This Week's N.Y. Deal Sheet
Construction on several major projects in the city will now go ahead, thanks to some significant loans locked down last week.
Lyft is taking more than 100K SF at Hudson Commons, a 28-story development at 441 Ninth Ave., at the corner of 34th Street. The ride-sharing company joins cycling brand Peloton, which inked a deal for 312K SF late last year in the Cove Property Group-owned building. The building is now 63% pre-leased and slated to open this summer. CBRE’s Stephen Siegel, Evan Haskell, Paul Haskin, James Ackerson and Ben Joseph handle leasing for the building. JLL’s Steven Rotter and Justin Haber brokered the deal for Lyft. Rents in the building are reportedly $90 per SF.
Software development company Braze reached a deal to take 56K SF as sublease from Outcome Health at Vornado’s 330 West 34th St., Commercial Observer reports. The deal is for five years. LSL Advisors’ Daniel Lolai brokered the deal for Braze, and CBRE’s Sacha Zarba, Jeff Fischer and Joseph D’Apice acted for the sublandlord. Braze is moving from its 27K SF space at 318 West 39th St.
Breather, a flexible office space provider, took nearly 18K SF at GFP Real Estate’s 322 Eighth Ave. The space is for the third and 18th floors, where Breather said in a release it will build two offices and two meeting spaces. CBRE’s Ramsey Feher represented Breather and GFP’s Allen Gurevich brokered the deal for the landlord.
TOP FINANCING DEALS
Soho Properties’ Sharif El-Gamal locked down $270M for the construction of the Margaritaville Resort hotel development in Times Square, The Real Deal reports. The loan comes from Related Fund Management, Angelo Gordon and South Korea’s Hana Financial Investment. Soho Properties is developing the project with Chip and Andrew Weiss and MHP Real Estate Services. Once slated for a Dream Hotel, the 234-room, 29-story hotel is expected to open next year.
Brookfield and Park Tower Group scored around $217M in financing for a residential tower at their Greenpoint Landing development, Commercial Observer reports. Scotiabank, TD Bank, Industrial and Commercial Bank of China and Intesa Sanpaolo provided the financing. The construction loan is for the development of 41 Blue Slip, also known as Two Blue Slip. Once complete, the 22-acre Greenpoint Landing project will feature a 10-building complex with 5,000 apartments, a 640-seat elementary school, retail space and a waterfront park.
Shanghai Commercial Bank provided $85M to LCRE Group to refinance the AC Hotel at 151 Maiden Lane, The Real Deal reports. The financing includes a $13M gap mortgage. Newmark Knight Frank’s Dustin Stolly and Jordan Roeschlaub brokered the financing.
Wells Fargo Multifamily Capital has provided two separate loans to the Gotham Organization, according to Greystone‘s debt-advisory arm Greystone Bassuk, which arranged the deals. The bank provided $59M for The Nicole, a 19-story, 149-unit rental building at 400 55th St. It also loaned $125M for Gotham to refinance Atlas New York, a 48-story, 373-unit rental apartment building located at 66 West 38th St.
Madison Realty Capital provided $21.4M to AB Capstone to refinance its mixed-used development at 51-73 Jericho Turnpike in Bellrose, Queens. The financing will be used to refinance previous debt and help finish leasing the building, according to MRC.
CIM Group has closed on its $81M sale of 301 First Ave., according to records filed with the city, with GFP and Meadow Partners as the buyer. CIM bought the 24-story building in 2017, with the hopes of redeveloping it, but those plans did not move ahead.
M&R Friedlander Supply Co. ground leased two properties in the Mott Haven area for $108M. The properties are at 550 Trinity Ave. and 571 Jackson Ave. The ground lessee is Brooklyn-based investor Shimshon Grunstein, according to a person familiar with the deal. Right now, there is a one-story warehouse on the site. Brax Realty Managing Principal Michael Ferrara and Savills Studley’s Daniel Thompson represented M&R Friendlander and procured the lessee.
Manufacturer Ko-Rec-Type sold a piece of its eight-parcel portfolio in Williamsburg, The Real Deal reports. The site, at 96 North 10th St., sold for $23M. The seller was 96 North 10th Street Holdings LLC, per city records cited by TRD, with Eliyahu Zev Kohn listed as the manager. JLL’s Brendan Maddigan, Stephen Palmese, Winfield Clifford, Michael Mazzara and Ethan Stanton arranged the sale for Ko-Rec-Type.
CORRECTION, FEB. 27, 9:30 A.M. ET: CBRE’s Ramsey Feher represented Breather in its lease. An earlier version of this story misspelled his name.