This Week’s N.Y. Deal Sheet
Leasing activity picked up this week in New York City, with rising trophy office towers continuing to fill up months before completion.
Great Oaks Charter School has signed a 39K SF lease covering six floors with the Archdiocese of New York for 240 Bleecker St. in the West Village, according to a release. Great Oaks is taking over the space from grammar school Our Lady of Pompeii, which operated in the landmarked building for 90 years and closed during the pandemic. The building was originally built in 1928 by the Catholic Church, replacing a church that was demolished when Sixth Avenue was widened. Great Oaks’ 20-year lease was negotiated by JLL’s Joseph Messina, Matt Astrachan, Daniel Posy, Peter Michailidis and Zachary Azus. BOS Development LLC’s Beatrice Sibblies and Thomas Vitiello represented the landlord.
H.J. Kalikow & Co.’s 101 Park Ave. has a new tenant: indoor golf and entertainment experience company Five Iron Golf, which signed a 30K SF lease at the 49-story Midtown tower. Five Iron Golf will occupy a third-floor space in the building, with a dedicated entrance on 41st Street and a private elevator, according to a release, making it the company’s sixth NYC location. Cushman & Wakefield’s John Cefaly and Nicholas Dysenchuk brokered the deal for the landlord, while CBRE’s Anthony Dattoma and Compass' Jason Goode handled the transaction for the tenant.
Brookfield’s Two Manhattan West is now 76% leased after signing hedge fund D.E. Shaw for 283K SF across eight floors, Bloomberg reports. The 58-story, 1.9M SF tower is due to be completed by early 2023, and the hedge fund will move from its current location at 1166 Sixth Ave. in 2024. Other tenants in the west side tower include law firms Clifford Chance, Swaine & Moore and Cravath, as well as KPMG, which signed Manhattan's biggest lease of 2022 when it leased 450K SF last month.
E-commerce marketing platform Yotpo has signed a sublease deal for 31K SF at Stellar Management's 233 Spring St. building, otherwise known as One SoHo Square, according to a release. Yotpo’s move to the 768K SF Class-A office property is the e-commerce marketing firm’s second move in three years, having moved from Flatiron to NoHo in 2019, according to Commercial Observer. CBRE’s Harly Stevens, Jared Freede and Josh Pernice brokered the sublease agreement for the tenant.
SL Green signed a 23K SF lease for 810 Seventh Ave. with London-based corporate event space provider etc.venues, Commercial Observer reports. The lease is the event specialist’s third NYC location, joining its 30K SF location at 601 Lexington Ave. and its 45K SF location at 360 Madison Ave. The British firm signed a 10-year lease at 810 Seventh, with representation from Taylor Scheinman and Gary Davies of CBRE and Brian Halberg of The Halberg Firm.
The International Institute for the Brain has signed a 16K SF lease across the third and fourth floors of 403 East 91st St., Commercial Observer reports. Asking rents were $55 per SF for the 10-year lease, with the IIB planning on moving into the property early next year. Judson CRE’s Nicholas Judson, Wendy McDonald and Crosby Matthews represented both the tenant and landlord, Bake 403, a company owned by Zabar’s heir Eli Zabar, in the deal.
Real estate investment and asset management firm U.S. Realty Advisors has signed a lease for 8K SF at 1345 Sixth Ave., according to a release. U.S. Realty Advisors will move across the street from 1370 Sixth Ave. to the 21st floor of its new digs early next year. Asking rents at the Fisher Brothers-owned property, which recently completed a $120M capital improvement project, were in the high $80s per SF. Fisher Brothers was represented in-house by Marc Packman, Charles P. Laginestra and Josh Fisher, along with CBRE’s Howard Fiddle, Peter Turchin, Bill Iacovelli, Anthony Dattoma, Gregg Rothkin and Benjamin Joseph. CBRE’s Paul Amrich repped U.S. Realty Advisors.
HUBB NYC has dropped $40M to acquire 23 Fourth Ave., a 48K SF multifamily property in Park Slope, from Greystone Development, according to a release. The 13-story, 63-unit property has been seeking a seller for the last two years after Greystone developed the building on two empty lots it acquired for $13.5M in 2015, The Real Deal previously reported. Cushman & Wakefield’s Dan O’Brien, Adam Spies, Adam Doneger and Avery Silverstein arranged the sale between Greystone and HUBB NYC.
Brooklyn wedding venue The Green Building, at 452 Union St. in Carroll Gardens, has changed hands, Crain’s New York Business reports. Developer Tankhouse agreed to purchase the 81K SF property, which qualifies for the now-expired 421a tax break, from Pilot Real Estate Group for $41M. Tankhouse was planning a mixed-use development with a significant nonresidential component at the time the deal was first struck in July this year, The Real Deal reported.
A local real estate investor has purchased a vacant corner commercial property at 238 Conover St. in the Red Hook neighborhood of Brooklyn for $8M, according to a release. The M2-1 zoned property is almost 18K SF across two floors, on a 13K SF lot that has almost 8K SF in additional air rights. The buyer’s plans for the property’s future are unclear. TerraCRG’s Dan Marks, Daniel Lebor and Jackson O’Neill represented the seller, Buttermilk Warehouse LLC, in the deal.
TOP FINANCING DEALS
Bowery Residents’ Committee and Camber Property Group scored a total of $97M of financing from two sources for an affordable housing development in the Queens neighborhood of Beach Channel Drive, Commercial Observer reported. Citigroup provided a $33M construction loan, while HPD provided a $40M residential loan. The development, which will sit on a 36K SF lot, will be a purpose-built shelter for single women and will feature full-time staff for security and maintenance, on-site staff offices, a social service programming space, outdoor recreational space, laundry amenities and bike storage.