This Week's N.Y. Deal Sheet
The New York City office leasing market is starting to pick up, including a handful of office deals in Brooklyn.
MetroTech Center in Brooklyn has a new tenant. JLL will run a 51K SF flex-office space at 15 MetroTech Center, signing a lease for 11 years, landlord Brookfield Properties announced. JLL’s Ben Munn arranged the lease for his company.
Two other tenants renewed their leases at MetroTech: HeartShare Human Services of New York extended its 33K SF lease at 12 MetroTech Center for 19 years. CBRE’s Ken Myerson brokered the lease for the tenant, while Brookfield’s Jesse Cooperman, Mark Kostic and Ross Hoddeson brokered the leases in-house for the landlord on the JLL and HeartShare leases. The Internal Revenue Service renewed its 49K SF lease at 2 MetroTech Center. JLL’s Bill Korchak and Maureen Peyton brokered the deal for the IRS, and Colliers’ Charles Dilks and Matthew Johnston brokered the deal for Brookfield.
CVS will take up just over 19K SF across two floors at The Astor building at 217 Broadway. The retailer inked a 15-year lease with landlord Columbus Properties at the location. CBRE’s Bruce Surry, David LaPierre and Kristen Crossman brokered the deal for the landlord, while Newmark’s Ariel Schuster, Brandon Eisenman and TJ Cholnoky brokered the deal for the tenant.
The Consulate General of Morocco signed an 18,300 SF lease at Harbor Group International’s 55 Broadway. The consulate’s present New York City location is at 10 East 40th St. in Midtown, according to its website. It will share the downtown building with insurance company Assurant, which penned a nearly 11K SF lease in the building last month. CBRE’s Brad Gerla, Jonathan Cope, Caroline Merck and Craig Motola represented the landlord in both deals.
Health care tech company Galileo Health signed a lease for 12K SF at Renaissance Properties’ 166 Crosby St., Commercial Observer reports. Asking rent for the seven-year agreement was in the $70 per SF range. Newmark’s Jarad Winter and JD Cohen brokered the deal for Renaissance. Newmark’s Josh Berg negotiated the lease for the tenant.
E-commerce company Weee! Inc. penned a 220K SF cold-storage industrial lease at 174 Delawanna Ave. in Clifton, New Jersey, The Real Deal reports. CBRE brokered the deal for the landlord, STRO Cos., while Lee & Associates in Oakland, California, represented the tenant. Weee! Inc., a grocery delivery company, was started in 2015 in the Bay Area.
Department store Pearl River Mart inked a seven-year, 7K SF lease at 452 Broadway, Lee & Associates NYC announced. Asking rent was $150 per SF. Lee & Associates NYC’s Paul Popkin brokered the deal for Pearl River Mart, while Sequoia Property Group’s Gregory Kim brokered the lease for the co-op board that owns the building, which has an alternate address of 16 Crosby St.
ASAP Holdings bought the 443-unit New York LaGuardia Marriott Hotel and a 1.5-acre lot for a total of $103.5M, PincusCo. Media reports. Rubicon Cos. sold the hotel and land. The hotel deal had a price tag of $86.5M, or $331 per SF, while the lot cost $17M.
Benchmark Realty Group LLC purchased 826 Madison Ave. for $12.5M from Bicent Properties, property records show. The Upper East Side five-story commercial building, built in 1900, has a K4 city designation, meaning it contains retail and units with other uses as well. The building also contains two one-bedroom apartments, according to StreetEasy.
School developer Civic Builders purchased a two-story building at 720 Livonia Ave. in East New York, Brooklyn, property records show. The 28K SF building was previously the location of Public School 53, according to a redevelopment listing. The building was acquired through a bankruptcy auction, The Real Deal reports.
TOP FINANCING DEALS
Property Resource Corp. and Avenue Realty Capital scored a $63M loan to convert the 121K SF church at 800 Willoughby Ave. into a multifamily building, Commercial Observer reports. Barings and Pacific Western Bank provided the debt. Newmark’s Dustin Stolly, Jordan Roeschlaub, Daniel Fromm, Nick Scribani and Chris Kramer arranged the financing for the joint venture.
Clipper Equity received $100M in refinancing on its 216K SF office building at 141 Livingston St. in Brooklyn, The Real Deal reports. The 175K SF, 16-floor building is home to the King’s County Civil Court. Citi provided the debt and Ironhound Management brokered the deal for the borrower.
Ramrock Real Estate and Mequity Cos. scored a $35M loan to convert a Manhattan parking garage at 41-47 East 21st St. into a CubeSmart self-storage facility, Commercial Observer reports. Cerberus Capital Management provided the debt, and JLL’s Steve Klein, John Rose, Geoff Goldstein and Mitchell Kaliner brokered the deal for the two borrowers.