This Week's N.Y. Deal Sheet
As a heat wave hit New York City, investment sales volume increased and financing deals continued to close, but leasing velocity was slower than in weeks prior despite a 200K SF office lease downtown.
Top Rock Holdings, RJ Capital Group and SYU Properties paid Jasper Venture Group $31.7M for a 57K SF lot at 70-35 113th St. in Forest Hills, Queens, JLL announced. The trio of developers will build an apartment complex spanning two buildings, with market-rate units as well as affordable units for seniors. JLL’s Stephen Palmese, Brendan Maddigan, Michael Mazzara, Winfield Clifford, Ethan Stanton and Patrick Madigan brokered the deal for the seller.
DivcoWest purchased 325 Hudson Ave. from Jamestown for $134M. The 200K SF office building has both a data center and traditional office space. Companies such as RCN, Verizon Wireless, Starry and Industrious take up space in the building. Jamestown sold for $24M more than it paid when it picked up the building in 2012.
Rose Property Management Group bought an apartment building at 101 Cooper St. in Manhattan for $15M from Rosedale Management Co., property records show. The Inwood multifamily property, built in 1937, contains 82 units across six stories, according to Apartments.com. It includes rent-stabilized units, according to a Sovereign Associates listing for the property.
The Feil Organization paid Henry Modell and Co. nearly $20M for a nearly 8K SF retail building at 366 Fulton St. in Brooklyn, property records show. The building is currently home to Portabella Menswear, per the Downtown Brooklyn Partnership website.
The Legal Aid Society penned a 30-year, 199K SF lease at GFP Real Estate’s 40 Worth St., the landlord announced. The nonprofit is condensing its office footprint into one location, moving out of Jack Resnick & Sons' 199 Water St. and Rudin Management Co.'s 80 Pine St. CBRE’s Craig Reicher, Christopher Mansfield, Greg Maurer-Hollaender and Peter Gamber brokered the deal for the Legal Aid Society, while Brian Steinwurtzel and Roy Lapidus arranged the deal in-house for the landlord.
Sonder will take up the entirety of Red Pine Capital Partners’ 645-651 Union St. in Gowanus, currently the location of Gowanus Inn & Yard, a 76-room hotel, The Real Deal reported. Sonder has signed several leases throughout Manhattan since the coronavirus pandemic hit, most recently at Premier Equities' 130 Duane St. last month. This will be the company’s first Brooklyn location, per TRD. Sonder, valued at $2.2B, has agreed to go public via a SPAC merger.
Pizza shop Lilac inked a 2,070 SF lease at The Abeco Organization’s 200 Fifth Ave. in Brooklyn, Commercial Observer reported. The space was previously occupied for 30 years by Fifth Ave Bar. The address sits along a retail strip in Park Slope where street dining has become popular since the start of the pandemic. All Points Real Estate’s James Monteleone brokered the deal for both the landlord and the tenant, and the asking rent was $75 per SF, per CO.
TOP FINANCING DEALS
Blackstone refinanced its retail property at Shops at Skyview on 40-24 College Point Blvd. in Flushing with a $285M CMBS loan provided by Morgan Stanley, The Real Deal reports. Companies such as BJ’s, Adidas, Forever 21, Target and Marshalls take up space in the mall, according to its website. The two-year loan is floating-rate, per TRD.
United Construction & Development scored an $88M loan provided by the Bank of China to refinance its multifamily mixed-use property at 88-08 Justice Ave. in Queens, PincusCo. Media reports. The 184-unit, 18-story building was developed in 2017, according to StreetEasy. Central Queens Academy Charter School is set to build a school at the address as well, Real Estate Weekly reported in February.
Emerald Creek Capital provided Reading International with a $43M loan to refinance debt on 44-48 Union Square in Manhattan, also known as the Tammany Hall building, PincusCo. Media reports. Space is being marketed as Class-B office after the building underwent major renovations in 2015, according to New York YIMBY.