Contact Us
News

This Week’s NY Deal Sheet

Despite the shortened week, the market was able to pull together some solid leases, loans and sales last week.

TOP LEASES

This Week’s NY Deal Sheet

Post-production conglomerate Lively Group signed an 11-year, 38k SF lease renewal for the 22nd, 25th, 26th and 27th floors of 575 Lexington Ave (pictured) in the Plaza District. Lively was repped by CBRE's Stephen SiegelRoshan Shah and Chris Corrinet, while landlord George Comfort & Sons was repped in-house by Peter DuncanDana Pike and Andrew Conrad.

***

Arxis Capital signed a long-term lease for two full floors totaling 29k SF for a new corporate HQ at Charles Cohen’s 623 Fifth Ave. Formerly headquartered at 527 Madison Ave, Arxis was repped by CBRE's Silvio Petrello and Alexander Golod. Cohen Brothers SVP Marc Horowitz and a Colliers International team repped the landlord.

***

W.B. Mason has renewed its 17k SF, 12-year lease for the 10th floor of the 230k SF 53 West 23rd St in Manhattan. Adams & Co's James Buslik and Alan Bonett repped the landlord in-house as well as the tenant.

This Week’s NY Deal Sheet
4 Times Square in New York

Law firm Fross Zelnick Lehrman & Zissu signed a 41k SF, 15-year lease at the Durst Organization's 1.9M SF Times Square (pictured) in Manhattan. Currently based at 866 United Nations Plaza on the East Side, the firm was repped by Cushman & Wakefield's Mark Weiss and Robert Eisenberg, while Tom Bow and Rocco Romeo repped Durst in-house. Durst has now leased more than 120k SF of the 817k SF vacated by Condé Nast. 

***

WeWork signed a 78k SF, 16-year lease for five floors in the 18-story Metropolitan Tower office condo at 142 West 57th St. The co-working giant was repped by JLL’s Peter Riguardi and Alexander Chudnoff, while the building's owners—L&L Holding Co, Mitsubishi Corp and GreenOak Real Estate—were repped in-house by L&L’s Andrew Weiner. L&L’s also a tenant of the 1986 building, alongside Och-Ziff Capital Management Group, Capital Z Partners, G2 Investment Group and Hutchin Hill Capital. 

***

B. Amsterdam, a European business incubator, signed a 100k SF lease at the Brooklyn Navy Yard's Building 127. The Dutch company worked out a deal with the city as part of a partnership developed by NYC deputy mayor Alicia Glen and Amsterdam deputy mayor Kajsa Ollongren.

***

Volvo signed a 60k SF, 15-year ground lease the Moinian Group’s 605 West 42nd St, a 1,750-unit high-rise rental building also known as Sky. Slated to move into the space in February, Volvo will have 10k SF on the ground floor and 50k SF below grade. The Moinian Group was repped by SRS Real Estate's Mark Kapnick, while Volvo was repped by CBRE's Michael Kadosh

***

Penguin Random House signed a 15-year renewal for its 604k, 20-floor lease at SL Green Realty Corp and Ivanhoé Cambridge's 1745 Broadway. C&W's Richard Bernstein repped Penguin while an SL Green team repped the owners in-house. Keeping the publisher in the building until 2033, the renewal brings all of Penguin's employees under the same roof.

***

Technology-heavy residential brokerage Compass signed a 17k SF lease for the 16th and 17th floors of SL Green's 389k SF 10 East 53rd St. Currently at RFR Realty’s Lever House at 390 Park Ave, Compass was repped by C&W's Ethan Silverstein, while JLL's Paul GlickmanDiana Biasotti and Alex Chudnoff repped SL Green. The expansion comes after a $75M fundraising round.

***

LSE Foundation—the London School of Economics and Political Science's alumni relations nonprofit—has signed a 2k SF, five-year lease for its first US branch on the 11th floor of the Kaufman Organization's 46-story 450 Seventh Ave. The tenant was repped by C&W's Christopher Helgesen while the Kaufman Organization was repped in-house by Barbara Raskob and Yvonne Chang.

TOP SALES

This Week’s NY Deal Sheet

Rockwood Capital closed on its sales of 25 West 51st St (left) and 40 West 45th St (right) in Midtown to Sam Chang's McSam Hotel Group for $94.1M and $58.7M, respectively. The properties are the Club Quarters Hotels that Sam put under contract late last month.

***

Concord Management, the Besen Group and several individual investors sold 225 West 28th St in Chelsea to Hap Investments for $30M.

***

SLJ Property Management sold 41-15 50th Ave in Sunnyside to RCR Management for $28.8M

***

Ben Heller and Arnold Simon's Heller Realty sold 3100 Brighton 2nd St to Sentinel Real Estate Corp for $28.5M. This was part of a larger, $57M deal that also included 231 and 219 Brightwater Court, which sold for $14.2M each. The three buildings were originally purchased by Heller last March, as part of an 11-building, 821-unit, 870k SF portfolio.

***

Richard Carmel’s Moveway Transfer and Storage sold 314 Scholes St in Williamsburg to The Hudson Cos and ABS Partners Real Estate for $27.8M. Hudson and ABS recently filed plans to convert the 80k SF warehouse into office and retail, and are partnering to develop a 36-story condo tower at the former Brooklyn Heights public library at 280 Cadman Plaza, as well as a 254-unit residential tower at 626 Flatbush Ave.

This Week’s NY Deal Sheet

Isaac Fischman sold the infamous "Hell House" on 333 Carroll St in Carroll Gardens to Mack Real Estate Group for $27.2M.

***

Rockland County-based landlord Shaul Kopelowitz sold 14 Thayer St and 24-28 Thayer St in Washington Heights to Peter Rebenwurzel’s Coney Realty Group for $19.5M. The rent-stabilized buildings—totaling 84 apartments and 64k SF—were bought by Shaul for $11.7M in 2014. 

***

Black Spruce Partners sold a five-building Gravesend portfolio—2302 West 12th St, 2318 West 12th St, 2320 West 11th St, 2315 West 13th St, 2332 West 11th St—to the Orbach Group for $15.5M.

***

40th St LLC sold 47-46 40th St in Sunnyside to Metropolitan Properties for $15M.

***

The estate of William Maidman sold 206 East 81st St in Yorkville to Parkwood Equities LLC for $11M.

Sales data provided courtesy of Reonomy.

TOP FINANCING DEALS

Aareal Capital Corp closed on a $100.5M loan to Sam Chang's McSam Hotel Group for 25 West 51st St in Midtown.

This Week’s NY Deal Sheet

Apple Bank for Savings closed on a $50M loan to Walter & Samuels for 419 Park Ave South (pictured) in Flatiron. 

***

Signature Bank closed on a $45M loan to Urbanspace for 83-22 Baxter Ave in Elmhurst. 

***

The Daiwa House Group closed on a $42M loan to HAP Investments for 225 West 28th St in Chelsea.

***

Cheyenne Realty LLC closed on a $42M refinancing to Signature Bank for 1275 Bedford Ave in Bedford-Stuyvesant.

***

John Hancock Life Insurance closed on a $35.3M loan to the Windsor Oaks Tenants' Corp for 74-56 220th St in Oakland Gardens.

***

The Bank of the Ozarks closed on a $33.7M loan to Extell Development for 30 East 29th St in Flatiron. Extell Development was looking to sell the six-story, 22k SF office building for more than $74M, after buying it last year for $25.8M.

***

M&T Bank closed on a $25M loan to ABS Partners for 162 Fifth Ave in Flatiron.

***

Apple Bank for Savings closed on a $20M loan to Norvin Partners for 250 Church St in TriBeCa.

***

Signature Bank closed on a $19M loan to Icon Realty Management for 446 West 19th St in Chelsea.

Financing data provided courtesy of Reonomy.