This Week's N.Y. Deal Sheet
Although the Thanksgiving break slowed down deal volume in New York City last week, two office buildings in Manhattan traded and a major retailer in Times Square renewed its lease.
Mars Inc. and Olive Garden renewed their large leases in Times Square, landlord Sherwood Equities announced. At 1600 Broadway, Mars' two-story M&M World store signed on for another 15 years at its 30K SF space in a deal that also includes two large electric signs. At 2 Times Square, Olive Garden Italian Restaurant has renewed for 20K SF.
Restaurant Yard House is taking 19K SF at 10 Times Square, which is owned by L.H. Charney Associates, for its first-ever New York City location. The pub and bar will take up the lower level, and first and second floors, Commercial Observer reports. JLL represented the landlord and Ripco represented the tenant.
Columbia Property Trust and Normandy Real Estate Partners closed on their purchase of 250 Church St. in Tribeca, paying $250.5M, Avison Young announced. The companies plan to revamp the 237K SF building into boutique offices. In October, Columbia announced it had agreed to buy Normandy, a private equity investor and developer, in a $100M cash and stock deal. Avison Young’s Vincent Carrega, Neil Helman, Charles Kingsley, Jon Epstein and James Nelson represented the sellers in the Church Street deal, the brokerage said, which included multiple entities.
Effy Jewelry closed on its deal to pay Issac Chetrit $92M for 145 45th St., according to public records. The Hematian family is behind Effy Jewelry. Avi Ben-Ishay of Norman Bobrow reportedly arranged the deal for the 12-story office building. WeWork leased 47K SF in the building back in April.
TOP FINANCING DEALS
Isaac Chetrit locked down $210M from Morgan Stanley for 1412 Broadway, The Real Deal reports. The financing replaces a $160M Wells Fargo loan from 2016. The office building spans 415K SF, and Chetrit paid $250M for it in 2014, per TRD. David Hayum and Tal Savariego of Meridian Capital Group arranged the deal.
The Chetrit Group reeled in $112M from Cantor Commercial Real Estate Lending to refinance 98 Montague St. in Downtown Brooklyn, The Real Deal reports. The site is home to the revamped iconic Hotel Bossert, where an opening has been delayed for months. The loan includes a $27.7M gap mortgage.
Alma Realty locked down $107M in debt from the New York Community Bank for the refinancing of three buildings in Far Rockaway, The Real Deal reports. The properties feature 770 residential units and are at 107-10 Shore Front Parkway, 106-20 Shore Front Parkway and 106-10 Shore Front Parkway. The loan includes approximately $16.6M in new financing, per the publication.