This Week's NY Deal Sheet
This week saw strong leasing activity in the $30/SF to $60/SF range along with several loans over $100M, but sales were relatively small for the most part. Here are the week's top deals in leases, sales and financing.
TOP LEASES
The Fire Department of New York has renewed its lease of the entirety of 9 MetroTech Center’s 320k SF for 10 more years. The asking rent was not immediately clear. Landlord Forest City Ratner negotiated directly with the FDNY and no brokers were involved.
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Emerge212, the short-term rental subsidiary of SL Green Realty, has inked a deal for 55k SF at its parent company’s 1185 Avenue of the Americas. Asking rents at the building range from $70/SF to $90/SF, and the length of the lease was not immediately clear. It was unclear who repped both sides.
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The Cardiovascular Research Foundation has signed a 15-year deal for 47k SF at Ruben Cos’ 1700 Broadway. Asking rent was $59/SF. Savills Studley’s Scott Weiss repped the tenant, while Ruben’s John Schrenker repped the landlord in-house.
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Ameriprise Financial has renewed its lease and expanded its footprint at RXR Realty’s 530 Fifth Ave, signing a 10-year deal for 21k SF. The asking rent was not immediately clear. Cushman & Wakefield’s Josh Kuriloff and Andrew Braver repped the tenant, while RXR’s Dan Birney and Alexandra Budd repped the landlord in-house.
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Commercial real estate data firm Reis Services has inked a deal to sublease 45k SF from law firm King & Spalding at SL Green’s 1185 Avenue of the Americas. According to CoStar, King & Spalding’s lease is up in September 2016, and asking rents in the building range from $70/SF to $90/SF. Savills Studley’s Daniel Horowitz, Jeffrey Peck and Gary Kerper repped the sub-tenant, while C&W’s Adam Ardise, Richard Bernstein and Bryan Boisi repped King & Spalding.
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The 9/11 Tribute Center has signed a 36-year lease for 35k SF at Thor Equities’ 88 Greenwich St, roughly triple its current footprint at a different building. When it opens in spring 2017, the museum is expected to handle roughly 1 million visitors per year. Asking rent was $45/SF. It was not immediately clear which brokers were involved in the deal.
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Law firm Wiggin and Dana has signed a 15-year lease for 15k SF at William Kaufman Organization’s 437 Madison Ave. Asking rent was $108/SF. Savills Studley’s Michael Goldman, Matthew Barlow and Daniel Posy repped the tenant, while JLL’s Frank Doyle, David Kleiner, Cynthia Wasserberger, Hayley Shoener and Harlan Webster repped the landlord, along with Michael Lechner of Sage Realty Corp, Kaufman's leasing and management subsidiary.
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Value gym Blink Fitness has signed a 15-year deal for 14k SF at Karl Ashmawy’s 645 East Tremont Ave in the Bronx. The asking rent was not immediately clear. Retail Zone’s Ezra Saff repped both sides.
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Target has signed a 10-year deal for 38k SF at 1715 East 13th St in Midwood. The site is currently a 300-car parking garage owned by Infinity Real Estate and Nightingale Properties. The asking rent was not immediately clear, and neither were the brokers involved in the deal.
TOP SALES
French billionaire Marc Ladreit de Lacharrière has closed on the purchase of Thor Equities’ office-and-retail building at 693 Fifth Ave for $525M.
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Prana Investments has closed on its purchase of a three-building multifamily portfolio in Washington Heights for $45M from A&E Real Estate. The buildings have addresses at 95 Thayer St and 30 and 37 Sickles St.
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An entity listed as Life Hotel One LLC has purchased the Herald Square Hotel at 19 West 31st St for $40M from an entity listed as Flabla LLC.
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RFR Holding has purchased the apartment building at 9 East 75th St in the UES for $29M, from Irvine Realty Group.
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Skyc Management has purchased the 135-unit multifamily complex at 3300 and 3310 Palmer Ave in the Bronx for $25M from MacQuesten Development.
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Coney Realty Group has purchased the 93-unit rental building at 755 Fenimore St for $17M from Hager Management.
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JVL Property Group has purchased the mixed-use building at 161 West 23rd St in Chelsea for $13M from the Galvis family.
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F & R Realty Associates has purchased the commercial building at 234 Bowery and the mixed-use building at 5 Prince St for $12M from an entity listed as Bowery-Prince Holding LLC.
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An entity listed as David Realty Gardens LLC has purchased the apartment building at 68-04 Burns St in Forest Hills for $9M from Glantz Realty Co.
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The Sterling Group has purchased the multifamily house at 898 Flatbush Ave for $8.5M from the Reformed Protestant Dutch Church.
Financing data provided courtesy of Reonomy.
TOP FINANCING DEALS
American Airlines has secured $2.3B in loans from the New York Transportation Development Corp to expand and renovate its terminal at LaGuardia. That’s generated some controversy because the loans are taxpayer-funded and many of the hundreds of jobs the airline promised to create with similar loans in the past have turned out to be minimum wage.
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Onex Real Estate Partners has secured a $265M loan from Morgan Stanley for its Sky View Parc luxury condo complex at 40-22 College Point Blvd in Queens.
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French billionaire Marc Ladreit de Lacharrière has secured a $250M loan from JP Morgan Chase for his $525M purchase of Thor Equities’ 693 Fifth Ave.
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Soho Properties has secured a $219M loan from Malayan Banking Berhad to finance its planned luxury condo tower at 45 Park Place.
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The Brodksy Organization has secured $250M in loans from Wells Fargo to refinance its 729-unit rental building and an adjacent school, at 400 West 59th St and 925 Ninth Ave, respectively.
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American Realty Capital New York City REIT has secured a $99M loan from Ladder Capital to finance its $180M purchase of the office building at 1140 Avenue of the Americas.
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An entity listed as 187 Broadway Owner LLC has secured a $58M loan from United Overseas Bank for the two-story retail building at 187 Broadway in the Financial District.
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An entity listed as CAB Bedford LLC has secured a $45M loan from Wells Fargo for the warehouse at 118 North 4th St in Williamsburg.
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An entity listed as 200 West End Avenue LLC has secured a $32M loan from MetLife for the retail condo at 200 West End Ave. The building was purchased a few years back in a JV between Alto Investments and Klein Group for $32M.
Financing data provided courtesy of Reonomy.
