Overtime Expands In Dumbo: The N.Y. Deal Sheet
Sports media company Overtime is expanding in Downtown Brooklyn.
The venture capital-backed sports content company signed for 41K SF at Two Trees Management Co.’s 20 Jay St., growing its existing space on the sixth and seventh floors, according to a release.
“We knew we wanted to remain a part of the vibrant energy of Dumbo, a location that’s ideal for our largely Brooklyn-based team,” Overtime co-founder and CEO Dan Porter said.
The 11-story, 443K SF building has conference rooms on every floor and a landscaped rooftop terrace, according to the building listing on Two Trees’ website.
The landlord's 2023 renovations of the building included lobby upgrades and the introduction of an app-based system for building and amenities access, the New York Post reported.
Alyssa Zahler and Elizabeth Bueno represented Two Trees in-house.
TOP LEASES
King Street Properties and GFP Real Estate signed a 46K SF lease with BioLabs@NYU Langone at Innolabs to house early-stage biotech companies. The 267K SF Long Island City life sciences property at 45-18 Court Square W. signed a 105K SF lease with NYU Langone Health in 2021, Commercial Observer reported at the time.
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SL Green signed a 38K SF lease at 245 Park Ave. with investor EQT Partners. The expansion gives the firm the entire 32nd floor of the 44-story, 1.8M SF building and brings EQT’s footprint to 115K SF. Cushman & Wakefield’s Michael Movshovich and Ethan Silverstein represented the tenant, while Bruce Mosler, Harry Blair, Ron LoRusso, Justin Royce and Pierce Hance represented the landlord.
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Union Square Events expanded by 12K SF at Industry City, Commercial Observer reported. The company has been a tenant in the building since 2021, when it signed for 70K SF. Asking rents were in the low $30s per SF. Anthony Mastellone represented the tenant in-house. Jeff Fein of Industry City represented the landlord — a joint venture of Jamestown, Belvedere Capital, Cammeby’s International, FBE Limited and TPG Angelo Gordon — in-house.
TOP SALES
A joint venture between EJS Group and Krown Point Capital bought two contiguous Midtown East development sites at 1059-1061 Second Ave., plus associated air rights, for $39M, according to a release. The seller was Junction Management, per Commercial Observer. The new owner plans to construct a luxury residential building after it secured a $38M loan for the land and predevelopment from Maxim Capital Group. JLL’s Clint Olsen led the team representing the buyer, while a JLL capital markets team, including Jillian Mariutti and Stephen Van Leet, arranged the financing.
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Madison Realty Capital sold a three-story, 104K SF office and retail building in Flushing to United Construction and Development Group for $64.25M. The 41-60 Main St. property is 100% occupied. Tenants include Capital One Bank, MassMutual Insurance and Preferred Bank. JLL’s Ethan Stanton, Michael Mazzara, Drew Isaacson and Brendan Maddigan brokered the deal.
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Olmstead Properties acquired 373 and 381 Park Avenue S. from ATCO Properties & Management for $104M. The family firm has engaged Cookfox Architects to lead renovations in both office buildings as it reenters the acquisitions market. Empire Capital Holdings initially contracted the purchase earlier this year and will keep a minority stake. Newmark’s Adam Spies, Adam Doneger, Josh King, Marcella Fasulo and Meaghan Philbin brokered the deal.
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Community Access acquired 1185 River Ave., a 27K SF parking lot in Highbridge, for $25M, Commercial Observer reported. The seller investment firm Irgang Group bought the property for $800K in 2003. The nonprofit buyer, a supportive housing and services provider, plans to build a 20-story mixed-use property with 292 units of affordable and supportive housing plus first-floor commercial space.
TOP FINANCING
1823 Partners provided a $58.5M acquisition loan to Capstone Equities for a fully leased office building at 205 W. 28th St., Commercial Observer reported. Capstone Equities acquired the 100K SF property in July from Corem Property Group and GDS Development Management for $83M, The Real Deal previously reported. Newmark’s Jordan Roeschlaub, Daniel Fromm and Chris Lozinak arranged the financing, while the brokerage’s Adam Spies, Doug Harmon, Adam Doneger and Marcella Fasulo represented the seller.
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Clipper Equity took out a $120M bridge loan from BHI, retiring previous construction debt for the 227-unit multifamily building 2359 Bedford Ave. in Flatbush, Commercial Observer reported. Clipper is also building multifamily projects at 2359 Bedford and the former Sears printing catalogue facility, 2360 Bedford, using 421-a tax abatements. Landstone Capital Group’s Pinchas Vogel and Leah Paskus arranged the financing for 2359 Bedford.
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Berkadia borrowed $32.4M in takeout financing for a newly completed 89-unit multifamily building at 3745 Riverdale Ave., Commercial Observer reported. Stagg Group provided the 10-year Freddie Mac-backed loan for the Riverdale property. Berkadia’s Matt Nihan led the loan origination.
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The Jay Group scored a $320M construction loan from G4 Capital Partners for a 590-unit rental project at 97 West St., The Real Deal reported. The deal is the third between the two companies and follows The Jay Group’s purchases of six nearby Greenpoint lots for $75M from entities associated with Pearl Realty, according to The Promote. Galaxy Capital’s Henry Bodek brokered the $320M deal.
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Hawkins Way Capital and Varde Partners refinanced a dormitory condominium building at 525 Lexington Ave. with $166.5M from Goldman Sachs and Wells Fargo, PincusCo reported. The debt replaces a prior loan from Madison Realty Capital.
