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This Week’s N.Y. Deal Sheet

Activity in New York City's leasing and sales markets has perked up — some of which is happening as a result of distress — but the financing side of the business remains stagnant.


H.J. Kalikow & Co’s 101 Park Ave., where Canadian wealth management firm CI US Holdings signed a 50K SF lease this week.

Canadian wealth management firm CI US Holdings has signed a 50K SF lease at H.J. Kalikow & Co.’s 101 Park Ave., according to a release. CI US Holdings joins tenants Convene, Incline Equity Partners and Five Iron Golf in the building, which has 1.3M SF of offices, 30K SF of retail, a five-story lobby entrance, a parking garage, and a dining and entertainment venue. H.J. Kalikow has owned and operated the skyscraper since it was first built in 1982. Asking rents in the 49-story building were $105 per SF, with John Cefaly and Nicholas Dysenchuck of Cushman & Wakefield repping the landlord in the transaction. Avison Young’s Evan Foley and Savills’ Mitti Liebersohn, previously of Avison Young, repped CI US holdings.


Developer JEMB Realty Corp. has signed two leases to its 1 Willoughby Square project, the tallest office building in Brooklyn. The Architecture Research Office signed a 10K SF, 10-year lease on the 12th floor, while an unnamed healthcare company signed a 15K SF lease in the 34-story tower. They join FXCollaborative, the building’s architect and anchor tenant, fintech firm Propel, the Ms. Foundation for Women and nonprofit Walnut Ridge in the building, which opened in June 2021. Asking rents were in the high $60s per SF at the building’s base. Savills’ Nick Farmakis and Kate Walker represented the tenant, Colliers’ Eric Ferriello and Sam Einhorn worked on behalf of the healthcare company, and CBRE’s Paul Amrich, Neil King, Zac Price, Alex D’Amario and James Ackerson repped JEMB in both deals, which bring the building to over 50% leased.


Savanna has a new tenant at 48 West 25th St. MediaCo Holding, the owner of New York radio stations WBLS and HOT 97, has signed a 16-year, eight-month lease for the entire second and third floor of the 12-story building, as well as part of the basement and ground floors. Cushman & Wakefield repped both parties in the deal, with Anthony LoPresti acting on behalf of MediaCo and Ethan Silverstein, Theodora Livadiotis and Bruce Mosler on behalf of the landlord. Savanna acquired the property in 2018 and is nearing completion on renovations that it began in 2019, including upgrades to the building’s lobby and retail storefronts. 


Hedge fund Two Sigma Investments has renewed its lease at Hudson Square Properties’ 100 Sixth Ave., Commercial Observer reported. The 265K SF lease in the nearly century-old SoHo tower, where asking rents were in the mid-$80s per SF range, will keep Two Sigma in place for another seven years. Two Sigma was repped by Cushman & Wakefield’s Peter Trivelas and Chris Helgesen, while David Falk and Peter Shimkin of Newmark brokered the deal on behalf of the landlord, which is a joint venture of Trinity Real Estate, Norges Bank and Hines. The hedge fund also has a location next door at 101 Sixth Ave. with a lease expiring in 2029.


The Williamsburg Hotel, at 96 Wythe Ave., which sold this week to Quadrum Development Corp. for $96M.

The Williamsburg Hotel, located at 96 Wythe Ave., has sold for $96M to Quadrum Development Corp. in a bankruptcy auction, Bloomberg Law first reported. The sale must be approved in a hearing that will take place Tuesday, Commercial Observer reported. Heritage Equity Partners first purchased the site for $4.85M in 2012 and finished construction on the boutique hotel in 2017, but consistently struggled with low occupancy rates and revenue per available room before defaulting on a $68M loan from Benefit Street Partners two years later. Heritage had been looking at potential buyers since March 2019, but wound up filing for bankruptcy in February 2021. 


Nuclear electric power company NRG Energy has sold its Astoria property at 31-01 20th Ave. for $215.5M, Commercial Observer reported. The buyer, offshore wind developer Beacon Wind Land, has plans to build an interconnection hub between the developer’s under-construction 1,230-megawatt project in the Atlantic Ocean, Beacon Wind 1, and the ConEd grid in 2028. NRG has leased back the site from Beacon Wind Land until May so that it can continue to operate the plant. Beacon Wind Land plans to demolish the plant once NRG Energy has vacated.


The Mr. C Seaport hotel at 33 Peck Slip is changing hands, The Real Deal reported. The hotel was the Cipriani family’s first foray into New York in 2016, purchased for $38.3M with the Los Angeles-based Ghassemieh family, which later took over as sole owner in 2020. Now, the Ghassemieh family has sold the 66-key hotel to Sono Hospitality Group, a South Korean luxury resort operator, for $60M.


14 Fifth Ave. in July 2022, prior to demolition for a residential building that will yield fewer units than the property it replaces.

Madison Realty Capital scored a $105M construction loan from G4 Capital Partners, The Real Deal reports. The loan — which includes $76.7M in new debt — will fund a 19-story, 14-unit apartment building at 14 Fifth Ave., replacing a four-story, 20-unit building that was partially rent-stabilized and was recently demolished.

Madison purchased the property in 2015 for $27.5M, with G4 replacing Connectone Bank as the senior lender. The project faced opposition from local charity the Village Preservation Society, then-Manhattan Borough President Gale Brewer and state Sen. Brad Hoylman, but was nonetheless able to go ahead after the Landmarks Preservation Commission signed off on a development plan smaller than the original proposal.