This Week's NY Deal Sheet
Last week saw Grovo leasing a huge chunk of Two Trees' 50 West 23rd St, ESRT shifting its HQ to free up prime space and many other major deals. Here's a look at the week's top deals in leasing, sales and financing.
TOP LEASES
Tech startup Grovo has signed a big 10-year deal for 70k SF at Two Trees Management Co’s 50 West 23rd St. Asking rent was near $70 per SF, Crain’s reports. Tech firms Soundcloud and Dropbox have also taken space. Two Trees’ Dan Conlon and Elizabeth Bueno repped the landlord in-house, while Eric Ferriello and Robert Tunis of Colliers International repped the tenant.
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Empire State Realty Trust is relocating its HQ to 111 West 33rd St, where it will take up the 12th floor’s 37k SF. The move will free up roughly 30k SF at 1 Grand Central Place, the REIT’s former HQ, and is in keeping with its plan to redevelop 1.8M SF going forward, with 460k SF of that on track to be renovated this year.
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Rubenstein Public Relations is moving its HQ to 1301 Avenue of the Americas with a 20k SF lease. The PR firm reps many of New York’s commercial real estate giants, like SL Green, Vornado, Related Cos and many others. The asking rent was not immediately clear. Cushman & Wakefield’s Robert Yaffa, Wayne Van Akken and Heather Reihs repped the tenant.
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Sacco Carpets is moving into a new 8,500 SF Midtown East showroom at 30 East 33rd St, from its old digs at 520 Broadway in SoHo. The lease is for 10 years, and asking rent was $42 per SF. Lee & Associates NYC’s Dennis Someck and Justin Myers repped the tenant, and landlord Samco Properties was repped in-house by Jeff Smith and Melissa Smith.
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Veterinary Emergency & Referral, a 24/7 vet hospital, has signed a 15-year deal for 12k SF at 196 Fourth Ave in Park Slope. The hospital was previously at 318 Warren St in Cobble Hill. Asking rent in the two-story deal was $50 per SF for one floor and $35 per SF for the other. CPEX Real Estate’s George Danut, Ryan Condren and Keat Chew repped the landlord, Todd Parjonas. The tenant did not have a broker.
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Investment firm Argonaut Management is renewing its 8,600 SF lease at JSRE Acquisition’s 546 Fifth Ave for four years and two months. Asking rent was $75 per SF. JLL’s Alexander Chudnoff and Harley Dalton repped the tenant, while CBRE’s Neil King and Paul Amrich repped the landlord.
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Litigation financier Buford Capital is expanding and relocating to fill 11k SF at Marciano Investment Group’s 292 Madison Ave, the Commercial Observer reports. Asking rent was $69 per SF. JLL’s Alexander Chudnoff and Dan Turkewitz repped the tenant, while Cushman & Wakefield’s Harry Blair and Sean Kearns repped the landlord.
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A pharmaceutical firm and three manufacturers have signed leases for a total of 24k SF at Industry City. PillPack grabbed 8k SF, light bulb manufacturer Rich Brilliant Willing took 8k SF, salon and spa designer Gamma & Bross USA took 6k SF and sock maker Customize Elite Socks snagged 2k SF. Asking rents for different sites in the development range from $15 per SF to $35 per SF. Jason Gold and Brett Harvey of IC repped the landlord in the deals, while various brokers from Transwestern and Vicus Partners repped some of the tenants.
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ODA Architecture has renewed its 12k SF at The Feil Organization’s 250 Park Ave South for five years. Asking rent was in the high $60 per SF range. The Kaufman Organization’s Jared Sternberg repped the tenant, while Feil’s Robert Fisher repped the landlord.
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Workspace provider Regus has signed a 15-year deal for 30k SF at Triangle Equities’ Lighthouse Point, a 65k SF mixed-use development on Staten Island’s North Shore. Asking rent was not given, and the $200M project’s first phase wraps up next year. It was not immediately clear who the brokers were.
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Mission Capital Advisors has signed a 10-year deal for 14k SF at the Rudin Family’s 41 Madison Ave. Asking rent in the deal was near $80 per SF. Rudin’s Robert Steinman repped the landlord, while CBRE’s Sam Seiler repped the tenant.
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A yoga studio and a restaurant signed two 15-year leases for roughly 8k SF total at Dumbo Heights’ 55 Project St, which is owned by Kushner Cos, LIVWRK and RFR Realty. Yoga Vida took 5,500 SF while Glaze Teriyaki took 2,300 SF. CBRE’s Sacha Zarba, Jeffrey Fishcer and Zak Snider were recently tapped to market the remaining 350k SF of office space available at the 1.2M SF site.
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Grocer Brooklyn Fare has signed a deal for 14k SF at Rockrose Development Corp’s 666 Greenwich St, also known as the Archive. CPEX’s Ryan Condren, George Danut and Keat Chew repped the tenant, while Patricia Dunphy repped the landlord in-house.
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Two financial firms and a health firm have signed deals for 32k SF at the Durst Organization’s 1133 Sixth Ave. Treliant Risk Advisors took 17k SF, Health Management Associates took 12k SF and Olympus Holdings took 3,300 SF. Durst’s Rocco Romeo repped the landlord in all three deals, along with colleague Lindsey Ravesloot for Treliant and Tanya Grimaldo for Olympus.
TOP SALES
Ceruzzi Properties and Shanghai Municipal Investment USA have purchased 885 Third Ave, better known as the Lipstick Building (above), from SL Green for $435M. SL Green bought the building along with Gramercy Capital for $317M back in 2007.
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Developer Atlas Capital Group has purchased 23-30 Borden Ave, a 276k SF warehouse in Long Island City, from online grocer Fresh Direct for $48M.
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An entity listed as 3060 Broadway Property has purchased 3070 Broadway from the Jewish Theological Society for $35M. Coltown Properties, Esplanade Partners and Avenue Realty Capital are likely behind the entity, as the partnership purchased 3060 Broadway next door from the JTS, also for $35M, two weeks ago.
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Brooklyn-based investor Benzion Kohn has purchased 1511-1521 Sheridan Ave, a 222-unit multifamily building in the Bronx, for $34.7M from Black Spruce Management.
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Benzion also sold 155 West 162nd St, an 86-unit mixed-use building, to Skyline Capital Group for $16M.
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An entity listed as 52nd St Barracuda Acquisition has purchased 12 East 52nd St, a retail and office building occupied by financial firms and luxury chains, from Heritage Realty for $32M.
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The McSam Hotel Group has purchased 14 and 16 East 39th St for $32M from ClearRock Properties and Juster Properties. The plan is to build a 20-story Hyatt Hotel on the site.
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The Bolanos Family has purchased five Kips Bay multifamily buildings—representing a total of 65 units—on East 33rd St from Bridgeton Holdings for $29M.
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Thor Equities has purchased three apartment buildings near Columbia’s 17-acre expansion of its Manhattanville campus, 556-558, 560-562 and 564-566 West 126th St, from BCB Property Management for $34.4M.
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Storage Deluxe has purchased 2880 Exterior St and 2864 Major Deegan Expressway in the Bronx from Marbledale Properties and Starl Properties for $18.9M.
Sales data courtesy of Reonomy.
TOP FINANCING DEALS
CBRE has secured a $267M loan from the Mortgage Electronic Registration System for 885 Third Ave, the Lipstick Building.
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AB & Sons, owned by investors Isaac, Eli and Abraham Chetrit, has secured a $125M refi loan for 546-548 Broadway, the home of Japanese clothier Uniqlo.
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Archives LLC has secured a $110M loan for 666 Greenwich St from AXA Equitable Life Insurance Co.
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An entity listed as 767 Third Avenue LLC has secured a $66M loan from Apple Bank for Savings for 767 Third Ave.
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An entity listed as East 14th Street Affordable Unit Owner LLC has secured a $62.7M loan from the New York State Affordable Housing Finance Agency for 438 East 14th St.
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The Brodsky Organization has secured a $60M loan from AXA Equitable Life Insurance Co for The Croydon at 12 East 86th St, a 343-unit apartment building.
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Gonen Paradis has secured a $55M loan from PNC Bank for 363 Bond St in Brooklyn.
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The Kaufman Organization has secured a $47M loan for 450 7th Ave from Capital One.
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Rachel Surizan has secured a $45M loan from an entity listed as 215-219 West 28th Street LLC for 213 West 28th Street.
Financing data courtesy of Reonomy.
