This Week's NY Deal Sheet
Lease and sales activity continued at a slow and steady pace this week, with the notable exception of UBS's massive 900k SF renewal and MRP Realty and Deutsche Bank's $237M purchase of 405 Park Ave. Here are the week's top deals in leases, sales and financing.
TOP LEASES
UBS renewed its mammoth 900k SF lease at 1285 Avenue of the Americas (pictured), as part of the deal that saw RXR Realty and investor David Werner purchase the building for $1.65B earlier this week. UBS’s new lease will run till 2033; the asking rent was not immediately available. CBRE’s Robert Alexander repped UBS while RXR repped itself in-house.
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Retailer American Girl signed a 15-year lease for 49k SF at RXR Realty’s 75 Rockefeller Plaza. The asking rent was not immediately available. CBRE’s Susan Kurland (who has since moved to Savills Studley) repped the tenant, while Cushman & Wakefield’s Michael O’Neill repped the landlord.
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GE Capital signed a 16-year deal for 43k SF at FRF Realty’s 285 Madison Ave. The asking rent was in the low-$70/SF range. CBRE’s Sinclair Li, Sacha Zarba, Frederick Fackelmayer and Ryan Alexander repped the tenant, while JLL’s Alexander Chudnoff, Mitchell Konsker and Dan Turkewitz repped the landlord.
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Jewelry-focused venture capital firm Adama Partners signed an 11-year deal for 7,400 SF at Savitt Partners’ 530 Seventh Ave. Asking rent was $59/SF. Transwestern’s Lauren Davidson and Lindsey Ornstein repped the tenant, while Savitt Partners’ Bob Savitt, Brian Neugeboren and Nicole Goetz repped the landlord in-house.
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Inspiron Construction Management, the general contractor that built Coney Island’s Luna Park, signed a 10-year deal for 7,900 SF at 535 Eighth Ave. Asking rent was in the high-$40/SF range. Eastern Consolidated’s Jeffrey and Erik Nissani repped the tenant, while Olmstead Properties’ Daniel Breiman repped the landlord, 535 Eighth Avenue LLC, which is led by Jonathan Rosen.
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Low-income community nonprofit National Development Council signed a 15-year lease for 12k SF at Rudin Management Co’s One Battery Park Plaza. Asking rent at the building is $55/SF. Savills Studley’s Daniel Horowitz, Jeffrey Peck and Christopher Foerch repped the tenant, while Rudin’s Kevin Day repped the landlord.
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Consumer credit investment firm 1/0 Capital signed a four-year sublet with Squarespace for 12,500 SF at the Chetrit Group’s 459 Broadway. Asking rent was $72/SF. Vicus Partners’ Bertram Rosenblatt and Roy Abraham repped the tenant, while CBRE’s Paul Myers and Rocco Laginestra repped Squarespace.
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Indoor playground and learning center Apple Seeds renewed its 15k SF lease at Eleven Fifteen Associates’ 1115 Broadway for an additional seven years. Asking rent was $100/SF. Adams & Co’s James Buslik repped the tenant and the landlord.
TOP SALES
MRP Realty and Deutsche Bank Asset Management purchased 405 Park Ave (pictured) for $237M, from longtime owner Donerail.
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An entity listed as Fifty Seven Avenue Investments LLC purchased two Queens properties at 56 Drive and 57 Avenue from LHD Ventures for $56M.
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Adam Verner’s Springhouse Partners purchased the 56-unit rental building at 53 Irving Place from the Rumpel Family for $55M.
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An entity listed as 1104 Lex LLC purchased two buildings, at 1104 and 1114 Lexington Ave, from an entity listed as Article Third Trust U/W/O Marie for $53M.
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An entity listed as Hargate JV Owners LLC purchased the apartment building at 230 West 111th St from an entity listed as Hargate NYAH Holdings LLC for $44M.
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An entity listed as 60 East 12th Street New Fee LLC purchased 818 Broadway from an entity listed as Rebecca F. Burton Irrevocable Trust U/A for $35M.
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Mayflower Business Group purchased the development site at 317-319 West 35th St, which holds roughly 50k BSF, from investor Allen Stein for $28M. Mayflower plans to build a hotel on the site.
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An entity listed as 4221 Broadway Owner LLC purchased 4221 Broadway from an entity listed as 701 B LLC for $27M.
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Michael Alvandi’s City Urban Realty purchased the six-story office building at 243 Canal St from the estate of the late Sau Tchu Luu Fan for $25M.
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Investor David Friedman purchased the 13-unit rental building at 51 White St from R.A. Cohen & Associates for $22M.
Sales data courtesy of Reonomy.
TOP FINANCING DEALS
The Related Cos secured an $88M loan from Deutsche Bank for its planned mixed-use development at 300 Lafayette St.
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The entity listed as Fifty Seven Avenue Investments LLC secured an $80M loan for its recent purchase of two Queens properties at 56 Drive and 57 Ave, from PNC Bank.
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An entity listed as 240 W 35 St NYC LLS secured a $70M loan from The Union Labor Life Insurance Co for the property at 240 West 35th St.
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The entity listed as 60 East 12th Street New Fee LLC secured a $67M loan from Signature Bank for its recent purchase of 818 Broadway.
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An entity listed as 241 Bedford Associates secured a $66M loan from Citibank for the property at 237 Bedford Ave.
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Spenceran secured a $47M loan from JPMorgan Chase for the property at 356 Vernon Ave.
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An entity listed as JFK BD Holdings LLC secured a $38M loan from Customers Bank for the property at 153-70 South Conduit Ave.
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An entity listed as 564 St. Johns Acquisition LLC secured a $37M loan from Hutton Ventures for the property at 564 Saint Johns Place.
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Springhouse Partners secured a $34M loan from Mesa West Core Lending Fund for its recent purchase of 53 Irving Place.
Financing data courtesy of Reonomy.
