This Week's N.Y. Deal Sheet
This week, SL Green sold a pricey Manhattan property, One World Trade Center continued leasing up and a Manhattan residential building scored financing.
Top Sales
SL Green announced that a Brookfield Asset Management-backed fund is paying $446.5M for 315 West 33rd St. and a piece of land next door. The mixed-use building is also known as The Olivia and the overall deal works out to be $906 per SF. SL Green bought the building, which features 333 residential units and 270K SF of commercial space, in 2013. The deal is expected to close by next quarter.
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Infinity Real Estate and Nightingale Properties sold its retail and office Kingswood Portfolio in Midwood to real estate investment trust Urban Edge Properties, The Real Deal reports. The total sale price for the asset, which features the 230K SF Kingswood Center at 1630 East 15th St. and the 110K SF Kingswood Crossing nearby at 1715 East 13th St., was $165M.
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Minrav Development dropped $40.5M on five vacant pieces of land in Gramercy Park, The Real Deal reports. The buyer spent $28.5M on 305-311 First Ave. and $12M on 343 East 17th St., per the publication. The seller was CIM Group, and Meridian Investment Sales arranged the deal.
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Largo paid $31.75M for the Continental, a rental at 185 South Fourth St., in Williamsburg, The Real Deal reports. Raymond James Bank loaned $24M for the purchase. The seller is an LLC linked to landlord Juda Rosenfeld, per TRD.
Top Leases
National Grid, an energy company, leased 87K SF at Brookfield Properties' 2 Hanson Place in Downtown Brooklyn. The deal is for 15 years, according to a release from the landlord, and the company is moving into the entire 11th and 12th floors by the end of the year. Cushman & Wakefield’s James Frank, Daniel Johnsen, Lawrence Wilks, Joseph Cirone, Patrick Dugan and Helen Paul represented the tenant. Brookfield was represented in-house by Jesse Cooperman, Alex Liscio, Ross Hoddeson and Alireza Esmaeilzadeh.
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Progyny, a fertility benefits management company, is subleasing 25K SF at 1359 Broadway, according to Newmark Knight Frank. The sub-landlord is IHS Markit, and the deal is for nine years. Progyny is expanding from 13K SF at 245 Fifth Ave. CBRE’s Jared Freede represented the sub-landlord, and NKF's David Falk and Kyle Ciminelli represented the tenant.
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Lexington Partners LP inked a deal to take 48K SF at 399 Park Ave., which is owned by Boston Properties. The deal is for the 20th and 21st floors and means the alternative investment manager is moving from 660 Madison Ave, per a release from JLL. JLL’s Martin Horner, Jim Wenk and Kirill Azovtsev represented the tenant. CBRE brokers Peter Turchin, Gregg Rothkin, Arkady Smolyansky, Evan Fiddle and Caroline Merck arranged the deal for the landlord.
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Trader Joe’s is planning to open in the 50K SF of city-owned space under the Ed Koch Queensboro Bridge, according to Patch and The New York Post. The Community Board 8 landmarks committee approved the company’s application this week to go into space once filled by the Food Emporium.
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Software firm Celonis is taking 34K SF across the entire 87th floor of One World Trade Center, The New York Post reports. Asking rents in the deal were $85 per SF and the building is now over 85% leased, per the publication. Newmark Knight Frank and Durst Organization’s Eric Engelhardt and Karen Kuznick brokered the deal for landlords the Port Authority and Durst. JLL represented the tenant.
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Susquehanna International Group LLP renewed its 52K SF lease at 140 Broadway in the Financial District. The space is on the 47th and 48th floors and the renewal is for 16 years. NKF’s Brian Goldman and Ross Perlman represented the tenant. Robert Constable of Cushman & Wakefield represented landlord Union Investment Real Estate.
Top Financing
Bank of China loaned $105M to the Moinian Group for its residential building at 572 11th Ave., the developer announced. The financing comes at a fixed rate of 2.8% for 10 years and replaces previous construction financing. The rental building, known as the Oskar, spans 183K SF and has 164 apartments and retail space.
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Cornell Realty Management scored $84.2M from G4 Capital Partners for 200 Kent Ave. in Williamsburg, The Real Deal reports. Cornell is building a 110K SF mixed-use building there. Madison Realty Capital loaned $64M for the project in 2017. Henry Bodek of Galaxy Capital arranged the financing.
