This Week's NY Deal Sheet
Despite the shortened week while many in the commercial real estate industry celebrated Rosh Hashanah, last week's NYC market saw a huge resurgence in leases and a solid batch of sales and loans.
TOP LEASES
True Entertainment—the production company behind reality TV shows such as The Real Housewives of Atlanta—signed a 10-year, 40k SF lease at MHP Real Estate Services and Clarion Partners' 180 Maiden Lane (pictured) in Lower Manhattan. Relocating from RXR Realty’s Starrett Lehigh Building, True and sister firm Original Media will take the entire 12th floor and part of the 13th floor at the 41-story, 1.2M SF office tower and have filed plans to connect the two floors with an internal staircase. A Cushman & Wakefield team of Tara Stacom, Justin Royce, Frank Cento and Rob Lowe repped the landlord with MHP brokers Jesse Rubens, Richard Doolittle and James Tamborlane. JLL's Howard Hersch and Michael Berg repped the production company.
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Delotte Digital, the digital advertising subsidiary of the Big Four accounting firm, signed a 40k SF sublease with Pearson at Ivanhoé Cambridge and Callahan Capital Properties’ 330 Hudson St. Pearson's 300k SF lease was signed in 2011, and the educational publisher has sublet 257k SF space to tenants like TED Conferences, jeweler John Hardy and the Financial Times. Richard Berzine & Co's Richard Berzine repped Pearson, while CBRE's Mark Ravesloot and Freddie Fackelmayer repped Deloitte, which is retaining its office at 140 Broadway in the Financial District.
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Loeb Enterprises signed a 10-year, 31k SF office renewal and expansion at Paramount Group's 712 Fifth Ave. CBRE’s Anthony Dattoma and John Maher repped the tenant in the deal for the partial sixth, and entire seventh and 14th floors. Paramount Group was repped in-house by Doug Neye and Pete Brindley.
Trader Joe’s signed a 30k SF lease at the Essex Crossing megadevelopment (pictured) on the Lower East Side. Occupying the ground floor of the 15-story building at 145 Clinton St, the grocer will join a 22k SF Planet Fitness location. It's not currently known who repped Trader Joe's. Landlord Delancey Street Associates--which is a partnership between L + M Development Partners, Taconic Investment Partners, BFC Partners and nonprofit Grand Street Settlement--was repped by the Prusik Group.
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Cable TV network Fuse Media signed a 27k SF, 10-year lease for the 10th floor of Vornado’s 57-story, 2.6M SF One Penn Plaza. Avison Young’s John Ryan repped Fuse, while a Glen Weiss-led Vornado team repped the landlord in-house. Fuse is relocating from Vornado's 11 Penn because AMC Networks renewed and expanded its lease, taking about half of Fuse's office.
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KGS-Alpha Capital signed a five-year, 22k SF lease for the third floor of SL Green Realty's 490k SF 521 Fifth Ave in Midtown. KGS was repped by Savills Studley's Jeffrey Peck, Daniel Horowitz and Chris Foerch, while Cushman & Wakefield Tara Stacom, Barry Zeller, Justin Royce and Matthias Li repped SL Green.
Co-working space provider The Yard signed a 15-year, 16k SF lease for the entire third floor at Vornado’s 510 Fifth Ave (pictured). The Yard was repped by Norman Bobrow & Co's Elie Censor, while Vornado as repped in-house by Edward Riguardi. The new location—The Yard's 10th in NYC and 12th in the US—will have the capacity for approximately 200 members.
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Apicha Healthcare signed a 15-year, 15k SF lease for the lower level, fourth and fifth floor's of the nine-story 82-11 37th Ave in Jackson Heights. Cushman & Wakefield's David Lebenstein repped the tenant with colleague Richard Michaels, while Douglas Elliman's Dennis Gandley, Santa Cataldo and Michael Murphy repped the landlord, Carlo Cinganelli.
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Wolfgang’s Steakhouse signed a 14k SF lease at Empire State Realty Trust’s 22-story, 471k SF 1359 Broadway. ESRT’s Fred Posniak and Shanae Ursini repped the landlord in-house, while Murro Realty's Cosmo Montemurro and Jarrett Sharp repped Wolfgang’s.
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Israel-based Digital marketing company Yotpo signed a 12k SF lease at 33 West 19th St. Yotpo was repped by ABS Partners Real Estate's Jeff Sharon and Alex Kaskel, while landlord Panasia Estate was repped in-house.
TOP SALES
Westchester County-based landlord RPW Group sold an 18-story, 165k SF office building at 240-246 West 35th St in the Garment District to ATCO Properties & Management for $108M. The property is 95% leased to TAMI and fashion tenants, including fashion designer Thom Browne, who leases 20k SF.
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VE Equities and WhiteStar Advisors sold 13-17 Laight St (pictured), the six-story, 83k SF former home of the Tribeca Film Festival, to Vanbarton Group for $90M.
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Joel Leder sold the seven-story, 335k SF Noonan Plaza affordable housing complex at 105 West 168th St in the Bronx to Joel Gluck’s Spencer Equity for $42M. The firm's trying to secure a $26M loan from an undisclosed bank and extend the building’s Section 8 contract, which expires next April. Nearly all units are occupied by Section 8 tenants.
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The Nastro family has sold a two-story, 33k SF warehouse at 61-71 Wythe Ave in North Williamsburg to Rockpoint Group and Atlas Capital Group for $37M. The home of the Brooklyn Bowl and Brooklyn Brewery offers 69k BSF. The Brooklyn Brewery plans to relocate to 75k SF at Brooklyn Navy Yard's Building 77 in 2018.
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Denis Rodger’s United Properties Corp sold a 19k SF, single-story commercial strip at 62-06 Woodhaven Blvd in Middle Village to Queens landlord Fazlur Khan for $19M.
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A Douglaston Development affiliate sold a six-building portfolio in Harlem—totaling 82 rent-stabilized apartments and six retail stores—to Manhattan-based ABJ Properties for $16M.
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Jamestown Properties sold three retail units totaling 15k SF at the base of the 249-unit mixed-use building 189 Schermerhorn St in Downtown Brooklyn to Samson Klugman’s Quality Capital for $12.5M.
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Byung Il Park sold a five-story, three-unit mixed-use building at 14 East 44th St in Midtown to Amir Yomtobian for $11.9M.
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MIP 55 East 59th Street LLC sold a full-floor office condo at the 24-story office building Delmonico Plaza on the Upper East Side to Raya Kofman for $11.6M.
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Bela Bako sold a pair of four-story rental buildings at 414-416 East 78th St to investor Gregory Georgiou for $11.2M. The buildings total 32 apartments across 13k SF. Half of the units are rent-stabilized.
TOP FINANCING DEALS
Apollo Commercial Real Estate Finance has closed on a $105M first mortgage loan to Sam Changʼs McSam Group for its 612-key Doubletree hotel at 346-350 West 40th St in Times Square (pictured). The loan is part of a $215M financing that also includes a $110M pari passu loan.
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Kohlberg Kravis Roberts closed on a $138.6M loan to RedSky Capital to refinance 12 properties in Williamsburg. The financing consolidates an unpaid balance of $100.5M on a prior loan and includes a $23M construction loan and a $14.9M gap mortgage. Dumbo-based RedSky, led by Benjamin Bernstein and Benjamin Stokes, paid $137M to assemble the properties.
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Capital One Multifamily Finance closed on $89.3M to Larry Kinitsky’s 46-acre Windsor Park complex at 213-05 75th Ave in Bayside, Queens. The 15-year Freddie Mac fixed-rate loan consolidates and replaces previous mortgages on the nine-building property.
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Deutsche Bank closed on $82M in financing to an investor group for a Williamsburg portfolio. Joel Schreiber’s Waterbridge Capital bought the properties—103-119 North 3rd St and 188-190 Berry St—from Olga Sosa's estate for $92M.
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Centennial Bank closed on a $54M construction loan to Erik Ekstein’s Ekstein Development Group for a 42-story condo at 30 East 31st St in Nomad. Ekstein and Certes Partners bought the property for $15.5M in 2014 and paid an additional $10.5M for 27 East 30th St's air rights.
Madison Realty Capital closed on a $52M first mortgage loan to Opal Holdings for the acquisition of a development site at 644 East 14th St (pictured) in the East Village, as well as the construction of a 76k SF mixed-use development with 50 apartment units, 22k SF of community facility space and 8k SF of retail space with 200 feet of street frontage.
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Alma Bank closed on a $6.9M in acquisition financing to Barrett Design for a condo development at 3 East 3rd St in the East Village, which could feature a seven-story mixed-use building totaling 18k SF with a ground-floor retail condo, four full-floor residential units and a duplex penthouse.
