This Week's NY Deal Sheet
Just like the week before Labor Day, last week saw some strong sales and loans, while leases were few and small.
TOP LEASES
Furniture design store West Elm signed a 40k SF lease expansion at Industry City (pictured) in Sunset Park, bringing its total footprint to 106k SF. The additional space will be the design studios for the company’s new hotel brand. The length of the lease and both sides' brokers haven't been disclosed.
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KGS-Alpha Capital Market, an institutional fixed-income broker-dealer, signed a five-year, 22k SF lease for a new HQ on the third floor of SL Green’s 521 Fifth Ave. Savills Studley’s Daniel Horowitz, Jeffrey Peck and Chris Foerch repped KGS—which is relocating from 601 Lexington Ave—while a Cushman & Wakefield team comprised of Tara Stacom, Barry Zeller, Justin Royce and Matthias Li repped SL Green.
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Tel Aviv-based, user-generated content marketing platform Yotpo signed a 12k SF lease for 33 West 19th St. ABS Partners Real Estate's Jeff Sharon and Alex Kaskel repped the tenant, while the landlord, Panasia, was repped in-house.
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CVS signed an 11k SF lease at 532 Neptune Ave—a planned 42-story, 430-foot-tall residential and retail building that's replacing Trump Village Shopping Center. Winick Realty Group's Jeff Winick, Lee Block and Darrell Rubens repped the landlord, while CVS didn't have a broker.
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CVS also signed an 11k SF lease for The Related Cos' 619-unit rental building, Hunter’s Point South Commons, in Long Island City. The lease was a direct deal between Related and CVS. Roughly 2,500 SF of retail space remains available.
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Research and consulting company Metis Associates signed an 11k SF, five-year sublease to relocate its HQ to the 25th floor of 55 Broad St in the Financial District. Metis has six years left on the lease for its former HQ at 120 Wall St. Savills Studley's Marc Shapses, Oliver Petrovic and Seth Wasserman repped Metis, while Colliers International's Kyle DeBussey and David Glassman repped landlord StatPro.
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Childcare services provider Bright Horizons Family Solutions signed a 15-year, 10k SF lease for Brodsky Organization’s 253 West 72nd St. Cushman & Wakefield’s Michael Hoffman and Peter Occhi repped Bright Horizons, while Brodsky was repped by Winick Realty Group's Charles Rapuano and Steven Baker.
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Two tenants signed 9,550 SF of subleases at Savitt Partners' 530 Seventh Ave in the Garment District. French digital communications firm Fred & Farid signed a three-year, 5,850 SF lease on the building's 30th floor. Savitt Partners' Brian Neugeboren and Nicole Goetz repped the landlord in-house, while NGKF's Corey Borg repped the tenant. Brian and Nicole also repped concert promotion company Blackbird Production Partners for its three-year, 3,700 SF sublease with Maguire Capital, the current lessee.
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Major urban planning group Regional Plan Association signed a 10-year, 9k SF lease for part of the sixth floor of Rudin Management Co's One Whitehall St. Rudin Management's Kevin Daly, while Cushman & Wakefield's Robert Billingsley and Bryan Boisi repped RPA.
TOP SALES
Columbia Property Trust sold a Class-A office property at 80 Park Plaza in downtown Newark, NJ, to Nightingale Properties for $174.5M.
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Ares Management sold the The Apthorp's 70 rental units on 390 West End Ave (pictured) in the Upper West Side to Thor Equities and Michael Fascitelli’s Imperial Cos for $112M. Thor and Imperial will rent out 10 units at market rate once they become vacant, and convert the remaining 60 units into condos for sale. All of the units at the 108-year-old building have 11-foot ceilings and can be as large as 3,500 SF.
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A group led by RD Management principal Richard Birdoff sold a nine-building Manhattan and Brooklyn multifamily portfolio to a partnership of Stone Street Properties and Arbor Management Acquisition Co for $86M. Six properties are on the Upper East Side and consist of one elevator building and five walk-ups totaling 67k SF, six retail units and 215 apartments. The other three buildings are in Clinton Hill and consist of one elevator building and two walk-ups totaling 60k SF and 78 units.
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The Chetrit Group and the estate of developer Henry Zilberman sold a 72-unit rental building at 756 Myrtle Ave in Bedford-Stuyvesant to investors Mordechai Spira and David Katz for $52.4M.
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Sugar Hill Capital Partners sold a renovated, fully occupied multifamily building at 385 Union Ave in Williamsburg to GDC Properties for $45M in cash.
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Michael Goldberg’s Enclave Equities sold a five-building West Bronx multifamily portfolio to San Francisco-based Prana Investments for $38.5M, 12 times the rent roll. Consisting of three five-story walk-ups and two six-story elevator buildings, the portfolio has a total of 214 apartments (almost all of which are rent-stabilized) and spans about 195k SF. Prana, led by Neil McKinnon, sold 10 Bronx buildings in April for $47M and bought three Washington Heights properties in June for $45M.
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G&S Investors sold a 60k SF ShopRite at 1905 Sunrise Hwy in Bay Shore to a JV of Mattone Group LLC and Gartenstein Properties for $30M.
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Jocar Realty Co sold the retail component of 262-272 Mott St in Nolita to self-storage property developer Madison Development for $26M. The nine units total 10k SF, but vary from 371 SF to 2,526 SF, with rents ranging from $86 to $281/SF. The purchase also included 17k SF of below-grade self-storage, which currently operates as Nolita Self Storage.
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AD Real Estate Management sold 1771 1st Ave in Yorkville to Seventeen 71 First Ave LLC for $23M.
St John’s University has sold its 170-acre Oakdale campus (pictured) to Amity University, a nonprofit international educational organization, for $22.4M. Bought by St. John’s in 1998, the campus received $10M in renovations. St. John’s will continue to offer classes until 2017 under a lease agreement. Amity University immediately assumed control of the property.
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The Malachite Group sold 25 units in 14-34 110th St in College Point to Sam Chang's McSam Hotel Group for $16M.
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Rubin Schron’s Cammeby’s International and Kings County-based landlord Renaissance Realty Group sold a 40k SF office space at 2701 Emmons Ave in Sheepshead Bay to Elliot Meisenberg for $12M.
Sales data provided courtesy of Reonomy.
TOP FINANCING DEALS
Wells Fargo Bank, BNY Mellon, JP Morgan Chase Bank, TD Bank, Bank of China and Landesbank Baden-Württemberg have closed on $1.5B in construction financing to SL Green for One Vanderbilt (pictured) in Midtown.
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Deutsche Bank closed on a $100M loan to The Moinian Group for 60 Madison Ave in Flatiron.
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Prudential Financial closed on a $100M loan to Garden Commercial Properties for 1040 Avenue of the Americas in Midtown South.
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Deutsche Bank closed on an $83M loan to Imperial Cos for 390 West End Ave in the Upper West Side.
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Capital One closed on a $79M loan to Crow Holdings for 6737 4th Ave in Bay Ridge.
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Chang Hwa Commercial Bank closed on a $63M loan to HNA affiliate Waterscape Resort II LLC for a commercial unit in 66 West 45th St in Midtown.
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Madison Realty Capital closed on a $59M loan to Wu Towers II LLC for 133-38 Sanford Ave in Flushing.
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Centennial Bank closed on a $54M loan to RD Management for a 40-story, 42-unit, 92k SF condo tower at 30 East 31st St in Midtown.
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Madison Realty Capital also closed on a $52M first mortgage loan to Opal Holdings for the acquisition of a development site and the construction of a 76k SF mixed-use project at 644 East 14th St in the East Village.
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Jefferies LoanCore closed on a $31.5M loan to Renaissance Housing for the development's retail condo at 130 Lenox Ave in Harlem.
Financing data provided courtesy of Reonomy.
