New York

Avison Young Negotiates Sale of 10,438 SF Office Condominium in Manhattan

by Alex Patton January 8, 2020

NEW YORK CITY — Avison Young has arranged the sale of a 10,438-square-foot office condominium in Manhattan to education union Local 372 for $9.2 million. The space is located on the 8th floor of a 13-story office building at 20 W. 33rd St. between Fifth Avenue and Broadway, walking distance from Penn Station, Herald Square and the Port Authority Grand Central Tunnel. Local 372 will use the office as its headquarters. James Nelson, David Lawrence and Carter Lovejoy represented the sellers, which included 60 Guilders.

January 8, 2020

Connecticut Market Reports New York Northeast Northeast Market Reports

Investors Like Fairfield, Westchester Counties

by Taylor Williams January 8, 2020

With a unemployment rate of 3.9 percent, strong demographics, transportation that provides direct access to New York City and a highly skilled workforce, Westchester County is seeing steady investor interest across all major property types. We have seen significant interest from institutional investors, including pension fund advisors, insurance companies and REITs. This same buyer class has continued to underwrite increased rent growth in the more urban markets of Westchester County — Yonkers, New Rochelle, White Plains — ranging from 2.5 to 4.5 percent depending on occupancy and development pipeline within the local submarkets. This investor group is targeting yields of 5.5 to 6.5 percent in return on cost metrics and purchasing existing assets for cap rates ranging from 4.4 to 5.3 percent, depending on the age, location and upside of the transaction. That spread has historically been between 150 and 200 basis points. Given the need to put capital to work, the spread is now closer to 100 basis points, reflecting more aggressive pricing for the market. This trend is evident in the Westchester market with new construction projects in the transportation-oriented towns. In addition, interest rates have helped keep investors motivated to buy. Low yields have helped to keep …

January 8, 2020

Leasing Activity New York Northeast Office

Debevoise & Plimpton Signs 530,000 SF Office Headquarters Lease at The Spiral in Manhattan

by Alex Patton January 7, 2020

NEW YORK CITY — Law firm Debevoise & Plimpton LLP has signed a 530,000-square-foot office lease for its new headquarters at The Spiral, a 2.8 million-square-foot office building currently under construction in the Hudson Yards district of Manhattan. The law firm will move from its current location at 919 Third Ave. into floors 40 through 52 of the 65-story tower under a 20-year lease agreement beginning in the second half of 2022. As a result of this latest lease signing, The Spiral is now 54 percent preleased. Other tenants include biopharmaceutical company Pfizer, which will occupy 800,000 square feet, and asset management company AllianceBernstein, which will occupy 189,000 square feet. The base of the building will also include 25,000 square feet of retail space. Designed by BIG Bjarke Ingels Group, construction of the building began in 2019 and is slated for completion in the second half of 2022. Tishman Speyer is the developer and owner of The Spiral.

January 7, 2020

Development New York Northeast Retail

Wegmans to Open 121,000 SF Supermarket in Harrison, New York

by Alex Patton January 7, 2020

HARRISON, N.Y. — Wegmans Food Market will open a 121,000-square-foot supermarket in Harrison, a northern suburb of New York City. The store is known for its wide selection of fresh produce, deli meats, cheeses and fresh baked breads, as well as its devoted following of “Wegmaniac” fans. The store will also house an internal restaurant called The Burger Bar, which will serve made-to-order burgers, sandwiches, salads and other casual cuisine, as well as beer and wine by the glass. Wegmans plans to hire 280 part-time and 220 full-time employees at the store, which is slated to open Sunday, June 7.

January 7, 2020

Loans Multifamily New York Northeast Seniors Housing

JLL Arranges $47.5M Refinancing for Seniors Housing Facility in Manhattan

by Alex Patton January 7, 2020

NEW YORK CITY — JLL has arranged a $47.5 million loan for the refinancing of The 80th Street Residence, a seniors housing facility in Manhattan. The assisted living facility specializes in enhanced memory care and comprises 61 units and 70 beds. IDB Bank, a New York-based private and commercial bank, provided the loan. Peter Rotchford, Zach Rigby, Jason Skalko and Dillon Donald of JLL arranged the loan on behalf of property owners Wayne Kaplan and Larry Morehead.

January 7, 2020

Development Mixed-Use New York Northeast

JLL Brokers $150M Sale of Brooklyn Waterfront Development Site

by Alex Patton January 3, 2020

NEW YORK CITY — JLL has brokered the $150 million sale of River Street Assemblage, a 3.2-acre waterfront development site in the North Williamsburg neighborhood of Brooklyn, to Two Trees Management Co. LLC. Located at One River Street, the property includes 285,020 square feet of buildable space and is zoned M3-1 for a variety of retail, office, manufacturing and mixed-use projects. The site also includes a portion of water, piers and platforms along the East River and River Street. Brendan Maddigan and Stephen Palmese led a JLL team that represented the seller, Con Edison, in the transaction.

January 3, 2020

Acquisitions Massachusetts New Jersey New York Northeast Pennsylvania

Winstanley Enterprises, Surrey Equities Acquires 23-Property Supermarket Portfolio

by Alex Patton January 2, 2020

NEW ENGLAND — A partnership of Massachusetts-based Winstanley Enterprises LLC and New York-based Surrey Equities LLC has acquired a 23-property supermarket portfolio primarily located in the New England area for $150 million. The total 1.4 million-square-foot portfolio comprises Stop & Shop-branded supermarkets. Property locations include 14 stores in the New England area as well as other sites in New Jersey, New York, Pennsylvania, Virginia, North Carolina, South Carolina and Georgia. Winstanley and Surrey acquired the portfolio as part of a long-term investment strategy to acquire well-located urban infill supermarkets in hard to replicate locations. The properties are triple-net leased to Ahold Lease USA Inc., a subsidiary of Dutch retail company Koninklijke Ahold Delhaize N.V. Ben Cooper and Jim Jordan of Cushman & Wakefield brokered the transaction. The seller was Philip Morris Capital Corp.

January 2, 2020

Loans New York Northeast Office

JLL Arranges $20M Refinancing Loan for Office Building in Manhattan

by Alex Patton January 2, 2020

NEW YORK CITY — JLL has arranged a $20 million refinancing loan for 16 West 36th Street, a 67,271-square-foot office building with ground-floor retail in Midtown Manhattan. An undisclosed life insurance company provided the loan to the borrower, Windsor Management Corp., which has owned the building since the 1940s. Windsor recently invested in renovations of the building’s office suites with new glass walls, new bathrooms, polished concrete floors and finished kitchens. Steven Klein and Alex Staikos of JLL arranged the loan.

January 2, 2020

Loans Multifamily New York Northeast Seniors Housing

JLL Arranges $47.5M Loan for Refinancing of Seniors Housing Community in Manhattan

by Alex Patton December 24, 2019

NEW YORK CITY — JLL has arranged a $47.5 million loan for the refinancing of The 80th Street Residence, an assisted living facility in Manhattan. The property specializes in enhanced memory care and comprises 61 units and 70 beds. IDB Bank, a New York-based private and commercial bank, provided the loan. Peter Rotchford, Zach Rigby, Jason Skalko and Dillon Donald of JLL arranged the loan on behalf of property owners Wayne Kaplan and Larry Morehead.

December 24, 2019

Leasing Activity New York Northeast Office

Kith Signs 57,679 SF Industrial Lease in Brooklyn

by Alex Patton December 23, 2019

NEW YORK CITY — Apparel and shoe retailer Kith has signed a 57,679-square-foot industrial lease at 25 Kent, a building in Brooklyn with both office and manufacturing space. Kith will occupy approximately two thirds of the building’s 87,000 square feet of manufacturing space. A partnership of Rubenstein Partners and Heritage Equity Partners developed the building, and Hollwich Kushner and Gensler designed it. Michael Yadgard of Compass represented Kith in the lease negotiations. A team from Lee & Associates in collaboration with JLL represented Rubenstein Partners.

December 23, 2019

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