This Week's N.Y. Deal Sheet
Transactions seem to be picking up somewhat this week as New York City reopens after three months.
Transition Acquisitions bought a six-story office building at 1300 Flushing Ave. in Brooklyn for $44M from the Boston-based real estate company Alcion Ventures, city property records show. Alcion took out a $51.2M mortgage to purchase and renovate the former warehouse building in 2015 after paying $46M to acquire it in a joint venture with Lincoln Property Co.
Icon Realty Management bought four multifamily properties with 63 units from Aviva Jakubowicz for $25.85M, PincusCo. Media reports. The properties, all located in Midtown Manhattan, were at 406 West 48th St., 447 West 47th St., 316 West 51st St. and 410 West 48th St.
The Morgan Group, through the entity 165 East 179th St. LLC, bought a six-story apartment building in the Tremont neighborhood of the Bronx at 165 East 179th St. for $12.5M, city property records show. Queens-based landlord Ved Parkash sold the property. The building contains 83 units total with monthly rent ranging from under $1,500 a month to over $2,000 a month, according to online rental portal Naked Apartments.
Target is moving into buildings on the Upper West Side and the Upper East Side. The company signed a 56K SF, 20-year lease with Vornado Realty Trust at 150 East 86th St., PincusCo. Media reports. The building — called The Lucinda — is the home of fellow retailers Barnes & Noble and H&M. Target will also be joining the major retailers in Columbus Square. The company signed a 15-year lease with landlord the Chetrit Group for a 24K SF space at 795 Columbus Ave., PincusCo. reports.
Goodwill signed a 20-year lease renewal with its landlord at the 31K SF third floor of 25 Elm Place in Brooklyn, The Real Deal reports. Transwestern’s Stephen Powers, Lindsay Ornstein and Arthur Skelskie negotiated the lease for Goodwill. Department store-turned-real estate company J.W. Mays is the six-story building’s landlord.
Tempus Labs signed a five-year lease for the 23K SF ninth floor at RXR’s 230 Park Ave., Commercial Observer reports. The tenant is an Illinois-based data-driven clinical lab. RXR’s in-house leasing broker Jordan Bergen, along with Brian Waterman, Scott Klau, Erik Harris, Zachary Weil and Cole Gendels of Newmark Knight Frank, negotiated the lease for the landlord. Todd Lippman, Jared Isaacson and Alice Fair of CBRE represented the tenant.
Nonprofit Housing Works signed a new lease at the North River Co.’s Anable Building located AT 33-02 48th Ave. in Long Island City, NRC announced. The nonprofit will occupy 15K SF of the building’s ground floor. Housing Works is a service, retail and advocacy organization that lobbies for individuals who live with HIV/AIDS and provides jobs in thrift and bookstores throughout the city.
TOP FINANCING DEALS
Goldman Sachs secured a $57M acquisition loan to purchase the 19-story, 183-unit multifamily building at 1 Flatbush Ave., Commercial Observer reports. The building was developed in 2018 by Slate Property Group and Meadow Partners, according to New York YIMBY. The debt was provided by USAA Real Estate, according to Cushman & Wakefield, whose Gideon Gil, Alex Lapidus and Maya Steinberger brokered the debt for the borrower.
SDG scored a $13M in a refinancing loan on a 74-unit multifamily property at 3770 Broadway in Washington Heights, PincusCo. Media reports. The financing was one of several loans on multifamily properties backed by Signature Bank this week.
SDG Management scored another $38.8M in loans for 214 units across seven Northern Manhattan properties from Signature Bank, Pincus Co. Media reports. The properties being refinanced include a six-unit building at 3461 Broadway, a 33-unit building at 3393 Broadway, a 40-unit building at 602 West 137th St. and a 135-unit building on 191st Street.