This Week's NY Deal Sheet
LinkedIn is more than doubling its footprint in the Empire State Building, taking a total of 280k SF, up from 130k SF.
The supply chain manager Li & Fung will vacate the additional space LinkedIn will take. The social network has been leasing space on floors 22, 23, 25 and 28. The new space will be for the entire third floor, which has a broader footprint than the narrower tower floors, and the entire 26th floor. Asking rents were in the mid-$60s/SF. CBRE’s Sacha Zarba, Lauren Crowley and Greg Tosko repped LinkedIn. Empire State Realty Trust’s Ryan Kass, Fred Posniak and Shanae Ursini repped the landlord in-house. A JLL team had been retained to sublease Li & Fung’s former space, but the deal was done directly with ESRT.
EXECS
Hunt Mortgage Group has hired Jon Trauben as senior managing director and head of capital markets. Jon comes to Hunt from Barclays, where he was a managing director and held positions that included head of large loan origination and head of subordinate debt origination and distribution. Jon was also senior member of the real estate finance group at Barclays. Prior to Barclays, Jon was a managing director at Cantor Fitzgerald’s real estate finance business, where he was head of capital markets and high-yield real estate and loan syndications.
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CBRE has promoted Clyde Reetz and Eric Gelber to EVP. Clyde joined CBRE 20 years ago, and is specializing in office leasing. His notable deals include repping Bank of Communications Co, China Eastern Airlines and Bank of China’s relocation to 7 Bryant Park. Eric’s been with CBRE’s tri-state retail team since 1994, and is a two-time winner of REBNY’s “most ingenious retail deal of the year” award.
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Eastern Union Funding is opening a Manhattan office to be headed by its new director of capital markets, David Bensoussan. He’ll be focusing on placing loans above $10M with P.I. firms, balance sheet lenders and life insurance companies. David comes to EUF with a background in procuring investments in NYC for sovereign wealth funds and family offices.
SALES
Blackstone closed on the 12-story, 481k SF office condo at the old New York Times Building at 229 West 43rd St for $516M. The buyer, Columbia Property Trust, projects a first-year NOI of $22.3M on the property. Blackstone picked it up four years ago for $160M.
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SL Green is putting $255M into a 90% stake in 110 Greene St, a 13-story mixed-use building in SoHo. The seller is a JV controlled by the Goldman family. The deal’s expected to close before the end of Q3, according to a statement from SL Green.
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Stellar Management and CAMBA Housing Ventures have bought Castleton Park, a 454-unit Mitchell-Lama development in St. George, Staten Island, for $30M. The JV will undertake a renovation of the property for an additional $30M. The complex will retain its affordable housing component.
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RFR picked up 350 Lafayette St, 15k SF in SoHo that currently houses a homeless shelter, for $26M, according to The Real Deal. The Admar Group was the seller.
LEASES
The 76k SF former Globe Storage Building at 80 Hudson Ave in Vinegar Hill, Brooklyn, has been leased for 20 years to First Meridian Mortgage’s David Brecher, who is looking for a high-end subtenant, according to The Real Deal. The rent on the space hasn’t been released.
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WeWork signed its first-ever deal for space in Queens, taking 52k SF at 35-37 36th St in LIC, for 15 years. WeWork repped itself in-house. JRT Realty Group’s Greg Smith, Ellen Israel and Kristen Morgan, alongside Cushman & Wakefield’s Ethan Silverstein and Corey Horowitz repped the landlord, Vanbarton Group.
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One Kings Lane signed a 52k SF lease at 315 Hudson St. Douglas Elliman Commercial’s Peter Gross repped the tenant. Brett Greenberg and Dennis Brady repped the landlord, Jack Resnick & Sons, in-house. Asking rents at the building are in the mid-$70s/SF.
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Elite Daily’s taking 22k SF at 53 West 23rd St. JLL’s Alexander Chudnoff, Mitchell Konsker and Brittany Wunsch repped the tenant and Adams & Co.’s James Buslik and Alan Bonnett repped the landlord, alongside CBRE’s Sacha Zarba.
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Teknion is taking 22k SF at 635-41 Sixth Ave. CBRE’s Brad Needleman, Chris Mansfield and Alexander Golod repped Teknion. Jeremy Bier and Larry Swiger repped the landlord, SL Green, in-house.
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Citco, a company known for providing investment support services, is stepping into the co-working space with a 20k SF sublease from Ziff Brothers at 350 Park Ave.
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Prometric signed an 11,600 SF lease at Jamestown’s 1250 Broadway. DTZ’s Jonathan Schindler and Jamie Smith repped Prometric. Cushman & Wakefield’s Mitch Arkin, Justin Royce and Adam Nelson repped Jamestown.
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Two new leases closed at 452 Fifth Ave. Varadero Capital inked a 10-year deal for 7,636 SF, and Triangle Capital Group committed to a 10-year term for 7k SF. Newmark Grubb Knight Frank’s Brian Goldman and Matthew Lorberbaum repped Varadero, and JLL’s Howard Hersch repped Triangle. A JLL team of Paul Glickman, Jonathan Fanuzzi and Michael Higgins repped the landlord, PBC USA.
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Adidas signed a 10-year, 5,218 SF lease at 115 Spring St. RKF’s Jeremy Ezra repped the tenant. RKF’s Ariel Schuster and Ross Berkowitz repped the landlord, SL Green.
Schnipper's signed a 3,300 SF lease at 120 Church St. Winick Realty Group’s Steven Baker repped the eatery. RKF’s Ross Berkowitz and Andrew Stern repped the landlord, Clipper Equity.
FINANCING
JP Morgan Investment Management closed on a $180M non-recourse acquisition and pre-development bridge loan for 787 11th Ave, an eight-story, 470k SF car dealership and service facility previously owned by Ford. The Georgetown Co was the borrower. CBRE’s debt and structured finance team’s Jason Gaccione, Shawn Rosenthal and Michael Sherman brokered the debt for the borrower alongside Ackman-Ziff’s Russell Schildkraut.
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Cushman & Wakefield closed on a $104M land loan for a nine-parcel, 780k BSF development site in LIC. Cushman’s Morris Betesh brokered the financing.
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CIT closed on a $48M construction loan to Bhatia Development and Sherwood Equities for the development of a 16-story, 16-unit condo tower at 10 West 17th St. The loan carries a three-year term with two one-year extension options. Cooper-Horowitz’s Richard Horowitz brokered the financing.
