a total of 105K SF, with around 26K SF available, per Cushman & Wakefield’s website of the property. Ethan Silverstein, Michael Movshovich, Grant Potter and Connor Daugstrup of Cushman & Wakefield arranged the deal with Injective Labs on behalf of the landlords.
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Manhattan Skyline Management Corp. has signed steakhouse Medium Rare to 2K SF at 488 Third Ave., Crain’s reported. Cosmo Montemurro of Murro Realty repped the tenant, while the landlord had in-house representation from Joshua Roth.
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Alternative asset manager Christofferson, Robb & Co. is relocating its Fifth Avenue headquarters, Commercial Observer reported. The firm is moving from 720 Fifth Ave. to 19K SF across the 10th and 11th floors of 680 Fifth Ave. on a 10-year lease. Asking rents in the Josef Buchmann-owned tower were in the high $80s per SF. Carlee Palmer, David Kleiner and Margaux Kelleher of JLL repped the landlord in the deal, while David Falk and Eric Cagner of Newmark repped the tenant.
TOP SALES
John Catsimatidis' Red Apple Group has acquired 253 West 24th St. in Chelsea for $22.5M, PincusCo reported. The 59K SF property is a former boarding house known as the Jeanne D’Arc Home for Friendless French Girls. The boarding house had been run by nuns from the Roman Catholic Congregation of Divine since 1898, public records show, but was no longer operational at the time of sale, per Commercial Observer. The sale has now received approval from the New York State Attorney General. The building is next to another development site that Red Apple is working on: a 58K SF, 64-unit luxury apartment building at 280 Eighth Ave. Catsimatidis has since expanded the project to span 100K SF and add an additional 40 units, although the plans for 280 Eighth Ave. do not currently include 253 West 24th St., CO reported.
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CMBS bondholders have taken over a multifamily portfolio in an auction after foreclosing on Sugar Hill Capital Partners, The Real Deal reported. The developer had finished building rent-stabilized properties just before the 2019 Housing Stability and Tenant Protection Act came into effect. By last year, several of the developer’s Upper Manhattan properties within that portfolio had entered foreclosure and this week came to auction. Properties include a century-old Harlem walk-up building at 2107 Frederick Douglass Blvd., which sold for $1,000. Sugar Hill purchased the property in 2018 for $3.8M as part of a 55-building deal valued at $250M.
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White Street Partners has acquired 80 White St., a Tribeca loft property, for $21M, Commercial Observer reported. The seller was General Hardware Manufacturing, which also does business as General Tools. The company owned the landmarked six-story building since 1992 and occupies its fifth floor, although it is unclear whether that will continue. General Tools sold to High Road Capital Partners in 2014 and became part of the Worthington Industries portfolio in 2021. The property, an 1867-built warehouse, is under the protection of the NYC Landmarks Preservation Commission.
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A pair of LLCs linked to doctors Yosef Soleymani and Joseph Soufer have sold 958 Madison Ave., a mixed-use Upper East Side property, for $15.6M, Crain’s New York Business reported. The five-story, 10K SF property was first constructed in 1878 and renovated in 2019. The buyer was Wringfield LLC. Judson CRE’s Nicholas Judson and Wendy McDonald repped both the buyer and the seller in the deal.
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Jay Group has shelled out $75M to Pearl Realty Management for a six-parcel development site in Downtown Brooklyn, Bisnow and PincusCo reported. The sale covers two properties, 102 Fleet Place and 275 Flatbush Ave. Extension, the site of a surface parking lot and a single-story commercial building. The sale was completed via three transactions: a $50M deal for the northern four lots, a $12.5M deal for the two southern lots and a $12.5M air rights transfer from 147 Pearl St. G4 Capital Partners provided a $49.5M loan to the Jay Group for the acquisition.
TOP FINANCING DEALS
Hartz Mountain Industries scored a $230M refinancing from JPMorgan Chase to restructure $250M in CMBS debt for two Manhattan hotel properties, PincusCo reported. The loan covers the Soho Grand Hotel at 310 W. Broadway and the Roxy Hotel at 2 Sixth Ave. Hartz Mountain is owned by the Stern family and built the Soho Grand in 1996 before acquiring the Roxy Hotel in 1999, according to reporting from Commercial Observer. The original CMBS loan was originated by Credit Suisse before being placed in the CSAIL 2015-C1 CMBS.
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Affinius Capital has agreed to provide Goose Property Management with a $98M refinancing loan for a rental project in Long Island City, The Real Deal reported. The loan covers the properties at 31-17 and 32-03 39th Ave., a multifamily project split across two lots on opposite sides of the same street that spans 200K SF and contains a total of 193 units. The new financing retires a $74M construction loan from G4 Capital. The financing for the new loan was arranged by Galaxy Capital Partners’ Henry Bodek.
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Ryco Capital nabbed a $128.2M acquisition loan from Derby Copeland Capital to purchase a nine-property, 177-unit portfolio, PincusCo reported. The loan replaces $97.5M in debt from Flagstar Bank and Community Preservation Corp., which bought loans from Signature Bank after its failure. The properties include the 31-unit 156 Second Ave. property, the 24-unit 145 Second Ave. and the 27-unit walk-up at 151 Second Ave.
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Invesco Real Estate has agreed to lend $29.2M to a joint venture of Carlyle Group and Greenbrook Partners for 13 properties that span 53 residential units, PincusCo reported. The deal is part of a bigger $120M loan from February, but the $29.2M is a Tranche A2 Advance for three Brooklyn properties: 157 Stuyvesant Ave. in Bedford-Stuyvesant, 280 Suydam St. in Bushwick and 290 Nassau Ave. in Greenpoint. It is the first tranche from the $120M deal recorded in the city's property database. The total purchase price for the properties was $39.8M, with several of the properties sold by Greenbrook to the joint venture.
