This Week's N.Y. Deal Sheet
This week, the North American HQ of a Global Fortune 500 company sold, two charter schools in the Bronx found space for new locations, and a Harlem residential development scored financing.
TOP SALES
American Finance Trust sold 55 Corporate Drive in Bridgewater, New Jersey, for $260.6M, CBRE announced in a release. The buyer is California-based investment firm AVG Partners, which is making its largest New Jersey acquisition. The 675K SF property is the home to the North American headquarters of Sanofi, and the French pharmaceutical giant has a lease on the property until 2032. CBRE’s Jeffrey Dunne, Jeremy Neuer, Steve Bardsley, David Gavin, Rich Gatto, Fahri Ozturk, Travis Langer, Zach McHale and Michael Monahan represented the seller and buyer in the deal.
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Sitex Group paid $30M for a 98K SF industrial site in Greenpoint, according to the brokerage on the deal, TerraCRG. The property at 360 Kingsland Ave. has both manufacturing and office space. The seller was 360 Kingsland Ave. Realty LLC. TerraCRG’s Dan Marks and Daniel Lebor arranged the sale.
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Charter school system Success Academy paid $105M to acquire 580 River Ave. in the South Bronx from Maddd Equities, Crain’s New York Business reports. Maddd Equities paid $42M to American Self Storage in 2019 for the site, which Success plans to develop into a dedicated K-12 school.
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Nelson Management Group affiliate Global One Real Estate paid $15.5M to acquire Evergreen Gardens, a 357-unit multifamily complex at 950 and 955 Evergreen Ave. in the Bronx from Milstein Properties. The New York City Housing Development Corp. provided $23.6M in rehabilitation and permanent financing in the deal. Daniel Parker of Hodges Ward Elliott represented the seller.
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AYA New York, a co-living company, dropped $14.9M on 250 East 90th St., Commercial Observer reports. The seller of the seven-story property, which has studio apartments, and one-, two- and three-bedroom units, was Sackman Enterprises’ Alan Sackman. Cushman & Wakefield’s Andrew Berry, Brett Weisblum and Charlie Gravina arranged the deal for the seller.
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Gazit Horizons bought the two-story retail building at 555 Fifth Ave. in Brooklyn’s Park Slope neighborhood for $17.2M. The property has 21K of rentable SF. The seller was Fifteenth and Fifth LLC, according to JLL. Michael Mazzara, Brendan Maddigan, Stephen Palmese, Winfield Clifford, Ethan Stanton and Patrick Madigan represented the seller. Senior Managing Director Alex Sharrin and Director Alex Geanakos, also of JLL, provided net-lease services.
TOP LEASES
Blockchain data platform Chainalysis is expanding into nearly 78K SF on four floors of 114 Fifth Ave., according to L&L Holding Co., one of the building's owners. Previously, Chainalysis leased nearly 39K SF at 114 Fifth, which is owned by a joint venture of Columbia Property Trust, Allianz Real Estate and L&L. The deal means converting Chainalysis’ previous sublease into a direct lease that runs through 2036, per a release. Savills’ Marc Shapses and Roi Shleifer arranged the deal for the tenant. The landlords were represented by L&L Holding Co.’s Andrew Wiener.
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Seton Education Partners leased 73K SF in a ground-up construction building at 1956 Jerome Ave. in Mount Hope in the Bronx. The deal is a 39-year leasehold condominium transaction. The building is being constructed and is owned by an affiliate of Bolivar Development, according to Open Impact Real Estate, the brokerage on the lease. OPEN’s Stephen Powers and Lindsay Ornstein arranged the deal for the tenant alongside Jake Cinti and Alexander Smith of Transwestern Real Estate Services. The new building is expected to open for the 2024-2025 school year and would serve more than 800 students.
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RockFarmer Properties inked a deal with grocery store Lincoln Market to take 17K SF at The Rowan, a condo building at 21-31 31st St. in Astoria. Ben Weiner and Chris Walther of Ripco Real Estate and RockFarmer's Kostas Koutsothanasis arranged the deal for the landlord. Scott Sher of Katz Retail represented Lincoln Market.
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Alo Yoga is taking 9,400 SF on Fifth Avenue, taking over Ann Taylor’s space at 600 Fifth Ave., The Real Deal reports, citing sources. The space is spread over 5K SF on the ground floor and 4,400 SF on the lower level. The deal, brokered by Newmark’s Benjamin Birnbaum, sees Alo paying $3M a year for seven years, TRD reports.
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Key Food leased 14K SF for a new store on the Upper West Side, The Real Deal reports. The new location is at 725-733 Amsterdam Ave. at the corner of 96th Street. Greg Parassio of Booth Capital represented both sides of the lease, which runs for $100 per SF over 15 years, TRD reports.
TOP FINANCING DEALS
JCS Realty, led by Jacob Schwimmer, locked down $105M from S3 Capital Partners to fund the development of a 446-unit rental building with ground-floor retail at 138 Bruckner Blvd., the lending platform announced. JCS Realty signed a $55M ground lease with Montgomery Street Partners for the land in the Mott Haven neighborhood of the South Bronx.
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Blumenfeld Development scored $125M from Invesco Real Estate, which will be used as a bridge loan to refinance the construction loan provided to its Harlem development The Smile. The property is a 233-unit mixed-use building at 158 East 126th St. A Greystone Capital Advisors team, led by Drew Fletcher and Matthew Klauer, arranged the financing.
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Urban Standard Capital provided a $52M inventory loan to KD Sagamore for its condo project on the Lower East Side, Commercial Observer reports. The deal for 199 Chrystie St. includes both senior and mezzanine financing. The 14-story, 49K SF building has 14 units, including two penthouses, and construction wrapped up last year.
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Parkview Financial loaned an affiliate of Aview Equities $66M for the construction of a 131-unit apartment building at 57 Caton Place in Brooklyn. Construction at the property, which is using the state’s Affordable New York tax abatement program, is underway. The property, which is a block from Prospect Park in Windsor Terrace, will ultimately feature 33 affordable housing units.
