NEW YORK CITY — San Francisco-based Airbnb has purchased 281 Park Avenue South, an office building in Midtown Manhattan, for $81.5 million, according to reports from multiple news outlets, including The Wall Street Journal (WSJ) and the New York Post. The landmarked, six-story building is known locally as Church Missions House. According to WSJ, which was first to report Airbnb as the buyer, the purchase comes “as the company continues to lobby local and state officials for loosening of the city’s strict restrictions on short-term rentals.” The Post reports that the 42,500-square-foot building will serve as “a dedicated hub for Airbnb’s New York workforce, which numbers more than 600 employees in the region.”
ISLAND PARK, N.Y. — San Francisco-based intermediary Gantry has arranged an $11.5 million loan for the refinancing of a 740-unit self-storage facility located in the Long Island township of Island Park. Public Storage operates the three-story, climate-controlled facility. Robert Slatt and Alex Poulos of Gantry arranged the nonrecourse loan, which was structured with a five-year term and a fixed interest rate, loan through an unspecified, correspondent life insurance company. The borrower was also not disclosed.
NEW YORK CITY — SPORTFIVE has signed an 18,038-square-foot office lease in Midtown Manhattan. The German sports marketing firm will occupy a full floor at 477 Madison Avenue, a 24-story building. Peter Van Duyne and Alex Lachmund of Cushman & Wakefield represented the tenant in the lease negotiations. Arkady Smolyansky and Alex D’Amario of CBRE, along with internal agents A.J. Camhi, Paul Milunec and Rob Weller, represented the landlord, RXR.
By Jack Stone, managing director, Greysteel In the last week of June, two things happened in the American multifamily market that belong side by side: New York froze rents, and the Dallas Fed confirmed that Texas is drowning in apartments. One of those scenarios involves a market correcting itself. The other is a market being told to stop. In New York, the Rent Guidelines Board voted seven to one to freeze rents on roughly 1 million rent-stabilized apartments, including zero percent on one- and two-year leases, the first two-year freeze in the board’s history. That action impacts about a quarter of all housing inventory in the city and roughly 40 percent of its rental units. In Texas, markets have kept doing what they’ve been doing for two years: bleeding. Both states are wrestling with the same underlying problem. Rents got too high for many people to afford. The difference is what each one decided to do about it, and that difference is the whole story. Texas is in pain, and the pain is honest. The Dallas Fed put numbers to it this spring. A pandemic-era construction boom, cheap money and aggressive bank lending dumped a historic wave of units onto …
NEW YORK CITY — San Francisco-based investment firm Spear Street Capital has purchased 76 Eighth Avenue, a 10-story office and retail building in Lower Manhattan, for $50.5 million. The 35,620-square-foot building was completed in 2022 and was fully leased at the time of sale, with Wells Fargo occupying the retail space. Andrew Scandalios, David Giancola, Vickram Jambu, Drew Isaacson and Jennifer Zelko of JLL represented the seller, G4 Capital Partners, in the transaction. Aaron Niedermayer, Peter Rotchford and Christopher Pratt, also with JLL, arranged $27.7 million in acquisition financing for the deal through DekaBank.
NEW YORK CITY — JLL has negotiated the sale of two multifamily development sites in the Crown Heights area of Brooklyn for a combined price of $25.1 million. The sites at 1029 Dean St. and 1104 Pacific St., which traded in separate off-market deals, have a combined buildable square footage of about 129,000 square feet. Mike Mazzara, Ethan Stanton and Brendan Maddigan of JLL represented the undisclosed sellers in both transactions and procured the buyer, a partnership between Castell Group and Montgomery Street Partners. Specific plans for future development of the sites, which are earmarked for “large-scale” projects, were not disclosed.
NEW YORK CITY — Energy Capital Partners has signed an office lease expansion in Lower Manhattan. The infrastructure investment firm previously occupied the entire 58th floor of One World Trade Center and has now taken the entire 59th floor, yielding a total footprint of 70,425 square feet. Eric Zemachson and Corey Borg of Newmark represented the tenant in the lease negotiations. David Falk, Peter Shimkin, Hal Stein, Nathan Kropp and Paige Raisides, also with Newmark, along with internal agents Eric Engelhardt, Karen Rose and Sayo Kamara, represented the landlord, The Durst Organization, which developed One World Trade Center in partnership with The Port Authority of New York and New Jersey
NEW YORK CITY — A partnership between Apex Building Group and L+M Development Partners has received $217 million in construction financing for a new affordable housing project in Brooklyn. The project represents Phase III of a larger, 27-acre project known as Alafia, which is a redevelopment of the former site of the Brooklyn Developmental Center. Phase III will comprise 273 units that will be reserved for households earning 70 percent or less of the area median income. Phase III will also involve construction of a one-acre public park with a fitness loop, children’s play area and residential courtyards. Redstone Bank provided a construction loan as part of the financing package, which also includes federal and state tax credit equity, among other subsidies. Phase III construction is expected to be complete in 2029.
NEW YORK CITY — Ralph Lauren has signed a 22,000-square-foot office lease expansion in Manhattan’s West Chelsea district. The lease term is 13 years, and the fashion designer now occupies 280,000 square feet across portions of four different floors within the building at 601 W. 26th St., which is known locally as the Starrett-Lehigh Building. Eric Deutsch of CBRE represented the tenant in the lease negotiations. Daniel Birney and Denise Rivera represented the landlord, RXR, on an internal basis.
NEW YORK CITY — JLL has arranged a $352 million loan for the refinancing of 425 Lexington Avenue, a 750,000-square-foot office building in Midtown Manhattan. The 31-story building occupies a full city block between 43rd and 44th streets and was 99 percent leased at the time of the loan closing. Law firm Simpson Thacher & Bartlett is the long-time anchor tenant at the building, which also recently received $35 million in capital improvements, including a new amenity center. Christopher Peck, Drew Isaacson, Christopher Pratt and Jennifer Zelko of JLL arranged the floating-rate loan, which was pre-placed entirely with funds and accounts managed by BlackRock, through Goldman Sachs. The borrower is Vanbarton Group.
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