This Week's NY Deal Sheet
Facebook closed on the year's biggest non-renewal lease this week at 225 Park Ave, and Related Cos partnered with GreenOak Real Estate to purchase two buildings in Long Island City for a planned office conversion. Here are the week's top deals in leases, sales and financing.
TOP LEASES
Facebook has signed a deal for 200k SF at Orda Management’s 225 Park Ave South, the city’s biggest non-renewal lease this year, as Bisnow previously reported. Asking rents were unclear but BuzzFeed paid roughly $85/SF when it moved into the same building in 2014. Colliers International’s Robert Tunis repped Facebook, while NGKF’s Brian Waterman, Brent Ozarowski, Andrew Peretz and Courtney Adham repped the landlord.
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Digital education firm Amplify has signed a 10-year deal for 55k SF at Two Trees Management Co’s 55 Washington St in Dumbo. Amplify is cutting down from the roughly 100k SF it previously held at the building. Asking rent was between $45/SF and $50/SF. C&W’s Robert Lowe repped the tenant, while Two Trees’ Dan Conlon repped the landlord in-house.
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Marketing and event firm Superfly has signed a 10-year deal for 16k SF at ATCO Properties & Management’s 381 Park Ave South. Asking rent was $68/SF. Ellman Realty Advisor’s Marco Ellman repped the tenant, while ATCO’s John Cinosky and Peter Goldich repped the landlord in-house.
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Biotech firm Suneris has signed a three-year deal for 10k SF at Jamestown and Belvedere Capital’s Industry City. The space is at IC Building 6, or 86 34th St, and Suneris is negotiating for an additional 15k SF. Asking rent was between $15/SF and $35/SF. Lee & Associates NYC’s Alan Weisman and Josh Pernice repped the tenant, while IC’s Brett Harvey repped the landlords in-house.
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Audio-visual company AbelCine has also inked a deal at Industry City, taking 8k SF for 15 years at IC Building 4, or 68 35th St. Asking rent was between $15/SF and $35/SF. Norman Bobrow & Co’s Charles Shamash and Carol Gomez repped the tenant, while IC’s Brett Harvey and Jeff Fein repped the landlords in-house.
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TV production firm PostWorks has signed a deal for 50k SF at Ivanhoé Cambridge’s 1411 Broadway, as Bisnow previously reported. PostWorks is leasing the space from shoemaker Nine West. Asking rent was in the high-$60/SF to mid-$70/SF range. Savitt Patners’ Marc Schoen repped the tenant, and JLL’s Amanda Bokman, Frank Doyle, David Kleiner, Clark Finney and Kevin West repped Nine West.
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WeWork has signed a 10-year deal for 62k SF at the Chetrit Group’s 404 Fifth Ave, as Bisnow previously reported. Asking rent was $55/SF. NGKF’s Howard Kessler Jr. and Matthew Feigen repped the landlord, but it was unclear who WeWork used as its broker.
TOP SALES
Related Cos and GreenOak Real Estate have purchased the 168k SF Blanchard Building, at 21-09 Borden Ave and the 108k SF Paragon Oils & Burners Building at 21-00 49th Ave for $110M. Morgan Manhattan Moving & Storage was the previous owner of the Paragon building. The partners plan to convert both Long Island City buildings into office space.
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Tavros Development Partners, Charney Construction & Development and 1 Oak Development have closed on the purchase of the Dime Savings Bank’s Williamsburg assemblage for $80M. The sale includes 262-272 South 4th St, 263-277 South 5th St and 205 Havemeyer St, but not the site of the existing bank at 209 Havemeyer St.
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Greystone Development has purchased 24-16 Queens Plaza South, a LIC office building, from Maamin Properties for $23M. Greystone plans to convert the building into a 23-story, 105k SF mixed-use tower with 117 rental units.
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An entity listed as 136 Lawrence LLC has purchased 136 Lawrence St in Brooklyn for $15M from Joseph and Jerome Spitzer, who were fined in 2014 for operating an illegal bed-and-breakfast out of the three-story mixed-use building.
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Hos Barbizon LLC has purchased unit 10A at 32 Bond St from Hilary Adams for $14.5M.
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Kevin Realty has purchased 159-01 Northern Blvd, a two-story mixed-use property in Murray Hill, from Kairjan Realty Corp for $13.8M.
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L3 Capital has purchased the three-story building at 216 Bowery from Robert Balter for $13M.
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The Orrington Corp has purchased unit 14E at 737 Park Ave for $13M from an entity listed as 737 Park Avenue Acquisition LLC.
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An entity listed as GC Cross Bay Realty has purchased 160-10 Cross Bay Blvd in Queens for $12.5M from Bon Realty Corp.
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An entity listed as 386 Third LLC has purchased 386 3rd Ave from the Jerome Weinrib Family LP for $12M.
Sales data courtesy of Reonomy.
TOP FINANCING DEALS
Brookfield Property Partners has closed on a $325M refinancing loan for its office tower at 250 Vesey St. MetLife, New York Life Insurance Co, Prudential Financial and AXA Equitable Life Insurance Co partnered to originate the loan.
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The Grand Street Guild Housing Development Fund has secured a $62M loan for 410 Grand St from Red Mortgage Capital.
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Icon Realty has secured a $60M loan from Manufacturers and Traders Trust Co for 1538-1546 2nd Ave, which it plans to turn into a mixed-use building with luxury residential.
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The Southeast Grand Street Guild Housing Development Fund has secured a $55M loan from Red Mortgage Capital for 460 Grand St.
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The Grand Street Guild East Housing Development Fund has secured a $52M loan from Red Mortgage for 131 Broome St.
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An entity listed as Esplanade Venture Partnership has secured a $48M loan from Capital One National Association for 305 West End Ave.
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An entity listed as Terrace On The Park LLC has secured a $43M loan from an entity listed as 1399 PA 1 LLC for 102 East 104th St.
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Plaza Co-Op City LLC has secured a $38.5M loan from Variable Annuity Life Insurance Co for 691 Co-Op City Blvd.
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An entity listed as Far Out LLC has secured a $37M loan from M&T Bank for 75 West 190th St.
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Greystone Development has secured a $33M loan from Santander Bank for its recent purchase of 24-16 Queens Plaza South.
Financing data courtesy of Reonomy.
