This Week's N.Y. Deal Sheet: S3 Capital Lends $300M To Astoria Rentals
KS Group and Alma Realty scored a $300M construction loan for the development of four mixed-use apartment buildings in Astoria.
The debt came from S3 Capital and is going toward building the first phase of a project known as Astoria Cove, according to a release.
The loan will be used to build a 26-story tower and three mid-rise buildings along 26th Avenue in the northwestern Queens neighborhood. The first phase of the development is slated to deliver 731 units to the neighborhood, while the full Astoria Cove project has a total projected build-out of 2,700 units.
Construction is already underway on-site, with YNH Construction serving as the general contractor, and the first building is almost complete. Henry Bodek of Galaxy Capital helped broker the deal on behalf of KS Group and Alma Realty.
TOP FINANCING DEALS
The private equity giant run by one of President Donald Trump's biggest supporters has provided the real estate firm owned by a top Trump aide with a large mortgage at the Woolworth Building. Witkoff, owned by special envoy Steve Witkoff, alongside partner Cammeby’s International Group, landed a $278.9M mortgage from an affiliate of Blackstone to refinance their office condominium at 233 Broadway, PincusCo reported. The Woolworth Building is a landmarked neo-Gothic skyscraper that was first constructed in 1913. Its tenants include New York University’s Center for Global Affairs and American Language Institute, T-Mobile and ShoP Architects, according to its website.
***
Glenwood Management has scored a $231M refinancing deal for Hawthorn Park, a 54-story residential building at 160 W. 62nd St., according to a release. The 339-unit building has 271 market-rate units and 68 units reserved as affordable housing. The financing came from Wells Fargo, which worked with Freddie Mac to provide a seven-year bond credit enhancement backing $231M of tax-exempt bonds.
***
Hotel developer Jasmin Patel took out a $38M construction loan for a 187-key hotel at 319-321 W. 38th St. from the Industrial and Commercial Bank of China, PincusCo reported.
TOP LEASES
Brooklyn Prospect Charter School has signed a 150K SF lease at The Wheeler, Tishman Speyer's office building atop the Downtown Brooklyn Macy's. The charter school will use the ninth through 11th floors of 422 Fulton St. for its high school campus. The three-buildings-in-one development includes the department store, which is set to close this weekend after three decades, Pix11 reported. Brooklyn Prospect isn’t the first school to sign a lease in the 10-story building. In 2022, St. Francis College moved its entire 255K SF campus to the building, taking up the fifth through seventh floors. Brooklyn Prospect Charter School was represented by Ross Kaplan and Justin DiMare of Newmark. Tishman Speyer was represented in-house by Megan Sheehan, with help from CBRE’s Mary Ann Tighe, Gerry Miovski, Joe Cirone, Zac Price and Masha Dudelzak.
***
Dorsey & Whitney has signed a 41K SF lease at Paramount Group’s 1301 Sixth Ave., Bisnow has learned. The law firm will relocate to the 13th floor of the 45-story office tower from Harbor Group International’s 51 W. 52nd St. on a 15-year deal. CBRE’s Kenn Rapp and David Kleinhandler repped Dorsey & Whitney, while JLL’s Frank Doyle, David Kleiner and Andrew Coe repped the landlord.
***
General Catalyst has signed a 43K SF lease to move from its current space at 434 Broadway to 148 Lafayette St., Commercial Observer reported. The deal includes the 13-story building’s penthouse, which has its own private balcony. The venture capital firm’s lease reportedly has asking rents north of $100 per SF. David Falk, Daniel Levine and Jason Greenstein of Newmark repped the landlord, Epic. Jared Isaacson and Ryan Alexander of CBRE repped the tenant.
***
Digital Asset has signed a 12K SF lease at 107 Greenwich St., Bisnow has learned. The fintech firm plans to relocate from 4 World Trade Center in a 10-year lease with Trinity Church Wall Street. Savills’ Kirill Azovtsev and Slava Vaynberg repped Digital Asset, while the landlord was represented by JLL’s Margaux Kelleher, Andrew Coe and John Wheeler.
***
Englebert’s Moving has signed a 16K SF lease at 178-16 104th Ave., a single-story building in Jamaica, Queens, owned by Dorf Associates, Commercial Observer reported. Asking rent for the moving and storage services tenant was $21 per SF, with a 3% annual increase. Englebert will move from 1855 Troutman St. in Ridgewood to Jamaica. Bobis Realty’s Steve Bobis arranged the deal for both sides.
***
Early-stage venture capital firm Outsiders Fund has signed a five-year lease for 4K SF at G4 Capital Partners’ 76 Eighth Ave., Bisnow has learned. The relocation from 809 Broadway brings the Greenwich Village building to 100% occupancy. Asking rents were $145 per SF. The lease was brokered by Cushman & Wakefield’s Anthony LoPresti and Connor Daugstrup for the tenant and JLL’s Clark Finney, Andrew Coe and Margaux Kelleher for the landlord.
***
Posh is doubling its space at KPG Funds’ 40 Crosby St., Commercial Observer reported. The event manager and promoter took 11K SF on the building’s fourth floor in September and is now also taking the full third floor six months later. Asking rents in the five-story building, which has 52K SF of office space and 18K SF of retail, were $118 per SF. The tenant wasn't represented by a broker, but Newmark’s David Malawer repped the landlord alongside KPG’s Gregory Kraut.
***
Plaid, a San Francisco-based fintech firm, has signed a 45K SF lease at Shvo’s 530 Broadway, according to a release. The payments company is relocating from the Puck Building as part of an expansion. Newmark’s Howard Hersch and Jennifer Schreiber represented Shvo. Plaid is moving into build-to-suit space developed by Shvo, which acquired the beaux-arts 530 Broadway in 2020.
TOP SALES
B&H Photo bought Brookfield’s 333 W. 34th St., a 287K SF office tower around the corner from the retailer’s 420 Ninth Ave. store, for $150M, The Real Deal reports. The deal is a huge haircut on the $255M that Brookfield spent acquiring the building in 2018. Plans for the property’s future are unclear.
***
Trinity Place Holdings has sold 237 11th St., a 105-unit multifamily development in Gowanus, for $68.5M, according to a release. The buyer was a partnership of Bluestone Investments and Shel Capital. The sale works out to a $13M paper loss for the sellers, Crain’s New York Business reported. JLL’s Jeffrey Julien, Rob Hinckley and Steven Rutman arranged the sale.
***
Extell Development acquired 576 Fifth Ave., a corner lot along the block between West 46th and West 47th streets, for $175M, the New York Post reported. The lot is the final part of the block acquired by Extell, which plans to combine the parcel with 574 Fifth Ave. to build a blocklong, 33-story building spanning 1.1M SF. The development at 570 Fifth Ave. will be home to an 80K SF Ikea owned by the retailer’s parent company, Ingka Investments, which is also an investor in Extell’s project. The seller, a South Korean clothing manufacturer called Sae-A Trading Co., made a $74M profit on the sale, Commercial Observer reported. Extell Chairman Gary Barnett told the Post he paid “a stupid price” for the property.
