This Week's N.Y. Deal Sheet
This week, a luxury residential development in Manhattan scored an inventory loan, one of the big technology firms locked down space and Alex Rodriguez's company snapped up a New York City property.
Apple is taking 220K SF at Vornado’s 11 Penn Plaza, according to reports in the New York Post and Commercial Observer. The deal is for five years, per CO. The Post reports that deal is for the 11th through 14th floors, with an option for the ninth floor. Apple is taking over space previously occupied by Macy’s, per the Post. JLL’s Peter Riguardi, Martin Horner and Kirill Azovtsev represented the tenant, while Vorando’s Glen Weiss handled the deal in-house.
Blue Wolf Capital Partners locked down 20K SF at 3 World Trade Center, landlord Silverstein Properties announced. The private equity firm is taking the space on the 65th floor for 10 years, per the release, and is moving from its current home at One Liberty Plaza in 2021. Silverstein’s Jeremy Moss and Camille McGratty brokered the deal for the landlord along with CBRE’s Mary Ann Tighe, Ken Meyerson, Adam Foster, Evan Haskell, Steve Eynon, David Caperna and Rob Hill. Cushman & Wakefield’s Douglas Dolgoff with Blue Wolf’s Jeremy Kogler and Glenn Cummins negotiated for the tenant.
Exiger Holdings inked a deal to take 31K SF at Rudin Management’s 1675 Broadway, according to CBRE. The financial crime, risk and compliance solutions company is subleasing the space on the entire 15th and part of the 16th floor. Exiger is moving from 1095 Sixth Ave., and is paying rent in the mid $60s per SF for 11 years. CBRE’s Gregg Rothkin, John Maher, Paul Myers, Mike Wellen, Alex Bennisato and Cara Chayet represented the sublandlord. While they declined to identify their client, Publicis is the largest tenant at 1675 Broadway and announced last year plans to move its operations in the building to Hudson Square.
Alumni Ventures Group is taking 11K SF on the 18th floor of APF Properties’ 183 Madison Ave., Newmark Knight Frank announced. The building spans 275K SF and Alumni is taking space on the 18th floor. The lease is the company’s first New York City office. NKF’s Andrew Sachs, Tim Gibson, Josh Gosin, Brittany Reisman and Morgan Feldman represented the landlord. CBRE’s Jason Frazier represented the tenant.
Flushing developer Gary Tsan paid $60M for a 1-acre lot at 133-25 37th Ave. in Downtown Flushing, The Real Deal reports. Yihai Group sold the site, which has an industrial building on it. Cushman & Wakefield’s Stephen Preuss arranged the deal. The site has about 205K buildable SF if it is redeveloped.
Global Holdings Management Group closed on its $380M purchase of the Instrata Nomad, Commercial Observer reports. The luxury apartment building, sold by the Los Angeles County Employees’ Retirement Association, is at 10 East 29th St. and has 392 market-rate units. The sale and a financing package from Wells Fargo was handled by Eastdil Secured, per CO.
Stonehenge NYC, Modlin Group and Alex Rodriguez’s A-Rod Corp. picked up a 114-unit apartment building at 340 East 51st St., the partnership announced in a release. The sale price was $66.2M or $707 per SF. Previously known as Allen House, the property was previously owned by the London family and is now being rebranded as Stonehenge 51. Savills’ David Krantz and Paul Leibowitz brokered the deal.
EcoRise Development paid Joel Wertzberger’s Joyland Group $36M for 159-161 Bleecker St., The Real Deal reports. Meridian Investment Sales’ Lipa Lieberman, Abie Kassin, Brian Gladstone and David Schechtman arranged the deal for the 30K SF office and rental building.
TOP FINANCING DEALS
Ceruzzi Properties locked down $350M for The Centrale, its luxury condominium in Midtown East, the developer announced. Meritz Securities provided the inventory loan for the 124-unit residential building at 138 East 50th St. The financing replaces the $300M construction loan provided by Madison Realty Capital back in 2017, per the release. The building was finished last year, and 20 units are said to be under contract. JLL’s Chris Peck, Dave Nackoul and Kristen Knapp represented Cerruzzi in the financing.
CCRE and KeyBank loaned $324M to landlords Mendel Mendelowitz and Eugene Mendelowitz for the refinancing of their residential portfolio in the city, Commercial Observer reports. The financing is for 28 properties, 27 of which are in Manhattan with one in Brooklyn. The portfolio is half rent-stabilized and half free-market, per CO, and the properties include 201 West 92nd St., 200 West 93rd St., 78 Riverside Drive in Manhattan and 480 Humboldt St. in Brooklyn.
Capital One provided a $131.2M construction loan to RXR Realty for its mixed-use tower in New Rochelle. The building will be a ground-up development at 26 South Division, and would reach 20 stories and feature 352 market-rate apartments.