This Week’s NY Deal Sheet
It was another slow week for sales in NYC, but loans and leases were firing on all cylinders as July came to a close.
TOP LEASES
Digital content marketing platform Taboola has signed a 48k SF, 12-year lease on the seventh and eighth floors of 1115 Broadway in Manhattan. Landlord Adams Real Estate was repped in-house by Jeffrey Buslik and James Buslik, while CBRE's Jared Freede and Ben Friedland repped the tenant, which has raised $160M over seven fundraising rounds.
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Outdoor advertising firm JCDecaux has signed a 47k SF lease at the 73rd and 74th floors of the Empire State Building (pictured). JCDecaux was repped by CBRE’s Snezana Anderson, Brad Needleman and Bernhard Weinstabel, while landlord Empire State Realty Trust was repped in-house by Ryan Kass, Fred Posniak and Shanae Ursini and by JLL’s Paul Glickman, Jonathan Fanuzzi, Simon Landmann, Kip Orban and Harley Dalton. The French advertising giant, currently at 3 Park Ave, bought the rights to build new bus shelters, newsstands and public restrooms throughout the city.
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RELX Group signed a 46k SF lease for the eighth floor of 230 Park Ave, otherwise known as the Helmsley Building. Newmark Grubb Knight Frank’s Paul Ippilito, Seth Weinstein and Dina Deutsch repped the analytics firm, and landlord RXR Realty was repped in-house by Jordan Berger. RXR purchased the Helmsley for $1.2B in May 2015.
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Whole Foods signed a 44k SF lease over two floors at Macklowe Properties' One Wall Street in FiDi. Macklowe was repped by RKF's Robert K. Futterman, Jaclyn Totolo, Peter Whitenack and Scott Zinovoy, who are marketing the tower's 111k SF of remaining retail space. SCG Retail’s Chase Welles and Jacqueline Klinger repped Whole Foods.
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Co-working company Knotel has signed a 35k SF, six-floor, 15-year lease at 22 West 38th St in Midtown. Newmark Grubb Knight Frank's William Cohen, David Emden and JD Cohen repped landlord Dalan Management, while Lee & Associates' Peter Braus, Dennis Someck and Mitchell Kunikoff repped Knotel, which now has its sixth NYC location.
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Engineering firm Lilker Associates Consulting Engineers renewed and expanded its lease at 1001 Avenue of the Americas in Midtown South from 17k SF to 24k SF, now occupying the entire eighth floor. Savills Studley’s Scott Weiss and Erik Schmall repped Lilker, while the landlord, an LLC, was repped by ABS Partners Real Estate's James Caseley. ABS is a partner in the LLC that owns the building.
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Fashion company Ikeddi Enterprises has renewed and expanded its lease at 1407 Broadway, moving its HQ from the 14k SF 29th floor to the 22k SF 16th floor. Coldwell Banker Commercial Advisors' Jason Birk, Michael Okun and David Danick repped Ikeddi, while Shorenstein Properties' Bob Foreman repped the landlord in-house.
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Merchant Cash and Capital signed a 16k SF lease expansion at 450 Park Ave South in Manhattan. Merchant was repped by Newmark Grubb Knight Frank's Ira Rovitz, while the landlord, The Winick Group, was repped by Moinian Group's Gregg Weisser.
Multi Packaging Solutions has signed a 13k SF, 11-year lease at 885 Third Ave, otherwise known as the Lipstick Building (pictured). Multi Packaging was repped by CBRE’s Chris Hogan and Michael Movshovich. The landlord—a group of investors, including IRSA, Argentina’s largest real estate firm, and the Marciano Investment Group--was repped by Newmark Grubb Knight Frank’s Erik Harris and Scott Klau.
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42West has signed a 13k SF lease for the 23rd floor at 600 Third Ave in Midtown East. Savills Studley’s Jeffrey Peck and Gary Kerper repped 42West, while landlord L&L Holding was repped in-house by Andrew Wiener. The PR firm—which reps celebrities such as Tom Hanks, Nicole Kidman, Conan O’Brien, Halle Berry, Will Smith, Rihanna and Woody Allen—is currently taking 11k SF at 220 West 42nd St, but will be relocating its HQ in December.
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Theatre Development Fund renewed its 12k SF lease at 520 Eighth Ave in Midtown. Denham Wolf Real Estate Services' Paul Wolf repped the fund, while Newmark Holdings's Matthew Mandell repped the landlord in-house. The nonprofit behind TKTS Booth, which sells discount Broadway tickets, has been at the 775k SF building since 2008.
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Product and technology agency Postlight signed a 7,080 SF lease for the entire 10th floor at 101 Fifth Ave. Postlight was repped by JLL's Andrew Coe and John Wheeler, while landlord Eretz Group was repped in-house.
TOP SALES
An ownership group led by Rockwood Capital sold the 22-story, 293-key Hilton Homewood Suites (pictured) at 312 West 37th St in the Garment District to Alduwaliya Asset Management's hospitality arm for $167M.
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The HP Savoy Housing Development Fund Co sold 620 and 630 Lenox Ave/Malcolm X Blvd in Harlem to NYC Partnership Housing Development fund for $98M.
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RK Realty Queens sold 43-01 22nd St in Queens to Olmstead Properties for $62M.
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The Hampshire Co sold 341 and 353 39th St in Brooklyn to Madison Realty Capital for $37.6M. These two adjacent warehouses total 200k SF, and Madison is expected to release redevelopment plans for the site before the end of the year.
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Great Neck developer Noorollah Asherian sold 40 West 38th St and 144 West 37th St in the Garment District to the ELO Organization for $37.3M. Arranged by GFI Realty, the sale adds 27k SF to ELO's recently growing portfolio.
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Carmel Investments sold 278 West 11 St in Manhattan to a Norton Rose Fulbright-repped individual for $27.5M. The 6,500 SF townhouse was once the possession of Fox News founder Rupert Murdoch, who bought the former bed-and-breakfast in 2011 for $8.2M, and then added a roof deck, an elevator, a 1,200-bottle wine cellar, smart-home technology and a gym.
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73 Hudson Inc sold 73 Hudson St in Manhattan to Parsifal Properties Corp's Maria Natalia Alvarez Calvo for $15.2M. The five-story, 13k SF block-through building is expected to be converted into condos, although no official plans have been released.
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Kimco Realty sold a lot on 58th Ave and 66-56 Grand Ave in Queens to the Bollard Group for $10.9M.
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Riverside Developers sold 65 Eckford St in Brooklyn to an entity known as 65-73 Eckford Realty for $9.8M.
George Soros’ (pictured) son Gregory Soros sold his family's five-story townhouse at 5 Centre Market Place to an individual under the entity of 5 Centre Holdings LLC for $9.7M. The townhouse, which features a rooftop basketball court, had been on the market for three years, and Gregory took a loss on the property after his father bought it from design duo Robert and Cortney Novogratz for $12M in 2010.
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Douglas Teague sold 133 Kent Ave in Williamsburg to an ASB Capital Management-repped local investor for $8.8M. Eastern Consolidated brokered the sale of the vacant two-story, 2,500 SF mixed-use building. A corner property with a two-car garage, 133 Kent offers 9k SF of buildable space.
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209 Hull Realty Corp sold 3315 Hull Ave in the Bronx to an entity known as Emerald 3315 LLC for $8.2M.
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Prana Investments sold 98 West 159th St in Manhattan to an entity known as 1995 Amsterdam LLC for $8M.
Sales data provided courtesy of Reonomy.
TOP FINANCING DEALS
JP Morgan Chase closed on a $400M loan to Wharton Properties for 720 Fifth Ave (pictured) in Manhattan.
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Capital One closed on a $238.9M loan to HP Savoy Park II Housing Development Fund Co for 630 Lenox Ave in Manhattan.
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MetLife closed on a $130M loan to the Law Office of Leon Charney for 1410 Broadway in Manhattan.
Wells Fargo closed on a $103.8M loan to Gary Barnett's (pictured, right) Extell Development for 500 East 14th St in the East Village. When combined with funds from German bank Heleba, the loan totaled $140M. The property found a new tenant with Target, which signed a 30-year, 42k SF, two-floor lease to set up a small-format store at the property.
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Doha-based Thani Bin Abdulla Media Group closed on a $100M loan to Alduwaliya Asset Management's hospitality arm for 312 West 37th St in the Garment District.
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The Bank of China closed on a $72M loan to Ben Ashkenazy’s Ashkenazy Acquisition for 690 Madison Ave in Manhattan, the site of a Hermès men’s store. This is the mortgage for Askenazy's $115M acquisition of the property in 2015.
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Norwegian investment firm Agasti Holding ASA closed on a $70.1M loan to the Blackstone Group for 44 Wall St in the Financial District. This is part of Blackstone's purchase of Obligo's $2.7B real estate portfolio in Scandinavia, Latvia, Germany and the US.
Citibank closed on a $58.5M loan to Ron Perelman's (pictured) MacAndrews & Forbes for 41 East 62nd St in Manhattan.
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The Bank of the Ozarks has closed on a $48.5M loan to Sam Chang's McSam Hotel Group for 338 West 36th St in Manhattan. This loan is one facet of the $115M construction loan Sam received to transform a 191k SF building into a 280-room Spring Hill Suites and a 286-room Fairfield Inn & Suites.
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The New York Housing Development Corp closed on a $48.4M loan to BRP Development for a lot on Livonia Ave in Brooklyn.
Financing data provided courtesy of Reonomy.
