This Week's N.Y. Deal Sheet
This week an office tenant is decamping from a building co-owned by the former president, a large life sciences asset in New Jersey traded and a new condominium building locked down a sizable inventory loan.
Fisher Brothers locked down a 130K SF lease with Equitable Life Insurance Co. at 1345 Sixth Ave. The long-term deal means the company is moving in 2023 from 1290 Sixth Ave., which is owned by The Trump Organization and Vornado, Commercial Observer reports. Recently reports have emerged that Vornado is trying to buy out Trump’s 30% stake in the property because of the negative attention the Trump name is attracting, but Vornado CEO Steve Roth denied there are any problems as a result of the partnership. Marc Packman and Clark Briffel arranged the deal in-house for Fisher, while JLL’s Matthew Astrachan, Daniel Turkewitz and Allison Melichar were on the tenant side.
Central Queens Academy Charter School leased 85K SF at 88-08 Justice Ave., The Real Deal reports. Justice Avenue Tower is a 340K SF building developed by United Development & Construction Group, and the school is going into space on the first, third and fourth floors. The deal is set up as a leasehold condominium, and it will run for 32 years. Transwestern Real Estate Services' Lindsay Ornstein and Stephen Powers brokered the deal.
Media company Gannett Co. is taking 24K SF at 1675 Broadway in a sublease deal, CBRE announced. Gannett is moving from 1633 Broadway to the 23rd floor in the new building, which is owned by the Rudin family. The sublandlord was not made public. The asking rent is in the mid-$60s per SF and the deal is for 10 years. CBRE’s Gregg Rothkin, John Maher, Paul Myers, Mike Wellen, Alex Bennisato and Cara Chayet represented the sublandlord. Gannett Co. was represented by Gordon Ogden and Nick Gilman of Byrnam Wood.
Lactalis American Group, a subsidiary of French Lactalis Group, a dairy products corporation, took a 16-year lease at 80 Pine St. The space spans nearly 15K SF across the entire 35th floor of the Rudin family's building; the tenant will be moving from 77 Water St. this coming fall. Savills’ Erik Schmall, Peter Cipriano and Dan Thompson represented Lactalis. Rudin Management’s Kevin Daly and Tom Keating arranged the deal for the landlord, alongside JLL’s Frank Doyle, Alexander Chudnoff, Peter Riguardi, John Wheeler, Eliza Akers and Kyle Young.
TOP FINANCING DEALS
Northwind Group loaned $56M to Grind Group for luxury residential 145 CPN, according to Lantern Real Estate, which arranged the deal. The financing is a condo inventory loan, per the release, and the 13-story building at 145 Central Park North has 37 units.
Thor Equities has locked down $75.4M from Apollo’s Athene Annuity and Life Co. for its property at 280 Richards St. in Red Hook, PincusCo reports. The property was once slated for an office development, but it has now been leased to Amazon as a warehouse. The e-commerce giant has been on a leasing spree in recent years, and in November leased more than 311K SF at the property for 20 years.
Wells Fargo provided Genting Group $175M to refinance 110-10 Rockaway Blvd. in Queens, which is home to Resorts World Casino. The deal works out to an average loan per buildable SF of $85, per PincusCo.
JLL Income Property Trust closed on its deal to buy 170 Park Ave. in Florham Park, New Jersey, for $46.6M, Commercial Property Executive reports, The former office building is now a 147K SF life sciences property, and is on 18 acres within a 270-acre office park. The building was built in 1982, and biotechnology company Celularity Inc. has leased it for its corporate headquarters since 2019. Lone Star Funds was the seller, per the website. LaSalle Investment Management was an adviser for the buyer, while CBRE represented the seller.
Delshah Capital paid $23.5M for a retail condo at 761 Seventh Ave., PincusCo reports, citing a Tel Aviv Stock Exchange filing. The 24K SF condo is one of two in the building between 50th and 51st streets. It features retail, hotel and residential space. The seller was identified only as 761 Partnership, with James Rosenzweig as an authorized signatory.