This Week’s NY Deal Sheet
As we reach the middle of the summer, the market remains as hot as the weather...but not as humid. Here are the top sales, leases and financial deals of the week.
TOP LEASES
The Trade Desk has signed a 49k SF, six-year lease at the fifth floor of Morgan Stanley’s 2 Park Ave (pictured) in Manhattan. CBRE's Scott Bogetti, Ken Meyerson and Sacha Zarba repped both sides of the deal.
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JLT Group has signed a 20k SF lease at 350 Madison Ave in Manhattan. Owner RFR Realty was repped in-house by AJ Camhi and JLL’s Alexander Chudnoff and Mitchell Konsker, while JLT—a London-based insurance and employee benefits firm that has more than 10,000 employees across the globe—was repped by CBRE’s Jared Freede and Ken Rapp.
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Acuity Brands Lighting has renewed its 16k SF, 10-year lease on the third floor of 5 Penn Plaza in Manhattan. CBRE repped both sides of the deal with Peter Turchin, Jason Pollen and Dave Caperna repping the ownership, Haymes Investment, and colleagues Michael Movshovick, Ben Friedland and Michael Hirsch repping Acuity. Acuity has been stationed in the building’s top three floors since 2006, and is helping Haymes implement new lighting systems as part of the landlord’s multimillion-dollar capital improvement program.
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Orchard Platform has signed a 26k SF lease at 386 Park Ave South in Manhattan. Newmark Grubb Knight Frank repped both sides. Eric Cagner, David Falk, Alex Leopold and John Franzel repped the ownership, HSR, while Robin Fischer and Christie Bennett repped Orchard.
The NYC Deparment of Finance has signed a 183k SF lease at 375 Pearl St (pictured). Cushman & Wakefield’s Robert Giglio and George Keller repped the NYC Department of Citywide Administrative Services, which arranges leases for government agencies and departments. The landlord, Sabey Data Center Properties, was repped by CBRE’s Gerry Miovski and Gregg Rothkin. Given the property’s proximity to City Hall and the Dinkins Municipal building, many other government agencies, such as the NYPD, have been taking up floors at the old Verizon building.
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Talener has signed a 13k SF lease at 140 East 45th St in Manhattan. The tech-focused employment agency was repped by Savills Studley’s Oliver Petrovic and Marc Shapses, while the landlord, a Rockwood Capital subsidiary, was repped by CBRE’s Neil King, Paul Amrich and Jackie Marshall.
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Moveable Ink has signed a 55k SF, 10-year lease at 5 Bryant Park, also known as 1065 Avenue of the Americas, in Manhattan. Newmark Grubb Knight Frank’s Brent Ozarowski, Joshua Gosin, Lance Korman, Brian Waterman and Alexander Radmin repped the landlord, Equity Office Properties, while Moveable Ink was represented by Savills Studley.
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CRTV, the Las Vegas-based media company and parent of Conservative Review, has signed a 5,625 SF, four-year lease for the entire third floor at 30 West 24th St in Manhattan. CRTV was repped by CBRE’s Adam Leshowitz, while Twenty Three R.P. Associates, the landlord, was repped by Adams & Co’s Alan Bonett, Brad Cohn and James Buslik.
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Co-working company the Yard signed a 31k SF lease at 33 West 60th St in Manhattan. Savills Studley’s Evan Margolin and Lance Leighton repped the Yard, while the owner, Bonafide Estates, was repped in-house. The co-working company's first location is in Lincoln Square, and it has recently leased an office building at 157 113th St in Gowanus.
Gallery Yares Art Projects signed an 5,800 SF lease at the Paramount Group’s 35-story 745 Fifth Ave (pictured) in Manhattan. Glanzrock Realty Services’ Cindy Farkas Glanzrock repped both sides in the deal.
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Billionaire Boys Club, the clothing store from Pharrell Williams and Nigo, signed a 2,300 SF, five-year lease at 5-7 Mercer St in Manhattan. Both the tenant and the landlord, Mercer II LLC, were repped by Centurion’s Nathan Gindi.
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Early learning program Kiddie Academy signed a 9k SF, 15-year lease for the community space at 282 South 5th St, taking up the first and second floors of the 82-unit rental building. Eastern Consolidated’s James Famularo and Ravi Idnani repped the tenant, while the owner—Midwood Investment & Development—was repped by TerraCRG’s Peter Schubert.
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Hotel management startup innRoad signed a 16k SF lease at 519 Eighth Ave in Manhattan. The Kaufman Organization’s Steve Kaufman, Barbara Raskob and Yvonne Chang repped the landlord in-house, while innRoad was repped by Gerorinda & Associates’ Jack Pitie and Eva Smith.
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TOP SALES
The Hyatt Corp sold 485 5th Ave (aka the Andaz Fifth Avenue) in Manhattan to Tak Development for $215.2M.
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Marine Terrace Holdings sold a seven-property package at 18th Street, 19th Street, 21st Street and Shore Boulevard in Queens to the Marine Terrace Housing Development Fund Corp for $121M.
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The Crenulated Co sold a 14-building package at Walton and Townsend avenues in the Bronx to the Settlement Housing Fund for $84.5M.
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Diamondrock Hospitality sold 121 West 28th St in Manhattan to Han’s 28 Hospitality for $53.8M.
Stephen Roth’s (pictured) Vornado sold 99-01 Queens Blvd in Queens to Blumenfeld Development for $31.2M, with the support of a $25M loan from Valley National Bank. The two-story, 57k SF building—which Vornado originally purchased from Ashkenazy Acquisition for $26.5M in 2004—currently houses Bank of America, DeVry College and a New York Sports Club.
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Tahl-Propp Equities sold 2411 Frederick Douglass Blvd in Manhattan to the NYC Housing Partnership for $30.2M.
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Investors David Beit, Larry Goldstein and Blake Augustus sold a single-room occupancy hotel known as the Park 79 at 117 West 79th St in the Upper West Side to Fairstead Capital for $22.5M. Fairstead will most likely convert the seven-story, 108-room, 32k SF hotel into rental units.
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Great Neck developer Noorollah Asherian sold 144 West 37th St in Manhattan to the ELO Organization for $22M. The purchase was part of a two-building deal that, along with 40 West 38th St, totaled $37.3M, 27k SF and 18k SF of additional development rights.
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The Cheshire Group sold 14 rent-stabilized units in 141 East 88th St in Manhattan to Aby Rosen and Michael Fuch’s RFR Holdings for $22M. Chesire acquired the building from Rheinlander Real Estate for $106M in 2011, and then converted most of the building into condos.
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E&M Associates sold a 55-unit rental building at 148 West 142nd St in Manhattan to investor Shaul Kopelowitz for $16.5M.
Sales data provided by Reonomy.
TOP FINANCING DEALS
MetLife closed on a $110M loan to the Feil Organization for 200 West 57th St in Manhattan.
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DekaBank closed on a $100.7M loan to Edge Fund Advisors for 1540 Broadway (pictured) in Times Square. Once known as the Bertelsmann Building, the building’s tenant roll now includes Viacom, China Central Television, Yahoo and Adobe.
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BNY Mellon closed on a $67M loan to Newmark Grubb Knight Frank for 740 Broadway in Manhattan.
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Wells Fargo closed on a $65M loan to the Elghanayan family-run Rockrose Development for 100 Jane St in Manhattan. The loan replaces two previous notes for $17.9M and $50M, and was arranged by Singer & Bassuk’s Andrew Singer and Kathleen McSharry. The 148-unit building features a fitness center, a roof deck and an interior courtyard.
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United Overseas Bank closed on a $61M loan to 30 West 46th LLC for 30 West 46th St in Manhattan.
The Paramount Group closed on a $50M loan to Thor Equities for 700 8th Ave in Manhattan (pictured).
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The Bank of the Ozarks closed on a $54.9M acquisition loan to Gary Barnett’s Extell Development for 350 East 86th St in the Upper East Side. The loan coincided with Extell closing on a Gristedes supermarket at the site for $93M, and the developer is planning a 20-story condo.
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RMS Washington LLC closed on a $50M loan to Fred Rich LLC for 109 Washington St in Manhattan.
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Banco Popular North America closed on a $50M loan to Fulton Street Realty Venture LLC for 147 Lawrence St in Brooklyn.
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New York City Housing Development Corp closed on a $48.4M loan to Tahl-Propp Equities for 10 West 111th St in Mahattan.
Financing data provided courtesy of Reonomy.
