Spear Street Buys Meatpacking Office For $51M: The N.Y. Deal Sheet
Spear Street Capital acquired a Meatpacking District office building at 74-76 Eighth Ave. for $50.5M.
G4 Capital Partners sold the 11-story building, which was delivered in 2023 by developer Sang Lee, Noviprop and Plus Development, New York YIMBY previously reported. Lee acquired the site for $18M in March 2019 from Chun Woo Realty.
G4 co-founder Jason Behfarin signed for the seller, and Spear Street CEO John Grassi signed for the buyer, property records show. G4 had issued a construction loan for the property in 2019 and took the title to the building in 2024 in a transaction valued at $44M, according to the city register.
The property was fully leased with an average of four years left on the lease terms, according to an archived JLL brochure for the property from last year. JLL's David Giancola, Andrew Scandalios, Drew Isaacson, Vickram Jambu and Jennifer Zelko were among the brokers marketing the building for sale.
San Francisco-based Spear Street has been an opportunistic buyer of primarily office assets around the country. It acquired a six-story landmarked SoHo office and retail building last March for $40M and a 28-story Midtown Atlanta office tower for $110M in June. It also bought 641 Sixth Ave. in Chelsea for $325M in 2021 from SL Green.
TOP SALES
Long Island University sold two residential condominium units totaling 324 apartments at 89 DeKalb Ave. to RXR for $64M, according to PincusCo. The property is split into one 223K SF unit spanning the cellar and floors one through 30 and 11K SF on the sixth floor. LIU still owns 9K SF in the cellar and 20K SF on the first floor for its school.
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CSC Real Estate sold an office condo at 300 E. 42nd St. in a $22M deal as it tees up a conversion of the rest of the building. Alberto Smeke Saba, CSC’s co-founder and managing partner, signed a deed transfer as seller to Unit 2 at the building to Moses Mizrahi, property records show. Mizrahi used a $13M acquisition loan from Amalgamated Bank to finance the acquisition, PincusCo previously reported. Read on for more details on the conversion project.
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The Gotham Organization sold a vacant Fort Greene lot at 130 Saint Felix St. to Quinlan Development Group for $17M, Commercial Observer reported. Mavik Capital originated a $24M senior mortgage to Quinlan for the acquisition and development of a planned 23-story apartment building using the 485-x tax break. The site sits behind the landmarked Hanson Place Central United Methodist Church.
TOP FINANCING
CSC Real Estate landed a $108M construction loan from Slate Property Group’s debt financing arm, Scale Lending, for an office-to-resi conversion at 770 Second Ave., a 17-story, 237K SF tower also known as 300 E. 42nd St. Arrow Real Estate Advisors’ Morris Betesh, Morris Dabbah and Louis Halperin arranged the financing on behalf of Scale. The project is expected to have 140 units, including 35 income-restricted apartments. CSC acquired the building for roughly $52M, according to a release. Vedder Price LLP represented the borrower in the debt transaction.
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MAG Partners signed a $148.7M bridge loan from Goldman Sachs Alternatives for its 188-unit residential development Mabel at 335 Eighth Ave. in Chelsea, Commercial Observer reports. The refinancing comes as the building is almost fully leased less than a year after construction completed. MAG’s Jeff Rosen handled the deal in-house for the landlord, and JLL’s Jillian Mariutti, Geoff Goldstein, Stephen Van Leer and Rob Hinckley arranged the loan.
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Stonehenge NYC refinanced its 115-unit Greenwich Village residential building at 10 Downing St. for $54M, PincusCo reported. JPMorgan Chase provided the new financing, which replaces a $57.3M loan from Flagstar Bank.
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United Construction & Development Group refinanced its development site at 42-50 24th St. in Long Island City with a $50M loan, PincusCo reported. The lender was iCross Capital, which previously loaned United $40M for the site. Construction has not yet begun on the site, which United acquired in 2024 for $57.5M and where it plans a 387-unit apartment tower.
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City National Bank of Florida loaned $97.7M to a partnership between former WeWork founder Adam Neumann and Jeffrey Dagowitz for a 32K SF residential development in Chelsea, PincusCo reported. The refinancing for 123-131 W. 23rd St. replaces a $69M loan from G4 Capital Partners.
TOP LEASES
Architecture and design firm Populous signed a 17K SF lease at RXR’s Starrett-Lehigh Building, adding 10K SF to its existing footprint. The stadium specialist, which designed Citi Field, committed to a seven-year term with its renewal and expansion. Denise Rivera represented RXR in-house.
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Artificial intelligence-powered cybersecurity company Adaptive Security signed a 51K SF sublease agreement for the 12th floor of 120 Broadway. CBRE’s Ross Zimbalest represented the sublandlord, BarkBox. Savills' Zev Holzman, Christopher Foerch, Will Demuth and Riley Scanlon represented Adaptive Security, which will more than triple its footprint when it moves from 18K SF at 980 Broadway to Silverstein Properties' historic building. The deal follows an $81M funding round Adaptive secured in December.
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Law firm Robinson+Cole signed a 48K SF lease at SL Green’s 100 Park Ave., Commercial Observer reported. The deal is a relocation from 666 Third Ave., where it has 18K SF, to the larger space in the 905K SF, 36-story Midtown East tower. Cushman & Wakefield’s Harry Blair, Barry Zeller, Justin Royce and Pierce Hance represented the landlord, while Savills’ Greg Taubin represented the tenant.
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Miami-based asset manager Eldridge Industries leased 20K SF at the new 30-story office tower at 125 W. 57th St., Bloomberg reported. Eldridge owns a stake in Cain, formerly Cain International, which co-developed the tower with Alchemy-ABR Investment Partners.
