Developer Lands $72M To Build Williamsburg Luxury Gym: The N.Y. Deal Sheet
Double U Realty scored a $72M construction loan for a luxury Life Time sports facility coming to Williamsburg.
Lorimer Capital provided the debt for the development at 83 Wythe Ave., PincusCo reported. G4 Capital Partners previously lent $14.8M for the project.
Previously filed building plans call for an approximately 89K SF sports facility. In addition to the fitness space, the four-floor building includes retail, parking and several terraces.
Life Time signed a lease at 83 Wythe last month for 71K SF, the New York Business Journal reported. The gym chain plans to offer wellness and recovery amenities.
The company is also considering opening a social club on the rooftop, which would include a pool and food and beverage offerings.
Lorimer, run by Evan Bell and co-founded by Ilan and Erez Rubinstein, continued its activity in the neighborhood. It provided $51M of construction financing in September for 29 Wythe Ave., a nearby project where Double U Realty is planning a trampoline park.
TOP FINANCING DEALS
Glenwood Management secured $170M for its 369-unit residential building at 300 E. 56th St., PincusCo reports. The financing from PGIM Real Estate replaces a loan of the same amount from MetLife tied to the luxury Sutton Place apartment tower known as The Bristol.
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G Holdings refinanced its Garment District hotel at 117 W. 39th St. with $63M from Brookfield, according to a document filed in the city register. The prior lender was Bank Hapoalim, which originated $71M of debt for the property. The hotel operates under the Courtyard by Marriott brand. The mortgage was originated by Brookfield Real Estate Financial Partners, which runs the asset management giant's debt funds.
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Omnia Properties secured a $45M loan from Valley National Bank for 183 Chrystie St., a 57-unit multifamily building on the Lower East Side, PincusCo reported. The debt replaces a $35M mortgage from the same lender.
TOP SALES
Gary Barnett continued his acquisition spree with a $500M purchase of the development site at 405-417 Park Ave., The Real Deal reports. He also bought the air rights from nearby Central Synagogue for $20M, a sign that Barnett is piecing together another larger assemblage. The deal included two separate sellers. Corem Property Group AB sold 417 Park Ave., while DWS sold 405 Park Ave. TRD reported that the deal closed, though it has yet to appear in property records.
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Lotte Corp.’s deal to buy the land at 455 Madison Ave. has closed, according to property records. The Korean hospitality company paid the Archdiocese of New York $491.1M for the land, where Lotte already operates a hotel. Bisnow reported the pending deal in December. The proceeds will be used to pay victims of sexual abuse.
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Rogers Equities paid Maurice Setton, Segbro Cos. and Jeffrey Sorkin $30M for a retail building in Brooklyn Heights, according to PincusCo. In April, the developer submitted plans for a 75-unit residential building for the site at 120 Court St.
TOP LEASES
Norm Ai is the latest artificial intelligence firm to move into One World Trade Center. The tech company, which provides legal and compliance services, signed a lease for 64K SF for the entire 60th floor and a portion of the 61st floor, according to a release. The space will also serve as the headquarters of Norm Law LLP, the company's AI-native, full-service law firm. Other AI tenants in the building include Scale AI, Keychain, ASAPP and Polimorphic.
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The Michael J. Fox Foundation for Parkinson’s Research is relocating its headquarters to 530 Fifth Ave., Commercial Observer reports. It will take 69K SF in the 26-story building, owned by RXR and Sagehall. The deal shrinks MJFF’s footprint — today it occupies 86K SF at 111 W. 33rd St. Savills’ Kirill Azovtsev, Shay Bolton and Meghan Marchini represented the tenant, while the landlords were represented by CBRE’s Paul Amrich, Neil King, Meghan Allen and Brooke Dewing.
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Workspace provider Corporate Suites is backfilling a former WeWork at Wohio Holding’s 16 E. 34th St. The new tenant plans to open a 35K SF coworking space on the 18th and 19th floors of the 22-story office tower. The lease is for 13 years. Ownership was represented by George Comfort & Sons’ Peter Duncan and Alexander Bermingham. Cushman & Wakefield’s David Rosenbloom and Matthew Etlinger represented Corporate Suites.
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Insurance broker Howden inked a full-floor deal at The Durst Organization’s 151 W. 42nd St. The 31K SF lease is for the 1.8M SF tower’s 53rd floor. Durst was represented in-house by Tom Bow, Rocco Romeo and Nora Caliban, while Howden was represented by Colliers’ Sheena Gohil, Bob Rosenthal and Jack Senske.
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A Canadian furniture store is opening its first permanent location in the U.S. at 160 Fifth Ave. Cozey, a direct-to-consumer retailer, will occupy over 10K SF across the ground floor and lower level. The nine-story, mixed-use building is owned by RFR. JLL’s Matthew Schuss represented Cozey in the lease transaction. A Retail By Mona team of Brandon Singer, Virginia Pittarelli, Manu Wendum, Suzanne Bernstock and Madison Grossman represented the landlord.
