This Week's N.Y. Deal Sheet
As the city cooled down a bit after a super-hot summer, deals continued to close this week including the sale of medical office condos, a life sciences lease and a construction loan for a Bronx charter school.
Investor Shulem Herman purchased the Rockaway Beach La Quinta Inn at 43-17 Rockaway Beach Blvd. from Riverbrook Equities for $25M, PincusCo. Media reports. The property last switched hands in 2009, before the hotel was built, for $790K, property records show. The 99-key building is five stories, per Hotel Guide.
Slate Property Group paid $23M for a former New School student housing building at 118 West 13th St. for $23M, The Real Deal reports. The new owner plans to transform the dorms into luxury apartments. JLL’s Bob Knakal and Jonathan Hageman were marketing the property for $22M, according to the brokerage firm’s website. It has been on the market since 2019, according to a Crain’s report announcing the listing.
60 Guilders LLC sold seven medical office condos at 345 East 37th St. to an undisclosed national buyer for $12M, according to Compass Vice Chairman Adelaide Polsinelli, who brokered the deal for the buyer. The building, dubbed The Corinthian, sits along Medical Mile in the Murray Hill-Kips Bay neighborhood. It contains 32 office condos across three floors and 817 residential units. Four other units were purchased in the building earlier this summer for $8.3M.
The Paramount Group signed two new renewals with existing tenants at 1301 Sixth Ave. In the larger deal, Credit Agricole downsized its once 350K SF footprint in the building to 167K SF in a renewal. Meanwhile, SVB Leerink expanded its total space in the building from 41K SF to 112K SF. Frank Doyle, David Kleiner, Clark Finney and Andrew Coe of JLL are in charge of leasing the building for the landlord.
Opentrons inked a 48K SF lease at King Street Properties and GFP Real Estate’s 45-18 Court Square West in Long Island City on behalf of itself and two sister companies called Pandemic Response Lab and Neochromosome. Bill Harvey, Jared Horowitz, Jordan Gosin and Emma Kistler of Newmark brokered the deal for the landlord, per the brokerage firm.
Natco Home Fashions will take up 11K SF at Adams & Co.’s 411 Fifth Ave., Commercial Observer reports. The 11-story building boasts tenants such as Citibank and New York Accessory Group. Savills' Evan Margolin and Greg Albert represented the tenant, per Commercial Observer.
Zions Bank loaned charter school KIPP NYC $102M for construction of its project at 2720 Jerome Ave. in the Bronx, PincusCo. Media reports. The office building will be transformed into a school for 890 elementary and middle school students and is set to open in 2023. It bought the property for $13M last September, Pincus reported at the time.
Development Trio Avery Hall Investments, Aria Development and Allegra Holdings scored a $176M recapitalization package for its project at One Boerum Place, financed by QuadReal Property Group and Global Holdings Management Group, JLL announced. In the spring, the developers pivoted the project from a condominium building development to a rental development. It is set to be a 138-unit rental building once it is finished. JLL’s Christopher Peck, Peter Rotchford and Alex Staikos brokered the deal for the borrower.
GAIA Real Estate secured $36M from Bank of America to make its first post-pandemic purchase — 50-58 Third Ave., JLL announced. Last week, GAIA bought the East Village multifamily portfolio, which spans three buildings and contains 71 units. JLL’s Scott Aiese and Alex Staikos arranged the debt for the landlord.