This Week's N.Y. Deal Sheet
This week, the city’s commercial real estate circles have been gripped by news of Amazon bringing HQ2 to Long Island City — we even moved this very article back a day to accommodate the news — but business didn't cease and deals went on.
TOP LEASES
Savanna announced it has reached an agreement with Amazon to lease up to 1M SF of office space at One Court Square in Long Island City. The building has never been for rent before, but was due to become available when Citigroup moves out in 2020. The building spans a total of 1.4M SF, and asking rents were previously reported to be between $55 and $65 per SF. Amazon is taking the space while it builds 4M SF of commercial space on the waterfront.
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Twitter has extended its lease at Columbia Property Trust’s Chelsea office property, renewing for 215K SF there through 2030. The social media company has been at 249 West 17th St., according to the landlord, for four years. Its original lease was due to expire in 2025, making this new deal a five-year extension.
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Brookfield announced global advertising technology company The Trade Desk is taking 96K SF across the top three floors at Grace Building. The 49-story property at 1114 Sixth Ave, co-owned by The Swig Co., spans 1.6M SF, and features 42K SF of retail space. CBRE’s Ken Rapp, Peter Turchin, Sarah Pontius, Zak Snider and Cara Chayet of CBRE represented Brookfield, along with Duncan McCuaig and Alex Liscio in-house. The Trade Desk was represented by Cresa’s Carlo Brignardello, Richard Selig and Peter Sabesan.
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Brookfield inked a deal for accounting and consulting firm Friedman LLP to take 45K SF at One Liberty Plaza, Newmark Knight Frank announced. Other tenants in the 2.3M SF building include New York City Economic Development Corp. and Avon. NKF’s David Falk and Peter Shimkin represented Friedman, while the landlord was represented in-house by Mikael Nahmias, Jerry Larkin, David McBride and Justin Coulter.
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WeWork leased the entirety of Winter Properties’ 57 East 11th St., according to JLL. The lease is for 15 years and sees the coworking giant occupying 11 floors and 61K SF. Winter was represented by JLL’s Alexander Chudnoff, Jonathan Fanuzzi and Kip Orban along with Jay Stark and Scott Milsom in-house. WeWork was represented by Cushman & Wakefield’s Bruce Mosler and Ethan Silverstein. WeWork also leased 45K SF at Epic’s 148 Lafayette St., according to Commercial Observer.
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SL Green Realty leased 23K SF to XP Securities, an international financial services firm, at 55 West 46th St. also known as Tower 46. The space is for the entire 30th floor, according to the landlord, and the deal is for 10 years. CBRE’s Jared Freede represented XP Securities, and the CBRE leasing team of Peter Turchin, James Ackerson, Christie Harle and Cara Chayet brokered the deal for SL Green.
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Israeli venture capital firm Jerusalem Venture Partners is taking 27K SF at 462 Broadway, building co-owner Meringoff Properties announced. The space is for the second and third floors of the building. Asking rents were not made public.
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The United Federation of Teachers is taking 44K SF at Muss Development’s Forest Hills Tower at 118-35 Queens Blvd., the landlord announced. The deal is for 20 years and UFT is moving in next year. JLL’s Bill Korchak and Kyle Crennan and Muss Development’s Ross Spitalnick represented the building owners. Cushman & Wakefield’s Mark Boisi and Neil Lipinski, of Lipinski Real Estate Advisors, represented the tenant.
TOP SALES
Hello Living, a development firm from Brooklyn, is paying $55M to buy 4650 Broadway from Abraham Fructhandler’s FBE Limited, The Real Deal reports. FBE Limited paid $26M for the property in April, meaning it sold it for double what it shelled out seven months ago. Hello Living is planning a 272-unit residential building on the site in Inwood.
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Ditmas Management bought a rental building at 160 89th St., The Real Deal reports, paying $55M. The seller is a partnership led by William Diamond. The 64K SF is broken into 51 apartments and had a glass conservatory built on its roof, according to construction permits.
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Delshah Capital is paying $25M for an East Village rental, according to a TRD report and a filing with the Securities and Exchange Commission. The property is at 531-533 East 12th St., and spans 30K SF. Zellman Properties is the seller.
TOP FINANCING DEALS
Developers SJP Properties and Mitsui Fudosan America scored $464.1M for the development of a condominium building at 200 Amsterdam Ave. Japanese bank Sumitomo Mitsui Trust Bank is providing the financing, The Real Deal reports. The development had been held up by complaints it was too tall to be approved under current zoning rules. However, the Board of Standards and Appeals ruled for the developers in July.
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Steiner NYC scored $228M from M&T Bank and BNY Mellon, according to Commercial Observer, to build Admiral’s Row. The mixed-used project at the Navy Yard is expected to be built by 2021, and is set to feature a 75K SF Wegmans grocery store, the first in city limits.
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Israel-based Bank Leumi loaned $116.7M to Minrav Development, The Real Deal reports. The financing — which includes a $42.5M acquisition loan, a $48.2M construction loan and a $26M project loan — is for a planned residential development at 368 Third Ave.
