This Week's N.Y. Deal Sheet: Jamestown Makes First Bronx Buy
Jamestown, the German-backed owner of Chelsea Market and Industry City, has made its first purchase in the Bronx, just in time for the holidays.
Jamestown bought 260 East 161st St., a 10-story office building a few blocks from Yankee Stadium and its connection to the subway and Metro-North Railroad. Seller Acadia Realty Trust completed renovations to the 261K SF mixed-use building last year, renovating its 245K SF of offices and 20,500 SF of retail.
Jamestown acquired the property for about $115M, Crain's New York Business reports. HFF brokered the deal for Acadia with a team of Michael Tepedino, Andrew Scandalios, Graham Stephens, David Giancola and David Fowler. HFF said in a release it is also working with Jamestown on securing financing for its newest acquisition. The City of New York and the Legal Aid Society are among the building's office tenants, and Walgreens, Starbucks and Chipotle occupy its retail section.
AvalonBay Communities, an Arlington, Virginia-based multifamily REIT, has acquired the fee simple interest in 1 Morningside Drive, also known as Avalon Morningside Park, a 130-unit apartment building it delivered in 2008. AvalonBay paid $95M for the land, which it ground leased from the Cathedral Church of St. John the Divine. The Diocese of New York had owned the land since 1896, according to the deed transfer filed with the city last week.
RFR Realty has sold a development site in Tribeca where it once planned to develop a condominium building. The site at 67 Vestry St. includes an eight-story building with rental apartments and retail on the ground floor. Iliad Realty Group purchased the property, which has approved demolition permits, for $55.5M.
Sales data courtesy of Reonomy.
Complex Media, which produces Complex Magazine and a millennial-focused online news outlet, is growing and moving into the former New York Times building in Midtown. The media company is subleasing 80K SF from Yahoo at 229 West 43rd St., with plans to move in this week, according to Crain's. The space comes outfitted with video production space, a plus for Complex, which is owned by Yahoo's new parent company, Verizon. The company will leave the 64K SF office it has at 1271 Sixth Ave.
Momentum Worldwide, an advertising agency based in Hudson Square, has signed a 60K SF lease to relocate to Brookfield Place next year, according to The Real Deal. The subsidiary of Big Four accounting firm Interpublic Group will move from 250 Hudson St. to the top floor, and part of the penultimate 14th floor, at 300 Vesey St. JLL's Scott Panzer, Robert Romano and Shannon Rzeznikiewicz represented the tenant.
Garment District clothing manufacturer ES Sutton has signed a 31K SF lease to move to Shorenstein Properties' 1407 Broadway, according to Commercial Observer. The move is a consolidation, as ES Sutton leases 39K SF across the street at 1400 Broadway. CBRE's Brett Shannon, Keith Caggiano, Ben Fastenberg, Gregg Rothkin, Peter Turchin and Ross Zimbalist represented Shorenstein, and Benchmark Properties’ Michael Beyda represented the tenant. Asking rent for the section of the sixth floor the company will occupy was $60/SF.
TOP FINANCING DEALS
Global Holdings, the real estate company owned by Eyal Ofer, has secured a $140M refinancing package from HSBC for 410 Park Ave., the office and retail tower in Midtown Manhattan. The loan replaces a $125M debt package from HSBC for the building that counts a ground-floor Ferrari store as a tenant.
Brookfield has landed a $66.1M bridge loan from Morgan Stanley Mortgage Capital for One Liberty Plaza. Morgan Stanley provided Brookfield with a $783.9M loan for the Financial District skyscraper in July before Blackstone had agreed to buy 49% of the building earlier this month at a roughly $1.5B valuation. That deal is expected to close next year.
The Dayton Park Co-op at 8600 Shore Front Parkway has secured a long-term financing package from the New York City Housing Development Corp. to the tune of $55M.
Financing data courtesy of Reonomy.