This week, SL Green successfully swung some deals to raise cash, Deutsche Bank provided a big loan on a Staten Island residential complex and New York City's leasing market continued to drag.
TOP SALES
:no_upscale():quality(75))
SL Green sold a 49.5% interest in its planned office tower at One Madison Avenue to the National Pension Service of Korea and Hines, the REIT announced Tuesday. The buyers will inject at least $492.2M of equity into the project, which SL Green and Hines will develop together. Designed by Kohn Pedersen Fox Associates, the $2.3B project will see the 1890s building reimagined to feature 17 new office floors. The building is set to be complete by 2024, per SL Green’s website. Hines is also co-developing SL Green's skyline-changing Midtown project, One Vanderbilt, in which it and the NPS also own significant stakes.
***
Extell Development sold two commercial condominium units at its residential building in Yorkville. A Gramercy Park-based LLC was the buyer, The Real Deal reports, and paid $28.7M for the units at 200 East 95th St., which is a condo building known as The Kent. Avison Young’s James Nelson, Vincent Carrega, Neil Helman, Brent Glodowski and Angela Mulder represented Extell, Avison Young announced.
***
British billionaire brothers David and Simon Reuben paid around $170M for the retail condo at 609 Fifth Ave., Bloomberg reports. SL Green sold the property, which is leased to Puma. SL Green owns the office part of the building, which spans 135K SF and was leased to WeWork in its entirety in 2018.
TOP FINANCING DEALS
:no_upscale():quality(75))
Deutsche Bank loaned Delshah Capital $174.3M for a residential complex on Staten Island, Commercial Observer reports, citing a notice filed with the Tel Aviv Stock Exchange. The loan is for the Park Hill complex, which has more than 1,000 Section 8 apartments across eight buildings. The financing will be used to pay down previous loans, Israeli bond payments and for capital improvements at the complex.
***
Silverstein Capital Partners bought the senior construction loan on Hudson Cos.’ One Clinton Street from Starwood Property Trust, Commercial Observer reports. There is an outstanding balance of $172M on the $200M A-note. Goldman Sachs is reportedly a capital partner on the deal.
***
Rabsky Group borrowed $35.1M for its residential building at 208 North 10th St. in Williamsburg, PincusCo reports. Berkadia Commercial Mortgage was the lender, and the deal closed late last month. The rental building on North 10th St. has 64 units.
***
M&T Bank loaned $31.8M to Paul “Saul” Grossman for 192 Varet St. in East Williamsburg, per PincusCo. The site features a public school, and the built space on the site spans a total of 117K SF. The loan replaced $20M in previous financing from the bank.
TOP LEASES
:no_upscale():quality(75))
Jellyfish, a digital marketing firm, inked a deal for 693 Fifth Ave., the landlord broker Colliers International announced. The company is taking just short of 10K SF across two full floors. Rents in the building range between $80 and $85 per SF. The 105K SF building is owned by French holding company FIMALAC.
***
Chipotle Mexican Grill, which is operating takeout and delivery at many of its restaurants, has signed two deals to take over former Boston Market locations in Manhattan, Commercial Observer reports. The fast-casual chain will occupy 2,800 SF at 885 10th Ave. in Hell's Kitchen with landlord Rich International and 2,100 SF at 3781 Broadway in Washington Heights with landlord Friedland Properties. Winick Realty Group' Kenneth Hochhauser represented the tenant in both deals, which are for 10 and 15 years and cost between $150 and $175 per SF, respectively.
