This Week's NY Deal Sheet
L&L Holding Co has signed a lease with Citadel at 425 Park Ave, a luxury office tower now under construction, for $300/SF, a record-breaking price per SF. The hedge fund will take over 200k SF in a lease that’ll include the building’s penthouse.
The previous high-water mark for Manhattan office rents was around $200/SF, and Class-A space in Midtown averages around $80/SF. What are tenants in 425 Park paying for? The long list of amenities will include a restaurant run by Daniel Humm and Will Guidara, of One Madison Park fame; a lounge just for chauffeurs; and fresh-pressed juice and meditation in private rooms for tenants. 425 Park is one of only four buildings in the city to command $200/SF or more. The other three are 767 Fifth Ave, 667 Madison Ave and 9 W 57th St.
MORE LEASES
A JV between Jeff Sutton and Aurora Capital closed on a 99-year triple net lease for 511 Fifth Ave, a 160k SF mixed-use property. The deal was reportedly valued at nearly $250M. Cushman & Wakefield’s Bruce Mosler, David Green, Louis Wolfowitz, Peyton Horn, Josh Kuriloff and Nat Rockett repped building ownership.
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The NBA Players Association is moving into 47k SF at 1133 Sixth Ave. Avison Young’s Arthur Mirante and Martin Cottingham repped the tenant. Tom Bow and Rocco Romeo repped the landlord, the Durst Organization, in-house.
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The Kaufman Organization signed a total of 12 new tenants at 27 West 24 St. The design firm Chermayeff & Geismar & Haviv's shared space with Rivkin-Weisman P.C. is the largest, at 5,500 SF. Other leases include Flyby Media’s 3,300 SF. Flyby was repped by Savills Studley’s Nick Zarnin and Andrew Margolin. Meetey took 2,100 SF. Flatiron 23rd Street Partnership also took 2,100 SF. Shamir Shah Design signed for 1,800 SF. Stocktwits also took 1,800 SF. Rhapsody Music & Cinema committed to 1,300 SF. Ian Norris, Grant Greenspan and Aron Orbach repped Kaufman in-house on all the deals.
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Clarion partners has signed three new tenants at 180 Maiden Lane. Waterkeeper Alliance took 9,200 SF and was repped by Handler Real Estate’s Peter Newman. Sam Israel P.C. signed a lease for 5,400 SF and was repped by MHP Real Estate Services’ Richard Doolittle and Bret Varricchio. FastMatch committed to 5,300 SF and was repped by MHP's Jesse Rubens and James Tamborlane.
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Shaw Industries signed an 8k SF lease for a new showroom at 853 Broadway. CBRE’s Nicholas Weld and Michael Affronti repped the tenant. The Feil Organization’s Robert Fisher repped the landlord in-house.
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Barry’s Bootcamp signed a 4,600 SF lease at 387 Park Ave South. Neal Ohm repped the tenant. Winick’s Steven Baker and Aaron Fishbein repped the landlord, TF Cornerstone.
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Kolorbar signed a 1,500 SF lease at 306 East 86th St. Winnick’s Matthew Ball repped the tenant. Winick’s Patty Holmstrom and Jeeun Elizabeth Kim repped the landlord, KMR Management.
Alphadyne Asset Management signed a 10-year, 14,500 SF expansion lease at 17 State St. JLL’s Jason Schwartzenberg repped the tenant. RFR’s AJ Camhi repped the landlord in-house.
EXECS
Nat Rockett has joined Marcus & Millichap’s NY office, where he’ll focus on office and retail property. Nat’s closed more than 70 transactions valued in excess of $6.5B over a range of asset classes and transaction structures. Nat comes from Cushman & Wakefield, where he was co-head of the New York investment team.
Jerold Dornbush has joined Kramer Levin Naftalis & Frankel as special counsel in the firm’s real estate practice. Over a 30-plus year career, Jerold’s advised and repped owners, including retail and shopping center operators, public and private companies, and commercial lenders in transactions involving leasing, sales, acquisitions, financings and real estate development.
SALES
The Carlyle Group has picked up an 81k SF medical office condo at 345 East 37th St for $48M. No word on whether the deal was done through brokers.
Madison Realty Capital and Steelpoint Property Group have acquired 78 Prospect Park West in an off-market deal for $28M. TOWN Residential’s Aaron Mazor, along with TOWN Commercial’s Jonathan Butwin and Scott Dweck, repped both the seller and the buyers.
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334 East 79th St, a 46-unit, 27k SF residential building with all free-market units, sold for $27.5M. Cushman & Wakefield’s Robert Shapiro and Thomas Gammino Jr. brokered the sale. The seller is an affiliate of Harbor Group International.
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Brooklyn Standard Properties bought an eight-unit, 6k SF multifamily building at 116 Bedford Ave in Wiliamsburg for $5.2M. Cushman & Wakefield’s Brendan Maddigan repped the seller, FAO Corp.
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A two-level retail space totaling 2,650 SF at 10 Sullivan St sold for $5M. ABS Partners’ John Brod and Alan S. Cohen brokered the deal. Madison Equities and Property Markets Group were the sellers.
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58-44 Maurice Ave, a 17k SF industrial property in Maspeth, Queens, sold for $4.5M. DY Realty repped the buyer, Quality Installation NY. KDA’s Grant Dolgin and Dmitri Gourianov repped the seller, Let it Be Realty.
FINANCING
Meridian Capital Group’s Ronnie Levine and Jeff Berkes negotiated a $122.8M acquisition loan for 416 West 52nd St, a 156-unit, 141,350 SF residential building on Manhattan’s Far West Side. The 36-month loan from TPG Real Estate Finance has a floating rate and two 12-month options.
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The Torkian Group landed a $105M construction loan from Bank Leumi for 38 West 33rd St, a 220k SF multifamily building. Meridian Capital Group’s Ronnie Levine and Aggelos Sklavenitis brokered the three-year debt.
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TF Cornerstone secured a $100M loan from AXA Equitable Life Insurance Co for recent renovations and future improvements at 387 Park Ave South. The Singer & Bassuk Organization’s Andrew Singer helped broker the loan.
