This Week's N.Y. Deal Sheet
Brookfield's buyout of Park Tower Group at Greenpoint Landing, which was filed with the city Tuesday morning, capped a relatively quiet start to the summer for New York City commercial real estate. Leasing activity, which has picked up significantly over the past two months, also experienced something of a lull last week.
TOP LEASES
NYU Langone is expanding its lease at Vornado’s 1 Park Ave. by 150K SF, Crain’s New York Business reports. It now has a total of 630K SF at the building, where rents are in the mid-$70s per SF. Vornado was represented by an in-house leasing team. A Cushman & Wakefield team led by Bruce Mosler brokered the deal on behalf of NYU Langone.
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SL Green bagged two tenants for its building at 55 West 46th St., also known as Tower 46, for a combined space of more than 45K SF. TravelClick, a hotel industry software provider, inked a lease for 26K SF across the entire 27th floor, the company announced last week.
Investment firm Millburn Ridgefield Corp. will take 26K SF on the 26th floor. Rents were in the mid-$90s, according to Commercial Observer. CBRE’s Jason Gorman, Evan Fiddle and Chris Hogan brokered the deal for TravelClick. Laurence Briody and Scott Gottlieb, also of CBRE, represented Millburn Ridgefield. A CBRE team of Peter Turchin, James Ackerson, Sam Seiler, Christie Harle and Cara Chayet represented SL Green.
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WeWork has leased 30K SF at Olnick Organization’s 130 Fifth Ave., The Real Deal reports. The deal allows the coworking giant to take three full floors at the 141K SF building. Asking rents were not immediately made clear.
CallisonRTKL, an architecture and design consulting firm, is taking 28K SF at the iconic Woolworth Building at 233 Broadway. The company is moving from two floors at 148 Lafayette St., the New York Post reports. The asking rent was $57.50 per SF. Landlords Cammeby’s International and Witkoff were represented by Brian Siegel, David Ofman and Thomas Hettler from the Lawrence Group and JLL’s Mitchell Konsker and David Dusek represented CallisonRTKL.
TOP SALES
Brookfield paid $148M to buy out its partner, Park Tower Group, at two of their Greenpoint Landing development sites, The Real Deal reports. The sites are on Commercial, West and Eagle streets, and are most likely the sites where Brookfield recently announced plans for two rental towers. Those buildings will feature approximately 1,240 units, 30% of which will be affordable, Brookfield said last month.
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SL Green and Ivanhoé Cambridge closed on their sale of 1745 Broadway to an investor advised by Invesco Real Estate, according to city property records filed last week. The duo sold the property, which consists of two office condominiums, for $633M. Eastdil Secured marketed the property on behalf of the joint venture.
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Murray and Dave Berman, a father-and-son development team, paid $41M for a retail center on Staten Island, The Real Deal reports. The sale is one of the priciest sales to close in the borough. The complex, at 2955 Veterans Road West, spans around 140K SF and features six buildings. The seller is Guido Passarelli & Son. James Prendamano of Casandra Properties brokered the deal, and the listing agents were Brian McGowan, Celia Iervasi and Rob Nixon.
The Carlyle Group bought a development site at 72 Caton Place in Windsor Terrace from JEMB Realty for $23M, The Real Deal reports. JEMB paid $15.2M last year for the property, and had planned a 114K SF storage facility for the site.
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Akelius Real Estate Management picked up 336 West 95th St. for $30M. The Greenspan family owned the 44-unit, 41K SF building, The Real Deal reports. It features both market-rate and rent-stabilized apartments. Joe Koicim, Peter Von Der Ahe, Seth Glasser and Jake Kahn of Marcus & Millichap represented both the seller and buyer.
TOP FINANCING DEALS
Arker Cos. scored a $137M loan for 894 Fountain Ave., The Real Deal reports. The New York State Housing Finance Agency issued the tax-exempt bonds and Bank of America provided a line of credit. The East New York building is part of what is known as the Fountains, a complex slated to feature 1,500 affordable units.
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Global Holdings Group invested $100M in Rubenstein Partners and Heritage Equity Partners’ Williamsburg office building 25 Kent Ave. The money is a preferred equity investment, Commercial Observer reports. The 500K SF project will be one of the largest office complexes in the borough and will bring new industrial space and Class-A office space.
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American International Group provided $375M to Moinian Group, Chetrit Group and Minskoff Equities for 500-512 Seventh Ave. Iron Hound Management brokered the financing deal, Debtwire reports. The partners bought the ground lease on the property, along with 228 West 38th St., for $140M in 1999.
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Wells Fargo is offering $345M to fund the purchase of 1745 Broadway, Commercial Observer reports. SL Green and Ivanhoé Cambridge announced in April they are selling the Midtown Manhattan office property to an institutional owner advised by Invesco Real Estate for $633M.
