This Week’s N.Y. Deal Sheet
This week's deal sheet includes sales, leases and loans closing as New York awaits the coronavirus pandemic's apex, including a lease expansion for an e-pharmacy in Brooklyn.
Medley Pharmacy, which specializes in online same-day prescription filling, has added to its lease at 46 Cook St. in Williamsburg, The Real Deal reports. The company will now occupy 43,500 SF at the property for $45 per SF, having increased its footprint from the planned 28,500 SF. A jump in demand as a result of the pandemic is driving the increase in size. Joel Braver developed the property in 2018. Dov Bleich, Avi Akiva and Shlomi Bagdadi, all of Tri State Commercial Realty, represented both sides in the deal.
Brickworks Limited, a building materials firm, inked a 10-year lease for 16K SF at Harbor Group International’s 445 Fifth Ave. in Midtown South, Commercial Observer reports. The Dartmouth Co.’s Fritz Kemerling represented Brickworks and Harbor Group's Jeff Mack represented the landlord in-house, alongside Newmark Knight Frank’s Karen Bellantoni, Richard Gelber and Bradley Some.
TOP FINANCING DEALS
Innovo Property Group and Square Mile Capital Management scored $305M for ongoing construction at their 20-acre industrial site in the Bronx. Bank OZK and EverWest Real Estate Investors provided the financing for the 1M SF, multistory project at 2505 Bruckner Blvd., according to a release. Cushman & Wakefield’s Adam Spies, Adam Donegar, Steve Kohn and Alex Hernandez brokered the deal.
Centennial Bank provided a $51M construction loan to Starwood Capital and AB Capstone for their 10-story, mixed-use property at 425 Westchester Ave. in the Bronx, Commercial Observer reported. Newmark Knight Frank’s Dustin Stolly, Jordan Roeshlaub, Nick Scribani, Chris Kramer and Drew Ahlers arranged the deal.
PGIM Real Estate Finance provided a $130M loan to JP Morgan Asset Management for The Capitol at Chelsea, a 387-unit apartment complex at 55 West 26th St., according to TreppWire. HSBC Bank had loaned a similar amount to the building owner eight years ago.
Eugene Kuljanic bought a 48-unit, 39,500 SF multifamily building in Astoria, paying $16.7M to seller Anastasia Lambadis, according to PincusCo. Marcus & Millichap’s Matt Fotis, Lazarus Apostolidis, Zachary Golub and Paul Youssef represented the seller, per a release from the brokerage firm.
Gemini Rosemont bought a Williamsburg development site with 37K buildable SF from Kevsta Inc. The price was $18.2M, Commercial Observer reports. The lot is at 186 North First St. and has a 14K SF warehouse leased to Poler Contracting. JLL’s Brendan Maddigan, Stephen Palmese, Winfield Clifford, Michael Mazzara, Ethan Stanton and Patrick Madigan brokered the deal for Kevsta while Gemini Rosemont didn't have a broker, per CO.
The Morgan Group sold two rent-stabilized buildings on Sherman Avenue in the Fleetwood-Concourse Village area of the Bronx, The Real Deal reports. Prana Investments paid $17M for the buildings, which combine for a total of 123 units. Rosewood Realty’s Aaron Jungreis arranged the deal.
CORRECTION APRIL 8 AT 4:30 P.M. ET: Gemini Rosemont bought the Williamsburg development site for $18.2M, not $18.6M. This story has been updated.