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This Week's N.Y. Deal Sheet

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This week, Morgan Stanley expanded its presence downtown, a Japanese company bought a Midtown office building and, perhaps most notably, a huge rent-stabilized portfolio sold.

TOP SALES

This Week's N.Y. Deal Sheet
305 East 46th St.

Doug Eisenberg’s A&E Real Estate Holdings bought the 539-unit Kestenbaum family portfolio in Rego Park for $129.5M, The Real Deal reports. That price works out to be a 5% cap rate. B6 Real Estate Advisors’ Thomas Donovan, Eugene Kim, Tommy Lin and Robert Rappa arranged the sale. Aaron Jungreis was the broker for the buyer. About 95% of the units in the 18 buildings are rent-stabilized, and TRD said the deal represents a major dip in value from when the portfolio was put on the market, seeking $210M in February, before the state's new rent regulations were enacted.

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Shimizu Realty Development paid $152M for 305 East 46th St., the company announced in a release. The firm is the investment and development division of Japan’s Shimizu Corp., an architecture, engineering and contracting giant. The Vanbarton Group bought the property, known as the Albano Building, for $117M in April 2018. The building has 16 floors and is fully leased.

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The Olnick Organization paid $106.4M for a 125-unit apartment property at 201 West 77th St., The Real Deal reports. The seller of the 16-story building was an entity tied to the family of late real estate investor Charles Goldner, per TRD. CBRE’s Darcy Stacom, Bill Shanahan, David Fowler and Ryan Silber represented the estate.

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The Qatar Investment Authority paid $91M for five commercial spaces at 809 United Nations Plaza on First Avenue, The Real Deal reports. The Institute of International Education was the seller. JLL’s Ken Siegel, Peter Riguardi, Clint Olson and Bob Knakal arranged the deal.

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Federal Realty Investment Trust paid $83.7M for the Georgetowne Shopping Center on Ralph Avenue in Bergen Beach, it announced last week. The seller was an LLC linked to Sholom and Zuckerbrot Realty, The Real Deal reported. The 147K SF center spans three lots across 9 acres, and is anchored by a Fairway Market and a Five Below.

TOP LEASES

This Week's N.Y. Deal Sheet
One New York Plaza

Morgan Stanley is taking another 89K SF at Brookfield’s One New York Plaza, bringing its total lease there to 1.3M SF, the New York Post reports. The deal is for at least two more floors in the Brookfield-owned building, per the publication. The landlord was represented in-house by Jerry Larkin and Mikael Nahmias.

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SL Green reached a deal with the National Center on Addiction and Substance Abuse to take 30K SF at its building at 711 Third Ave., the landlord announced. The organization is taking temporary space at 485 Lexington Ave. while the new space is built out. Cushman & Wakefield’s Josh Kuriloff, Matthias Li and Adam Nelson represented the tenant, while SL Green was represented in-house.

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SL Green locked down two lease deals at 485 Lexington Ave. Crowe LLP, an accounting and technology consulting firm, leased 44K SF across the entire 11th floor. Business management consultant Tailwind Management signed a six-year lease renewal for its 14K SF space on the 23rd floor. C&W's Adam Ardise, Steve Bellwood, John Harris and John Crisp represented Crowe while the landlord was represented by Paul Glickman, Alex Chudnoff, Diana Biasotti, Ben Bass and Jon Fanuzzi of JLL. Tailwind Management was represented by CBRE’s Michael Movshovich, Ben Friedland and Evan Fiddle, and SL Green was represented in-house.

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Management and technology consulting firm West Monroe Partners leased nearly 42K SF across the entire 17th floor at 825 Eighth Ave., landlord SL Green announced. The deal is for 10 years. The tenant was represented by CBRE’s Paul Walker and Conner Kerr, while the landlord was represented in-house.

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Landlords Hornig Capital Partners and Brickman locked down two leases spanning nearly 18K SF at The Box Factory at 1519 Decatur St. in Bushwick, according to ABS Real Estate Partners. Music rehearsal space provider Pirate Studios is taking almost 14K SF, paying $35 per SF. Media content producer The Hub is taking nearly 4K SF, paying $36 per SF. In the Pirate deal, ABS Partners’ Ben Waller represented both the landlord and the tenant. In the lease for The Hub, ABS’s Ben Waller and Anthony D’lorio represented the landlord, while Jake Velazquez of Compass acted on behalf of the tenant.

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BKD, an accounting and advisory firm, is taking nearly 21K SF at Durst Organization’s 1155 Sixth Ave., Commercial Observer reports. The asking rents were $85 per SF. The company is moving from 655 Third Ave., also owned by Durst. Durst’s Rocco Romeo and Tanya Grimaldo brokered the deal for the landlord, while Newmark Knight Frank’s Daniel Katcher and Brett Stein arranged the deal for the tenant.

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Marx Realty signed up content targeting company ZEFR for 15K SF at 10 Grand Central on the 13th floor. The tenant is moving from 292 Madison Ave., per a release. JLL’s Cynthia Wasserberger, Sam Seiler, David Kleiner and Carlee Palmer handle leasing at the building. The building’s asking rents range between $82 and $130 per SF.

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BCM One, a managed technology solutions provider, leased nearly 16K SF at 295 Madison Ave., known as the Lefcourt Colonial Building, in a 10-year deal, according to Colliers International. Eretz Group owns the building, and the deal is for the entire fifth floor. Colliers’ Cryder Bancroft and Josh Goldsmith represented BCM One, and C&W’s William Fressle, Drew Braver, Eric Hazen, Anthony Cugini and Peter Kerans represented the owner.

TOP FINANCING DEALS

This Week's N.Y. Deal Sheet
A rendering of Hudson Commons, Cove Property Group's planned office tower in the Hudson Yards submarket

Cove Property Group locked down a $724.2M loan for Hudson Commons, its office building at 441 Ninth Ave. Blackstone Mortgage Trust provided the funding, per a release from Cole Schotz P.C., which represented Cove. The funding refinanced the existing loans with Apollo Global Management and JPMorgan Chase. Eastdil Secured’s Grant Frankel, Phil McKnight and Ethan Pond arranged the financing, according to Commercial Observer.

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The Chetrit Group scored $200M in construction financing for its planned four-building development in Jamaica, The Real Deal reports. Square Mile Capital is the lender on the planned project, which is expected to feature 324 units at 150-13 89th Ave. Henry Bodek of Galaxy Capital Group arranged the financing.

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Leon & Co. locked down a $39M inventory loan for 475 Washington Ave. in Clinton Hill, Commercial Observer reports. Urban Standard Capital is the lender. JBA Equities’ Jonathan Aghravi, Charles Han and Eli Terry represented the borrower. Urban Standard Capital’s Benjamin Barasch originated the loan, per CO.

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Argentic provided a $30.5M loan to Caerus Group for two of its office assets, Newmark Knight Frank said in a release. The properties are at 74 Kent St. in Greenpoint and 11-20 46th Road in Long Island City. Newmark Knight Frank’s Dustin Stolly, Jordan Roeschlaub and Daniel Fromm arranged the financing.