This Week's NY Deal Sheet
Last week saw a slew of new leases signed, like WeWork’s two-year-long deal for 60k SF of a Midtown post office. Here are the week’s top deals in leases, sales and financing.
TOP LEASES
Signature Bank has signed a 17-year renewal of its lease for 62k SF at Silverstein Properties’ 1177 Avenue of the Americas (pictured). Rents were reportedly in the $70 per SF to $80 per SF range. Michael Cohen, Andrew Roos and Howard Kaplowitz of Colliers International repped Signature, while Joseph Artusa, Roger Silverstein and Camille McGratty of Silverstein repped the landlord.
***
Shutterstock has expanded its lease at the Empire State Building by 25k SF, bringing its total to roughly 100k SF. Paul Ippolito of Newmark Grubb Knight Frank repped Shutterstock, while Ryan O. Kass, Fred C. Posniak and Shane Ursini of Empire State Realty Trust repped the landlord.
***
Octagon Credit Investors has signed a 10-year lease of 16k SF at 250 Park Ave, owned by AEW Capital Management. Asking rent was reportedly $67 per SF. David Hoffman and Bryan Boisi of Cushman & Wakefield repped the tenant, while David and colleagues Robert Billingsley and Whitnee Williams of C&W repped the landlord.
***
Law firm Farrell Fritz has signed an 11-year lease for 8k SF at Charles S. Cohen’s 622 Third Ave. Asking rent was reportedly $67 per SF. Marc Horowitz of Cohen Brothers repped the landlord, along with David Glassman, Robert Tunis, Joseph Cabrera and Eric Ferriella of Colliers International. Michael Poch and James Robbins of CBRE repped the tenant.
***
QVT Financial has signed a seven-year renewal lease for 25k SF at Silverstein Properties’ 1177 Avenue of the Americas. Asking rents in the building range from $70 per SF to $80 per SF. Neil Goldmacher and Josh Friedman of Newmark Grubb Knight Frank repped QVT in the deal, while Roger Silverstein, Joseph Artusa and Camille McGratty repped the landlord.
***
Online business publication Quartz has signed a five-year sublease for 25k SF at 675 Avenue of the Americas along with sublandlord Weight Watchers International. Asking rent was $67 per SF. Savills Studley repped Weight Watchers, while Newmark Grubb Knight Frank repped Quartz.
***
Law firm Drinker Biddle & Reath has signed a 10-year expansion lease for 15k SF at Silverstein Properties’ 1177 Avenue of the Americas, bringing its total footprint at the building to roughly 45k SF. Asking rent in the building ranges from $70 per SF to $80 per SF. Jeffrey Baker and Jane Roundell of Cresa Philadelphia repped the tenant, while Roger Silverstein, Joseph Artusa and Camille McGratty repped the landlord.
***
After two long years WeWork has finally closed on a deal to lease 60k SF at 450 Lexington Ave, owned by the United States Postal Service. Due to the amount of work WeWork would need to put in to re-lease the space, asking rent was reportedly in the $20 per SF range. CBRE’s John Maher repped the landlord.
***
Constellation Advisors has inked a five-year deal to sublet 9k SF from Cohn Reznick at 1212 Avenue of the Americas. CBRE’s Gerry Miovski and Arkady Smolyansky repped Constellation, while CBRE's Alex Benisatto, Brian Dooley, Michael Laginestra and Rocco Laginestra repped the landlord.
***
Literary agency Janklow & Nesbit Associates has signed an 11-year lease with RFR Realty for 14k SF at 285 Madison Ave. Paul Amrich and Neil King of CBRE repped the tenant.
***
Communications firm HL Group has signed a lease for 13k SF at RFR Realty’s 350 Madison Ave. Mitch Konsker and Alexander Chudnoff of JLL repped the landlord.
***
Dessy Group has signed a lease for roughly 12k SF at Fraglow Realty’s 8 West 38th. Asking rent was $54 per SF and Andy Udis and Ron Zimmerman of ABS Partners Real Estate repped the landlord.
TOP SALES
David Schwartz’s Sugar Hill Capital Partners bought a four-building multifamily portfolio at 471-476 Central Park West (pictured) for $65M from Benjamin Hadar and Leonard Solomon of Upwest Co.
***
An entity listed as 11 Hoyt Owner LP has bought 11 Hoyt St from Macy’s for $52M.
***
Beacon NY LLC has bought 323 West 96th St from Eric Kingson for $27M.
***
An entity listed as 1302 Newkirk LLC has bought the apartment building at 1302 Newkirk Ave from Maxtor Realty for $25M.
***
An entity listed as Midtown 45 Vacation Ownership Plan has purchased condo unit 3102 of 205 East 45th St from 205E45 LLC for $18M.
***
Albion Grove has purchased 41-29 41st St in Queens from 41-29 Realty Corp for $14M.
***
An entity listed as BLDG 522 Fulton LLC has purchased 9 Hanover Place from Irvjoy Partners for $11M.
Sales data courtesy of Reonomy.
TOP FINANCING DEALS
An entity listed as Woolworth 100 Owner LLC has secured a $75M loan from Blackrock Cal for 233 Broadway (pictured).
***
Woolworth 100 Owner LLC secured another $26M loan from Blackrock Cal for the same property.
***
Sugar Hill Capital Partners has secured a $44M loan from Anally CRE LLC for its purchase of 471-476 Central Park West.
***
An entity listed as CA 522 Fulton LLC has secured a $37M loan from East West Bank for the property at 9 Hanover Place.
***
An entity listed as NYSandy12 CBP1 LLC has secured a $26M loan from New York Community Bank for the property at 2567 Decatur Ave.
***
An entity listed as Maple Drake Austell Owners LLC has secured a $23M loan from Austell Funding for the property at 47-47 Austell Place.
***
An entity listed as 165 West 66th St Apartment Corp has secured a $15M loan from Investors Bank for the property at 165 West 66th St.
***
An entity listed as 1302 Newkirk LLC has secured a $14M loan from Customers Bank for the property at 1302 Newkirk Ave.
***
An entity listed as 422 86th Street LLC has secured a $12M loan from TD Bank North America for the property at 422 86th St.
***
Lancaster Realty has secured a $12M loan from JPMorgan Chase North America for the property at 1535 East 14th St.
Financing data courtesy of Reonomy.
