This Week's N.Y. Deal Sheet
This week, the sale of the Coca-Cola building was finalized thanks to a massive loan, the Museum of Ice Cream locked down a lease for a New York flagship and the owners of the Crown Building scored funds to refinance the retail portion of the building.
Nightingale Properties and Wafra Capital Partners closed on their $907M acquisition of the Coca-Cola building at 711 Fifth Ave. with a $700M loan from JP Morgan Chase, Commercial Observer reports. The companies reached a deal in May to buy the asset, though it was reportedly on the rocks in July, with Nightingale said to be trying to get out of the deal.
Cushman & Wakefield’s Gideon Gil, Rob Rubano, Noble Carpenter, Brian Share and Joe Lieske arranged the financing. The sale was arranged by C&W’s Doug Harmon, Adam Spies, Kevin Donner and Avery Silverstein.
Church Real Estate Holdings paid $56.8M for an apartment building at 30 East 68th St., records filed with the city show. The Parkoff Organization was the seller. The 12-story building has 33 units, according to StreetEasy.
Beacon Holdings Group paid $15.3M for the office building at 3 East 44th St., PincusCo reports. A joint venture of Randall James Levitt and an affiliate of Bernstein Real Estate’s Tangelo LLC sold the property. The site has development potential of nearly 40K SF, according to PincusCo.
Albert Srour sold 210 Clarkson Ave., a 43K SF mixed-use building in an opportunity zone in Prospect Lefferts Garden, brokerage KFIR Capital announced. The Wallerstein family bought the property, according to a representative for the firm. The family intends to redevelop the site, which is zoned for up to a 140K SF building. KFIR Capital President Jake Blatter represented both sides in the off-market deal.
Gara Realty Co. sold an 11-story commercial building at 2021 Grand Concourse for $7.3M to Jeffrey Chera at Chera Realty Group, according to KZA Realty Group. The building spans 59K SF and has a pharmacy on the ground floor. KZA Realty President Kathy Zamechansky brokered the deal.
Unqork, a software company, is taking 40K SF in a sublease deal at 114 Fifth Ave., The Real Deal reports. Unqork will sublease the space from Univision Communications with an asking rent of around $90 per SF. The building is owned by L&L Holding Co., Columbia Property Trust and Allianz. The subtenant was represented by Jason Birk and Steven Marvin of Olmstead Properties. Univision was represented by CBRE’s Carl Eriksen, James Ackerson and James Einstein.
The Museum of Ice Cream is taking just shy of 25K SF at 558 Broadway for its New York City flagship, the company announced. The space spans three floors. The museum was represented by Current Real Estate Advisors’ Brandon Charnas and Adam Henick. The landlord, the Shemul family, was self-represented.
Life Time, which runs wellness and fitness clubs, is taking 77K SF at CIM Group and LIVWRK’s Front & York mixed-use development in DUMBO. The project is at 85 Jay St., which was previously owned by the Jehovah’s Witnesses. The Dartmouth Co.’s Joe Mastromonaco and Fritz Kemerling brokered the deal for the tenant, per the New York Post.
Rose Associates has found two subtenants for over 50K SF of its space at 200 Madison Ave., the New York Post reports. Havas PR Worldwide, which already leases space in the building, is adding just over 26K SF to its footprint. McCubbin Hosiery leased the other half of the floor with a deal for 26K SF. SquareFoot's Jeffrey Rosenblatt represented Rose while working at the Kaufman Organization.
TOP FINANCING DEALS
Jeff Sutton’s Wharton Properties and new partner Brookfield locked down $807M from Apollo Commercial Real Estate Finance for the retail space at the Crown Building, Commercial Observer reports.
In 2015, Wharton Properties joined with General Growth Properties (which is now owned by Brookfield) to buy the entire property for $1.8B. Deutsche Bank was the lead for a $1.3B loan at the time. The 92K SF retail condo is in the lower part of the building at 730 Fifth Ave., and the upper portion of the tower — which has since been sold to OKO Group — is slated for luxury residences and a hotel. Aaron Appel and Keith Kurland of AKS Capital Partners arranged the financing with JLL’s David Sitt and Mark Fisher.
HSBC loaned $400M to Eyal Ofer’s Global Holdings for 120 Park Ave., Commercial Observer reports. The financing extends $374.6M in outstanding debt from the lender's 2014 loan, and adds $25.3M in new money.
Bruman Realty locked down $130M in refinancing from Starwood Mortgage Capital for the refinancing of 871 Bushwick Ave., The Real Deal reports. Madison Realty Capital loaned $90M for construction in 2016, per TRD. This new loan has a gap mortgage of $20M.
CORRECTION, AUG. 28, 3:30 P.M. ET: An earlier version of this story misidentified the brokers involved in the sublease at 200 Madison Ave. This story has been updated.