This Week's N.Y. Deal Sheet
New York City remains on lockdown as the coronavirus crisis continues to worsen — but there are still deals happening, albeit at a diminished pace, including two tech tenants locking down office leases and some major office properties trading hands.
HUBBNYC paid Adam America Real Estate Group $83.8M for a mixed-use building at 123 Hope St., The Real Deal reports. The 136-unit, seven-story building in Williamsburg was co-developed by Slate Property Group, which bought the property for $31.5M in 2015, and Adam America. Prince Realty Advisors’ David Ash arranged the sale.
Edward J. Minskoff Equities picked up a development site in Dumbo, paying $61.5M, according to a release from JLL. Forman Group sold the 29 Jay St. property, which spans 21K SF of warehouse and distribution space on a 19K SF corner lot. It has some 200K SF of development potential. JLL’s Bob Knakal, Stephen Palmese, Brendan Maddigan, Winfield Clifford, Jonathan Hageman, Michael Mazzara, Ethan Stanton and Patrick Madigan arranged the sale. Aaron Niedermayer provided financial advisory services, and Howard Hersch provided leasing advisory services.
Kaufman Organization paid the Blum family $48.5M for an office and retail building at 56 West 22nd St. AXA Investment Managers joined with Kaufman on the purchase and the pair is planning to launch capital improvements and reposition the property. The 12-story building spans 66K SF, was built in 1907 and features ground-floor retail space. Bob Knakal, Stephen Palmese, Jonathan Hageman, Brock Emmetsberger, David Giancola, Patrick Yannotta and Ryan Kossoy of JLL brokered the sale. Leasing guidance was handled by Randy Abend and Justin Haber. Aaron Niedermayer provided financing guidance.
The Durst Organization inked two lease deals at 1155 Sixth Ave., the landlord announced in a release. Blockchain startup R3 signed on a 10-year lease spanning 17K SF. The deal will see the company moving from 11 West 42nd St. In a separate deal, Check Point Software Technologies is taking nearly 10K SF on the 25th floor, and will move from 500 Fifth Ave. Newmark Knight Frank’s Leo Paytas brokered the deal for R3, while Waite Buckley of Vicus Partners represented Check Point. Tom Bow, Rocco Romeo and Tanya Grimaldo represented Durst in-house.
Sound design company Barking Owl is taking nearly 6K SF at Savanna’s 24-28 West 25th St., Commercial Observer reports. The deal is for 11 years, and asking rents were $74 per SF. LSL Advisors’ Daniel Lolai and Michael Hymowitz represented the tenant. Theodora Livadiotis and Anthony LoPresti of Cushman & Wakefield arranged the deal for the landlord.
TOP FINANCING DEALS
Greystone & Co. loaned Besen Partners’ Michael Besen $21M for a multifamily property in Nolita, PincusCo reports. The loan is for three parcels at 49 Prince St., 311 West 21st St. and 336 West 17th St. The financing features a $5M gap loan and average loan per unit is $362K. The property has 58 residential units.
Jem Realty Management, owned by the Jemal Family, scored $24.1M from Signature Bank, per PincusCo, for 2108 Adam Clayton Powell Jr. Blvd. in Harlem. The office building there spans 85K SF and has 125K SF of development rights.