This Week's NY Deal Sheet
Last week saw Facebook and AOL expand their leases to a total of nearly 700k SF at Vornado's 770 Broadway, as well as several other major deals. Here are the week's top deals in leases, sales and financing.
TOP LEASES
AOL has expanded its lease at Vornado’s 770 Broadway in NoHo to include a third floor, bringing its total footprint to 308k SF after the firm was recently acquired by Verizon. The asking rent was not immediately clear, but the Commercial Observer reports the going rate in the building is about $108 per SF. It was not immediately clear which brokers were involved in the deal.
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Facebook has also expanded its lease at 770 Broadway, bringing its total footprint to 355k SF. The length of the deal was not immediately clear; neither were the brokers involved. The tech giant is also said to be eyeing up to 500k SF in a tower at Hudson Yards.
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New York-Presbyterian Hospital has expanded its lease at 463 Seventh Ave by 10k SF to a total of 55k SF. Asking rates for the 15-year deal were $54 per SF. David Levy of Adams & Co repped both the tenant and the landlord.
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Tesla has leased 40k SF at LIVWRK's 160 Van Brunt St facility in Red Hook for a new showroom, as Bisnow previously reported. Asking rent was $45 per SF and while the length of the lease wasn't clear, The Real Deal notes the carmaker usually opts for 10- to 15-year deals.
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Travel firm GTA Americas has renewed its roughly 29k SF lease at 5 Penn Plaza. The asking rent was $65 per SF and the length was not immediately clear. Peter Turchin, Steve Eynon, Jason Pollen and Dave Caperna of CBRE repped the landlord, while Savills Studley’s David Goldstein and Gabe Marans repped the tenant.
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Frames Bowling Lounge has renewed its lease for roughly 37k SF at the Port Authority Bus Terminal for 10 years. Frames will pay $16.3M over the course of the deal. Cushman & Wakefield and JRT Realty Group handle retail leasing at the PABT.
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Salons by JC has signed a 10-year lease for 11k SF at Thor Equities’ 124 West 24th St. Asking rent was $90 per SF. The multi-tenant beauty salon chain provides space for stylists to run their own practices out of, similar to WeWork’s business model. Thor’s Michael Worthman and Sam Polese repped the landlord in-house.
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Clothing chain TJ Maxx has signed a 10-year, 20k SF lease at the planned 5 West 125th St building in Harlem, filling the last of its available space. Asking rent was $50 per SF. The landlords, Aurora Capital Associates and the Adjmi family, were repped by an in-house team from Aurora, while Ripco Real Estate’s Esther Bukai and Richard Skulnick repped the tenant.
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Clothing manufacturer Uniti Fashion has signed an eight-year, 11k SF lease at Savitt Partners’ 530 Seventh Ave. Asking rent was $65 per SF. Hudson Real Estate Partners’ Alexander Schwartz and Jack Senior repped the tenant, while Brian Neugeboren, Nicole Goetz and Bob Savitt repped the landlord in-house.
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Alcohol tech firm SevenFifty Technologies has signed a lease for 5,400 SF at 27 West 20th St. Asking rent was $50 per SF and the length of the lease, which SevenFifty took over from previous tenant Acutelogics, was four years. Joseph McLaughlin of Capstone Realty Advisors repped Acutelogics, while CBRE’s Michael Rizzo repped SevenFifty.
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Howe-Lewis and Reliant Solutions have both signed leases for a total of 6k SF at the Kaufman Organization's 450 Seventh Ave, as Bisnow previously reported. Asking rent was $50 per SF. Kaufman's Barbara Raskob repped the landlord; Reliant and Howe-Lewis did not have brokers.
TOP SALES
Brookfield Property Partners has purchased 424 West 33rd St from Vectra Management Group for $65M.
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An entity listed as 14th Street Owner LLC has purchased 69 West 14th St from the Duell family for $50M. The Duell family has been selling off most of its once-large New York real estate portfolio for several weeks.
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14th Street Owner LLC has also purchased 536 Avenue of the Americas from the Duell family for $50M.
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An entity listed as 820 Madison Owners LLC has purchased 820 Madison Ave from the Duell Family for $47M.
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An entity listed as HHC 33 Peck Slip Holdings has purchased the Best Western Seaport at 33 Peck Slip from Gemini Equity Partners for $38M. The real estate investment firm is selling off several assets amid a dispute between its three partners.
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LF Investments has purchased the 13k SF mansion at 7 East 84th St from noted tenants rights lawyer David Rozenholc for $27M.
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An entity listed as 92 Pinehurst Avenue LLC has purchased 92 Pinehurst Ave from Pinehurst Partners LP for $25.5M.
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Sterling Equities has purchased 15 Crown St in Crown Heights from BCB Property Management for $20.8M.
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An entity listed as 415 West 120th Holdings has purchased 415 West 120th St from the Jewish Theological Seminary for $19M.
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An entity listed as 12 Franklin Property Co has purchased 3 North 15th St from noted Holocaust survivor and kosher grocery operator Sam Brach for $18.7M.
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The 12 Franklin Property Co entity has also purchased 12 Franklin St from Sam Brach for $18.7M.
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Margaret Reiss has purchased 400 West St from Alys C. Novogratz for $14.5M.
Sales data courtesy of Reonomy.
TOP FINANCING DEALS
Walker & Dunlop closed on a $154M loan to Solow Management for 1133 York Ave.
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US Bank closed on a $140M loan to New York Law School for its space at 185 West Broadway.
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United Overseas Bank closed on a $65M loan to BOP NW Loft LLC for 424 West 33rd St.
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AXA Equitable Life Insurance Co closed on a $50M loan to BMC Management for 110 Green St.
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NRFC Mercer Greene closed on a $42.8M loan to Greene Mercer Holdings for 63 Greene St.
Financing data courtesy of Reonomy.
