This Week's N.Y. Deal Sheet
There were very few blockbuster sales and leases across the city once again this week as Q1 is on its way to ending with a whimper, not a bang.
TOP LEASES
Rockefeller Capital Management signed a lease for approximately 65K SF at Tishman Speyer’s 630 Fifth Ave., The Real Deal reports. The lease is for 15 years, and the asking rents were in the low $80s, according to TRD, citing CompStak data. Tishman Speyer owns the 22-acre Rockefeller Center, and recently signed NYC Office Suites on for a 40K SF, 15-year lease at 1270 Sixth Ave., another one of the buildings in the center.
Rockefeller Capital Management, run by Gregory Flemming, launched at the start of the month. The company, which acquired Rockefeller & Co., has $18.3B in assets under advisement, according to TRD.
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Financial firm B. Riley is taking 29K SF at 299 Park Ave., building owner Fisher Brothers announced last week. The lease is for 10 years, and will span the entire 21st floor. The firm has space on the seventh floor and will be relocating within the building later this year. The asking rent is in the low $95s per SF, Commercial Observer reports.
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Activewear retailer Bandier is taking 27,500 SF at 670 Broadway for its flagship, The Real Deal reports. The space is for 4,500 SF on the ground floor, 13K SF on the fourth floor and 10K SF on the lower level. The asking rents were $300 per SF for the retail and $110 per SF for the office space, according to TRD.
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Access Industries is taking a 25K SF sublease at 40 West 57th St., with the industrial investment firm moving from its place at the Crown Building at 730 Fifth Ave. The lease will run through to 2024, the New York Post reports, and the asking rents are said to be $125 per SF.
TOP SALES
Sam Zell’s Equity Residential is selling a rental building at 420 East 80th St. to Hampshire Properties for north of $85M, The Real Deal reports. The sale of the 13-story, 155-unit rental building closed last week for around $550 per SF at a cap rate of 3.18%.
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Beekman Real Estate Investment Management paid MRP Realty and its private equity partner, Long Wharf Real Estate Ventures, more than $46M for an office condo at 133-135 West 52nd St., The Real Deal reports. MRP and Long Wharf bought the six-story, 56K SF condo for $36.3M from the Chetrit Group in 2015.
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Novel Property Ventures sold its rental at 115 Henry St. in Brooklyn for $35.5M, The Real Deal reports. Investors George and Peter Eliou were the buyers in the deal, which closed last week. Novel Property Ventures, led by Bennat Charatan Berger and Andrew Miller, has owned the six-story, 32K SF property for two years, having paid $25M for it in 2015.
TOP FINANCING DEALS
Simone Development has refinanced its 300K SF mall in the Bronx. French bank Natixis provided a 10-year CMBS loan of $68.5M, according to Commercial Observer, for the Throggs Neck Shopping Center, by the interchange of the Cross Bronx Expressway and the Hutchinson River Parkway. The loan covers the 145K SF portion of the mall, separate from the 165K SF Target anchor, and was brokered by Meridian Capital Group.
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GRJ Real Estate has secured a $44.7M acquisition loan from Valley Bank for its recent multifamily purchase in Crown Heights, according to Commercial Observer. The firm bought 125 units spread between 921 Washington Ave. and 941 Washington Ave., which also includes a ground-floor retail space.
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Madison Realty Capital has provided a $31.5M construction loan to developer Mendel Roth to complete his 88-unit residential property in Williamsburg at 744 Bedford Ave. The project is already under construction and has qualified for the now-defunct 421-a tax abatement. On the ground floor of the 135K SF building will be 18K SF of retail, sitting above a 76-space parking garage.
