This Week's NY Deal Sheet
This week saw Convene pledging to open a 36k SF flagship location at the Durst Organization's 114 West 47th St and Joel Gluck's purchase of a massive Section 8 housing complex in the Bronx, among many other deals. Here's a look at the week's top deals in leases, sales and financing.
TOP LEASES
Conference space provider Convene is opening a three-floor flagship location in 36k SF at the Durst Organization’s 114 West 47th St. Asking rent on the building’s ground floor is $200/SF, and office space goes for $68/SF. CBRE’s Jared Freede, Rocco Langinestra and Michael Wellen repped Convene, while Durst’s Tom Bow and Rocco Romeo repped the landlord in-house.
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National security IT firm Booz Allen Hamilton has signed a seven-year deal for 23k SF at Durst Organization’s 1133 Avenue of the Americas. Asking rent was $93/SF. Durst’s Rocco Romeo repped the landlord in-house, while CBRE’s William Iacovelli repped the tenant.
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Set design firm Ready Set has inked a 10-year, 15k SF deal at Richfield Properties’ 100 Sutton St in Greenpoint. Asking rent was $25/SF, and Kalmon Dolgin Affiliates’ Neil Dolgin repped both sides.
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Cushman & Wakefield has signed a 10-year, 15k SF deal at Forest City Ratner’s 1 Pierrepont Plaza. Asking rent was not immediately clear. The new digs will feature an open floor plan aimed at fostering collaboration between investment sales, office and retail brokers, sources tell the Commercial Observer. C&W’s Jonathan Serko, Joseph Caridi and Betty Castro repped the tenant, while FCR’s Ali Esmaeilzadeh repped the landlord.
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Equinox Fitness’ Blink Fitness chain has signed a 15-year, 16k SF deal at AB Capstone’s 932 Southern Blvd in the Bronx. The asking rent was not disclosed. Retail Zone’s Ezra Staff was the lone broker on the deal.
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Everest Reinsurance Holdings has signed a nine-year deal for an 11k SF expansion at SL Green’s 461 Fifth Ave. Asking rent was not disclosed. CBRE’s Eric Deutsch and Tom Haughton repped the tenant, while SL Green’s Jeremy Bier, Colleen Minde and Larry Swiger repped the landlord in-house.
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Mattress maker Casper has signed a five-year deal for 32k SF at TF Cornerstone’s 230 Park Ave South. Asking rent was in the mid-$70/SF range. C&W’s Ethan Silverstein, Mark Mandell and John Peters repped the landlord, while TheSquareFoot’s Jonathan Wasserstrum and Justin Lee repped the tenant.
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Anomaly Partners signed a five-year deal for an 18k SF expansion at Thor Equities’ 530-536 Broadway Ave. Asking rent was not immediately available. CBRE’s Frederick Fackelmayer repped the tenant, while Thor’s Adam Rappaport repped the landlord in-house.
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Three firms have signed deals to relocate or expand at 1 World Trade Center, for a total of 15,500 SF. Financial startup Kensho Technologies took 7,500 SF, while Global Risk Advisors took 7k SF and information management firm ITI Data expanded its space by about 5k SF. Asking rents in the building range from about $70/SF to $85/SF. Landlords Durst Organization and the Port Authority of New York and New Jersey were repped by Durst’s Karen Kuznick and C&W’s Tara Stacom, while the tenants were repped by teams at JLL, CBRE and Savills Studley.
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Asset manager Sound Point Capital Management has expanded its lease at RFR Realty’s Seagrams Building by 11k SF in a 10-year deal. Asking rent was $185/SF. Colliers International’s Cynthia Foster, David Glassman, Dylan Mattes and Robert Thuss repped the tenant, while RFR’s AJ Camhi repped the landlord in-house.
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TED Conferences has signed a four-year, 13k SF expansion at Edelman’s 250 Hudson Square. Asking rent was not disclosed. CBRE’s Mary Ann Tighe and Ken Meyerson repped the tenant, while CBRE’s Scott Bogetti and Sacha Zarba repped the landlord.
TOP SALES
Brooklyn investor Joel Gluck bought Academy Gardens, an eight-building, 470-unit Section 8 multifamily complex, from Sovereign Servicing Systems for $66.7M.
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The City purchased a seven-acre site at 1 North 12th St from the Bayside Fuel Oil Depot for $53M. The site will be incorporated into the planned Bushwick Inlet Park.
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Sugar Hill Capital Partners has purchased the 54-unit apartment building at 4300 Broadway from Quantum Equities for $21.6M. Quantum picked up the property in 2014 for $9.9M.
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Meridian Properties has purchased the 57-unit condo building at 597-601 Ocean Parkway in Kensington from Jerry Bach for $18.7M.
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Brooklyn investors Israel Neiman and Solomon Feder purchased 123 Linden Blvd, a former nursing home, from the New York Congressional Center for Community Life for $18.5M. The plan is to raze the building and replace it with a 20-story residential tower.
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MNH Realty has purchased 672 Morgan Ave in Greenpoint from Howard and Norman Baker for $16M.
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An entity listed as 74 Grand St Equities LLC has purchased 74 Grand St from John Dunne for $12.5M.
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Riverside Realty Trust has purchased 123 East 61 St from an entity listed as SBP 61 Street LLC for $12M.
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HUBB NYC—previously Trevi Retail—bought the retail condo at 37 Warren St from Fisher Brothers for $11M.
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An entity listed as 760-764 Manhattan Ave R LLC purchased 106 Meserole Ave from an entity listed as 760-764 Manhattan Avenue LLC for $11M. Records show the owner of the latter entity to be Gail C. Hazelwood.
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Broadway producer Jeffrey Seller has purchased the townhouse at 36 Riverside Dr From Fairfield Properties for $11M.
Sales data courtesy of Reonomy.
TOP FINANCING DEALS
An entity listed as Little Egg Properties has secured a $115M loan from Bank of America for 208 11th Ave. Records show Little Egg is affiliated with Melissa Lazarov.
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An entity listed as BRG Ithaca has secured a $60M loan from BankUnited North America for 35-38 94th St. Records show BRG is affiliated with Daniel Benedict.
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Joel Gluck secured a $47.5M loan from Signature Bank for his recently purchased multifamily complex in the Bronx, Academy Gardens.
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An entity listed as 2255 Broadway Tenant LLC has secured a $42.5M loan from Israel Discount Bank of New York for the UWS retail building at 2259 Broadway. The building was recently purchased by Alchemy Properties and the Carlyle Group for $51M.
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HAP Investments has secured a $33.7M loan from an entity listed as G4 18150 LLC for the property at 216 East 121st St, which HAP purchased last summer and plans to turn into a 10-story, 124k SF mixed-use building.
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An entity listed as HH Realty LLC has secured a $20M loan from Investors Bank, for the property at 2737 Henry Hudson Parkway West in the Bronx. Records show Usher Newman is affiliated with the entity.
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An entity listed as Village KF 504 East 12th LLC has secured a $19M loan from Signature Bank for the property at 504 East 12th St.
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Berry Street Development Corp has secured an $18.9M loan from Santander Bank for the property at 79 South 5th St in Brooklyn.
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Slate Property Group has secured an $18M loan from Signature Bank for the apartment building at 224 West 21st St in Park Slope. In 2014 tenants from 224 West 21st and other Slate properties protested outside Signature’s Midtown headquarters to protest the bank’s continued lending to Slate, which they alleged had reneged on its responsibilities as a landlord.
Financing data courtesy of Reonomy.
