This Week's NY Deal Sheet
After a slow holiday week, the market came roaring back with an impressive array of loans, leases and sales.
TOP LEASES
Nike signed a 15-year, 69k SF lease for seven floors at SL Green Realty and Jeff Sutton's 650 Fifth Ave (pictured). Sutton and SL Green bought out Godiva and Devon & Blakely’s leases. Cushman & Wakefield’s Joanne Podell repped Nike, it's not known who repped Sutton and SL Green.
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Robert A.M. Stern Architects signed a 15-year, 62k SF lease for the entire 16th and 17th floors of Vornado’s 20-story One Park Ave. Vornado's Glen Weiss repped the landlord in-house, while Cresa's Eric Thomas repped the tenant.
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WeWork signed a 40k SF expansion to take three more floors at Charles Cohen’s 300k SF 135 East 57th St in the Plaza District. The co-working giant now occupies 100k SF in the tower. The landlord was repped in-house by Cohen Brothers’ Marc Horowitz, while a Marc Schoen-led Savitt Partners team repped WeWork.
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ICM Partners signed a 15-year, 35k SF lease for the 12th and 14th floors of Equity Office's six-story, 620k SF Park Avenue Tower. Newmark Grubb Knight Frank's Jared Horowitz and Ben Shapiro repped Equity Office alongside Equity Office's Zachary Freeman and Scott Silverstein. NGKF's Neil Goldmacher, Josh Friedman and Brian Goldman repped ICM.
Bustle and Romper's parent company, BDG Media, signed a 10-year, 34k SF lease at Columbia Property Trust’s 315 Park Ave South (pictured). The two websites are moving their HQs to the 11th and 12th floors of the 20-story, 332k SF Class-A office. Transwestern’s Rory Murphy, Jonathan Tootell and Lindsay Ornstein repped Bustle, while L&L Holding Co’s David Berkey, Andrew Wiener and David Young repped Columbia.
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Brooklyn co-working company Bklyn Commons signed a 10-year, 30k SF for half of the second and third floors and the full fourth floor of the four-story, 60k SF 774 Broadway in Bed-Stuy. Brooklyn Lollipop Import Co has owned the property since 1986. It's not known who repped either side.
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HelloFresh signed a 10-year, 22k SF lease for two full floors in Unizo Holdings Co's 12-story, 135k SF 40 West 25th St in the Financial District. Brickman's Paul Kotcher and Jordan Plesser repped Unizo, while Savills Studley's Joseph Genovesi and John Harte repped HelloFresh.
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Shiseido Comestics Corp signed a renewal and 18k SF expansion for the 26th floor at Paramount Group's 36-story, 593k SF 900 Third Ave. The company holds 87k SF in the building, and has been in the tower for more than two decades. The deal was done directly with Paramount.
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Yieldbot signed a 17k SF lease on the eighth floor of the Rosen Family's 20-story 902 Broadway in Flatiron. The digital media company recently placed second in Deloitte's 2016 Fast 500 list, which ranks the fastest-growing tech companies in North America. NGKF's Hal Stein and Todd Stracci repped Yieldbot, while the Rosens were repped by Koeppel Rosen's John Goodkind and David Koeppel.
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Magno Sound has signed a 11k SF, one-year renewal for its full second floor space at Himmel+Meringoff Properties’ 729 Seventh Ave. Himmel+Meringoff's Jason Vacker and David Cohen repped the landlord in-house, but it's not clear who repped the tenant.
TOP SALES
Steven Wu and an Asian investor group sold a former hospital at 90-02 Queens Blvd (pictured) in Elmhurst to Ding “John” Wai’s Sentry Operating Corp for $125M. The sellers purchased the property for $55M in 2014 and turned it into a mixed-use property with 144 apartments and 120k SF of retail and community space.
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Sentinel Real Estate Corp sold a five-building Washington Heights rental portfolio to a Joshua Sternhell and David Katz-led investor group for $101.5M. The six-story elevator buildings—66-72, 80 and 86 Fort Washington Ave and 838 and 884 Riverside Drive—contain 289 apartments and span 341k SF. The package also includes 199k SF of air rights.
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A Sentinel Real Estate Corp affiliate sold a five-building, 243k SF, 265-unit Brooklyn multifamily portfolio to A&E Real Estate Holdings for $89M ($366/SF, $350k/unit). Most of the units are rent-stabilized.
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Brooklyn Law School sold a 40k SF office building at One Boerum Place to an investor group including Avery Hall Investments, Allegra Holdings and Aria Development Group for $76.5M. The investor group is considering replacing the building with a 160k SF mixed-use tower.
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David Lichtenstein’s Lightstone Group sold a 121-unit, seven-story, 70k SF rental building at 85 East 10th St building to Steve Beberman's Mallory Management for $72.5M. The property was part of a six-building, $127M portfolio Lightstone bought in May.
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The Jehovah’s Witnesses sold the 41k SF 69 Adams St near Dumbo Heights to Simon Dushinsky’s Rabsky Group for $65M. Rabsky landed a $47.4M acquisition loan from San Diego-based Bofl Federal Bank.
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A&E Real Estate Management completed a $36M sale between its partners for 217 and 227 Haven Ave in Washington Heights. This is a separate deal than the Washington Heights portfolio listed above.
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Blackstone Real Estate Advisors sold 114 East 40th St in Midtown East to ADRE Real Estate for $27.5M.
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United Construction & Development Group Corp's Jiashu "Chris" Xu sold 34-01 and 34-09 College Point Blvd in Flushing to LSC Development for $21M.
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A&E Real Estate completed a $20M sale between its partners for 32-50 and 32-40 93rd St in North Corona.
Sales data provided courtesy of Reonomy.
TOP FINANCING DEALS
Wells Fargo, HSBC USA, JPMorgan Chase and the National Bank of Abu Dhabi closed on a $1.2B loan to GID Development Group and Abu Dhabi Investment Authority subsidiary Henley Holding Co for Waterline Square (pictured), a 1,132-unit project along the Hudson River. The two developers will also be contributing $1B in equity.
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The Bank of China closed on a $480M loan to Blackstone Real Estate Advisors for 114 East 40th St in Midtown East.
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Mortgage Electronic Registration Systems and Bank of America closed on a $400M loan to investors Xilin Shao and So Kit Kui for 36-30 194th St in Queens.
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Deutsche Bank closed on a $335M loan to Clipper Equity for 50 Murray St in Tribeca.
Beijing-based private equity firm JD Capital and Santander Bank closed on two loans totaling $144M to Jonathan Rose Cos and BedRock Real Estate Services for the Pierrepont Apartments (pictured), a Brooklyn Heights rental. The developers can finally begin construction on the 160k SF 80/20 project.
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SL Green Realty and Acore Capital closed on two loans totaling $103M to The Chetrit Group for 49 Chambers St in the Financial District. Chetrit plans to turn the property, which it bought from the city in 2013 for $89M, into 81 condos.
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The Trust for Cultural Resources of NYC closed on a $87.5M loan to Lincoln Center for the Performing Arts to refinance $100M worth of loans ahead of the David Geffen Hall's $500M 2019 renovation. The center has about $270M in debt.
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Mesa West Core Lending Fund closed a $78M loan to partnership of Taconic Investment Partners, TH Real Estate and Squire Investments for 817 Broadway in Greenwich Village. The partnership purchased the building for $109M.
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Aareal Capital Corp closed on a $73M loan to Lexin Capital to refinance 229 West 28th St, a 12-story Class-A office in Chelsea.
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Deutsche Bank closed on a $66M loan to Savanna to refinance 434 Broadway, a nine-story, 66k SF mixed-use property in Soho. Savanna has put in $7M for improvements and leased 22k SF since acquring the building in 2013.
Financing data provided courtesy of Reonomy.
