NEW YORK CITY — Global asset manager Marshall Wace has signed a 79,000-square-foot office lease at The Spiral, a 66-story, 2.8 million-square-foot tower in Midtown Manhattan. The tenant, which is relocating from 350 Park Avenue, has committed to the entire 32nd floor and part of the 33rd floor for 14 years. Andrew Sachs and Bill Levitsky of Newmark represented Marshall Wace in the lease negotiations. Greg Conen and Sam Brodsky represented the landlord, Tishman Speyer, on an internal basis. The build-out of the space will begin later this year.
CLAY, N.Y. — Locally based investment firm Hart Lyman Co. has purchased Great Northern Mall, a shuttered retail and dining development located in the northern Syracuse suburb of Clay, for $9 million. The new ownership plans to redevelop the 120-acre property into a mixed-use destination and has partnered with Conifer Realty for the residential component. Britt Raymond and Kyle Fant of SRS Real Estate Partners represented the seller, New York-based Kohan Retail, in the transaction. The duo also procured Hart Lyman as the buyer.
NEW YORK CITY — Locally based brokerage firm GFI Realty has negotiated the sale of an eight-unit apartment building in the Boerum Hill area of Brooklyn. The four-story building was originally constructed in 1905, offers two- and three-bedroom units and recently underwent a gut renovation. Zachary Fuchs of GFI Realty represented the seller, Eric Orlofsky, and the buyer, an undisclosed local investor, in the transaction.
NEW YORK CITY — Financial services firm TimesSquare Capital Management has signed a 14,116-square-foot office lease at 75 Rockefeller Plaza in Midtown Manhattan. The tenant is relocating from 7 Times Square to the 30th floor of the building. Silvio Petriello of CBRE represented the tenant in the lease negotiations. Bruce Mosler of Cushman & Wakefield and internal agents Alexandra Budd and Daniel Birney represented the landlord, RXR.
NEW YORK CITY — RXR has inked a 700,000-square-foot office lease extension and expansion with global law firm Davis Polk & Wardwell LLP at 450 Lexington Avenue in Midtown Manhattan. The tenant has re-committed to the 40-story building, which was originally constructed in 1991, for the next 25 years and is taking an additional 30,000 square feet of space. The firm’s footprint now spans 23 floors. In conjunction with the deal, the locally based landlord also announced a $300 million renovation. Designed by Gensler, the project will include the full modernization of lobbies and the addition of numerous amenities. Renovations will also upgrade other common areas and the anchor tenant spaces. Lewis Miller, Andrew Sussman and Munish Viralam of CBRE represented Davis Polk & Wardwell in the lease negotiations. William Elder and Andrew Ackerman represented RXR on an internal basis.
NEW YORK CITY — JLL has arranged a $233 million construction loan for the ground-up development of a 569-unit multifamily project in Brooklyn. The site is located at 54 Crown St. in the borough’s Crown Heights neighborhood. Christopher Peck, Geoff Goldstein, Nicco Lupo and Rob Hinckley of JLL arranged the floating-rate loan through Goldman Sachs Asset Management. According to Crain’s New York Business, the borrower was San Francisco-based Carmel Partners. Information on floor plans, amenities and a construction timeline was not disclosed.
NEW YORK CITY — Cushman & Wakefield has arranged the $22.5 million sale of a commercial building located at 500 W. 14th St. in Manhattan’s Meatpacking District. The square footage and specific use of the freestanding, three-story building were not disclosed. Don Yahn, Ian Brooks and Dan Organ of Cushman & Wakefield represented the seller, Hyundai Motor America, in the lease negotiations. The seller was New York City-based Duanco Inc.
NEW YORK CITY — Marcus & Millichap has brokered the $6.6 million sale of a 17,734-square-foot retail property on Staten Island that is net leased to Pep Boys. The automotive parts retailer has occupied the space at 1941 Forest Ave. for more than 15 years, and the property can support about 30,000 square feet of new development. Scott Plasky of Marcus & Millichap represented the seller and procured the buyer, both of which were private investors that requested anonymity, in the transaction.
AMSTERDAM, N.Y. — A public-private partnership between the State of New York and 3D Development Group has completed renovations of New Amsterdam Apartments, a 116-unit affordable seniors housing complex located about 35 miles northwest of Albany. Residences in the 12-story building are reserved for households with incomes at or below 80 percent of the area median income and with at least one household member aged 55 or older. The scope of renovations included asbestos abatement, the modernization of elevators and replacement of fire alarms, as well as the installation of new common doors, energy-efficient hot water boilers, LED light fixtures and cast iron sanitary lines. Unit interiors were also upgraded with Energy Star-rated appliances and fixtures.
HAVERSTRAW, N.Y. — The Boulder Group, an Illinois-based brokerage firm, has arranged the $5 million sale of a 3,034-square-foot retail property in Haverstraw, about 35 miles north of Manhattan, that is net leased to 7-Eleven. Randy Blankstein and Jimmy Goodman of The Boulder Group represented the seller, a regional developer, in the transaction. The buyer was a New York-based private investor that acquired the asset via a 1031 exchange. Both parties requested anonymity.