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This Week's N.Y. Deal Sheet

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There were few sales last week, but several major office leases announced, including Deutsche Bank's move from Wall Street to a 1.1M SF space at Time Warner Center and a major construction loan to kick-start a new residential tower.

TOP FINANCING DEALS

This Week's N.Y. Deal Sheet
126 Madison Ave.

JD Carlisle Development and Fosun Property Group secured $350M from Bank of the Ozarks for their condominium in Nomad. The proposed tower at 126 Madison Ave. would reach 66 stories and feature 199 units. An Eastern Consolidated team of Adam Hakim, James Murad and Andrew Iadeluca arranged the loan with one of New York's most active construction lenders.

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Friedland Properties and Rose Associates scored $218M to refinance their development at 7 West 21st St., Commercial Observer reports. Wells Fargo Multifamily Capital provided the funding, and the new money includes $37M in tax-exempt bonds and $182M in taxable bonds.

TOP LEASES

Time Warner Cable is leaving Time Warner Center.
Time Warner Center in Manhattan's Columbus Circle will be renamed

Deutsche Bank is leasing 1.1M SF at One Columbus Circle for its New York City headquarters. Right now the firm’s headquarters is at 60 Wall St., but it will begin moving to the new location at what is now Time Warner Center in 2021. The move means it will shrink its presence by 30%. The asking rents were not made public.

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McGraw-Hill Education is taking more than 136K SF at 1325 Sixth Ave., building owner Paramount Group announced last week. The firm is taking all of the fifth through ninth floors, and part of the 12th floor. The rents were not made public, but the building is now more than 95% leased.

 

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Borough of Manhattan Community College expanded its presence at Jack Resnick & Sons’ 255 Greenwich St. by nearly 78K SF, the landlord announced Monday. The 17-year deal means BMCC will have a total of nearly 245K SF in the building. The asking rent were $60 per SF. Resnick’s Brett Greenberg and Adam Rappaport represented the landlord in-house and CBRE’s Stephen Siegel, David Hollander and Richard Levine represented the tenant.

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Global Risk Advisors is expanding at 1 World Trade Center, signing a nine-year lease for just over 10K SF, Commercial Observer reports. The expansion mean it will have almost 17K SF in the building. Fintech firm Kensho Technologies also inked a five-year deal for it to expand its presence to 12K SF in the building, and ASAPP is expanding by nearly 8K SF on the 80th floor, which means it will have just over 26K SF in the building.

BRE’s Zachary Price and Ramsey Feher represented Global Risk Advisors. Hudson Real Estate Partners’ Alexander Schwartz represented ASAPP. JLL’s Michael Berg, Howard Hersch and Doug Kauffman represented Kensho Technologies.

The building is now 76% leased. Asking rents at One World Trade are $69 per SF for raw space and $75 to $80 per SF for pre-built suites, according to CO.

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The Rudin family and Allianz Real Estate of America signed two leases for One Battery Park Plaza for a combined nearly 25K SF, the companies announced last week. The New York City Fire Pension Fund will be taking just under 21K SF on the ninth floor, moving from 9 MetroTech Center in Brooklyn.

Meanwhile, Genomeweb LLC, an online news organization, will take nearly 4K SF on the eighth floor, making the move from 40 Fulton St. Asking rents were $55 per SF. Cushman & Wakefield’s Charles Borrok, Troy Elias and Frank Freda brokered the deal for the pension fund. CBRE’s Robert Wizenberg represented Genomeweb. Rudin Management’s Tom Keating and Kevin Daly represented the landlord in-house.

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Beauty company Coty is taking 10K SF for a flagship retail space at SL Green’s 719 Seventh Ave., also known as 30 Times Square, the landlord announced last week. The building features nearly 6K SF of LED displays, which Coty will use to publish brand content. RKF Vice Chairman Ariel Schuster, Ross Berkowitz and Jason Wecker represented SL Green and JLL’s Michael Hirschfeld represented Coty.

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Flexible office space provider Knotel leased 23K SF at 31 West 27th St., a building owned by Savanna. The lease is for seven years, and the company will take the fourth and 10th floors of the building. CBRE's Paul Amrich, Patrice Meagher, Neil King and Meghan Allen represented the landlord. Newmark Knight Frank's Michael Morris and Gregory DiGioia represented the tenant.

TOP SALES

This Week's N.Y. Deal Sheet
186 North Sixth Street

Eretz Group paid $70.3M for an office building at 9 East 40th St., The Real Deal reports. The seller, Joseph P. Day Realty, has owned the building for around 50 years. Eretz is paying for the building with a $50.4M loan from Aareal Corp.

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Boricua College sold 186 North Sixth St. for $31.1M. The property features two adjoining tax lots with three brick buildings. The buyer is David Dweck, according to Cushman & Wakefield, which handled the deal. Brokers Guthrie Garvin, Brendan Maddigan, Ethan Stanton, Michael Gembecki and Alexander Ball represented the seller.

CORRECTION, MAY 8, 5:20 P.M. ETA previous version of this story misstated the size of BMCC's expansion at 255 Greenwich St. This story has been updated.

CORRECTION, MAY 9, 5:10 P.M. ET: A previous version of this story described Knotel as a coworking company. It is a flexible office space provider. This story has been updated.