This Week's N.Y. Deal Sheet
As New York City begins down the path of reopening after three slow months, big deals still appear stagnant, but haven't completely stopped.
Related Cos. is selling its 240-unit, 27-floor multifamily property with retail space at One Union Square South to an overseas investor for $200M, The Real Deal reports. The building is known for the 100-foot sculpture on its side dubbed "The Metronome." Related built the building in 1998.
Young-Hee Lowe purchased a five-story, mixed-use building at 34 East 39th St. for $6M to house her nonprofit called the Young-Hee Lowe Foundation, which aids Korean American women in their education, Marcus & Millichap announced. Uzi Ruskin, the founder and CEO of United Merchants & Manufacturers, sold Lowe the building. The building contains 6,872 SF and is home to one retailer, Photo Mission Studios. Marcus & Millichap’s John Stewart and Nicholas Biedron brokered the deal for both sides.
The Morgan Group sold a multifamily building at 161-165 East 179th St. in the Mount Hope neighborhood of the Bronx to V & S 179 LLC for $12.5M, Rosewood Realty announced. The 93K SF building has 84 units. Rosewood Realty’s Aaron Jungreis brokered the deal on behalf of the seller and the buyer.
TOP FINANCING DEALS
Klövern AB and GDS Development Management scored a $100M mortgage on their multifamily co-op building at 417 Park Ave., property records show. The development duo, which owns three other New York properties together, received the loan from Nordic Trustee & Agency AB in Swedish bonds, The Real Deal reported.
PRD Realty secured a $25M refinancing from Bank of America on its mixed-use property at 17 West 34th St., PincusCo. Media reports. The 13-story, 262K SF building, known as The Martin Building, holds office and retail space, including a Banana Republic store on the ground floor. Savills is currently marketing a rental listing for the 11th floor of the building, according to LoopNet.
Mayfair Towers, the co-op building at 15 West 72nd St. on the Upper West Side, received a $35M refinancing loan on the property, PincusCo. Media reports. The 36-story building holds 493 units. Apple Bank for Savings financed the loan.
Major Kitchen Cabinet Inc. is leaving its 40K SF space at 150 52nd St. in Brooklyn for a new spot in Elizabeth, New Jersey, Elberon Development Group announced. Elberon owns the 75K SF warehouse space at 502 York St. in Elizabeth, which has a 22-inch clear ceiling height and six loading docks. Kings Logistic Center LLC owns the building Major Kitchen Cabinet is leaving in Sunset Park.
Winged Keel Group will move into the 12,700 SF 44th floor of One Grand Central Place, Commercial Observer reports. The 11-year lease is with the landlord, Empire State Realty Trust. Winged Keel Group will move from its offices at 1700 Broadway. Colliers’ Reid Longley and Robert Kennedy brokered the deal on behalf of the tenant, and ESRT was represented in-house.
Grocer 312 Food Corp. signed a lease with Won Merchandise Corp. to occupy space at 312 Audubon Ave. in Washington Heights, Commercial Observer reports. The 20-year lease includes 6K SF of retail space and 1,500 SF of office space. The tenant was represented by Maria Fernandez of Avison Young and the landlord was represented by Ryan Chong of A&E Realty. Asking rent in the deal was $45 per SF.