This Week's NY Deal Sheet
Lloyd Goldman’s BLDG Management closed on a $254M construction-to-permanent financing deal from the Bank of China to develop a 43-story residential tower at 222 East 44th St, which will have 80% market rate and 20% affordable housing.
It’s BLDG’s first “80/20” project, and will include retail space, parking and a total of 429 rental housing units (the current site’s shown above). The 10-year financing package breaks down into $26M in Series-A 2015 tax-exempt bonds, $23M of Series-A 2016 tax-exempt bonds, $125M in 2016 Series-B taxable bonds, and $77M in 2017 Series-A taxable bonds, for a total of $254M. Bank of China offered the debt fully underwritten for four years, with a six-year extension option on a non-recourse basis. Greystone Bassuk EVP Drew Fletcher, who brokered the debt along with Matthew Klauer and Evelyn Savino, tells the Commercial Observer that they team approached around 40 lenders to place the debt, and that a deal of this size and type usually requires multiple lenders.
EXECS
Eyal Karni has joined GFI Capital Resources as VP of accounting and compliance. Prior to being tapped by GFI, Eyal served as Cushman & Wakefield’s managing director and global assistant corporate controller of accounting.
SALES
Koppers Specialty Chocolate Company signed a 50k SF lease at Liberty View Plaza, at 850 3rd Ave. in Sunset Park, Brooklyn. KDA’s Neil Dolgin and Jeffrey Unger and Newmark Grubb Knight Frank’s Howard Kesseler and Jordan Gosin repped the landlord, Salmar Properties.
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Itochu signed a 20-year, 46k SF lease at 2151 Sixth Ave, with asking rents of $105/SF. Newmark Grubb Knight Frank’s Mark Weiss and Brian Waterman repped the tenant. NGKF’s David Falk and Peter Shimkin repped the landlord, Mitsui Fudosan.
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Polsinelli signed a 10-year, 41k SF lease a 600 Third Ave. Cushman & Wakefield’s Tom Tunnicliff, Scott Shelbourne, John Picco and Peter Van Duyne repped Polsinelli. L&L Holding Co’s David Berkey and Andrew Wiener repped the landlord.
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Marks Paneth signed a 20k SF lease 4 Manhattanville Rd in Purchase. Colliers’ Al Gutierrez, Michael Cohen and Andy Roos repped the tenant. Dana Pike repped the landlord, George Comfort & Sons, in-house, alongside Newmark Grubb Frank Knight’s Hilarie Siles and Stephen Banker.
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The United Synagogue of Conservative Judaism signed a 15-year, 16k SF lease at 120 Broadway, aka the Equitable Building. Savills Studley’s Marc Shapses and Ira Schuman repped the USCJ. Roger Silverstein repped the landlord, Silverstein Properties, in-house.
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CVS signed for 11,700 SF at the Miskoff Group’s 51 Astor Pl and 22,250 SF at 1440 Broadway. Newmark Grubb Knight Frank’s Ross Kaplan, Jason Pruger, and Trever Gallina repped CVS on both deals. Minskoff was repped by SRS’s Pat Smith, Matt Ogle, and Corey Zolcinski. NGKF’s Jason Pruger, Aaron Cukier and Kate Cohen repped the landlord, American Reality Capital, at 1440 Broadway.
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ZeroCater signed a 5-year, 3,400 SF lease at 233 Fifth Ave. TheSquareFoot’s Jonathan Wasserstrum repped the tenant. Skylight Leasing’s Eli Reiss repped the sublessor.
FINANCING
JDS Development and Largo Investments landed a $74.5M construction loan from Santander Bank for The Fitzroy, a 10-story, 14-unit condo development at 514 West 24th St. The debt includes $17.5M in preferred equity provided by First Key Residential. JLL’s Aaron Appel worked on brokering the loan.
Meridian Capital Group brokered $52.8M in acquisition financing for SDK Apartments to acquire Greenbrook Gardens, a 407-unit, 35-building multifamily property in North Plainfield, NJ. The seven-year debt carries a fixed rate of 3.50%, two years of IO payments and a five-year option. Meridian’s Judah Hammer (above) and Zev Karpel brokered the loan.
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Eastern Consolidated arranged a $42M bridge loan for the acquisition of a development site at 131-01 39th Ave. in Flushing, Queens, for Triple Star Realty. The developer plans a 632k SF mixed-use complex for the site with a 360-unit condo building, a 200-key hotel and retail a component that will include a supermarket, medical and other office space, and parking. Eastern’s Jonathan Aghravi, Charles Han, Ben Tapper and Tripp Lyons brokered the debt.
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Meridian Capital Group brokered a $35M refi loan for Windsor Tower of Tudor City Place, a multifamily building in Murray Hill, on behalf of Windsor Owners Corp. The 30-year loan carries fixed rate of 3.93% and a 40-year amortization schedule. Meridian’s Steven Geller and Nicoletta Pagnotta brokered the debt.
