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This Week's N.Y. Deal Sheet

A major lease at One World Trade Center was signed last week amid a lagging downtown leasing market, and an office property on Madison Avenue sold for nearly $200M. 

TOP LEASES

The tallest building in the country, One World Trade Center looms over Lower Manhattan.
The tallest building in the country, One World Trade Center, looms over Lower Manhattan.

DAZN Group, a sports media company led by former ESPN President John Skipper, is taking nearly 51K SF at One World Trade Center. The space is on the 71st and 72nd floors, The Durst Organization announced.

Durst owns 5% of the building and manages it for majority owner the Port Authority of New York and New Jersey. The joint venture was represented by Durst’s Eric Engelhardt and Karen Kuznick, alongside Newmark Knight Frank’s David Falk, Jason Greenstein, Peter Shimkin, Hal Stein and Travis Wilson. Savills Studley’s John Johnson, Nate Brzozowski and Nicholas Farmakis represented the tenant. The deal runs for 10 years.

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Zillow Group leased 130K SF at Global Holdings’ 1250 Broadway in NoMad, The Real Deal reports. The space is for floors eight through 12, and will see the company, a Seattle-based online real estate platform that owns StreetEasy, Naked Apartments and Out East, moving from 130 Fifth Ave. in 2019.

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RXR Realty scored two more tenants at its building at 32 Old Slip. Alliant Insurance Services leased 56K SF there and Decoded Advertising took 16K SF, Commercial Observer reports. The asking rent for Alliant was $65 per SF. The price for Decoded’s space was $57 per SF.

Alliant was represented by CBRE’s Sacha Zarba and Chris Corrinet, while CBRE brokers Robert Alexander, Ryan Alexander, Michael Affronti, Zachary Price and Gerry Miovski worked with RXR’s William Elder and Dan Birney to represent the landlord in both deals. Scott Brown and Richard Johns from NKF represented Decoded.

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Target is growing its small-concept store presence in New York City with a location opening near Columbus Circle in 2019. The store, at AvalonBay Communities’ 1865 Broadway, will span 34K SF. It is the 28th planned or open Target in the city. JLL’s Patrick Smith, Matt Ogle, Corey Zolcinski and Erin Grace represented the landlord, alongside AvalonBay’s Martin Piazzola, Jeff Topchik and Lauren Cahill. Ripco Real Estate Corp.’s Richard Skulnik represented Target.

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EQ Office signed two leases for a total of 15K SF at Park Avenue Tower. The Rohatyn Group, an asset management firm, is taking just over 10K SF for 10 years at 65 East 55th St. CM Investment Partners, an investment management firm, is taking nearly 5K SF there. Scott Silverstein and Simon Wasserberger from EQ Office represented the landlord, along with Newmark’s Brian Waterman, Jared Horowitz, Ben Shapiro, Brent Ozarowski and Lance Korman. CBRE’s Silvio Petriello and Taylor Scheinman represented CM Investment and Larry Zuckerman and Dan Gronich represented the Rohatyn Group.

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Cornell University inked a deal to take 20K SF at 570 Lexington Ave., Commercial Observer reports. The 10-year lease for the Cornell SC Johnson College of Business means the university now has almost 90K SF in the building, which is owned by The Feil Organization.

TOP SALES

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

Daishin Securities, a Korean financial services firm, paid $194.5M for 400 Madison Ave. from seller ASB Real Estate Investments. The office building is 22 stories and spans 200K SF. ASB Real Estate, a division of ASB Capital Management, did the deal on behalf of its $7.3B Allegiance Real Estate Fund, according to its announcement.

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The Dermot Co. paid $75M to the Vanbarton Group for a 126-unit property in Windsor Terrace. The building at 33 Caton Place, known as the Kestrel, has a mix of studios and on, two- and three-bedroom units, according to The Dermot Co.

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Camber Property Group and Belveron Partners paid $60M to acquire three buildings in Upper Manhattan. The portfolio includes 287 Audubon Ave. in Washington Heights, 107 West 109th St. in Morningside Heights and 1871 Seventh Ave. in West Harlem, the companies announced. 

The deal comes with a 40-year regulatory agreement with New York City’s Department of Housing Preservation and Development, and the extension of the Section 8 contract with the Department of Housing and Urban Development. Harlem Congregations for Community Improvement was the nonprofit partner on the deal, and Greystone provided the financing.

TOP FINANCING DEALS

This Week's N.Y. Deal Sheet
ALTA LIC

Simon Baron Development scored $201M from a group led by AIG Investments. The financing went to the developer's deal to buy out Quadrum Global’s interest at ALTA LIC, The Real Deal reports. The firm is purchasing a 96% stake in the Long Island City rental building, which features 467 units.

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German firm Landesbank Hessen-Thüringen, known as Helaba, is providing a $260M loan to Dermot Co. and Dutch pension fund PGGM to buy 101 West End Ave., The Real Deal reports. The companies are reportedly in contract to pay $416M for the building to Sam Zell’s Equity Residential.

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Pergament Properties locked down $51M from MetLife to refinance its Pergament Mall at 2795 Richmond Ave. on Staten Island, Commercial Observer reports. ABS Altman Warwick’s Robert Altman arranged the financing on behalf of the borrower.

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The Brooklyn Navy Yard scored $42M in financing for the restoration of Building 127, the New York Post reports. The renovation will give the building 95K SF of modern industrial-manufacturing space. The financing comes from eight sources, including an $18M loan from Goldman Sachs, $10M equity from Chase, $4M in cash from City Hall and a $7M net-equity stake for Goldman. There is also tax-credit and other equity from five private organizations.

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Louis Greco of SDS Development scored $77M in funding for the redevelopment of 285 Schermerhorn St. in Brooklyn, according to the broker who arranged the financing. The financing features a $53M senior loan from G4 Capital, and a $23.3M loan from Ares Capital, according to The Real Deal. Brokers Jonathan Aghravi, John Leslie and Charles Han, previously of Eastern Consolidated, represented the borrower. SDS is planning to turn the office building into a 111-unit condominium building.

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The William Macklowe Co. and LaSalle Property Fund locked down $35M from the CIT Group’s Real Estate Finance division to build a new office building at 323 East 61st St. The planned project would span 74K SF and reach six stories, according to a release from CIT.