Madison Realty Capital Lands $285M For New Greenpoint Building: The N.Y. Deal Sheet
A freshly delivered Greenpoint apartment building with a 421-a tax abatement just scored a new loan.
TPG Real Estate Credit provided the $285M bridge loan to a Madison Realty Capital affiliate for Greenpoint Central, a 473-unit multifamily property at 65 and 75 Dupont St.
The building, a mix of studio, one- and two-bedroom apartments, has 70% market-rate and 30% income-restricted units, which launched New York City’s affordable housing lottery in May, New York YIMBY reported at the time.
It also has 20K SF of retail space, according to a release. Local officials attended a ribbon-cutting for the development in October at the remediated Superfund site of the former NuHart Plastic Manufacturing plant.
A Walker & Dunlop capital markets advisory team led by Sean Reimer, Aaron Appel, Jonathan Schwartz, Adam Schwartz, Keith Kurland, Dustin Stolly, Ari Hirt, Cole Grims and Nicholas Gilhooley arranged the financing.
TOP FINANCINGS
Monadnock Development netted a $175M construction loan for 155 Third St. from a partnership between global investment manager PCCP and U.S. Bank. The developer is planning a 22-story, 300-unit mixed-use rental building along the Gowanus Canal, which will utilize a 421-a abatement and provide 75 affordable units. A JLL Capital Markets Debt Advisory team featuring Christopher Peck, Winfield Clifford, Kellogg Gaines and Nicco Lupo arranged the financing.
***
Greystone & Co. provided a $114.5M acquisition loan to Iris Holdings Group for nine rental apartment buildings in Queens, PincusCo reported. The properties include three in Rego Park at 64-20 Saunders St., 63-60 98th St. and 97-50 Queens Blvd.
***
Benefit Street Partners provided RJ Capital Holdings with an $84M loan to refinance a 170-unit luxury apartment building at 98-81 Queens Blvd., Commercial Observer reported. Newmark’s Jordan Roeschlaub, Daniel Fromm and Sam Speciale arranged the financing for the recently delivered project in Rego Park.
TOP LEASES
JPMorgan Chase has expanded by 60K SF at New York State Common Retirement Fund’s 390 Madison Ave., bringing its total footprint to 497K SF, the New York Business Journal reported. The L&L Holding Co.-managed building will temporarily house the bank's employees across 16 full office floors and two retail spaces while JPMorgan redevelops 383 Madison, Commercial Observer reported. The deal is a sublease, though it's unclear which tenant is JPMorgan's new sublandlord.
***
The Fortune Society expanded its Long Island City headquarters while signing a 30-year lease renewal for 91K SF. It now has the entire second floor, 37K SF on the ground floor and 14K SF on the lower level of 29-76 Northern Blvd. Cushman & Wakefield’s Carri Lyon, David Lebenstein, Jared Thal and Nick Chin led the team representing The Fortune Society. Olshan Frome Wolosky represented the building’s landlord, 29-76 Realty Co. LLC.
***
ING Group renewed and expanded to 154K SF at The Durst Organization’s 133 Sixth Ave., Commercial Observer reported, citing a CBRE report. ING is tacking 22K SF onto its existing 132K SF space in the 45-story office tower. Other tenants include law firm Massumi + Consoli and investment brokerage Charles Schwab.
***
One of the world's largest hedge funds is keeping its massive office at 399 Park Ave. Millennium Management signed a 438K SF renewal lease at BXP's 1.6M SF Midtown tower, according to Commercial Observer, which cited a Colliers report. Millennium has been a tenant since 2020, when it signed for 300K SF.
***
Apple took an additional 95K SF at Vornado Realty Trust’s Penn 11, bringing its total footprint to 500K SF, The Real Deal reported. The tech giant now occupies the fourth and eighth through 16th floors, with the new lease taking the top two floors from AMC Networks. AMC is renewing and downsizing from 335K SF to 177K SF. Vornado’s Glen Weiss and Jared Silverman represented the landlord in-house for both deals, while Newmark’s Neil Goldmacher and Andy Sachs represented AMC and JLL’s David Endelman represented Apple.
TOP SALES
Sovereign Partners closed on 2 Grand Central Tower, a 667K SF Midtown office building, from Rockwood Capital for $273M, Commercial Observer reported, after The Promote reported in October that the deal was under negotiation. The price for the 44-story asset was $3M above asking. The building’s existing lender, MetLife, provided $177M of new financing to Sovereign, run by brothers Cyrus and Darius Sakhai.
***
Kayne Anderson and Remedy Medical Properties acquired a 207K SF Borough Park medical building at 4813 Ninth Ave. for $151.9M from Welltower, PincusCo reported. The deal was part of a $6B sale of Welltower medical properties to Kanye Anderson and Remedy spanning 18M SF across 34 states.
***
AM Property Holding acquired 115 W. 40th St. from Clarion Partners for $133M, PincusCo reported. The 304K SF Garment District office last sold in 2018 for $282M. Eyn Holding and Axonic Capital partnered with AM on the acquisition of the 22-story building, which sold for less than its $140M MetLife mortgage, Commercial Observer reported.
***
Stellar Management sold a trio of rent-stabilized Bronx apartment buildings to Benevel Management for $54M, Crain’s New York Business reported. The three properties — 950 Underhill Ave. in Soundview, 2010-2040 Bruckner Blvd. in Unionport and 801 Neill Ave. in Morris Park — span 800 units and 830K SF. Just 19 units are free market. Arrow Real Estate Advisors' Jacob Schmuckler and Meir Schlusselberg arranged the $40.5M financing from JPMorgan Chase.
