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This Week's NY Deal Sheet

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The NYC market was able to pull in a strong performance before the holiday weekend.

TOP LEASES

This Week's NY Deal Sheet
2 Herald Square in Manhattan

WeWork signed a 122k SF lease at Sitt Asset Management's 362k SF 2 Herald Square (pictured). The property is currently at the center of a court case between Jack and Ralph Sitt, with Jack accusing Ralph of “usurping control over (the) Sitt family real estate business and freezing him out." The co-working giant was repped by CBRE's Derrick Ades and Barry Finkelman, and it's not clear if anyone repped the Sitts. 

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Mexico City-based filmhouse chain Cinemex signed a 50k SF lease at Edison Properties400 East 62nd St for its first NYC location. CBRE's Michael Kadosh and Jesse Wolff repped Edison Properties, while Newmark Grubb Knight Frank's Jeffrey Roseman and Mark Frankel repped Cinemex.

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Media companies Laundry Service and Cycle signed a 50k SF lease for Midtown Equities, Rockwood Capital and the HK Organization’s conversion of a former coffee warehouse at 55 Water St in DUMBO. It's not clear who repped either side.

This Week's NY Deal Sheet

Haver Analytics signed a 19k SF, 10-year renewal and expansion of its space at Empire State Realty Trust’s One Grand Central Place (pictured). Savills Studley's Daniel Horowitz, Jeffrey Peck and Gary Kerper repped Haver Analytics, while ESRT was repped in-house by Julie Christiano and Lindsay Godard.

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Recruiting and consulting firm The Bachrach Group signed a 16k SF lease at the 13th floor of Steinberg & Pokoik Management's 1430 Broadway. Newmark Grubb Knight Frank’s Kenneth Kronstadt and Rick Kramer repped Steinberg & Pokoik, while Coldwell Banker Commercial Advisors' Jeffrey Rosenblatt and James Cleary repped Bachrach.

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ZMC Advisors signed a 13k SF, 11-year lease for the entire 24th floor of Jack Resnick & Sons' 612k SF 110 East 59th St. JLL’s Alexander Chudnoff and Dan Turkewitz repped the tenant, while Dennis Brady and Fran Delgorio repped the landlord in-house.

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Albea Beauty Solutions signed a 13k SF renewal for the entire 10th floor at Vornado’s 595 Madison Ave, where it's been for nearly 20 years. Savills Studley’s Daniel Horowitz, Jeffrey Peck and Gary Kerper repped the tenant, while Vornado was repped in-house by Andrew Ackerman and Edward Riguardi.

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Envogue International signed a 13k SF expansion at Newmark Holdings230 Fifth Ave, bringing its total footprint at the 20-story building to 26k SF. Ellison First Asia also signed for 11k SF at the building. Newmark Grubb Knight Frank's Harvey Richer repped the landlord and tenants in both transactions.

TOP SALES

This Week's NY Deal Sheet

Magnum Real Estate Group and Winter Properties sold the School of Visual Arts dormitory building at 340 East 24th St (pictured) to Invesco Real Estate for $174M. Magnum and Winter bought the site in 2013 for $32.3M from the nonprofit International Center for the Disabled, and then developed a 14-story, 146k SF, Ismael Leyva Architects-designed dormitory.

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Joe Sitt's Thor Equities sold the majority ownership of 155 Mercer St in SoHo to DC-based ASB Real Estate Investments for $93M. Thor has a less than 5% stake in the property, which will become Dolce & Gabanna's NYC flagship.

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The Archdiocese of New York sold 123 West 23rd St, 116 West 24th St and 120 West 24th St in Chelsea to JHG Holdings for $50M.

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Va Garden City LLC National Registered Agents sold the 76k SF, 80-unit, four-story 365 Stewart Ave in Garden City to Fairfield Properties for $36.5M, 12.5 times the current rent roll. Rosewood Realty Group's Aaron Jungreis repped both sides of the transaction.

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Charles Re and John Lawrence sold the four-story, 54k SF 66 Third Ave in the East Village to ABS Partners Real Estate and Benenson Funding for $32.3M.

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Whistlepig Associates sold 59 Thompson St in Nolita to Veracity Equities for $21M. Five months ago, the building suffered a fire that injured two firefighters.

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Luthien Group sold a six-story, 24-unit rental building at 629 East Fifth St in the East Village to a Robert Morgenstern-led investor group for $16.2M. Luthien has owned the building since 1999 and tried to sell the property since 2014.

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Ellsy Losada sold 65 Spring St, a five-story walk-up with eight apartments and two commercial units, in SoHo to United American Land for $14.5M. Losada had owned the building since 1982.

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The Full Gospel New York Church Assemblies of God sold a three-story converted church building at 316 East 91st St to RiverOak Investment Corp and Azimuth Development for $13.5M. RiverOak plans to demolish the building to construct 17 two-bedroom apartments totaling 23k SF and a 7k SF community facility.

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Shalom Azani sold a vacant lot at 401 West St in the West Village to Athina Kyriacou for $12.8M. The site was formerly the home of a three-story building demolished after Hurricane Sandy-caused damages.

Sales data provided courtesy of Reonomy.

TOP FINANCING DEALS

The Sony Building at 550 Madison Ave.

ING Capital closed on a $570M senior mortgage loan to Olayan America (the US investment arm of The Olayan Group) for 550 Madison Ave (pictured), otherwise known as the Sony Building. Olayan and asset manager Chelsfield are planning on rebranding and renovating the 37-story, 853k SF building.

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JP Morgan Chase closed on two loans totaling $272M to the Witkoff Group for 701 Seventh Ave, otherwise known as 20 Times Square. Vertical construction started on a 42-story, 452-key, 270k SF EDITION hotel with six floors of above- and below-ground retail. The tower's expected to be completed next year.

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Citigroup and UBS closed on a $215M loan to Metropole Realty Advisors to refinance old debt on the 83k SF 681 Fifth Ave. The loan replaces a $125M loan that Ladder Capital provided in December 2010.

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Bank of America closed on a $65M loan to JHG Holdings for 131 West 23rd St in Chelsea. JHG acquired the Chelsea Bed & Breakfast at the site for $11.3M in March, but, as mentioned above, JHG acquired 123 West 23rd St, 116 West 24th St and 120 West 24th St from the Archdiocese of New York last week.

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M&T Bank closed on a $49M loan to the Mosbacher Properties Group for 65 West 13th St's commercial space in Greenwich Village.

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Pine River Capital Management closed on a $46M acquisition loan to A-M Properties and Quality Capital for the 14th through 17th floors of 420 Fifth Ave. The four floors total 72k SF and are currently occupied by the Girl Scouts of America, which will be vacating the space between now and summer 2017.

This Week's NY Deal Sheet

Wilmington Trust closed on a $41M loan to Joe Sitt's Thor Equities for 155 Mercer St (pictured) in SoHo. 

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JP Morgan Chase closed on a $38M loan to Orin Wilf's Skyline Developers for 103k SF office properties at 13-15 West 54th St and 20 West 55th St in Midtown. The loan was secured by Holliday Fenoglio Fowler.

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Madison Realty Capital closed on a $37M loan to Jason Lee’s Six Sigma NYC to complete the renovation and addition of luxury condos to 435 West 19th St in Chelsea. The financing will also pay off existing debt on the property.

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The Bank of the Ozarks closed on $30M in construction financing to Ornstein Leyton Co and Latus Partners for Phase 2 of The Vineyards at Blue Point, a senior condo community in Blue Point, Long Island.

Financing data provided courtesy of Reonomy.