This Week's N.Y. Deal Sheet
This week, a healthcare property in Brooklyn traded hands, and MetLife loaned on a Garment District office building amid a dearth of new office leases.
Fortis Property Group affiliate Fortis Business Holding closed on its purchase of a healthcare facility at 48 Cedar St. in Brooklyn for $58.8M. Riseboro Community Partnership sold the property, according to PincusCo. The building, which houses the Buena Vida Continuing Care and Rehabilitation Center, spans 132K SF and also has the address of 229 Evergreen Ave. The building has 240 beds and offers long-term care and short-term rehabilitation, according to its website. There is a vacant area on the land, but a deed restriction means it has to be operated as a healthcare facility for at least seven years, per PincusCo.
Shulamit Prager’s Opal Holdings sold a development site at 644 East 14th St. to Madison Realty Capital, PincusCo reports. The sale price was $31.3M and RWN Management provided a loan for the site. Four years ago, Madison loaned $52M to Opal for the acquisition, and Opal had been planning a 50-unit mixed-use building on the site, though the company was hit with a $10M lawsuit last year by a neighboring property owner who claimed his building had been damaged by the development. The deal closed last month, and was recorded in records last week.
TOP FINANCING DEALS
New York Community Bank loaned $329M to Clipper Realty for the refinancing of its Flatbush Gardens property, the company announced in its first-quarter earnings statement Monday. The East Flatbush complex has nearly 2,500 units, which are largely rent-controlled. Clipper has owned the asset since 2005, when it purchased it from Renaissance Equity Holdings for $138M. The financing is a 12-year secured first mortgage loan, Clipper said, and the company used the funds to repay a $246M loan on the property due March 2028.
George Comfort & Sons, Loeb Partners Realty and J.P. Morgan Asset Management scored $400M from MetLife, borrowed against 498 Seventh Ave., per TreppWire and Commercial Observer. The financing allows the owners of the 934K SF property to retire $181.7M of debt on the Garment District office property. The financing comes with $218.3M in fresh bridge debt, per CO.
Stellar Management locked down $119M from Signature Bank for 666 West End Ave., PincusCo reports. The financing for the 360-unit rental building on the Upper West Side includes a $14M gap mortgage. The deal closed April 30 and hit records May 6.
Law firm Allen & Overy has renewed its lease at Rockefeller Group’s 1221 Sixth Ave., killing discussed plans to move its office. The deal is a five-year lease extension for 143K SF at the building, The Real Deal reports. The London-based firm had been close to locking in a deal to move to Tishman Speyer’s 630 Fifth Ave., per the publication. But with the onset of the public health crisis, the company decided to stay put. JLL’s Frank Doyle, Ken Siegel and Cynthia Wasserberger arranged the deal for the tenant. Cushman & Wakefield’s Rob Lowe represented the Rockefeller Group alongside Ed Guiltinan in-house.