This Week’s N.Y. Deal Sheet: Brooks Brothers, Sephora And Barcade Coming To FiDi
Several landlords in Manhattan's Financial District have inked big-name retailers to leases in the past week.
Men's dresswear chain Brooks Brothers is returning to the neighborhood where it originated. Brooks Brothers signed for 10K SF at L&L Holding Co.’s 195 Broadway, where the retailer is planning to open a new flagship store.
Brooks Brothers will join fellow tenants Nobu Downtown and Anthropologie in the building. Cushman & Wakefield’s Alan Schmerzler repped the landlord in the deal, while CBRE’s Eric Gelber and Jordan Kaplan reopened the tenant.
TOP LEASES
The real estate family office of the Gindi family, ASG Equities, signed two retail tenants spanning 20K SF. Cosmetics retailer Sephora signed for 5K SF at 175-177 Broadway, with representation from Virginia Pittarelli and Christine Jorge of Mona in the deal. Meanwhile, Barcade is planning a new flagship location spanning 15K SF at 10-12 Cortlandt St., which is expected to open in early 2025, offering pub food, classic video games, pinball machines and a full bar. Ripco Realty’s Jason Pennington repped Barcade. Cushman & Wakefield’s Steven Soutendijk and Sean Moran repped the landlord in both transactions.
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Authentic Brands Group has expanded its space at Ivanhoe Cambridge and The Swig Co.'s 1411 Broadway, the New York Post reported. The brand management company, which owns retailers including Brooks Brothers and Reebok, is growing from 75K SF to 100K SF at the 40-story building. Asking rents were $75 per SF, with Benchmark Properties’ Michael Beyda repping Authentic Brands and CBRE’s Neil King, Paul Amrich, Shay Kenney and Emily Chabrier repping the landlords.
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Silverstein Properties has signed supermarket Lincoln Market to a 36K SF, 20-year lease at 660 W. 42nd St., otherwise known as River Place, according to a release. The store will be the grocer's ninth location, following its recently opened Greenwich Village offering as well as outposts in Brooklyn, Queens and Harlem. The River Place store is expected to open late next year in a space that used to be a Lucky Strike bowling alley. Katz & Associates’ Scott Sher repped the tenant, while Cushman & Wakefield’s Sean Moran, Steven Soutendijk, Alan Schmerzler, Michael O’Neill, and Taylor Reynolds repped Silverstein Properties.
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The parent company of Travelers Insurance, The Travelers Cos., has signed a 123K SF renewal at SL Green’s 485 Lexington Ave., according to a release. The agreement keeps the tenant in the building, where asking rents are $68 per SF, for another decade, Commercial Observer reported. Other tenants include RSC Insurance Brokerage and engineering consulting firm Exponent. Robert Ageloff, Matthew Astrachan and Kate Roush of JLL repped Travelers in the deal, while their colleagues Paul Glickman, Alexander Chudnoff, Diana Biasotti, Christine Colley and Kristen Morgan repped SL Green.
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William Grant & Sons, a distiller best known for scotch whisky, has signed for 27K SF at the Rosen family’s 902 Broadway, Commercial Observer reported. The tenant will move its headquarters from 300 Park Ave. South to the building on Broadway, expanding by roughly 5K SF as part of the deal and joining a tenant roster that includes SeatGeek, IMAX and law firm Fenwick. Koeppel Rosen’s Max Koeppel repped the landlord, while JLL’s Joseph Messina, Charles Gerace and Peter Michailidis repped the tenant.
TOP FINANCING DEALS
TF Cornerstone scored a $448M seven-year, fixed-rate loan from PNC Bank, extending the loan for the 798-unit multifamily development that was originally part of the Atlantic Yards side at 595 Dean St., The Real Deal reported. The previous loan came from a consortium of different lenders, including a $73M sum from M&T Bank in 2019 and a $385M construction loan from Wells Fargo in 2021, Commercial Observer reported.
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A developer landed a $120M loan to convert a parking garage in the West Village to seven "ultra-luxury" condos. Alf Naman Development is leading the conversion of the 1930s building, backed by preferred equity partner Ascendant Capital Partners. Marathon Asset Management, a $23B alternative asset manager, originated the loan for the project, which is already under construction and expected to deliver in 2026, according to a press release. Four of the seven units in the building, which will have pickleball courts and a sauna, are already under contract.
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Slate Property Group and White Oak Real Estate Capital have agreed to provide a $70M construction loan to Watermark Capital Group for its apartment project at 41-08 Crescent St. in Long Island City, according to a release. Skyline Capital arranged the loan, intended to fund the final stages of construction and lease-up for the 26-story, 184-unit multifamily building, expected to deliver in 2026. The developer tapped into the 421-a tax abatement, and 70% of the units in the building are income-restricted. The 194K SF building will have 9K SF of retail space at its base.
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Investor Andrew Penson signed a $59M refinancing deal for 150 Riverside Drive, home of The Riverside Premier Rehabilitation & Healing Center, Crain’s New York Business reported. The sum for the medical office building came from Greystone.
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Self-storage owner and operator Storage Post scored a $115M refi from Nuveen Real Estate for a nine-property portfolio throughout New York and New Jersey, Commercial Observer reported. Storage Post bought the assets, spanning 9,578 units, in 2022. The New York properties are in the Bronx, Floral Park, Garden City and Huntington Station on Long Island and Yorktown Heights in Westchester. A JLL capital markets team of Steven Klein and Robert Tonnessen put together the deal.
TOP SALES
Care For the Homeless, a social services organization, bought a Bronx site for $46.4M from Foremost Real Estate, Commercial Observer reported. The site, 1364-1400 Blondell Ave., has approved permits to build a three-story, 200-bed men's shelter. It was under construction but paused in 2022 when New York State’s Department of Environmental Conservation found toxic chemicals at 1346 Blondell Ave., Bronx Times previously reported. It’s unclear how the project will move forward.
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SMA Equities has acquired four Lower East Side rental properties from Forrest Partners for $15.9M, Crain’s reported. The buildings are located at 248, 250, 252 and 254 Broome St.
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Woodside, Queens, could be about to get a new supermarket. Martin Espinal, the owner of grocery chain City Fresh Market, has acquired 54-02 31st Ave. for $12M, PincusCo reported. The seller of the retail property was Angelo Avena.
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A three-unit, mixed-use building in the Flatiron District has changed hands for $10.4M, PincusCo reported. Robert Siegel, through the entity SR 3222, LLC, sold the 9K SF property at 32 E. 22nd St. to 32 East 22nd Street, LLC.
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On Your Mark, a nonprofit based in Staten Island, has acquired four properties spanning 34K SF for $10.9M, PincusCo reported. The seller was the Roman Catholic Church of Saints Peter and Paul. The properties are 129 Clinton Ave., 148 Cassidy Place and others in the neighborhood of Randall Manor.
