This Week's N.Y. Deal Sheet
There were few leasing, sales and financing deals in the dog days of summer, but there were some bright spots. A 30-year leasehold deal closed for in excess of $90M and JPMorgan Chase provided $500M to Extell Development.
Top Financing
Extell Development secured $500M from JPMorgan Chase, The Real Deal reports. The financing is backed by the Central Park Tower, a development site at a former Pathmark in Harlem, a site at West 54th Street and Seventh Avenue and an assemblage at 251 West 45th St.
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The Durst Organization locked down $95M from M&T Bank to refinance its Harlem assemblage, The Real Deal reports. The financing will go to properties at 1801 Park Ave., 1815 Park Ave. and 110 East 125th St. and includes $30M in new debt.
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Wells Fargo has originated a $71.4M refinancing to Rockrose Development for its Midtown rental building at 410 West 53rd St. That gives the developer $23.1M in Fannie Mae debt and replaces a previous loan of $48.3M, The Real Deal reports.
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The Industrial and Commercial Bank of China (USA) N.A. loaned $43M to Pi Capital Partners for its Flushing Professional Tower, The Real Deal reports. Pi developed the 13-story office tower in 2002, according to the publication.
Top Leases
Private equity firm Siguler Guff took 44K SF at the Met Life building at 200 Park Ave., in an 11-year deal, Commercial Observer reports.
The space spans the entire 23rd floor of the Irvine Co. and Tishman Speyer-owned building. Rents in the building are between $92 and $112 per SF, according to CO, although rents in this deal were not made public. Siguler Guff was represented by Sprayregen Real Estate Advisors’ Philip Sprayregen. Tishman Speyer’s Jerry Speyer brokered the deal for the landlord.
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Law firm Rosenberg & Estis added another 16K SF to its lease at 733 Third Ave., the New York Post reports. The firm now has nearly 52K SF at the Durst Organization-owned building, having renewed for space on the 12th and 14th floors and having added the entire 15th floor to its lease.
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PR Newswire inked a deal for 34K SF at 200 Vesey St. at Brookfield Place, Commercial Observer reports. The press release distributor is moving from a 26K SF space in Hudson Square. John Wheeler, Michael Berman, Paul Glickman and Clayton Kline of JLL brokered the deal on behalf of Brookfield. JLL’s Don Preate and Frank Coco represented PR Newswire.
Top Sales
The Visiting Nurse Service of New York closed on its 30-year leasehold condo at SL Green’s 220 East 42nd St., paying $91.8M, according to records filed with the city. The healthcare nonprofit took 308K SF in the building as part of the transaction, which was announced back in 2016.
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Pineapple Hospitality paid Sam Chang’s McSam Hotel Group $22.2M for the leasehold on a hotel at 337 West 36th St., The Real Deal reports. The Pacific Northwest company plans to brand the hotel as the Alise New York, according to the publication.
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Michael Cohen, President Donald Trump’s former attorney, who last week pleaded guilty to campaign finance law violations and other charges, sold stakes in two Manhattan apartment buildings, The Real Deal reports. Cohen sold four stakes of 133 Ave. D and four stakes at 330 East 63rd St. to Vintage Group for a total of $12.9M.
