This Week's N.Y. Deal Sheet
This week, one of the city’s best-known developers scored financing for a major purchase on Manhattan’s West Side and a Midtown office building is now almost full thanks to a big lease with a nonprofit.
Nonprofit Young Adult Institute inked a deal for more than 75K SF at SL Green’s 220 East 42nd St., the New York Post reports. The building, once home to the New York Daily News, is now 96% leased. The YAI deal is for the whole eighth floor and part of the seventh. JLL’s Matthew Astrachan, Joseph Messina, Simon Landmann and Zachary Azus of JLL represented the tenant. Cushman & Wakefield’s Tara Stacom and Barry Zeller brokered the deal for the landlord.
Wellspring Capital Management is taking nearly 15K SF at 605 Third Ave., owned by Fisher Brothers, the landlord announced. The company is moving from 390 Park Ave. to the penthouse floor of the Third Avenue building this year. Michael Geoghegan and Paul Stimpfle of CBRE brokered the deal for Wellspring. Fisher Brothers was represented in-house by Marc Packman and Clark Briffel, along with Cushman & Wakefield’s Bruce Mosler, Louis D’Avanzo, Andrew Ross, Michael Baraldi and Maria Travlos.
VER Technologies is taking 25K SF in Brooklyn at 147 41st St. — in Belvedere Capital and Jamestown’s Industry City complex — for its new New York City headquarters. The space will be used as an equipment hub and will have 40 employees. Rents at the complex range from $15 to $40 per SF. Hilco Real Estate’s Joel Schneider represented VER, and Sam Gewirtzman of Industry City represented the landlord.
Flexible workspace company Knotel is taking the whole of the second floor of 36 West 14th St., which is owned by The New School. The space spans a total of nearly 37K SF, according to a release. Newmark Knight Frank’s Jeffrey Roseman and William Cohen represented the landlord, while Michael Morris and Gregory DiGioia brokered the deal for Knotel.
Architecture and interior design firm Vocon is taking 15K SF at RXR Realty’s 530 Fifth Ave., the landlord announced. The lease is for the whole of the 16th floor, and the asking rents were $76 per SF. JLL’s Paul Ferraro and Deb van der Heyden represented the tenant. RXR was represented in-house by Dan Birney and Alexandra Budd alongside Avison Young’s John Ryan, Brooks Hauf and Michael Leff.
TOP FINANCING DEALS
Taconic Investment Partners and Mitsui Fudosan America locked down $200M in financing for 525 West 52nd St., a mixed-income rental building, the firms announced. Wells Fargo Multifamily Capital provided the debt through tax-exempt and taxable bonds issued by York State Housing Finance. The building has 392 units for renters on mixed-incomes. Greystone Bassuk President Drew Fletcher brokered the deal with Matthew Klauer and Bryan Grover.
The Chetrit Group scored $204M to refinance 49 Chambers, Commercial Observer reports, with SL Green serving as the lender. The deal replaces a $194M construction loan from 2016 that SL Green and ACORE Capital provided. ACORE is no longer a lender, and an extra $10M was added to the debt. Iron Hound Management Co.’s Robert Verrone and Robert Vernicek arranged the deal.
Freddie Mac provided $136M to Clipper Equity for a 480-unit apartment complex at 111 Wadsworth Ave. and 1360 St. Nicholas Ave, The Real Deal reports. Investor Jacob Schwimmer is also an owner on the property. Maryland-based commercial real estate finance firm Walker & Dunlop is the main lender in the deal, which features a $41.8M multifamily mortgage, according to TRD.
LoanCore Capital loaned around $90M to Isaac Kassirer’s Emerald Equity Group for the refinancing of its Harlem multifamily portfolio, The Real Deal reports. The financing provides a $44M gap mortgage and a $4M building loan for nine apartment buildings.
Related paid The Jack Parker Corp. $260M for the Truffles Tribeca building at 34 Desbrosses St., thanks to a big loan from JPMorgan and LBBW, a German Lender, The Real Deal reports. The deal for the 291-unit luxury building includes a $160M loan from JPMorgan Chase Bank and Landesbank Baden-Wurttemberg, according to Trepp. Newmark Knight Frank’s Jimmy Kuhn, Michael Byrne and David Colen were the brokers on the sale. A Newmark debt team of Dustin Stolly, Jordan Roeschlaub, Chris Kramer, Nick Scribani and Josh Egert arranged the financing.
Sabet Group is paying $23.3M to Renaissance Properties for a 30-unit residential building at 236 East Fifth St. in the East Village, The Real Deal reports. Rosewood Realty Group’s Aaron Jungries was the broker.
Rockrose Development Group paid $20.5M for 139K SF of air rights from the Metropolitan Transportation Authority, PincusCo reports, which works out to be $147M per SF. The deal closed last month, according to the outlet, and is the final package of rights Rockrose needs to build its planned residential tower at 555 West 38th St. in Hudson Yards.
CORRECTION, FEB. 8, 10:30 A.M. ET: Wellspring Capital Management is moving from 390 Park Ave. to 605 Third Ave. An earlier version of this story misidentified its current address. The story has been updated.