New York

Urban Edge Properties Acquires Two Mixed-Use Buildings in Brooklyn for $165M

by Alex Patton February 18, 2020

NEW YORK CITY — Urban Edge Properties, a New York City-based REIT, has acquired Kingswood Center and Kingswood Crossing, a pair of adjacent mixed-use buildings in the Midwood neighborhood of Brooklyn, for $165 million. The two buildings comprise a total of approximately 335,000 square feet, including 134,000 square feet of Class A office space and 106,000 square feet of retail space. The properties also include 60,000 square feet of space available for office or residential development and 250 parking spaces. At the time of sale, retail tenants included Target, TJ Maxx and Marshalls. Visiting Nurse Services of New York was the anchor office tenant. A partnership between Infinity Real Estate and Nightingale Properties was the seller in the off-market transaction.

February 18, 2020

Leasing Activity New York Northeast Office

Tri State Commercial Secures 3,600 SF Office Lease in Brooklyn

by Alex Patton February 18, 2020

NEW YORK CITY — Tri State Commercial has secured a 3,600-square-foot office lease in the Bedford-Stuyvesant neighborhood of Brooklyn. Home care company Care Skills Home will occupy space on the third floor of an office building located at 1125 Fulton St. on a five-year lease beginning in March. Avi Akiva led a Tri State team that represented Care Skills Home in the lease negotiations. Akiva also represented the landlord, The Bawabeh Group.

February 18, 2020

Acquisitions Mixed-Use Multifamily New York Northeast Top Stories

SL Green Realty to Sell West Manhattan Mixed-Use Tower, Adjacent Development Site for $446.5M

by John Nelson February 18, 2020

NEW YORK CITY — SL Green Realty Corp. (NYSE: SLG) has entered into a contract to sell a 36-story mixed-use tower and an adjacent undeveloped parcel in Manhattan for $446.5 million. An affiliate of Brookfield Asset Management (NYSE: BAM) is the buying entity for the 492,987-square-foot building at 315 W. 33rd St. on the borough’s west side. Also known as The Olivia, the mixed-use tower features 333 residential units and 270,132 square feet of commercial space. The residential portion is 96 percent occupied, and the commercial space is fully leased to tenants including AMC Theatres, Music Choice and Landmark Education. The Olivia’s community amenities include a residents’ lounge, laundry room, onsite parking, fitness center, bicycle storage, resident app, valet services, 24-hour lobby and rooftop terrace. The property is near Madison Square Garden, the Hudson River and Penn Station. Darcy Stacom of CBRE represented SL Green Realty in the sale transaction, which is expected to close in the second quarter. No details were released about Brookfield’s plans for the parcel. “This sale is another example of SL Green’s commitment to strategically divest of non-core assets and accretively redeploy the capital into our ongoing share repurchase program,” says David Schonbraun, co-chief investment …

February 18, 2020

Development Industrial New York Northeast

Barone Completes 89,024 SF Spec Industrial Project in Queens

by Alex Patton February 17, 2020

NEW YORK CITY — Barone Management has completed development of The Woodworks, an 89,024-square-foot industrial property in the Long Island City neighborhood of Queens. The Woodworks is comprised of 44,950 square feet of office space and 44,391 square feet of warehouse space with 21-foot ceilings. The location offers convenient access to Long Island Expressway and Interstate 278. The property was constructed on a speculative basis and can be leased by one or multiple tenants. Cushman & Wakefield is leading the leasing effort.

February 17, 2020

Leasing Activity New York Northeast Office

NKF Negotiates 52,412 SF Office Lease Renewal in Manhattan

by Alex Patton February 17, 2020

NEW YORK CITY — Newmark Knight Frank (NKF) has negotiated a 52,412-square-foot office lease renewal for quantitative trading firm Susquehanna International Group LLP in the Financial District of Manhattan. The firm will occupy the entire 47th and 48th floors of 140 Broadway, a 1.2 million-square-foot office building, on a 16-year lease. Brian Goldman and Ross Perlman of NKF represented the tenant in the lease negotiations. Robert Constable of Cushman & Wakefield represented the building owner, a partnership of 140 BW LLC and German investment firm Union Investment Real Estate GmbH.

February 17, 2020

Leasing Activity New York Northeast Office

App Academy Signs 12,602 SF Office Lease in Manhattan

by Alex Patton February 17, 2020

NEW YORK CITY — Education technology company App Academy has signed a 12,602-square-foot office lease in Midtown Manhattan. The company will occupy the entire second floor of 90 Fifth Avenue, a 140,000-square-foot office building near Union Square Park. The company is moving from its previous space at 22 West 38th St. A.J. Camhi and Ryan Silverman represented the building owner, RFR Realty, in the lease negotiations on an internal basis.

February 17, 2020

Development New York Northeast Retail

Topgolf to Open $25M Facility on Long Island

by Alex Patton February 14, 2020

HOLTSVILLE, N.Y. — Dallas-based sports and entertainment company Topgolf will open a $25 million driving range and restaurant facility in Holtsville, a city located on the eastern part of Long Island. The facility will feature three levels of entertainment and dining space on a 26.6-acre site. The facility will be Topgolf’s first venue in New York and is expected to bring 500 new full-time jobs to the state. Construction is slated for completion in early 2021.

February 14, 2020

NEW YORK CITY — Lexington Partners LP, a manager of secondary acquisition and co-investment funds, has signed a 48,000-square-foot office lease at 399 Park Avenue, a Class A office building in Manhattan. Lexington Partners will occupy the entire 20th and 21st floors at the 1.7 million-square-foot building on a 15-year lease. The company is relocating from its previous office at 660 Madison Avenue. Martin Horner, Jim Wenk and Kirill Azovtsev of JLL represented Lexington Partners in the lease negotiations. Peter Turchin, Gregg Rothkin and Arkady Smolyansky led a CBRE team that represented the building owner, Boston Properties.

Leasing Activity New York Northeast Office

Lexington Partners Signs 48,000 SF Office Lease in Manhattan

by Alex Patton February 14, 2020

NEW YORK CITY — Lexington Partners LP, a manager of secondary acquisition and co-investment funds, has signed a 48,000-square-foot office lease at 399 Park Avenue, a Class A office building in Manhattan. Lexington Partners will occupy the entire 20th and 21st floors at the 1.7 million-square-foot building on a 15-year lease. The company is relocating from its previous office at 660 Madison Avenue. Martin Horner, Jim Wenk and Kirill Azovtsev of JLL represented Lexington Partners in the lease negotiations. Peter Turchin, Gregg Rothkin and Arkady Smolyansky led a CBRE team that represented the building owner, Boston Properties.

February 14, 2020

Acquisitions New York Northeast Office

Ariel Property Advisors Brokers $10.5M Sale of Office Building in Brooklyn

by Alex Patton February 14, 2020

NEW YORK CITY — Ariel Property Advisors has brokered the $10.5 million sale of 100 Livingston Street, an office building in downtown Brooklyn. The property comprises 12,681 square feet and houses five office units, three of which are leased by medical tenants. The location offers convenient access to the Court Street commercial corridor and Barclays Center. Sean Kelly, David Khukhashvili and Jiani Zhou of Ariel Property Advisors represented the seller, ACHS Management, in the transaction. The team also procured the buyer, Ecorise Development.

February 14, 2020

Development New York Northeast Office Top Stories

Moinian Group to Develop Hudson Arts Office Building in Manhattan’s West Chelsea District

by Alex Patton February 14, 2020

NEW YORK CITY — The Moinian Group will develop The Hudson Arts Building, a ground-up office construction project in the West Chelsea neighborhood of Manhattan. The 200,000-square-foot office tower is expected to rise up to 145 feet and will occupy an entire city block between West 25th and 26th streets at 220 11th Ave. The building is being developed on a speculative basis, with occupancy expected in the third quarter of 2022. JLL’s Peter Riguardi, Frank Doyle, Cynthia Wasserberger and Georgiana Cook are leading the leasing effort. “Office tenants, institutional investors, residents and commuters are recognizing the broader West Side’s vibrancy, distinguished by its industrialized roots and now marked by its unparalleled amenities and new projects across property types,” says Doyle, vice chairman, international director at JLL’s New York City office. “As a result, West Chelsea has emerged as a target destination for progressive companies and talent alike.” Designed by Studios Architecture, Hudson Arts Building will feature a 12,400-square-foot outdoor terrace and a multi-level level retail space totaling approximately 25,000 square feet. It will also include one of the larger newly built rooftop spaces in Manhattan. The site offers convenient access to several transit options, including the Highline, 23rd Street …

February 14, 2020

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