This Week's N.Y. Deal Sheet
This week, a long-planned development in Downtown Brooklyn landed a massive loan, and a brand management firm locked down space for a new headquarters in Chelsea.
Yext, a tech brand management firm, is taking all of the office space at 61 Ninth Ave., the company said in a filing to the Securities and Exchange Commission. The deal covers 143K SF and is a sublease with Aetna, which signed a lease to anchor the Vornado-owned building in 2017, but backed out of actually filling the space last year after the insurance giant was bought by CVS.
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Silverstein Properties inked a 51K SF deal with Mediaocean at 120 Broadway, the landlord announced Tuesday. The advertising software provider is taking the entire eighth floor. Silverstein was represented in-house by Camille McGratty and the tenant was represented by Savills' Howard Nottingham and Allyson Bowen. Mediaocean will relocate to Lower Manhattan from its current office at 45 West 18th St. in Midtown South.
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Alphadyne Asset Management, an alternative investment firm, is expanding at 17 Slate St. by 14K SF. The company space in the RFR Holding-owned building is now 43K SF, Commercial Observer reports. JLL’s Jason Schartzenberg brokered the deal for the tenant.
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The Innocence Project renewed and expanded its space at GFP Real Estate’s 40 Worth St., according to Savills, which brokered the deal. The Innocence Project, which works to exonerate the wrongly convicted, originally leased 20K SF in 2010 and added another 3K SF in 2014. It has now renewed its lease and grown to 34K SF in the building. Savills’ John Mambrino, Nicholas Farmakis and Ariel Wolf brokered the deal for the tenant. Roy Lapidus of Newmark Knight Frank represented GFP Real Estate.
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The Federal Deposit Insurance Corp. renewed its 119K SF lease at the Empire State Building, Commercial Observer reports. Empire State Realty Trust announced the renewal during its first-quarter earnings call. The FDIC has space on the 12th and 13th floors.
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Badgley Mischka is taking 26K SF at 133 West 52nd St., known as Plaza 52. The asking rent is $78 per SF and the lease is for 10 years, the New York Post reports. This new deal is with Beekman Real Estate Investment Management, which owns the office portion of the building, and will mean the fashion house is leaving its spaces at 550 Seventh Ave. and 1370 Broadway.
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Clipper Equity has renewed leases with two city agencies at 250 Livingston St., and has nearly doubled the rent, according to PincusCo. The Human Resources Administration and the Department of Environmental Protection have arranged to renew their combined 343K SF of leases until 2030, paying $43.60 per SF. Clipper will take in $14.9M a year when the term begins next year, up from $7.7M, per PincusCo.
TOP FINANCING DEALS
Brooklyn’s tallest planned tower can move forward thanks to a $664.1M loan from Silverstein Capital Partners and Otéra Capital Inc. JDS Development scored the loan from the lenders for the planned 1,066-foot-tall apartment tower known as 9 DeKalb Ave. last week. JLL’s Aaron Appel, Keith Kurland, Jonathan Schwartz, Michael Diaz, Mark Fisher, Sean Bastian and Matthew Collins represented JDS in securing the debt.
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New York Community Bank provided $109M to Samson Management and Rabina Properties to refinance their office building at 110 Fifth Ave., The Real Deal reports. The loan includes $14.7M in new debt and replaces $100M in financing provided in 2014 by the same lender.
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RXR Realty locked down a $325M loan for 61 Broadway, Commercial Observer reports, with Aareal Bank providing a $275M senior loan and SL Green a $50M mezzanine loan. RXR bought the building from Broad Street Development in 2013 for $330M, per CO.
TOP SALES
Domain Cos. paid $38.5M to Treetop Development for several sites in Mott Haven, The Real Deal reports. The sites are at 440 Exterior St. and 121 East 144th St. and 445 and 417 Gerard Ave. Treetop paid $21.1M for them in 2016. It had been planning two residential buildings, per TRD.
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The International Center for Photography closed on the purchase of two commercial condominiums at 242 Broome St. at the Essex Crossing development, according to records filed with the city. The institution agreed to buy two spaces in 2017 — one retail space and one community facility at the base of the building, according to Commercial Observer. The center paid $13M for one space and $15.9M for the other. The building is owned by Delancey Street Associates, a partnership of Taconic Investment Partners, L+M Development Partners, BFC Partners and Goldman Sachs.
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An entity linked to SDG Management Corp. paid $19.7M for a six-story, mixed-use building at 3880 Broadway, The Real Deal reports. A subsidiary of Arbor Realty Trust provided a $15.8M loan for the deal. The seller is listed as Broadway 3880 LLC, according to records filed with the city.
