This Week's N.Y. Deal Sheet
This week, there was a lot of lending on multifamily properties while sale and lease transactions remained slow.
Shiya Labin purchased a Brooklyn office building for $29.5M at 6201 15th Ave. in Kensington, property records show. American Stock Transfer & Trust Co. sold the property. TerraCRG’s Ofer Cohen, Dan Marks, Daniel Lebor and Adam Tannenbaum brokered the deal for the seller. The four-story property spans 151K SF and the purchase includes an 8,400 SF parking lot. Labin scored a $21M loan from ConnectOne Bank to finance the acquisition, according to PincusCo. Media.
Redeemer Presbyterian Church purchased a 25-unit apartment building at 151 East 91st St. on the Upper West Side for $29.5M, Cushman & Wakefield announced. GPG Properties sold the property. The church plans to convert the space, built in 1910, into a community facility. It contains 45K SF of buildable space. Cushman & Wakefield’s Hunter Moss and Brad Jones brokered the deal for the seller. The church has a location at 112 East 75th St. on the Upper East Side as well.
Prana Investments bought a 62-unit multifamily property at 183 Claremont Ave. in Morningside Heights for $15.8M, PincusCo. Media reports. BlackRock Realty Advisors sold the property, which it purchased in 2008 as a piece of a $319M portfolio. The building went under contract before the coronavirus hit, in February. The multifamily market in Morningside Heights has been hit hard amid the pandemic. Rent prices in the neighborhood are down 16% to 20% year-over-year and with Columbia University’s decision to hold all classes remotely this semester, the neighborhood’s prospects of a fall rebound are dismal.
TOP FINANCING DEALS
David Marom, owner of development, investment and construction management firm The Horizon Group, scored an $11.7M loan on his multifamily project at 61 Rivington St. in Chinatown, Traded reports. Bank Leumi USA provided the debt. The Horizon Group purchased the building in 2018 for $8.45M and is renovating the building with a design by Issac & Stern Architects and Picksell Studio, according to YIMBY.
Xiao Ke Tang secured a $23.5M loan from Popular Bank on a 74-unit luxury apartment building at 46-02 70th St. in Elmhurst, Queens, PincusCo. Media reports. Plans for the building filed in 2016 included 51K SF of residential space and 324 SF of retail space on the bottom floor, according to New York YIMBY. The building was designed by Angelo Ng and Anthony Ng Architects Studio.
Walton Street Capital and Wharton Equity Partners scored a $60M bridge loan from Nuveen Real Estate for the partnership’s 1.2M SF industrial property, Twinbridge and Twinbridge West Parks, in Mount Laurel, New Jersey, Commercial Observer reports. The property contains 32 buildings. Walker & Dunlop's Aaron Appel, Keith Kurland, Jonathan Schwartz, Adam Schwartz, Mo Beler, Ari Hirt and Triston Stegall brokered the debt for Walton and Wharton. The partnership purchased the property from The Bloom Organization in early August.
Meng Hua Wang borrowed $16.3M from Royal Business Bank to refinance a mixed-use development at 90-75 Sutphin Blvd. in Jamaica, Queens, PincusCo. Media reports. In 2018, the landlord took out a $35M mortgage to develop the property into a 181-room hotel with 28K SF of office and 3,700 SF of retail.
Heritage Realty of New York scored $49M to refinance its $38.8M mortgage that was provided by People’s United Bank in 2017, according to Trepp. New York Community Bank provided the debt for the deal on four properties, which closed Aug. 3. The real estate company owns multifamily and office properties in Northern Manhattan and SoHo.
CBRE signed a 215K SF, six-year lease in Tishman Speyer’s MetLife Building at 200 Park Ave., expanding its existing footprint in the building by 45K SF. CBRE’s Craig Reicher represented his employer in the transaction. Tishman Speyer’s Gus Field and Megan Sheehan represented the landlord in-house. The brokerage's move is a vote of confidence, it said, in what is widely considered to be an uncertain office market.
Bed Bath & Beyond inked a 92K SF lease for a new flagship store at RXR’s 620 Sixth Ave. in Chelsea, where the retailer currently occupies a 21K SF space in two other units, the landlord announced. RIPCO’s Peter Ripka represented the tenant, while RXR was represented in-house by Reed Zukerman, Brian Cheeseman and Whitney Arcaro.
Avra Estiatorio signed a 16.5K SF lease in the Rockefeller Group’s Time and Life Building at 1271 Sixth Ave, Commercial Observer reports. This is the second restaurant lease signed at the address this month: Ted’s Montana Grill signed a lease renewal at the location. The Greek eatery also has locations in Midtown East and on the Upper East Side. CBRE’s Eric Gelber and Jordan Kaplan brokered the lease for the Rockefeller Group along with the landlord’s Ed Guiltinan and Jennifer Stein. CBRE’s Gary Trock and Zach Parisi represented the tenant.