This Week's N.Y. Deal Sheet
The spring awakening for New York City deals is real and it's spectacular, with office leases at major Midtown properties and the sale of a pricey Upper East Side apartment building.
Stonehenge Partners paid a private family $135M for a pricey rental apartment building at 920 Park Ave. on the Upper East Side, The Real Deal reports. The 62-unit building, developed in 1962, contains two-, three-, four- and five-bedroom apartments that have been rented for $8,600 to over $18K per month in deals signed over the past year, according to StreetEasy. JLL’s Bob Knakal and Rob Hinckley brokered the sale, per TRD.
Benedict Realty Group and Harbor Group International purchased two office buildings at 3 Executive Blvd. and 3 Odell Plaza in Yonkers for $37M, CBRE announced. The Robert Martin Co. sold the properties, which are fully occupied by the Montefiore Medical Center. CBRE’s Jeffrey Dunne, Steven Bardsley, David Gavin, Jeremy Neuer, Gene Pride and Stuart MacKenzie represented the seller.
Elion Partners bought a 180K SF Queens warehouse at 182-20 Liberty Ave. for $58M, The Real Deal reports. The property, located in Jamaica, sits on a 5-acre lot, according to 42 Floors. Elion also has industrial properties in New York, Florida, Illinois and Washington, D.C., according to its website. Two families — represented by Venture Capital Properties’ Itan Rahmani and Yehude Goltche — sold the property. Ariel Ben Ezra of Oxford Property Group brokered the deal for the buyer.
Yechiel Newhouse paid Stellar Management Co. more than $24M for an apartment building at 1240 Morrison Ave. in the Bronx, property records show. The 12-story, 154-unit building, developed in 1968, contains studios as well as one- and two-bedroom apartments, according to StreetEasy. Newhouse has been an active buyer of rent-stabilized apartment buildings.
Colorado-based storage company 21st Century Storage bought a warehouse on 47-20 Dutch Kills St. in Long Island City for $18M, property records show. John Del Monaco signed for the seller, a Tinton Hills, New Jersey-based LLC. The new owner plans to renovate the property over the next year, according to a release.
This is the latest in a wave of storage facility purchases throughout the five boroughs over the past year as demand for storage grows amid the coronavirus pandemic. Colliers International’s Tom Gustafson and Flatiron Realty Ventures’ James Murphy brokered the deal.
Rapidly growing specialty financing company Nearwater Capital has signed a 17K SF lease at SL Green’s One Vanderbilt, according to JLL. Nearwater plans to take space on the 33rd floor of the new 67-story skyscraper, which was 73% occupied as of January. It will move from its current location at RFR’s Seagram Building, where it signed a 4K SF lease in 2018. JLL’s Alexander Chudnoff and Kip Orban brokered the deal for the tenant.
The Italian Furniture Designer Rimadesio will open a 6K SF, two-level location at A. Ruth & Sons’ 102 Madison Ave. in Midtown South, Colliers announced. This is the first Manhattan store for the brand. French furniture store Liaigre currently occupies the ground floor of the 12-story building, which was developed in 1917.
The National Bank of Egypt penned an agreement with the Rudin family to renew its 15K SF lease at 40 East 52nd St. in Midtown, Commercial Observer reports. Last quarter, Manhattan office leasing volume was largely propped up by renewals like this one, especially by tenants in the finance, insurance and real estate sectors in Midtown. Fred Smith and Thomas Burrus of Newmark brokered the deal for the tenant, per CO.
Real estate investment trust Medical Properties Trust will take up 14K SF at L&L Holding Co.’s 425 Park Ave. for the next 15 years, Commercial Observer reports. The 47-story, newly developed office building just recently received its certificate of occupancy in February. The REIT will join Citadel Enterprises in the full-block building when it makes the move from its current office location down the street at 200 Park Ave.
TOP FINANCING DEALS
Muss Development scored a 10-year, fixed-rate, $52M loan from Bank of America to refinance Flushing Plaza in Queens, Cushman & Wakefield announced. Bank of America provided the debt. The 267K SF office and retail building, developed in 1983, counts Advanced Dermatology, Emblem Health, Spectrum and Dunkin' Donuts as its tenants, according to its website. Cushman & Wakefield’s Gideon Gil and Alex Lapidus brokered the debt for the landlord.
Laub Realty refinanced its 12-story, 134-unit apartment building at 261-275 Amsterdam Ave. for $95M, Black Bear Capital Partners announced. Morgan Stanley provided the 10-year, fixed-rate loan. In addition to the residential component, the building has 21K SF of ground-floor retail. Black Bear’s Bryan Manz, Brandon Harris and Philip Bowman arranged the debt for the landlord.
Columbia Pacific Advisors lent developer John Zaccaro $19.4M to refinance his 12-unit multifamily building at 68-70 Spring St., PincusCo.Media reports. Zaccaro submitted plans for the eight-story luxury building in 2017, according to Bowery Boogie. Earlier that year, demolition began where the rental property would eventually go up, the local news site reported.