Homeless Services Nonprofit Leases Former FiDi Migrant Shelter: The N.Y. Deal Sheet
Slate Property Group found an occupant to lease an entire 289-room former hotel steps from Wall Street.
Nonprofit Highland Park Community Development Corp., which serves people at risk of homelessness, signed a lease for the 119K SF hotel at 52 William St., Commercial Observer reported.
Slate paid $95M for the Financial District building in 2024, seven years after Sam Chang’s McSam Hotel Group paid the same amount for the property.
The building was a Club Quarters hotel when McSam Group acquired it and later became the Radisson Hotel New York Wall Street before it was turned into a homeless shelter in 2020 and a migrant shelter in 2023.
The hotel appears likely to continue to serve as a shelter over the course of Highland Park's 30-year lease.
Slate purchased the hotel after spending $320M between 2020 and 2022 acquiring and developing 10 homeless shelters and supportive housing facilities, The Real Deal previously reported.
Last year, Slate refinanced a portfolio of its shelter buildings with a $210M loan from JPMorgan Chase, TRD reported at the time.
TOP LEASES
The Feil Organization signed Robin Hood to 53K SF at 841 Broadway, where the nonprofit will move its headquarters to the entire fifth through eighth floors in a 30-year lease. Andrew Wiener and Robert Fisher represented the landlord in-house. JLL’s David Carlos and Andrew Dzenis represented the tenant.
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Jack Resnick & Sons signed four tenants to a total of 29K SF at 880 Third Ave., an 18-story, 163K SF Midtown East office tower. Private Export Funding Corp. leased 10K SF for 13 years, and the Permanent Mission of Belize to the United Nations signed a 12-year, 4K SF lease. Both tenants were represented by Bradford Allen’s Gordon Ogden and Ava Beganovic. Nonprofit Finance Fund signed an 8K SF, 12-year lease, relocating from 5 Hanover Square, and was represented by Open Impact Real Estate’s Lindsey Orenstein, Stephen Powers and Sasha Perlo. FHS Risk Management signed a 7K SF lease on the 14th floor and was represented by Savills’ Zev Holzman and Jordan Kaliner. Brett Greenberg and Adam Rappaport represented the landlord in-house in all four deals.
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Syscom Global Solutions renewed 15K SF at Harbor Group International’s 55 Broadway for three additional years, Commercial Observer reported. Asking rents at the 31-story Financial District building were $68 per SF. CBRE's Brad Gerla, Jonathan Cope and Hayden Pascal and Harbor’s Cordelia Meserow represented the landlord and worked directly with the tenant.
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Jewelry brand Pandora leased 4K SF for 10 and a half years at Rudin’s 3 Times Square for a store set to open later this year. Newmark’s Darrell Rubens represented the real estate dynasty at its 30-story, 925K SF mixed-use property alongside Rudin’s in-house team. CBRE’s David Berke represented Pandora.
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Urban Outfitters signed a 15K SF lease at 575 Fifth Ave. with landlords Beacon Capital Partners and MetLife, Commercial Observer reported. The retailer will relocate from its 22K SF at 521 Fifth Ave. to the 40-story, 544K SF building. Its new office is in contract to change hands after Sovereign Partners and HudsonPoint Capital reportedly struck a $385M deal to acquire it. McDevitt Co.'s Tim Duffy represented Urban Outfitters in the lease, while Cushman & Wakefield’s Sean Moran, Patrick O’Rourke, Steven Soutendijk and Catherine Merck represented the landlord.
TOP SALES
T30 Capital sold four buildings near Central Park for $33.6M, an almost 50% discount on the $65M it paid for them in 2016, Crain’s New York Business reported. The properties — 471, 472, 473 and 475 Central Park W. — are five-story, prewar walk-ups with a total of 165 apartments. The buyer was Seoul-based Bando Engineering & Construction, which in 2024 spent $99.3M on an Olive Garden-anchored retail space at 2 Times Square and $36M on a mixed-use office building at 65 W. 55th St.
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Gindi Capital acquired a six-story office building at 25 Elm Place and a ground-floor condo unit at 486-496 Fulton St. in Downtown Brooklyn from Pimco, Crain’s reported. Gindi partnered with Crown Acquisitions in the deals, worth a total of $70M, Commercial Observer reported. Gindi had sold the Elm Place property to Pimco in 2013 for $10.8M, then spent around $40M buying it back. But Gindi also scored a massive discount reacquiring the retail site, home to a Chase branch, an IHOP and a Burlington Coat Factory store, which it sold for $135M in 2013.
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Ben-Josef Group Holdings spent $38M on a 43-unit Williamsburg apartment building at 525 Union Ave., Crain’s reported. Seller Witnick Real Estate Partners pocketed a tidy profit after it acquired the property for $26.8M in 2023, PincusCo reported.
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The 32BJ SEIU labor union bought a Flatiron District commercial condo on the ground floor of 620 Sixth Ave. from RXR, PincusCo reported. The union spent $22.1M on the 164K SF condo in the Midtown building, most of which it already occupies as its headquarters.
TOP FINANCING DEALS
Kaufman Organization refinanced The Nelson Tower Building, a 46-story, 510K SF office tower at 450 Seventh Ave., with a $42M loan from Apple Bank. A Kaufman family partnership has owned the prewar property since 1946 and renovated it in 2019. The sum replaces a $37M loan from Capital One. A JLL Capital Markets team led by Aaron Niedermayer represented the borrower.
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Bridge Investment Group scored a $247.5M construction loan from Goldman Sachs for a logistics development at 40 19th St. in Greenwood Heights, PincusCo reported. Bridge Investment Group submitted plans for a 750K SF storage building on the site in 2022, but the proposed development has not yet been permitted.
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SL Green Realty, Hines and the National Pension Service of Korea refinanced 1 Madison Ave., a Flatiron District office building, with a $1.65B loan from Wells Fargo, JPMorgan Chase, Bank of America, Goldman Sachs and Deutsche Bank, according to property records. The financing replaces a $1.7B sum from Wells Fargo, TD Bank, Goldman Sachs, Bank of America, Deutsche Bank and Axos Bank. The owners pocketed $308M with the CMBS refinancing of the fully leased, 1.4M SF office tower, Bisnow previously reported.
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Bank Hapoalim originated a $155.9M construction loan to Yellowstone Real Estate Investments to convert a Garment District office building at 220 W. 42nd St. into a 192-unit mixed-use building spanning 207K SF, PincusCo reported. The sum replaces a prior $60M loan from the same lender. Yellowstone initially planned to turn the building into a hotel but elected for apartments to use the 467-m tax abatement, the developer's CEO, Issac Hera, said at a Bisnow event in February.
