This Week's NY Deal Sheet
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In this week's deals, WeWork was the largest building leaser while a Brooklyn grocery chain sold its building to an investment group. A joint venture scored a $290M construction loan to tear off a corner of a block and build a mixed-use building.
WeWork is leasing nearly 94K SF at 205 Hudson St. in Manhattan. The co-working space will take the entire fifth, sixth and seventh floors. The property is in the portfolio of a partnership between Trinity Church Wall Street, Norges Bank Real Estate Management and Hines. Newmark Grubb Knight Frank's David Falk, Peter Shimkin, Kyle Ciminelli, Ben Shapiro, Jonathan Franzel and Brittany Silver represented the landlord partnership. Michael Schoen of Savitt Partners represented WeWork. Terms of the deal were not disclosed.
ABC Carpet & Home, a furniture store, is moving from two shuttered warehouse outlets in the Bronx and New Jersey to 78K SF in Brooklyn's Industry City. The new location will serve as a distribution center, warehouse and outlet store. The company has signed a lease for the first and fifth floors in building 19 at 168 39th St. Although the full terms of the lease were not disclosed, rents at Industry City range from $15 to $35/SF. Industry City's director of leasing, Kathe Chase, and SCG Retail's Chase Welles represented Industry City. ABC Carpet & Home did not use a broker.
Law firm Robins Kaplan LLP relocated to 38K SF at 399 Park Ave. in Manhattan. The Boston Properties-owned office building spans an entire block between 53rd and 54th streets. Full terms of the deal were not disclosed, but rents are more than $100/SF in the building. The sublease runs until 2022. CBRE's Ken Rapp, Sam Seiler and Chris Corrinet represented Robins Kaplan.
Callen-Lorde Community Health Center signed a 25K SF lease at 40 Flatbush extension in downtown Brooklyn. The nonprofit that provides healthcare to the LGBTQ community and people with HIV/AIDS will take the entire third floor. Asking rent in the 20-year deal was in the $40s/SF. The location will officially open in 2019 with a healthcare facility and an office. Cushman & Wakefield's Carri Lyon and Mitzi Flexer represented Callen-Lorde, while Joseph Jemal of ISJ Management represented the landlord, 40 Flatbush Realty Associates.
S'well Bottle is moving to 28-40 West 23rd St. in Manhattan's Flatiron district. The bottle maker leased the space from Colliers International executives Andy Roos and Michael Cohen, who own the 12-floor, 561K SF building. Terms of the deal were not disclosed. CBRE's Ben Fastennerg represented S'well.
Pick Quick Foods, a Hempstead-based grocery store chain, sold its grocery store site at 120 5th Ave. in Park Slope, Brooklyn, to Avery Hall Investments for $46.5M. Avery Hall plans to build two residential towers with 165 apartments as well as a new supermarket.
Medallian Corp., a Toronto-based apartment owner led by the Bleeman family, bought a 222-unit rental building at 1511-1521 Sheridan Ave. in the Claremont neighborhood of the Bronx for $38M. The seller was Benzion Kohn, who bought the property in February 2016 for $34.7M. Westwood Realty Associates' Steven Vegh brokered the deal.
Kevin Chisholm's 60 Guilders, a real estate investment firm, has bought a retail condominium for $28M at 121 Spring St. in SoHo. The 3,200 SF space was most recently home to American Apparel. To buy the property, the company took out a $30.2M loan from Colony NorthStar, a real estate investment firm run by one of President Donald Trump's advisers, Tom Barrack.
TOP FINANCING DEALS
A joint venture of Ceruzzi Holdings and Kuafu Properties secured a $290M construction loan from the Children's Investment Fund for a mixed-use building at 151 East 86th St. HFF brokered the deal for the project in Manhattan's Upper East Side. HFF's debt placement team involved with the deal included David Nackoul, Christopher Peck and Scott Findlay.
Developer Zelig Weiss secured a $166M refinancing deal with real estate holding company All Year Holdings Limited for the retail/garage building at 94 North 13th St. in Greenpoint, Brooklyn.T
David Lichtenstein's Lightstone Group secured an $85M construction loan to develop a condo complex at 40 East End Ave. in the Upper East Side of Manhattan. Bank of the Ozarks provided the financing.
The Kevin Lalezarian-controlled Lalezarian Properties scored an $81M refinancing deal with the New York State Housing Finance Agency for an apartment building at 352 West 37th St. in Hudson Yards, Manhattan.