Home > Article > This Week's N.Y. Deal Sheet

This Week's N.Y. Deal Sheet

MEhome + Follow
2019-03-27 06:30:07
TOP SALES Kohn Pedersen Fox A rendering for the previous plans at 615 Dean St. NATIONAL INDUSTRIAL & LOGISTICS SUMMIT MARCH 28, 2019 | REGISTER NOW   FEATURED SPEAKER WENDY BERGER CEO and Founder , WBS Equities TF Cornerstone closed on its purchase of two sites at Brooklyn’s Pacific Park megaproject, where it plans to build 800 units. The company paid Greenland and Forest City New York $143.1M for the parcels at 615 and 595 Dean St. TF Cornerstone and Brodsky Organization announced last year they were teaming up to buy three sites from the Greenland-Forest City joint venture. Brodsky's site is at 644 Pacific St. *** Fairfield Properties paid $472.5M for a portfolio of seven properties on Long Island. The portfolio features a total of 1,496 units, and includes properties in Westbury, Levittown, Bay Shore and Lake Grove. A CBRE team of Jeffrey Dunne, Gene Pride and Eric Apfel, along with Alexander Virtue of CBRE Capital Advisors, represented the owner of the portfolio and brought the buyer. CBRE New York City and Mid-Atlantic Debt & Structure Finance teams arranged the debt. Lone Star Funds was the seller on the deal — it acquired the portfolio when it bought Home Properties for $7.6B in 2015. FCP was a preferred equity investor in the acquisition with a $100M stake. *** Weill Cornell Medical College paid $68M to the Church of the Epiphany for a development site at 1393 York Ave., according to broker Avison Young. Weill Cornell is planning housing for medical students at the site, which has a zoning floor area of more than 112K SF. At the same time, Church of the Epiphany paid $22.5M to Jan Hus Presbyterian Church for a 25K SF property at 351 East 74th St., which is one block away. Avison Young’s James Nelson, Jon Epstein, Charles Kingsley, Neil Helman and Toku Saito brokered the sales. Ira Schuman of Savills Studley was an adviser to Weill Cornell. *** Euro Properties, a Hong Kong-based developer, sold its stake in the development site at 118 East 59th St. to its investment partner, an affiliate of Xiamen-based Yuzhou Properties Group, The Real Deal reports. The sale price was $26M, which values the development — which was slated for a condominium, now stalled — at $74M. *** Lightstone Group paid $59M for two sites in Mott Haven in the Bronx, Commercial Observer reports. The company paid cash for 399 Exterior St. and 355 Exterior St., where zoning could allow for development as big as 600K SF. Ackman-Ziff’s Marion Jones, Jason Meister and Chris Gillis brokered the deal for the sellers, Pantheon Properties (399 Exterior St.) and Borden Realty (355 Exterior St). Lightstone was represented in-house. TOP LEASES Google Maps One Seaport Plaza NATIONAL INDUSTRIAL & LOGISTICS SUMMIT MARCH 28, 2019 | REGISTER NOW   FEATURED SPEAKER WENDY BERGER CEO and Founder , WBS Equities WeWork locked down its biggest lease of the year so far, taking 201K SF at Jack Resnick & Sons’ 199 Water St. WeWork will occupy floors 30 through 35 in the building, which has floor plates ranging from 18K SF to 37K SF.  The landlord also renewed and expanded its lease with W2O Group, a marketing firm that added 23K SF to its space in the building, bringing its total footprint to 59K SF. The American Foundation for Suicide Prevention signed a new lease in the building, taking 25K SF. Jack Resnick & Sons was represented in-house by Brett Greenberg and Adam Rappaport, as well as a Cushman & Wakefield team of John Cefaly, Robert Constable, Ethan Silverstein and Myles Fennon. Avison Young’s Michael Gottlieb and Martin Cottingham represented W2O Group. Savills Studley’s Erik Schmall, Scott Weiss and Peter Cipriano represented the AFSP. WeWork was not represented by an outside broker. *** The Carlyle Group added 33K SF to its lease at SL Green’s One Vanderbilt, the landlord announced this week. The lease is for 15 years, and the expansion means Carlyle will take about 128K SF across four floors. The building is now 54% leased, and on track to open in 2020, according to SL Green. JLL’s Steven Rotter, Joseph Messina, Greg Lubar, Steven Spartin, Jessica Berkey and Andrew Lutzer of JLL represented The Carlyle Group. CBRE’s Robert Alexander, Ryan Alexander, Emily Jones and Alex D’Amario brokered the deal for SL Green. *** Condé Nast reached a deal to sublease 50K SF of its space at One World Trade Center to Ambac Financial Group, Crain’s New York Business reports. The deal is for around 10 years and rents were $50 per SF, while direct rents in the tower are $70 per SF, according to Crain’s. Last April, Condé Nast listed 350K SF on the sublease market in an attempt to reduce its 1M SF lease obligation in the building.  *** Deloitte added 58K SF to its space at 330 Hudson St., the Commercial Observer reports. The firm now has 95K SF in the building, following a sublease deal with publisher Pearson. Byrnam Wood’s Richard Berzine brokered the deal for both sides, and rents were $80 per SF. AEW Capital Management owns the property. *** Dorilton Capital Management is adding 26K SF to its space at The Rudin Family’s 32 Sixth Ave., the landlord announced. The private investment firm now has 34K SF in the building after taking 8K SF in late 2017. Rents in the 10-year deal were $89 per SF. Rudin Management Co.’s Robert Steinman brokered the deal for the landlord. Byrnam Wood’s Gordon Ogden represented Dorilton. TOP FINANCING DEALS Google Maps 393 West End Ave. NATIONAL INDUSTRIAL & LOGISTICS SUMMIT MARCH 28, 2019 | REGISTER NOW   FEATURED SPEAKER WENDY BERGER CEO and Founder , WBS Equities Simon Baron Development Group locked down $105M to refinance 393 West End Ave., The Real Deal reports. The loan was provided by M&T Bank and replaces $70M of existing debt. The company paid $131M to buy out its partner, Quadrum Global, last year, and now owns 98% of the building. HKS Real Estate Advisors' Ayush Kapahi arranged the financing.

- END -
Tags: top sales WBS Equities, Euro Properties Hong Kong-based developer landlord new york
© copyright MEhome