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This Week's N.Y. Deal Sheet

The past week of deals in New York City commercial real estate was long on financing arrangements and short on sales as the city's investment climate continues its sluggish pace.

TOP LEASES

This Week's N.Y. Deal Sheet
280 Park Ave.

Fasano Hotel and Restaurant Group is leasing space at SL Green and Vornado’s 280 Park Ave., where the Four Seasons once had its home, The New York Post reports. The space spans 20K SF, and the company is opening an unnamed high-end Italian restaurant there next year.

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Shared office company BKLYN Commons is expanding its space at 495 Flatbush Ave., Crain’s New York Business reports. The company, founded by landlord Jack Srour, had 15K SF in the building and has now added 30K SF to the lease there. BKLYN Commons will the occupy entire lower level of the building, which Srour’s family owns.

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Shanholt Glassman Klein Kramer & Co. is taking nearly 17K SF for 12 years at Feil Organization’s 488 Madison Ave., Commercial Observer reports. The accounting firm is moving from 575 Lexington Ave. and taking space on the 18th floor in its new location. Norman Bobrow & Co.’s Norman Bobrow and David Badner represented the tenant.

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Club Monaco is taking a 13K SF, three-year lease at Thor Equities' 597 Fifth Ave., the landlord announced in a release last week. Thor, founded and led by CEO Joe Sitt, said the deal with the high-end Canadian apparel retailer brings its entire upper Fifth Avenue portfolio to 100% leased.

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Abingdon Square Partners leased two connected warehouses in Brooklyn, Commercial Observer reports. The 30-year deal is for nearly 17K SF at 83-85 Third Ave. and 309 Bergen St., and asking rent was $20 per SF. Sinvin Real Estate’s Peter Weisman brokered both sides of the deal.

TOP FINANCING DEALS

This Week's N.Y. Deal Sheet
420 East 54th St.

Innovo Property Group and its backer, Nan Fung Group, scored a $438M recapitalization for the office building at 24-02 49th Ave. in Long Island City. The financing comes from a joint equity partnership with Nan Fung and debt from Axonic Capital and affiliates of Athene Annuity & Life Assurance Co., which is an affiliate of Apollo Global Management. Innovo had previously partnered with Westbrook Partners to buy the 800K SF building back in 2016, but has now bought out Westbook's interest, The Real Deal previously reported.

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Mack Real Estate Credit Strategies loaned $390M to Slate Property Group and BentallGreenOak for the refinancing of multifamily property Oriana, Commercial Observer reports. The property at 420 East 54th St. has 412 luxury units. Meridian Capital Group’s Ronnie Levine and Thomas Wayda brokered the deal.

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Developer Teddy Li locked down a $46M construction loan for a Staybridge Suites at 38-59th 11th St. in Long Island City, the lender, Madison Realty Capital, announced. The construction loan is for a 240-key hotel that will span around 190K SF. Marcus & Millichap brokers Gary Sefcik, Iona Liu, Dan Lisser and Rick Lechtman arranged the loan.

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TF Cornerstone locked down $178.8M of Freddie Mac financing for the Chelsea Centro apartments on West 26th Street, Trepp reports. Wells Fargo originated the loan, which enables TF Cornerstone to retire $120.8M in debt that was set to mature in January. The property has 231 units at 200 West 26th St. and 125 units at 220 West 26th St. next door.

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Landesbank Hessen-Thüringen Girozentrale, better known as Helaba, loaned $350M to L&L Holding Co. and its partners for the office building at 195 Broadway, The Real Deal reports. The financing includes a $171M mortgage. L&L, Korea Investment & Securities and Samsung own the leasehold on the property, while iStar’s Safehold bought the ground underneath for $275M back in September. New York Life Insurance provided Safehold $242M for its portion of the deal, per TRD.

TOP SALE

This Week's N.Y. Deal Sheet
685 Third Ave.

Korea Investment & Securities and Samsung SRA Asset Management closed on a deal to pay $475M to JPMorgan Asset Management for an approximately 95% stake in 195 Broadway in the Financial District, PincusCo reports. Adam Spies, Doug Harmon, Kevin Donner and Josh King of Cushman & Wakefiled arranged the sale. L&L retains its ownership in the building, which spans more than 1M SF.