This Week's N.Y. Deal Sheet
Although the pandemic has kept commercial real estate activity in New York muted, an up-and-coming social media business signed the biggest new office lease in months in Times Square last week.
Video-sharing social media giant TikTok signed a 10-year lease for 232K SF at the Durst Organization’s One Five One in Times Square, Commercial Observer reported. CBRE’s Sacha Zarba, Jeffrey Fischer and Alice Fair represented the tenant, and Durst was represented by in-house leasing brokers Tom Bow, Rocco Romeo and Tanya Grimaldo. The building, formerly known as 4 Times Square and the Condé Nast Building, recently underwent a $150M renovation.
Mitsui Fudosan America has three new tenants in its Plaza District building at 527 Madison Ave. Lone Pine Capital signed a lease for the 8,102 SF 16th floor, the company announced this week. Newmark Knight Frank’s Josh Friedman, Cooper Weisman, James Ritman and Janey Steinmetz brokered the deal on behalf of the tenant. Axium Infrastructure signed a lease for the 7,263 SF 21st floor. CBRE’s Jeffrey Killmnick and Anthony Manginelli represented Axium. Finally, Australian pension fund AustralianSuper will lease the 7,400 SF 20th floor. CBRE’s Paul Amrich, Neil King and Georgina Cook represented the fund in that deal. Cushman & Wakefield’s Jim Frederick and Gordon Hough represented the landlord in all three leases.
Mitsubishi International will be staying put for another three years. The Japanese conglomerate renewed its 120K SF lease at 655 Third Ave. with the building’s landlord, Durst, The Real Deal reported. The company currently takes up four floors of the building. The asking price was $70 per SF, according to TRD. NKF’s Moshe Sukenik, Noel Flaggnand E.N. Cutler represented the tenant, and Tom Bow, Rocco Romeo, Ashlea Aaron and Tanya Grimaldo represented the landlord, per TRD.
The Naftali Group bought an 800K SF development site at 470 Kent Ave. in Williamsburg from Abraham Rosenberg for $102M, The Real Deal reported. JLL’s Brendan Maddigan and Ethan Stanton and Cushman & Wakefield’s Robert Burton, Bobby Carrozzo and Vinny Puzio brokered the deal on behalf of the seller. The deal covers only a piece of the full development site. Naftali plans to finalize the purchase of the rest of the lumberyard later this year, TRD reports.
Barry Lipsitz paid $5M for a 4,252 SF, three-story mixed-use property at 159 Bowery on the Lower East Side, according to city property records. Cushman & Wakefield's Andrew Berry, Michael DeCheser, Bryan Hurley and Charlie Gravina brokered the deal on behalf of the seller, Brian Faerman.
Werber Management bought a one-story building and parking lot at 72-11 Roosevelt Ave. in Jackson Heights for $24M, PincusCo. reports. Delco Properties sold the property, which has more than 120K SF of development potential, according to a LoopNet listing for the site.
TOP FINANCING DEALS
Maddd Equities, Eli Weiss and Drew Katz scored a $50M loan to develop their property at 20 Bruckner Blvd., The Real Deal reports. The building was formerly an ice house. Sterling National Bank and Metropolitan Bank provided the debt. Progress Capital’s Brad Domenico brokered the deal, per TRD.
Oxford Property Group and Canadian Pension Plan Investment Board secured a $604.2M loan to build the 1.3M SF commercial condo property at 550 Washington St. in SoHo, PincusCo. reports. Wells Fargo, TD Bank and JPMorgan Chase Bank provided the debt, which will be used to fund construction of Google's Hudson Square campus at St. Johns Terminal.
Clipper Equity scored a $386M loan for the construction of its project on 77 Commercial St., in Greenpoint, Brooklyn, The Real Deal reports. The three-tower development is set to have 720 apartments. The Bank of China provided a $286M senior loan and SL Green Realty lent $100M.