This Week's N.Y. Deal Sheet
As a heat wave rolled through the city this week, deal volume rose along with the mercury.
Savanna closed on its purchase of the 27-floor Lefcourt State Building at 1375 Broadway for $435M this week, property records show. Florida-based investor Westbrook Partners was the seller of the office building. The building went into contract in February, right before the pandemic hit. Sources told The Real Deal in May that the impact of the virus on office could affect the deal, but it closed at its pre-coronavirus price. The Midtown building, built in 1928, is home to women’s clothing company Meryl Diamond. Savanna took out $388.5M in loans to acquire the building, including from Brookfield and Declaration Parters, as well as $200M from Deutsche Pfandbriefbank and Aareal Capital Corp., to buy the property.
Gemini Rosemont bought 38 Second Ave. from La Salle New York for $14.5M, the buyer announced. Marty Cottingham and Brandon Polakoff of Avison Young brokered the deal. La Salle New York is a part of the boys high school La Salle Academy. The funds from the property sale will go in part to the school’s endowment fund.
Shaungjing Pan bought an industrial property at 126-56 Northern Blvd. from Shea Building Corp. for $10M, property records show. The warehouse, built in 1931, is on a 21K SF lot, according to PropertyShark. Newbank provided Pan $7M in debt to pay for the Queens property, PincusCo. Media reports.
American International Group signed three new leases in New York and Jersey City, the Commercial Observer reports. The insurance company is moving its headquarters to 325K SF on eight floors at The Rockefeller Group’s 1271 Seventh Ave. and taking up 220K SF at Fosun’s 28 Liberty St. It will also add 170K SF across the river at Goldman Sachs' 30 Hudson St. in Jersey City. Asking rent at the downtown Manhattan location was $75 per SF. JLL's Peter Riguardi, Joseph Messina and Michael Shenot represented AIG, while their colleagues Mitch Konsker, John Wheeler, Dan Turkewitz and Eliza Gordon joined with Fosun’s in-house representatives Thomas Costanzo and Isabella Chen to represent Fosun, according to CO.
Keller Williams inked a 20K SF sublease on the 10th floor of Eastgate Realty’s 99 Park Ave., Helmsley Spear announced. Helmsley Spear’s Kent Swig, Andrew Simon and Brett Zelner represented the sublandlord, Gould Paper Co., and Keller Williams was represented in-house by Edward Kalisvaart. The sublease will last through December 2023. Gould will still occupy close to 9K SF on the floor.
Construction adviser Lehrer Cumming signed a 17K SF, six-floor sublease at The Paramount Group’s 900 Third Ave., Commercial Observer reports. Asking rent for the space was $60 per SF. The six-and-a-half-year contract was signed with existing tenant Shiseido Americas Corp. Newmark Knight Frank’s Matthew Leon and Andrew Margolin represented the subtenant, while CBRE’s Arkady Smolyansky and Lauren Crowley Corrinet represented the sublandlord. This is a move from Lehrer Cumming's current lease at Vornado’s 888 Seventh Ave.
Nonprofit Selfhelp Community Services signed a 15K SF lease at Cammeby’s International’s 626 Sheepshead Bay Road in Coney Island, Transwestern announced. The Lawrence Group’s David Ofman represented the landlord. Transwestern’s Stephen Powers, Lindsay Ornstein, Thomas Hines and Jake Cinti represented the tenant. Selfhelp provides services to senior citizens and works specifically with Holocaust survivors, according to its website. The building is home to offices of several other nonprofits.
Emmut Properties secured $15M in refinancing on its multifamily property at 521-523 West 48th St. in Hell’s Kitchen, Marcus & Millichap announced. The brokerage’s lending arm, Marcus & Millichap Capital Corp., provided the debt. The deal was arranged by Marcus & Millichap's Steve Rock and Chris Marks. The 48th Street building is one of several multifamily properties Emmut owns in Midtown and Downtown Manhattan, according to its website.
Lay Assets secured $49M on its new 105-unit apartment building at 2442 Ocean Ave. in Sheepshead Bay, PincusCo Media reports. Valley National Bank provided the debt. The building contains 32 affordable housing units for middle-income tenants, with rent for those units starting under $1,500. The building contains a spa and a pool.
Advance Realty Investors and Greek Development scored a $103.5M construction loan for its industrial property at Logan North Industrial Park in Logan Township, New Jersey, Cushman & Wakefield announced. The two buildings contain nearly 3.2M SF. Wells Fargo and Provident Bank provided the financing. John Alascio, Sri Vankayala, Chuck Kohaut, T.J. Sullivan and Maya Steinberger of Cushman & Wakefield brokered the debt.