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345-Park-Ave.-Manhattan
Lee & AssociatesNew YorkNortheastOffice

Blackstone Signs 250,644 SF Office Headquarters Lease Expansion, Extension in Midtown Manhattan

by Taylor Williams

NEW YORK CITY — Blackstone (NYSE: BX) has signed a 250,644-square-foot office headquarters lease expansion and extension at 345 Park Avenue in Midtown Manhattan. The private equity giant will soon occupy more than 1 million square feet across 28 floors at the 44-story, 1.9 million-square-foot building and has added an additional five years to its term. The extension will keep Blackstone, which originally took 70,000 square feet at 345 Park Avenue in 1988, in the building through 2034. Peter Riguardi, Joe Messina, Jessica Berkey, William McGarry, Hale King, Cynthia Wasserberger and Carlee Palmer of JLL, along with Jonathan Mechanic and Jen Yashar of Fried Frank, represented Blackstone in the lease negotiations. Tom Keating, Rob Steinman and Kevin Daly represented the landlord, Rudin, on an internal basis.

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CivicLeasing ActivityNew YorkNortheast

The École to Open 46,000 SF Elementary, Middle School in Midtown Manhattan

by Taylor Williams

NEW YORK CITY — The École, an independent French-American bilingual school, will open a 46,000-square-foot elementary and middle school at 123 E. 23rd St. in Midtown Manhattan. The school will occupy a portion of the ground floor and the entire second and third floors of the 12-story building and will also have its own entrance. Michael Berger of Colliers brokered the lease negotiations. Williams Equities owns the building. The school is expected to open in advance of the fall 2025 semester.

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DevelopmentHealthcareNew YorkNortheast

Westchester Medical Breaks Ground on $220M Healthcare Project in Valhalla, New York

by Taylor Williams

VALHALLA, N.Y. — Westchester Medical Center Health Network has broken ground on a The Critical Care Tower, a $220 million healthcare project that will be located on the provider’s campus in Valhalla, about 30 miles north of Manhattan. Dubbed the “Tower to Heal,” the five-story, 162,000-square-foot building will be situated adjacent to Westchester Medical Center’s main tower and will house 128 private patient rooms. The project is expected to create almost 800 construction jobs and about 125 permanent jobs. Completion is slated for 2026.

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Leasing ActivityNew YorkNortheastOffice

Charles Schwab Signs 23,000 SF Office Lease Renewal in Midtown Manhattan

by Taylor Williams

NEW YORK CITY — Charles Schwab & Co. (NYSE: SCHW) has signed a 23,000-square-foot office lease renewal in Midtown Manhattan. The financial services and advisory giant has been a tenant at the 45-story, 1.1 million-square-foot building at 1133 Avenue of the Americas since 2014, and this deal keeps the company on the 37th floor for another 11 years. Schwab was self-represented in the lease negotiations. Tom Bow, Rocco Romeo and Nora Caliban represented the landlord, The Durst Organization, on an internal basis.

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DevelopmentIndustrialNew YorkNortheast

Wells Enterprises Unveils Plans for $425M Expansion of Upstate New York Ice Cream Plant

by Taylor Williams

DUNKIRK, N.Y. — Wells Enterprises, an Iowa-based ice cream manufacturer whose brands include Blue Bunny, Halo Top and Blue Ribbon Classics, has unveiled plans for a $425 million expansion of its plant in Dunkirk, located along Lake Erie in upstate New York. Wells Enterprises anticipates that the initiative, which was originally budgeted for $250 million in capital investment, will bring about 270 new jobs to the local economy. In addition, the project is expected to more than quadruple the facility’s current production output and lay the groundwork for future growth and innovation. Construction is underway, and products should begin rolling off the new lines by August 2025.

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IndustrialLoansNew YorkNortheast

Eastern Union Arranges $12M Loan for Refinancing of Brooklyn Industrial Building

by Taylor Williams

NEW YORK CITY — Eastern Union has arranged a $12 million loan for the refinancing of a 35,210-square-foot industrial building in the Williamsburg area of Brooklyn. The single-story building was originally constructed in 1931 and includes warehouse and office space as well as onsite parking. David Brody of Eastern Union arranged the loan, which was structured with a five-year term, a 65 percent loan-to-value ratio and a fixed interest rate of 6.54 percent. The borrower and direct lender were not disclosed.

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Leasing ActivityNew YorkNortheastOffice

CBRE Extends 180,000 SF Office Lease at 200 Park Avenue in Midtown Manhattan

by Taylor Williams

NEW YORK CITY — CBRE has extended its 180,000-square-foot office lease at 200 Park Avenue in Midtown Manhattan through 2036. The Dallas-based real estate giant has been a tenant at the 58-story, 3.1 million-square-foot building, which recently underwent a $200 million capital improvement program, since the late 1980s. The owner, Irvine Co. Office Properties, has also appointed CBRE as the building’s new leasing agent and property manager. CBRE will also establish a branded space on the lobby level that will be exclusively used by the company’s employees, clients and colleagues visiting from other offices.

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LoansNew YorkNortheastRetail

Red Oak Capital Holdings Funds $8.6M Acquisition Loan for Upstate New York Shopping Center

by Taylor Williams

IRONDEQUOIT, N.Y. — Red Oak Capital Holdings has funded an $8.6 million bridge loan for the acquisition of Irondequoit Plaza, a 205,000-square-foot shopping center located near Rochester. Built on 21 acres in 1980 and last renovated in 2005, the center was roughly 95 percent leased at the time of sale to tenants such as Citizens Bank, Dollar Tree, Dunkin’ and Big Lots. Polaris Funding arranged the debt through Red Oak on behalf of the sponsor, Sky Capital Group, which also purchased the adjacent Wegmans supermarket. That property is not collateralized by the loan, which was structured with a three-year term and a 65.6 percent loan-to-value ratio. Michael Cleeman of Cleeman Realty Group represented Sky Capital Group in the purchase of the Wegmans store, which totals 102,337 square feet. Sam Seelenfreund, also with Cleeman Realty, represented the undisclosed seller in the Wegmans deal. The combined purchase price was $16.5 million.

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DevelopmentLoansMixed-UseNew YorkNortheast

Bayview PACE Provides $7M in Financing for Adaptive Reuse Project in Hudson, New York

by Taylor Williams

HUDSON, N.Y. — Bayview PACE has provided $7 million in C-PACE financing for an adaptive reuse project in Hudson, about 35 miles south of Albany. Pocketbook Hudson is a conversion of the historic Pocketbook knitting mill factory dating to the 1890s into a 70,000-square-foot mixed-use property. Now under construction, the $42 million project will include a 40-room hotel, wellness center, lounge, restaurant, bar and café, as well as spaces devoted to artwork, affordable retail and nonprofit offices. Bayview’s long-term C-PACE  financing for Pocketbook’s energy and resiliency components was facilitated with Energy Improvement Corp., the New York State nonprofit that administers C-PACE.

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DevelopmentMultifamilyNew YorkNortheast

Skyline Developers Tops Out 97-Unit Multifamily Project in Midtown Manhattan

by Taylor Williams

NEW YORK CITY — New York City-based Skyline Developers has topped out a 97-unit multifamily project at 18 W. 55th St. in Midtown Manhattan. Designed by Morris Adjmi Architects, the building rises 25 stories and spans 152,000 square feet, including 10,000 square feet of amenities and 5,265 square feet of retail space. Construction began in mid-2023, and delivery is slated for 2025. Goldman Sachs financed construction of the project.

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