Contact Us
News

This Week's NY Deal Sheet

Want to get a jump start on upcoming deals? Meet the major New York City players at one of our upcoming events!

This week saw strong leasing activity in the 20k SF to 40k SF range, and several big sales led by the Playan Group closing on its $1.4B purchase of the Sony Building. Here are the week's top deals in leases, sales and financing. 

TOP LEASES

548 West 22nd St

International art dealer and gallery Hauser & Wirth has signed a two-year lease for the entire 38k SF at Property Markets Group’s 548 West 22nd St while its HQ is under construction. The rent will be roughly $3.8M per year. It was not immediately clear who the brokers involved in the deal were.

***

A law firm and JLL have signed leases totaling 31k SF at Fosun’s 28 Liberty, where major renovations are underway. Insurance law firm Clausen Miller signed an early renewal for its 21k SF at the building, and JLL signed a 10-year deal for 10k SF. Clausen Miller paid roughly $70/SF, while JLL paid roughly $60/SF. JLL’s John Wheeler repped the brokerage, but it was not immediately clear who repped Clausen Miller. Fosun’s Tom Costanzo repped the landlord in both deals.

***

Law firm Goldberg Segalla has signed an 11-year deal for 24k SF at SL Green’s 711 Third Ave. Asking rent was $68/SF. NGKF’s Kyle Ciminelli repped the tenant, while SL Green’s Howard Tenenbaum and Gary Rosen repped the landlord in-house.

***

A Queens-based college and early childhood education center have signed leases totaling 43k SF at Muss Development’s 118-35 Queens Blvd in Forest Hills. Plaza College signed a 15-year deal for 21k SF at the building, while Child Center of New York signed a 12-year lease for 22k SF. Asking rent in both deals was $38/SF. Sholom & Zuckerbrot Realty’s Gail Roseman repped Child Center of New York, while CBRE’s Roy Chipkin repped Plaza College. JLL’s William Korchak and Kyle Crennan repped Muss in both deals.

***

Taiwan-based First Commercial Bank has signed a 15-year renewal for its 12k SF at SL Green’s 750 Third Ave. Asking rents in the building are in the low-$70/SF range. Cushman & Wakefield’s Don Preate repped the tenant, while SL Green’s David Kaufman repped the landlord in-house.

***

Artificial intelligence firm IPsoft has signed a 27k SF sub-sublease at 7 World Trade Center from currency trading firm FXDD. FXDD’s sublease runs until 2022, and the asking rent was not immediately clear. C&W’s Rob Lowe repped IPsoft, while Savills Studley’s Scott Weiss repped FXDD.

***

The Friends of Crown Heights Educational Services has leased all 24k SF of SR Nager Management’s 1040 Glenmore Ave in East New York for a new pre-K center. Asking rent in the 10-year deal was $24/SF. C&W’s Carri Lyon and Mitzi Flexer repped the tenant, while M.C. O’Brien’s William O’Brien repped the landlord.

***

The David Lynch Foundation, a nonprofit founded by director David Lynch that promotes meditation, has signed a 14k SF lease at Steinberg & Pokoik Management’s 228 East 45th St. Asking rent was $53/SF. Colliers’ Robert Taylor repped the tenant, while EVO Real Estate Group’s Ira Fishman and Robert Rosenberg repped the landlord.

TOP SALES

The Olayan Group recently purchased the Sony Building for $1.4B.

Saudi Arabian investment firm Olayan Group has closed on its $1.4B purchase of the Sony building from Joseph Chetrit and David Bistricer. The pair of investors originally planned to turn the office building into luxury condos before abandoning those plans and flipping the building.

***

An entity listed as 444 55th Street LLC has purchased 430 and 444 West 55th St for $67M from Cirker’s NY Property LLC.

***

Developer Hudson Cos has purchased Bergen Gardens, a six-building residential complex at 1054-1096 Bergen Ave in Bergen Beach, for $50M from The Mattone Group and Gartenstein Properties, as we previously reported.

***

The Hirsch family has purchased the residential-and-retail building at 72 Willoughby St for $47M from a group of investors with links to Sam Krugman.

***

Madison Capital has closed on its purchase of 19 East Houston St for $39M from the MTA. Madison plans to build a mixed retail-and-office building on the site.

***

The Caerus Group has purchased the five-story building at 4 East 34th St for $38M from the Zionist Organization of America. Caerus plans to build a condo building on the site.

***

Actress Sarah Jessica Parker has purchased the two adjacent townhouses at 273-275 West 11th St for $35M from United Methodist Women.

***

An entity listed as 138-140 W 11 Street Holdings LLC has also purchased two adjacent townhouses, just down the block from Sarah’s recent buy at 138-140 West 11th St for $31M, from Katherine Ann Alonso.

***

Australian REIT Dixon Advisory’s US Masters Residential Property Fund has purchased a 124-unit, rent-stabilized portfolio in Crown Heights for $25M from Yechiel Weinberger and Bernard Miller. The portfolio includes the four buildings at 770 St. Marks Ave, 637 St. Marks Ave and 24-30 Rogers Ave.

***

An entity listed as Rudolph Metro B LLC has purchased 46-81 Metropolitan Ave for $23M from Willets Point Holdings LLC.

Sales data courtesy of Reonomy

TOP FINANCING DEALS

The Olayan Group recently purchased the Sony Building for $1.4B.

Olayan America has secured a $570M loan from ING Capital for its recent $1.4B purchase of the Sony Building, as Bisnow previously reported.

***

The NYU Langone Medical Center has gotten $217M in bonds re-enhanced by Bank of New York Mellon, replacing several Series 2006A bonds on various NYU Langone properties with Series 2016A.

***

An entity listed as 56th Realty LLC has secured a $170M loan from MetLife for the 369-unit apartment building at 300 East 56th St, also known as the Bristol. 56th Realty LLC appears to be an affiliate of Glenwood Management, which manages the building.

***

An entity known as MEPT Octagon LLC has secured a $161M loan from the Roosevelt Island Operating Corp for 888 Main St, better known as The Octagon.

***

An entity listed as 475 Building Co has secured a $121M loan from New York Community Bank for 475 Park Ave South.

***

The Montefiore Medical Group has secured a $91M loan from Prudential Huntoon Paige Associates for its Greene Medical Arts Pavilion at 3400 Bainbridge Ave.

***

An entity listed as River York Barclay LLC has secured a $65M loan from the Prudential Insurance Company of America, for The Barclay Apartments at 1755 York Ave.

***

An entity listed as BLDG HH Superior LLC has secured a $39M loan from Santander Bank for the multifamily property at 245-10 Grand Central Parkway South.

***

Cirker’s NY Business LLC has secured a $32M loan from Wells Fargo for 430 West 55th St, which Cirkers recently sold to an entity listed as 444 55th Street LLC.

Financing data courtesy of Reonomy