Contact Us

This Week's N.Y. Deal Sheet

This week, Savanna bought another office building, Whole Foods locked down a big lease and Blackstone scored significant financing for 11 apartment buildings in New York City.


360 Lexington Ave.

Savanna paid $180M for 360 Lexington Ave., a 24-story office tower in Midtown. The seller was AEW Capital Management, The Real Deal reported earlier this year. Savanna funded the purchase with a $126M loan from Barclays. The company is planning a $20M capital improvement program, according to a release. Eastdil Secured’s Grant Frankel, Philip McKnight and Rob Turner arranged the financing.


Slate Property Group and Alcion Ventures dropped $106.5M on 60 East 12th St., a 133-unit multifamily rental building. The seller was Heller Realty, The Real Deal reports, and the deal means the companies now own the fee interest, terminating the existing ground lease. Meridian Capital Group’s Helen Hwang, Karen Wiedenmann, Brian Szczapa, Ernie Nichols and Nicholas Dailey represented the buyers. 


David Werner paid $85M for the leasehold of 2 Cooper Square, a downtown rental apartment, Crain’s New York Business reports. The seller, Wafra, took a $50M loss on what it paid for the leasehold seven years ago, per Crain’s. Werner now has control over the propety for the next 70 years. Cushman & Wakefield’s Adam Spies, Doug Harmon, Adam Doneger and Marcella Fasulo represented the seller.


Apple Core Hotels sold a 13-story hotel at 17 West 32nd St. for $56.5M, Commercial Observer reports. The buyers were Capstone Equities and Republic Investment Co. The hotel has 182 rooms, and was previously known as La Quinta Manhattan.


63 Madison Ave.

Whole Foods Market locked down a 60K SF lease at 63 Madison Ave., aka 28 East 28th St., owned by George Comfort & Sons, Jamestown and Loeb Partners Realty. The three partners are renovating the building, according to a release announcing the deal, and Whole Foods will occupy 10K SF on the ground floor, as well as the entire 50K second floor. Peter S. Duncan, Matt Coudert and Alex Bermingham represented the owners in-house.


Downtown Music Holdings is taking 26K SF at 155 Sixth Ave., Newmark Knight Frank announced in a release. The company, which owns, manages and develops music industry businesses, is moving to the building — owned by Trinity Church Wall Street, Norges Bank Real Estate Management and Hines — from SoHo. The building is part of the Hudson Square Properties portfolio, a 12-building, 6M SF group of assets. The owners were represented by Peter Shimkin, David Falk and Kyle Ciminelli of Newmark Knight Frank.


WeWork, which just released its highly anticipated IPO prospectus last week, locked down a lease at 83 Maiden Lane, Helmsley Spear announced in a release. The coworking giant is taking 56K SF at the AHRC New York City-owned building, with space spanning the whole of the third, fourth, fifth and sixth floors. Kent Swig and Andrew Simon of Helmsley Spear represented both the landlord and the tenant. The deal is for 15 years.



Marx Development Group closed three loans for a total of $368M, Commercial Observer reports. In one, Mack Real Estate provided $201.5M for the Courtyard by Marriott Hudson Yards at 461 West 34th St., a hotel due to open next month. Additionally, Mack increased its loan from $88M to $100M. The company also locked down a $67M loan for 71-05 Parsons Blvd. Meridian Capital Group’s Shaya Ackerman arranged the deal.


Rabsky Group locked down $200M in financing from Berkadia Commercial Mortgage for its building in Bushwick, The Real Deal reports. The financing on 500-unit project at 10 Montieth St., known as The Rheingold and built on a former brewery site, features a $62.4M mortgage.


Blackstone scored $364M led by Morgan Stanley for 11 Manhattan buildings, according to Commercial Observer. The senior part of the debt, which is $271M, will be used for a single-asset, mortgage-backed securities deal. The loan also features a $43.3M mezzanine loan, also from Morgan Stanley, and a $50M junior mezzanine loan from South Korea’s Mirae Asset Daewoo. The financing is for buildings on the Upper East Side and in Chelsea and Murray Hill.