NEW YORK CITY — Locally based developer Dynamic Star has received approval from the New York City Council for Opus Point, a redevelopment that will convert the former Eagle Electric manufacturing facility in Queens into a 400,000-square-foot office property. Designed by SLCE Architects and redeveloped on a speculative basis, the 26-story complex will offer a variety of flexible workspace suites and spaces. Amenities will include a basketball court, fitness center, landscaped rooftop deck and conference facilities. Completion is slated for the second quarter of 2025. CBRE will market Opus Point for lease.
New York
NEW YORK CITY — JLL has brokered the $6.1 million sale of a 10-unit multifamily property located at 323 W. 89th St. in Manhattan’s West End Historic District. The unit mix consists of one studio, six one-bedroom apartments and three duplex apartments, as well as a basement office. A family office sold the property to a private investor, with both parties involved in the deal requesting anonymity. Hall Oster and Teddy Galligan of JLL brokered the deal.
NEW YORK CITY — Architecture firm Hart Howerton has signed a 27,111-square-foot office lease renewal and expansion at 10 E. 40th St. in Midtown Manhattan’s Bryant Park neighborhood. The 48-story, 442,000-square-foot building is currently being renovated and has been rebranded as Tower 40. Ethan Silverstein, Theodora Livadiotis and Caroline Collins of Cushman & Wakefield represented the landlord, a partnership between Madison International Realty and Joseph P. Day Realty, in the lease negotiations. Alexander Ryan and Time Freydberg of CBRE represented the tenant.
NEW YORK CITY — West Publishing Corp. has signed a five-year, 46,105-square-foot office lease extension at 3 Times Square in Midtown Manhattan. The company will occupy the entire 17th floor and a portion of the 18th floor at the 885,000-square-foot building, which was originally constructed in 2001 as the headquarters for Reuters and recently underwent a capital improvement program. Mitchell Konsker, Dan Turkewitz and Christine Tong of JLL represented the tenant in the lease negotiations. Tom Keating represented the landlord, locally based investment firm Rudin, on an internal basis.
NEW YORK CITY — A partnership between locally based developer Slate Property Group and nonprofit RiseBoro Community Partnership has begun construction on a $146 million affordable housing project in the Brownsville area of Brooklyn. The unit mix will consist of 130 supportive housing residences for formerly homeless young adults and families; 34 residences that will be reserved for renters earning 60 percent or less of the area median income (AMI); 51 apartments that will be restricted for households earning 50 percent or less of AMI; and one superintendent’s unit. Units will come in studio, one-, two- and three-bedroom floor plans, and the building will also house a 3,800-square-foot community center and 1,600 square feet of ground-floor retail space, as well as a fitness center, rooftop terrace, classroom spaces, children’s play area and a community room. Aufgang Architects designed the project, and SD Builders & Construction is serving as the general contractor. Completion is slated for summer 2025.
NEW YORK CITY — First Look Media, a nonprofit organization that offers streaming and production services, has signed a 7,896-square-foot office lease at 853 Broadway in Manhattan. The lease term is five years, and the space spans the entire 10th floor. The 21-story, 157,000-square-foot building is currently undergoing a multimillion-dollar renovation. Andrew Wiener and Rob Fisher internally represented the landlord, The Feil Organization, in the lease negotiations. Gary Stein, Ken Ruderman and Michael Bertini of Savills represented First Look Media.
NEW YORK CITY — A joint venture between L&L Holding Co. and Columbia Property Trust has topped out Terminal Warehouse, a 1.3 million-square-foot industrial redevelopment project in Manhattan’s West Chelsea neighborhood. Designed by COOKFOX Architects, the project centers on the conversion of a historic warehouse that was originally built in 1891 into a mixed-use destination with office and retail components. The development also includes 2.5 acres of open green space. Full completion is slated for 2024.
NEW YORK CITY — Deutsche Bank and Naftali Credit Partners have provided an undisclosed amount of construction financing for a residential project in Manhattan’s Greenwich Village area. Designed by Kohn Pedersen Fox, the project will consist of 28 for-sale condos and ground-floor retail space. Deutsche Bank provided the senior loan, and Naftali issued mezzanine debt. The borrower was a joint venture between New York City-based Argo Real Estate and Indian developer B Safal. Project completion is slated for 2024.
NEW YORK CITY — NY Sports Club has signed a 20,000-square-foot lease renewal at 9901 Queens Blvd. in the Forest Hill area of Queens. The lease keeps the fitness operator, which has been a tenant at the building since 2006 and has plans for a future remodel, in its space through 2034. Blumenfeld Development Group owns the building. No third-party brokers were involved in the lease negotiations.
NEW YORK CITY — A joint venture between Gamma Real Estate and JVP Management has completed Sutton Tower, an 80-story residential tower located at 430 E. 58th St. within the Sutton Place neighborhood in Midtown Manhattan. The building houses 120 for-sale condos and amenities such as a pool, fitness center, sports simulator room, screening room, private dining room, children’s play area and a sculpture garden. Thomas Juul-Hansen designed the building, and global development and investment firm Lendlease served as the general contractor. Construction began in 2018. Move-ins will begin over the summer.