This Week's N.Y. Deal Sheet
Leasing was the most active part of the market this past week, with significant expansions at Industry City and Sixth Avenue.
The Department of Records and Information Services inked a deal for 133K SF at Building 20 at Industry City in Sunset Park. The agency previously had 127K SF at the connected Building 19. This lease is for 20 years, and will see the agency retaining 35K SF of its old space on the sixth floor, and adding more than 98K SF on the fifth, sixth and seventh floors, Commercial Observer reports. The asking rents were $18 per SF for the first five years, a figure that will increase to $27 per SF for the last five years of the lease.
Hello Alfred has taken 22K SF at 61 Broadway, the New York Post reports, moving into the space that used to be the office of architect Bjarke Ingels Group. Hello Alfred moved from 55 West 19th St. The lease is for 10 years and the asking rent was in the low $60s per SF. Collibra, a governance platform, is also expanding to 37K SF in the building. Lee & Associates NYC’s Dennis Someck and Justin Myers represented Hello Alfred. Peter Sabesan from Cresa represented Collibra. Landlord RXR's in-house leasing team worked with Newmark Knight Frank’s Hal Stein, Ben Shapiro, David Malawer and Todd Stracci.
Law firm Mayer Brown has expanded its space at 1221 Sixth Ave. by 49K SF. The firm’s total space in the Rockefeller Group-owned building is now 235K SF across five floors. It has been in the building since 2015. CBRE brokers Bob Flippin, Andrew Sussman, Lauren Crowley Corrinet and Anthony Dattoma represented Mayer Brown. Rockefeller Group was represented by an in-house team led by Ed Guiltinan, along with a Cushman & Wakefield brokerage team led by Executive Vice Chairman Rob Lowe.
Creative advertising agency Mekanism Inc. took 28K SF in a 10-year lease at 250 Hudson St. The company is moving from 80 Broad St. next year. The asking rents were in the high $70s per SF. Cushman & Wakefield’s David Rosenbloom represented Mekanism. Landlord Jack Resnick & Sons was represented in-house by Brett Greenberg and Adam Rappaport.
Hauppauge-based the Jay Group paid $26.5M for five Harlem buildings from Ares Management. Ares paid $14.5M for the buildings at 54-62 West 125th St. in 2012, The Real Deal reports. The buildings are between Lenox and Fifth avenues and have 18 apartments and 10 commercial units between them.
New York University is paying $45M to Vornado for a building at 27 Washington Square North, The Real Deal reports. The seven-story building has 27 residential units.
The Kings College paid $19.2M for The Riff Downtown Hotel, a 17K SF building at 102 Greenwich St., according to a release from Cushman & Wakefield. The building features 36 rooms across four floors and retail space spanning 3,200 SF on the ground floor and 2,500 SF on the lower level. The building will be repositioned as a dorm.
TOP FINANCING DEALS
Milstein Properties provided a $130M loan to Howard Hughes Corp. for the acquisition of the South Street Seaport at 250 Water St., The Real Deal reports. Milstein had previously owned the site for four decades, but sold it to Howard Hughes last month for $180M.
Madison Realty Capital is providing $55M to Isaac Schwartz, the developer of 948 Myrtle Ave. in Brooklyn. Schwartz is planning a ground-up condominium development there, The Real Deal reports. The nine-story building would feature 77 condos and 24 affordable units.
Developers Landsea Homes and Leyton Properties secured a construction loan for their condominium development on the Upper West Side. The planned 14-story development at 212 West 93rd St. would feature 20 condos and outdoor space as well as a new 9K SF synagogue. BofI Federal Bank provided the financing, according to a joint release from the companies, worth $40M. Ackman-Ziff Real Estate Group brokered the financing deal.