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The Deal Sheet

New York Deal Sheet
The Deal Sheet

SALES

China's Fosun Group agreed to pay JPMorgan $725M for the 2.2M SF One Chase Manhattan Plaza on Nassau, Liberty, and William streets, which we snapped on Friday.

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American Realty Capital New York Recovery REIT agreed to acquire a 48.9% equity interest in the 1.8M SF Worldwide Plaza on Eighth Avenue between 49th and 50th for $220.1M. George Comfort & Sons and RCG Longview, the sellers, will retain a 51.1% stake. The 49-story office building includes 30k SF of retail, a five-stage off-Broadway theater, a 38k SF fitness center, and a 475-space parking garage.

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Vornado paid $194M to Extell for the land and 137k SF of air rights to build a 472k SF, 920-foot-tall luxury condo tower at 220 Central Park S.

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Rosewood Realty Group's Aaron Jungreis arranged Parkash 751 LLC's $15.7M acquisition of a pair of apartment buildings in the Bronx's Grand Concourse, 1014 and 751 Gerard Ave, totaling 135 apartments and seven commercial units.

DEVELOPMENT

Tucker Development broke ground on the 11-acre Springfield Avenue Marketplace at Newark's Jones Street and South Orange Avenue (a 67k SF ShopRite, 58k SF of additional retail, 152 apartments).

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InterContinental Hotels Group and 300 Schermerhorn Realty LLC will deliver the $80M, 90k SF, 246-room Holiday Inn Brooklyn Nevins Station at 300 Schermerhorn St by the end of 2014. K.K. Mehta and his son Sanjeev Mehtawill own it, following the Staybridge Suites in Times Square they opened six years ago.

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Jamestown has begun repositioning LIC's 658k SF Falchi Building, including facade and lobby renovations, new furniture, art installations, and new food offerings.

FINANCING

LCOR, repped by HFF's Jon Mikula and managing director Jim Cadranell, took out a $110M fixed-rate, permanent loan from Northwestern Mutual for the 308-apartment, 95% occupied, renovated 25 Broad at the Exchange in FiDi.

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DHA Capital, Continental Properties, and Ramius (repped by HFF's Michael Gigliotti and Andrew Scandalios) got a $62.4M construction loan from Apollo Commercial Real Estate Finance to redevelop the eight-story parking garage at 12 E 13th St into 12 stories of luxury condos. Delivering in spring '15, it'll include eight units between three and five bedrooms, plus ground-floor retail.

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HKS Capital Partners' Ayush Kapahi arranged $14.2M in acquisition financing for a Park Slope apartment building and $11.5M in permanent financing for a Crown Heights one.

The Deal Sheet

LEASING

Bio-Reference Laboratories, repped by NGKF's Christopher Olsen, expanded by 140k SF to occupy Prism Capital Partners and Davis Cos' entire 180k SF 41 Slater Dr in Elmwood Park, NJ.

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The Institute of Culinary Education, repped by Studley's David Goldstein and Jarod Stern, leased 71k SF in Brookfield Place's 225 Liberty St and will relocate in 2014. David Cheikin repped Brookfield internally.

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Bloomingdale's, repped by BRE's Scott Gottlieb and Michael Laginestra,expanded to 204k SF of office in SL Green's 919 Third Ave via a 48k SF, 10-year lease.

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Brooklyn Night Bazaar leased 24k SF at 29 Norman Ave on the border of Greenpoint and Williamsburg, relocating from Williamsburg's 45 N 5th St. Kalmon Dolgin Affiliates' Jacques Wadler and Vincent Lopez arranged the deal. It'll operate on Friday and Saturday nights.

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The Barbarian Group took 23k SF at 111 W 19th St for 10 years, starting in the high-$40s/SF after a year of concessions, according to CompStak. The previous tenant, Vidipax, paid in the mid-$20s/SF.

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Westside Market, repped by NGKF's Stu Morden, took 19k SF at 84 Third Ave at 12th Street for its fifth location. RKF's Ariel Schuster, Zach Winkler, and Taryn Talmadge repped the owner. The nine-story residential building will deliver next summer.

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Blink Fitness (repped by Sabre Real Estate Group's Jay Siano, Scott Sher, Stu Fagen, and Russel Helbling) leased 14k SF in Rosen Associates Management Corp's Baldwin Shopping Center at 1745 Grand Ave on Long Island. David Rosen repped the landlord.

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Fusion Learning (repped by JLL's Paul Ferraro, James Malone, and Brian Niehaus) leased 14k SF and CrossFit (repped by Lee & Associates' Mitchell Kunikoff) 11k SF in The Brodsky Org's 157 Columbus Ave. C&W repped the landlord. Walt Disney Co previously net-leased the building.

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Jaguar Growth Partners subleased 11k SF at the mid-$50s/SF in 535 Madison Ave from Canaccord Genuity, which pays $80/SF, according to CompStak. And MediaMath sublet another 12k SF from Canaccord for its Adroit Digital, also at the mid-$50s. Both subleases will expire in early 2016.