Artimus Nets $220M Loan For Harlem Rental: The N.Y. Deal Sheet
Developer Artimus has scored a $220M refinancing deal for a Harlem rental property.
Bank Hapoalim provided the new loan for the residential building at 1440 Amsterdam Ave., PincusCo reported.
The property appeared to have been an empty lot just two years ago. A 27-story, 490-unit apartment building now stands in its place, with 147 units reserved as affordable housing.
The new financing replaced a previous $210M loan from Valley National Bank, including a $123M senior note, a $55M note and a $32M subordinate note, New York YIMBY previously reported.
TOP FINANCING
Starwood Property Trust has provided a $500M loan to a joint venture between affiliates of Dune Real Estate Partners LP and the Robert Martin Co. for a 42-property, 2.4M SF industrial portfolio across three industrial parks in Westchester. A JLL Capital Markets team of Peter Rotchford, Christopher Peck, Andrew Scandalios, Tyler Peck and Christopher Pratt arranged the financing on behalf of the borrower.
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Atlas Capital Group netted a $132.5M refinancing loan from TPG Real Estate Partners for six properties spanning 322 residential units, PincusCo reported. The properties include three separate properties, all with the address of 15 Park Row in the Financial District. The financing replaces a prior $136.5M loan from MF1 Capital.
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Shlomo Karpen has signed a $70.8M refinancing deal for a 139-unit Bushwick multifamily building via the entity Cedar Tower LLC, PincusCo reported. The financing came from Newmark, which made the loan through the entity Berkeley Point Capital. The new debt for the 118K SF building at 60 Cedar St. replaces a $54.6M loan from Popular Bank.
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ZD Jasper Realty nabbed a $66.1M construction loan from First Citizens Bank for a multifamily development in Woodside, Commercial Observer reported. The 14-story development at 64-11 Queens Blvd. is expected to deliver in 2027 with 175 units and 11K SF of ground-floor retail. Ripco Real Estate’s Adam Hakim, James Murad and Michael Winter arranged the financing.
TOP LEASES
General contractor Hudson Meridian Construction Group is relocating from 61 Broadway to 1 State St. via a sublease agreement, according to a release. It is taking 14K SF on part of the building’s eighth floor from sublandlord EPIC Brokers and Consultants, which is also subletting another 40K SF in the 34-story office tower. The deal is at least the second sublease signed in the building within the last six months, after World Education Services took over 12K SF from Smartstream Technologies in April, Commercial Observer reported at the time. The building is owned by K2 Real Estate Partners. Colliers’ Richard Warshauer, Rachel Kirkham and Michael Cohen represented EPIC, a national insurance brokerage, in the deal. JLL’s Michael Berman repped Hudson Meridian.
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Investment bank Gordian Group is relocating to Tower 56, a 33-story tower at 126 E. 56th St., where it will occupy 6K SF, according to a release. The building is owned by Sovereign Partners. The bank is moving from 950 Third Ave., Commercial Observer reported. Sovereign Partners was repped by CBRE’s Sean Kearns, Alice Fair, Trevor Larkin and Brandon Fries.
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Technology and services provider for legal firms Epiq has signed a 10-year, 18K SF lease at Edward J. Minskoff Equities’ 1166 Sixth Ave., Commercial Observer reported. The deal is a relocation from Sage Realty’s 777 Third Ave. Other tenants in Epiq’s new building include the Federal Deposit Insurance Corp. and management consultant firm FTI Consulting. The landlord was represented in-house by Jeffrey Sussman and Matthew Pynn and by JLL’s Paul Glickman, Cynthia Wasserberger, Diana Biasotti and Christine Colley. JLL’s Matt Astrachan, Dan Turkewitz, Harrison Potter and Nicole Tiger repped the tenant.
TOP SALES
CW Realty acquired a rezoned property in Crown Heights for $42.5M, Commercial Observer reported. The seller, ACHS Management Group, got approval for 73-99 Empire Blvd. to be rezoned so it could be developed into a 13-story mixed-use building in June after buying the property for $15.1M in 2021. The planned redevelopment would have created 261 apartments, including 78 affordable units, although the proposal was opposed by the local Brooklyn community board. S3 Capital provided a $43.5M acquisition loan to CW Realty, PincusCo reported. CW Realty’s plans for the property are unclear.
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RJP NY Property Holdco, a Miami-based shell company linked to Ubiquiti CEO Robert Pera, has sold a three-story building at 11 Hubert St. for $17.4M, Crain’s New York Business reported. Houston-based shell company RIL USA, which appears to be a subsidiary of India-based Reliance Industries Ltd., was the buyer. The 10K SF building last sold in 2018 for almost $20M. Compass’ Aaron Mazor represented the seller this time around.
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The lead developer from Brooklyn firm Goose Property Management has bought again in Gowanus, Crain’s reported. Yitzchok Katz closed on 264 Butler St. for $15.3M, acquiring the site from Domal Transportation, which has owned the property since 1980 and appears to be based in a 1-story, 17K SF building at that address. Katz plans to demolish that property, per records filed with the city, and also applied to put the site in New York State’s brownfield cleanup program in June last year. The Butler St. building is directly adjacent to another vacant lot, 172 Third Ave., that Katz bought in November for $22M.
