Major deals of all kinds closed in the last week in New York City, including three big Midtown investment sales and several office leases.
TOP SALES
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Sam Chang’s McSam Hotel Group sold Hyatt Place New York City/Times Square at 350 West 39th St. to an unknown buyer doing business as NY 39th Street LLC for $166M, property records show. This is the latest in a string of McSam Hotel Group sales. McSam Hotel Group also sold a downtown Marriott Fairfield Inn and Suites at 100 Greenwich St. to Concord Hospitality Enterprises for $69M this week, Crain’s New York Business reports.
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In Times Square, real estate management company Lawland Group sold its stake in 1601 Broadway to SL Green Realty Corp. for $121M, property records show. The seller’s most recent financing transaction was a $20M mortgage loan from Apple Bank For Savings, which Lawland Group signed in 2013. The whole building was valued at $167M in 2015, when Vornado bought a greater stake in the building, The Real Deal reports.
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Stream Line Circle picked up six office condos at 445 Fifth Ave. from the New York Public Library for $34M, The Real Deal reported. The building is mixed-use and contains retail space and 174 condo units. The space served as an office for library staff.
TOP LEASES
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Interpublic Group inked a 513K SF lease renewal at Vornado’s 100 West 33rd St., according to Savills quarterly office leasing report. The company had signed a 15-year lease at the building in 2012, Commercial Observer then reported. The deal was the largest lease signed in the third quarter.
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Mortgage lending company Newrez LLC signed a 25K SF lease for two floors at Columbia Property Trust’s new development, 799 Broadway in Greenwich Village, the landlord announced. Columbia partnered with Normandy Real Estate on the speculative, 180K SF office project before it acquired Normandy. JLL’s Mitchell Konsker, Benjamin Bass, Sam Seiler and Steven Rotter brokered the deal for Columbia, while Cushman & Wakefield’s Josh Kuriloff and Drew Braver handled the deal for the tenant.
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SL Green inked another deal at One Vanderbilt, putting the supertall office tower at 91% leased. Software company UiPath will take up 27K SF in the building atop Grand Central for the next 15 years, the landlord announced. Cushman & Wakefield’s Dale Schlather, John Boyle, Greg Herman, Justin Halpern, Ed Wartels and Jennifer Konefsky brokered the deal for the tenant, while CBRE’s Robert Alexander, Ryan Alexander, Emily Chabrier and Alex D’Amari represented SL Green.
TOP FINANCING DEALS
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HPS Investment Partners loaned Chetrit Organization $320M to refinance 850 Third Ave., The Real Deal reports. The landlord defaulted on a $177M mortgage on the property in June, Commercial Observer reported. The 21-story building is 50% vacant right now, per TRD.
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Apollo Global Management provided SL Green with a $97M loan to refinance 1026 First Ave., PincusCo. Media reported. The building contains 259 apartments and retail on the ground floor.
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Global Holdings Management scored $75M from Wells Fargo to refinance 1845 Broadway on the Upper West Side, PincusCo. Media reports. Demolition started in January to make way for a new 24-story building, which would be apartments, likely condos, over nearly 12K SF of retail, New York YIMBY reported.
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