This Week's NY Deal Sheet
Last week saw several big lease expansions in Midtown, as well as Greystar's $211M purchase of a Chelsea apartment building. Here's a look at the week's biggest deals in leases, sales and financing.
TOP LEASES
World Economic Forum USA, a branch of the company that hosts the Davos summit, has signed a 39k SF lease at RFR Realty’s 350 Madison Ave. Asking rent was in the $70/SF range. JLL’s Alexander Chudnoff repped the landlord, while NGKR’s Robert Silver and Scott Brown repped the tenant.
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Anheuser-Busch InBev is expanding its brand-new Chelsea office just a year after moving in, signing a 10-year, 12k SF lease at 119-125 West 24th St, bringing its total space up to 96k SF. Asking rents were in the mid-$70/SF range. Cushman & Wakefield’s James Frederick and Jay Holland repped the tenant. Grant Greenspan and Jessica Kosaric repped the landlord, The Kaufman Organization, in-house.
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BISNOW EXCLUSIVE: Bay Area burrito chain Dos Toros has signed a five-year, 3,200 SF lease at 32 West 22nd St. Asking rent was in the $50/SF range. The Kaufman Organization’s Elliot Warren repped the tenant. Gerry Shallo repped the landlord, S&P Realty, in-house.
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Private equity firm CCMP Capital Advisors signed a 23k SF lease for the 27th floor of the Stahl Organization’s 277 Park Ave. Asking rents were $95/SF. Cushman & Wakefield’s David Hoffman and Bryan Boisi repped the tenant, while C&W’s Mark Boisi, James Frederick and Peter Occhi repped the landlord.
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Goldstein, Hill & West Associates has inked a deal for 22k SF at 11 Broadway, after merging its architecture practice and its interior design services company, Whitehall Interiors. Asking rent was in the upper-$30/SF range. GHWA’s Stephen Hill repped the tenant, while Braun Management’s Mendy Braun repped the landlord.
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MG Engineering has signed a deal for 45k SF at Pan Am Equities’ 116 West 32nd St. The firm renewed an existing 30k SF lease and added 15k SF. Asking rent was $52/SF. Avison Young’s Michael Frantz and Mitti Liebersohn repped the tenant, while CBC Alliance’s Jeffrey Rosenblatt repped the landlord.
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Healthcare startup ContextMedia:Health has inked a five-year, four-month lease for 16k SF at Equity Office’s 114 West 41st St. A spokesperson for the landlord told the Commercial Observer average rent in the neighborhood is in the mid-$70/SF range. NGKF’s Scott Klau, Erik Harris, Ben Shapiro and Zach Weil repped the landlord, alongside Equity Office’s Zachary Freeman and Scott Silverstein. CBRE’s Sacha Zarba and Jeff Fischer repped the tenant.
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Swarovski has expanded its lease at 10 East 53rd by 8,500 SF, bringing its total to 26k SF. The asking rent was not immediately clear. Cushman & Wakefield’s Mark Mandel repped the tenant, while Paul Glickman, Cynthia Wasserberger, Alex Chudnoss, Ben Bass and Diana Biasotti of Jones Lang LaSalle repped the landlord.
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Three tenants at the Durst Organization’s 1133 Avenue of the Americas have expanded their leases to a total of 32k SF. Media finance firm Olympus Holdings, healthcare firm Health Management Associates and risk management firm Treliant Risk Advisors all renewed and expanded their leases. Asking rent was $73/SF. CBZI’s Eric Galanti and Hanley Advisors’ Steven Kaufman repped HMA, while Savills Studley’s Greg Taubin repped Treliant. Durst was repped in-house by Rocco Romeo, alongside Tanya Grimaldo and Lindsey Ravesloot.
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Italian fashion firm Ermenegildo Zegna has signed a lease for 9k SF at 730 Fifth Ave, better known as the Crown Building. The asking rent was not immediately clear, but Bulgari paid $4k/SF when it moved into the same building recently. Ermenegildo Zegna worked out the terms with Wharton Properties’ Jeff Sutton mano-a-mano, the Commercial Observer reports.
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Biopharmaceutical firm Stemline Therapeutics has signed a five-year lease for 13k SF at Cohen Brothers Realty’s 750 Lexington Ave. Asking rent was $70/SF. Cohen’s Marc Horowitz repped the landlord and the tenant.
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Supermarket operator POM Group has signed a 20-year, 11k SF lease at 1133 Manhattan Ave in Greenpoint. Asking rent was $65/SF. Winick Realty Group’s Jeff Winick repped the tenant, while SCG Retail’s Geoff Bailey repped the landlord, Domain Cos.
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Office management firm Managed by Q signed a 10-year deal for 26k SF at 161 Avenue of the Americas, owned jointly by Stellar Management and the Rockpoint Group. The asking rent was not immediately clear. NGKF’s Brian Waterman, Andrew Peretz, David Malawer and Brent Ozarowski repped the landlords, while CBRE’s Ben Fastenberg and Ross Zimbalist repped the tenant.
TOP SALES
Greystar has purchased the 204-unit apartment building at 160 West 24th St from LaSalle Management for $211M.
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Mitsubishi Corp has purchased a 98.6% stake in the office and retail sections of 146 West 57th St, better known as the Metropolitan Center, for $163M. The stake was formerly owned by a partnership between BlackRock and L&L Holdings.
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The Caerus Group has purchased 10 East 34th St, a 10-story office building, from Brause Realty for $51.7M.
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Savanna purchased 106 West 56th St from American Media for $48.6M. Savanna plans to demolish the current building and develop a boutique 26-story office tower on the site.
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Ved Parkash purchased a rental building at 3873 Orloff Ave in the Bronx from Iosif Levitan for $19M. Ved is listed on a city watch list as one of NYC’s worst landlords.
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An entity listed as 202 East 77th Street LLC has purchased 202 East 77th St, a 6,100 SF building, for $17.5M from Haug 202 Associates.
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A massive full-floor condo on the 30th floor of the Heritage at Trump Place, 240 Riverside Blvd, was purchased by Kurt Simon, global chairman of M&A at JPMorgan Chase. The seller was a trust linked to Sy Syms, a discount retail operator.
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An entity listed as 332-334 E 18 LLC has purchased 332 East 18th St from Gramercy Flower Associates for $14.6M.
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Tri-Boro Shelving has purchased 19-40 Flushing Ave, a 25k SF one-story warehouse in Queens, from LoGrande Families LLC for $10.5M.
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An entity listed as Lot 13 LLC has purchased 221 East 94th St from NCY Group for $9.7M.
Sales data courtesy of Reonomy.
TOP FINANCING DEALS
Vornado has secured a $700M refinancing of 770 Broadway, a 1.1M SF office building, from Morgan Stanley. Vornado saved roughly $330M thanks to the refi.
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The Moinian Group and Thor Equities secured a $160M loan for the office building at 245 Fifth Ave from AIG Global Real Estate.
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SJP Properties secured a $160M mortgage for 206 Amsterdam Ave, the site of a planned luxury condo tower, from Sumitomo Mitsui Trust Bank.
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An entity listed as GS Chelsea Property Owner LLC has secured a $115M loan from New York Community Bank for 160 West 24th St, better known as The Chelsea.
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An entity listed as Legacy Yards Tenant LLC has secured a $107.5M loan from Starwood Property Mortgage for 501 West 30th St, better known as 15 Hudson Yards.
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L&L Holding Co has secured a $100M loan from the Aareal Capital Corp to refinance 146 West 57th St, better known as the Metropolitan Tower.
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Dever Properties has secured a $95M loan from Barclays for 215 Park Ave South, an office building in Union Square.
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The Chetrit Group has secured a $85M loan from an entity listed as 49-51 Chambers Street Investors for 49 Chambers St, a building the developer plans to turn into an 81-unit condo project.
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Westbrook Partners has secured a $69M refinancing for 31 West 27th St, an office building, from TD Bank.
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An entity listed as 123 Washington LLC has secured a $50M loan from Bank of China’s New York branch for 123 Washington St.
Financing data courtesy of Reonomy.
