This Week's NY Deal Sheet
Two financial services firms inked deals for roughly 70k SF each at two of NYC's premier office towers this week, 7 Bryant Park and 4 World Trade Center, in a sign the market is still chugging along steadily in Q2. Here's a look at the week's top deals in leasing, sales and financing.
TOP LEASES
Schroders Investment Management North America has signed a 15-year deal for 74k SF at Bank of China’s 7 Bryant Park (above). Asking rent was $100/SF. CBRE’s Stuart Eisenkraft repped the tenant, while CBRE’s Mary Ann Tighe and Howard Fiddle repped the landlord.
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High frequency trading firm Hudson River Trading has inked a deal for 69k SF at Silverstein Properties’ 4 World Trade Center. Asking rent was not immediately clear, but other tenants reportedly pay about $70/SF. CBRE’s Sacha Zarba repped the tenant, while CBRE’s Mary Ann Tighe and Stephen Siegel repped the landlord.
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Community lender Federal Home Loan Bank of New York has signed a 15-year renewal and expansion of its lease at H.J. Kalikow & Co’s 101 Park Ave for a total of 63k SF, adding 20k SF to its previous 43k SF footprint. The rent was not immediately available, but asking rates in the building range from $75/SF to $90/SF. CBRE’s Christopher Mansfield, Harly Stevens and Brett Shannon repped the tenant, while Cushman & Wakefield’s John Cefaly, Augustus Field, Brooks Hauf and Nicholas Dysenchuk repped the landlord.
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The College of New Rochelle is relocating its Rosa Parks Campus in Harlem to Real Estate Equities’ 313 West 125th St, signing a 10-year deal for 22k SF. Asking rent was $50/SF. Colliers International’s Steve Jaray and Sheena Gohil repped the tenant, whie CBRE’s Paul Walker and Zachary Price repped the landlord.
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Clothing brand Superdry has signed a seven-year deal to lease all 16k SF of the former Esprit store at 21-25 West 34th St. Superdry reportedly agreed to pay $3M per year, about $2M below asking price. JLL’s Michael Hirschfield repped the tenant, while CBRE’s Richard Hodos and Joseph Hudson repped Esprit.
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Financial services software firm Misys has signed an 11-year deal for 24k SF at RFR Realty’s 285 Madison Ave. Asking rent was $64/SF. CBRE’s Jon Sarkisian, Neil King and Emily Jones repped the tenant, while JLL’s Alexander Chudnoff, Mitchell Konsker, Dan Turkewitz, Diana Biasotti and Oliver Katcher repped the landlord, along with RFR’s AJ Camhi.
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Two firms have inked deals totaling 41k SF at Newmark Holding’s 318 West 39th St. Cleaning and maintenance firm First Quality Maintenance took 27k SF in a 10-year deal, while HVAC contractor Kaback Enterprises took 14k SF in a 10-year deal. Asking rent in both deals was $38/SF. SL Green’s Gary Rosen and Howard Tenenbaum repped First Quality, while C&W’s Douglas Dolgoff and Brett Longo repped Kaback. Newmark’s Matthew Mandell and Eric Gural repped the landlord in-house in both deals.
TOP SALES
An entity listed as 2461 Broadway LLC has purchased two mixed-use buildings at 2461-2463 Broadway (above) for roughly $37M, from Ninety-First Street Associates.
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The 3,400 SF retail building at 486 Eighth Ave has sold for $20M in a 1031 exchange, but the buyer's identity remains unknown for now. The former owner was pawn shop S&G Gross, which had occupied the space for nearly a century.
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A JV between The Arker Cos and Northeast Brooklyn Housing Development Corp has purchased the former Peninsula Hospital Center and an adjacent lot in Far Rockaway for $19M from Michael Melnicke, a former member of the hospital's board.
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The Orbach Group has purchased a pair of residential buildings at 170-172 West 107th St for $14M, from Elvio Rodriguez.
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Itzhaki Acquisitions has purchased a 17-unit rental building at 224 West 59th St for $11M, from an unknown seller.
TOP FINANCINGS
Sharif El-Gamal’s Soho Properties has secured $219M in loans to fund 45 Park Place (rendering above), a luxury condo tower in Tribeca. Sharif raised the funds by bringing together several banks in a Murabaha, a Sharia-compliant lending plan in which the lenders buy the asset, then agree to sell it to the borrower for a pre-set markup—which allows borrowers to skirt Islam’s strict forbiddance of usury, The Real Deal reports.
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Bonjour Capital has secured a $104M loan from Signature Bank for its recent purchase of The Hamilton, a 265-unit rental at 1735 York Ave on the UES.
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The Criterion Group has secured a $53M loan from New York Community Bank, for its proposed construction of a 12-story rental tower at 11-55 49th Ave in Long Island City.
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Tribeca Associates has secured a $61M construction loan from Bank of the Ozarks for its proposed 26-story hotel at 143 Fulton St.
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Springhouse Partners has secured a $37M loan from Mesa West Capital for its recent purchase of the seven-story residential building at 51-55 Irving Place.
