NEW YORK CITY — Novartis has renewed and extended its 15,865-square-foot office lease at 10 Bryant Park in Midtown Manhattan. The deal keeps the Swiss pharmaceutical giant on the entire 12th floor of the building, which was originally constructed in 1902, via a five-year extension. David Stockel of CBRE represented Novartis in the lease negotiations. JLL represented the landlord, Property & Building Corp.
NEW YORK CITY — KS Group and Alma Realty Corp. have received a $300 million construction loan for the development of a mixed-use multifamily project on the East River in the Astoria neighborhood of Queens in New York City. S3 Capital provided the financing. Henry Bodek of Galaxy Capital secured the loan on behalf of KS Group and Alma Realty, two multifamily developers based in Newark and Long Island City, respectively. Upon completion, the development will comprise a 26-story tower and three mid-rise buildings totaling 731 residential units. The development will include affordable housing units with the support of a 421a tax abatement, which provides a period of exemption from real estate taxes to projects that meet specific criteria and include a required percentage of affordable housing. The properties will also feature ground-floor retail space and parking. Amenities will include a rooftop pool with a landscaped roof deck, fitness center, golf simulator, children’s playroom, indoor and outdoor theaters and a business center. The development marks Phase I of a larger, multi-phased project dubbed Astoria Cove, which will be located at 8-01, 4-34 and 5-57 26th Ave. in Queens. YNH Construction will serve as general contractor on the project. Construction is …
NEW YORK CITY — Wells Fargo has provided $231 million in tax-exempt bond financing for Hawthorn Park, a 54-story apartment building located at 160 W. 62nd St. on Manhattan’s Upper West Side. The building houses 339 units, 271 of which are rented at market rates and 68 of which are designated as affordable housing for households earning 50 percent or less of the area median income. According to Apartments.com, Hawthorn Park was built in 2014 and exclusively offers studio apartments with an average size of 500 square feet. Amenities include a fitness center, lap pool and whirlpool, children’s playroom and a tenant lounge with a furnished and landscaped roof deck. The undisclosed borrower will use a portion of the bond proceeds to refinance existing debt.
CHESAPEAKE, VA. AND NEW YORK CITY — Dollar Tree Inc. (NASDAQ: DLTR) has agreed to sell the Family Dollar business segment to Brigade Capital Management LP and Macellum Capital Management LLC for $1 billion. The sales price represents a fraction of the $8.5 billion that Dollar Tree paid for the discount brand in 2015. Family Dollar will remain headquartered in Chesapeake. Family Dollar, which caters to low-income customers with its roughly 8,000 U.S. stores, has struggled in recent years. In March 2024, Dollar Tree unveiled plans to close approximately 970 underperforming Family Dollar stores. After a review of potential alternatives for the Family Dollar business segment, the Dollar Tree leadership team and board of directors determined that a sale of Family Dollar to Brigade and Macellum best unlocks value for Dollar Tree shareholders and positions Family Dollar for future success. “This is a major milestone in our multi-year transformation journey to help us fully achieve our potential,” says Mike Creedon, CEO of Dollar Tree. “We will continue to grow and optimize our Dollar Tree business to maximize value for Dollar Tree associates, customers and shareholders with an enhanced focus on compelling initiatives, including our expanded assortment, significant planned new store …
NEW YORK CITY — Creative design and branding agency Tag Wall has signed a 26,366-square-foot office sublease at 1745 Broadway in Midtown Manhattan. The space spans the entire eighth floor of the 26-story, 780,525-square-foot building. Richard Bernstein, Adam Ardise, Stephen Bellwood, Lei-Lani Keelan and Troy Elias of Cushman & Wakefield represented the sublandlord, Penguin Random House, in the sublease negotiations. Matt Astrachan, Ben Bass, Harrison Potter and Kate Roush of JLL represented Tag Wall. Atlanta-based Invesco Real Estate owns 1745 Broadway.
NEW YORK CITY — A partnership between two locally based developers, Fetner Properties and Lions Group, has begun leasing The Italic, a 50-story apartment building located at 26-32 Jackson Ave. in the Long Island City area of Queens. Designed by SLCE Architects and built by Hunter Roberts Construction Group, the building houses 363 units in studio, one-, two- and three-bedroom units, with 109 residences designated as affordable housing. Amenities include a communal lounge, fitness center, golf simulators, a basketball court, coworking spaces and a rooftop terrace. The building also houses 20,000 square feet of commercial space. Rents start at approximately $3,800 per month for a studio. Construction topped out in December 2023.
NEW YORK CITY — Law firm Knobbe Martens has signed a 27,375-square-foot office sublease at 1745 Broadway in Midtown Manhattan. The space spans the entire 21st floor of the 26-story, 780,525-square-foot building. Richard Bernstein, Adam Ardise, Stephen Bellwood, Lei-Lani Keelan and Troy Elias of Cushman & Wakefield represented the sublandlord, Penguin Random House, in the negotiations. David Berke and Scott Gutnick of Newmark represented Knobbe Martens. Atlanta-based Invesco Real Estate owns 1745 Broadway.
NEW YORK CITY — Local lender and private equity firm Kriss Capital has provided $32 million in financing for an adaptive reuse project in Manhattan’s Tribeca area. The borrower, a partnership between local firms Urban Capital Group and Prosper Property Group, will use the proceeds to acquire and convert a former textile warehouse into a five-unit residential building with ground-floor retail space. The design team includes SOMA and Turett Collaborative. Residences will come in three- and four-bedroom floor plans and have an average size of 3,500 square feet. Andy Iadeluca of New Development Capital arranged the debt. GRA Equities and PZ Realty Investments are also partners on the project, construction of which is underway and slated for a mid-2026 completion.
NEW YORK CITY — Marcus & Millichap has brokered the $5.2 million sale of a 9,640-square-foot retail building in the Rego Park area of Queens. C-Town Supermarkets anchors the building, which features 100 feet of frontage along 63rd Drive and is also home to three other service-oriented retailers. Joseph French Jr. and Kodi Traver of Marcus & Millichap represented the seller and procured the buyer in the transaction. Both parties were private investors that requested anonymity.
NEW YORK CITY — LEEP Dual Language Academy Charter School has signed a 13,241-square-foot lease expansion in Brooklyn. The school’s footprint now spans 37,924 square feet across four floors within the building at 5323 Fifth Ave. in the Sunset Park neighborhood, where it first opened in 2019. Martin Cottingham, Michael Gottlieb and Patrick Steffens of Avison Young represented the school in the lease negotiations. Comjem Associates owns the building.