This Week's N.Y. Deal Sheet
This week, a downtown building scored more than $1B in financing, a tenant in a Midtown East office tower expanded its lease and a Washington, D.C., firm bought into Red Hook.
Deerfield Management has closed on its $345M purchase of 345 Park Ave. South, PincusCo reports. The seller was RFR Realty. The sale of the 244K SF office property closed this month, and Deerfield has the possibility to add another 244K SF in a redevelopment. Deerfield wants to turn much of the building into life sciences space, according to The Real Deal, which first reported news of the sale earlier this year. Blackstone and LoanCore Capital loaned the buyer $405M, per PincusCo.
W-G Capital Advisors bought a warehouse in Red Hook at 145-165 Wolcott St., Commercial Observer reports. Gregory Iovine sold the 80K SF building to the D.C.-based equity firm, which also has invested in the Moynihan Station and World Trade Center redevelopments, for $21.5M. Manzione Real Estate’s Edward Beason and Frank Manzione were brokers on the deal.
The Ohio State Teachers Retirement System has paid $95M for a 50% stake in Greenpoint Tower from Mack Real Estate, Palin Enterprises and Urban Development Partners, The Real Deal reports. The building is at 21 India St., and Cushman & Wakefield’s Adam Spies, Doug Harmon, Marcella Fasulo and Avery Silverstein brokered the deal for the sellers. The sale values the property at more than $350M.
Slate Property Group, China Vanke and Adam America Group sold Rivington House for $159.6M. The buyer of the property obscured its identity through an LLC for the purchase. The group had paid $116M for the site in 2016. The developers had planned to convert the property — which had served as a nursing home and AIDS care facility — into condominiums after the restriction on the use of the property was removed by the previous owner, Allure Group. The removal of the deed had sparked outrage, and Allure was ultimately forced to pay $750K to the state for legal costs and $1.25M to Lower East Side nonprofit groups.
Fisher Brothers locked down a lease with General Atlantic to expand the company’s presence at Park Avenue Plaza, the landlord announced. General Atlantic, a private equity firm that has invested in Airbnb, among others, currently has 62K SF on the 32nd and 33rd floors of the building. It is now adding 31K SF to its lease at the building at 55 East 52nd St., bringing total space there to 93,500 SF. The tenant was represented by JLL’s Robert Martin. The landlord was represented in-house by Marc Packman and Clark Briffel.
Jack Resnick & Sons locked down two leases at 199 Water St. spanning a total of more than 16K SF. The American Friends of Hebrew University took nearly 11K SF on the 11th floor, meaning the nonprofit will be moving from One Battery Park Plaza next year, the landlord said in an announcement. Trident Brokerage Services is moving from 17 State St., and is leasing nearly 6K SF on the 12th floor. The landlord was represented in both deals by in-house brokers and a Cushman & Wakefield team. Transwestern represented AFHU and Cushman & Wakefield represented Trident.
MWWPR has signed a deal to relocate to Nomad Tower, Commercial Observer reports. The New Jersey-based agency has agreed to leave its current office at 304 Park Ave. South to move to Global Holdings' building at 1250 Broadway. JLL’s Alexander Chudnoff, Benjamin Bass and Kristen Morgan brokered the deal for MWWPR and their colleagues, Paul Glickman, Mitchell Konsker, Diana Biasotti and Harley Dalton, represented the landlord, along with in-house broker Craig Panzirer. Asking rent in the deal was $80 per SF, according to CO.
TOP FINANCING DEALS
Fosun locked down a $1.025B loan for 28 Liberty St., Commercial Observer reports. Deutsche Bank and HSBC are backing the loan, which has a six-year term, per CO. James Millon, Tom Traynor and Ethan Gottlieb of CBRE arranged the financing, and Darcy Stacom and Bill Shanahan, also of CBRE, also worked on the deal. Fosun had reportedly considered selling a stake in the building, which it redeveloped with a massive new retail component and updated offices, before ultimately refinancing.
TPG Real Estate Finance loaned Normandy Real Estate Partners and Invest Real Estate $200M for 888 Broadway, Commercial Observer reports. The building used to be home to ABC Carpet & Home, and Normandy and Invesco took out a long-term lease on the upper floors of the building in 2017. Netflix is taking space there as part of its expansion in New York City. Newmark Knight Frank’s Dustin Stolly, Jordan Roeschlaub, Nick Scribani, Chis Kramer, Dylan Kane and John Gallagher arranged the financing.
IStar’s REIT, Safehold, scored $41M from Bank of America for the BankNote building in Hunts Point, PincusCo reports. Safehold paid $64.5M for the ground lease at the building, at 890-938 Garrison Ave., last month.