This Week’s NY Deal Sheet
The holiday weekend didn’t slow any brokers down last week as several massive transactions popped up all around NYC.
TOP LEASES
The NFL, the NFLPA and Cirque du Soleil signed a 40k SF lease at 20 Times Square in Manhattan (pictured), where they'll build a four-story, “first-of-its-kind attraction” featuring a 350-seat theater. CBRE’s Andrew Goldberg and Matt Chmielecki repped the landlord, it isn’t clear who repped the NFL and Cirque. Cirque du Soleil has announced that it will work with the Witkoff Group to develop the space.
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Junior’s Restaurant signed a 15-year, 10k SF lease at 1626 Broadway for its second Times Square location. CBRE vice chairman David LaPierre, SVP Gary Trock, senior associate Sean Moran and associate Zachary Parisi repped both the tenant and the landlord.
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Medicrea signed a 15k SF lease for the upper two levels of 46-50 Green St in Soho. The Paris-based medical company already occupied the 7,300 SF fifth floor, but doubled its claim on the building by taking over the fourth floor, the Commercial Observer notes. The tenant wasn’t repped in the deal, and David Zar repped the ownership, Zar Property, in-house. The building saw another new lessee, CoStar notes, with Heroes Model Management signing for 3,400 SF on the second floor for seven years.
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Mark Cuban’s Landmark Theaters signed a 30k SF lease at the Durst Org’s VIA 57 West on 625 West 57 St (pictured). Occupying the west retail portion of the massive property, the cinema will feature eight screens, a private bar, leather electric reclining chairs, a wood and stone bar and laser projection technology, the Wall Street Journal reports. David Neil and Ashlea Aaron repped the Durst Org in-house with Lee & Associates’ Peter Braus. Landmark Theaters was repped by Lee & Associates' Brad Schwarz and JP Sutro.
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Aurora Energy Advisors signed a 5,700 SF lease at 3848 Nostrand Ave in Sheepshead Bay, Brooklyn. CPEX Real Estate's Richard Novak and Rosanna Tapang repped the ownership, Acadia Realty Trust, while Integrity Real Estate Partners’ David West repped Aurora.
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The Brooklyn Firefly—a restaurant group formed by Bay Ridge native and artist Michael "Kaves" McLeer and restaurateur Ray Medina—signed a 3,500 SF lease at 7003 Third Ave in Bay Ridge, Brooklyn. Cushman & Wakefield's Mitzi Flexer and Alan Napack repped both the tenant and the ownership, Workable City Development.
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DaDong Chinese Restaurant signed a 13k SF lease at 3 Bryant Park (aka 1095 Sixth Ave), where it will set up its first US location. DaDong—which is led by famed chef Dong Zhenxiang—was repped by Newmark Grubb Knight Frank’s Jonathan Krivine and Dennis Karr, while ownership—a JV of Ivanhoé Cambridge and Callahan Capital Properties—was repped by JLL’s Erin Grace, Corey Zolcinski, Matt Ogle and Patrick Smith, as well as SRS Real Estate Partners’ Mark Kapnick.
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British natural skincare brand Ritual Cosmetics signed a 2k SF lease at 117 North 6th St in Williamsburg. Lee & Associates' Peter Levitan and Brendan Reichenbacher repped owner JP Corban, while the tenant was repped by Crown Retail Services’ Hank O’Donnell. Levitan noted that Williamsburg has attracted many foreign companies.
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Wine Legend and Gold Coast Bank signed 2,600 SF and 2k SF leases, respectively, for The Giovanni, John Catsimatidis’ residential building at 81 Fleet Place in Manhattan. Both tenants and the owner were repped by Winick Realty Group’s Jeff Winick. This will be the Long Island-based bank’s first proper NYC location.
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London-based Winton Capital Management signed a 10-year, 35k SF full-service lease at 315 Park Ave in Manhattan. Winton was repped by Savills Studley's Evan Margolin and Lance Leighton, while L&L Holdings repped the owner, Columbia Property Trust, which hired L&L to manage the property and handle leasing services.
Extell Development—led by Gary Barnett (pictured)—sold the controlling interest in a pair of Chelsea buildings—204 West 17th St and 112 7th Ave—to 717 Subsiary LLC, an entity controlled by A&H Acquisitions’ Alex Adjmi, for $29M. This is more than double the $11M Extell paid for the properties back in December, The Real Deal reports.
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346 West 71 Realty LLC and 350 West 71 Realty LLC—repped by Cushman & Wakefield—sold 346-350 West 71st St in the Upper East Side to Cydonia W71 LLC for $55.3M. Prior to the sale, the two buildings were gutted to allow renovations into a luxury condo or rental apartments, Real Estate Weekly Online reports.
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Time Equities and Hamlin Ventures sold two retail spaces at 131 West 33rd St to the Chicago Deferred Exchange Co for $27.3M.
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Bosco Realty Associates sold a row of mixed-use buildings at 1456-1462 Coney Island Ave in Brooklyn to Joel Wiener’s Pinnacle Group for $15.5M. According to The Real Deal, the three- and four-story buildings hold a combined 48 apartments and eight retail units.
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EMMES sold 192-194 First Ave in Manhattan to the Nazarin Property Group for $13M.
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Tower Parking sold 29 units and a parking garage in 38-11 108th St in Queens to League Realty USA for $10.7M.
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The Vanbarton Group sold 1945 Westchester Ave in the Bronx to Decatur Associates for $7.75M.
Sales data provided courtesy of Reonomy.
TOP FINANCING DEALS
The Bank of Ozarks closed on a $115M construction loan to developer Sam Chang for 338 West 36th St where, two years after purchasing the lot, Sam will raise a 28-story hotel, The Real Deal reports.
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Capital One Multifamily Finance closed on $70M loan to The Aspen for 1955 1st Ave in Manhattan.
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Centennial Bank closed on a $46.9M loan to Grand Residences LLC for 310 South First St in Brooklyn.
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M&T Bank closed on a $45M loan to ABS Partners for 162 5th Ave in Manhattan.
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Deutsche Bank closed on a $44.9M loan on Thor Equities’ (pictured: Joe Sitt) acquisition of 2088 Lexington Ave in Manhattan.
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CCRE closed on a $36M loan to the Related Cos for Astor Place Condominiums at 445 Lafayette St in Manhattan.
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Investors’ Bank closed on a $30M loan for the Hudson Cos at 22 Caton, a luxury rental building near Prospect Park in Brooklyn.
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Oritani Bank closed on a $28.4M loan to the Vanbarton Group for 101 East Burnside Ave in the Bronx.
JP Morgan closed on a $20M loan to Bill Ackman (pictured) and Adam Flatto’s Georgetown Co for 787 11th Ave in Manhattan. Bill and Adam recently revealed plans for an office redevelopment at the Hell’s Kitchen property after buying it for $255.5M from Fort Motor Co in 2015, The Real Deal reports.
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Arbor Realty Trust closed on a $19.8M loan to Shorewood Real Estate Group and its JV partner, Prodigy Network, for 115 East 25th St in Manhattan. The site will be the second location of The Assemblage and be comprised of 54k SF of co-working space. The $80M retrofitting effort is also being partially funded through Prodigy’s platform, the Commercial Observer reports.
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New York Community Bank closed on a $17.3M loan to Aegean Management for The Grove, a luxury rental space at 30-40 21st St in Astoria.
Financing data provided courtesy of Reonomy.
