NEW YORK CITY — First Look Media, a nonprofit organization that offers streaming and production services, has signed a 7,896-square-foot office lease at 853 Broadway in Manhattan. The lease term is five years, and the space spans the entire 10th floor. The 21-story, 157,000-square-foot building is currently undergoing a multimillion-dollar renovation. Andrew Wiener and Rob Fisher internally represented the landlord, The Feil Organization, in the lease negotiations. Gary Stein, Ken Ruderman and Michael Bertini of Savills represented First Look Media.
NEW YORK CITY — A joint venture between L&L Holding Co. and Columbia Property Trust has topped out Terminal Warehouse, a 1.3 million-square-foot industrial redevelopment project in Manhattan’s West Chelsea neighborhood. Designed by COOKFOX Architects, the project centers on the conversion of a historic warehouse that was originally built in 1891 into a mixed-use destination with office and retail components. The development also includes 2.5 acres of open green space. Full completion is slated for 2024.
NEW YORK CITY — Deutsche Bank and Naftali Credit Partners have provided an undisclosed amount of construction financing for a residential project in Manhattan’s Greenwich Village area. Designed by Kohn Pedersen Fox, the project will consist of 28 for-sale condos and ground-floor retail space. Deutsche Bank provided the senior loan, and Naftali issued mezzanine debt. The borrower was a joint venture between New York City-based Argo Real Estate and Indian developer B Safal. Project completion is slated for 2024.
NEW YORK CITY — NY Sports Club has signed a 20,000-square-foot lease renewal at 9901 Queens Blvd. in the Forest Hill area of Queens. The lease keeps the fitness operator, which has been a tenant at the building since 2006 and has plans for a future remodel, in its space through 2034. Blumenfeld Development Group owns the building. No third-party brokers were involved in the lease negotiations.
NEW YORK CITY — A joint venture between Gamma Real Estate and JVP Management has completed Sutton Tower, an 80-story residential tower located at 430 E. 58th St. within the Sutton Place neighborhood in Midtown Manhattan. The building houses 120 for-sale condos and amenities such as a pool, fitness center, sports simulator room, screening room, private dining room, children’s play area and a sculpture garden. Thomas Juul-Hansen designed the building, and global development and investment firm Lendlease served as the general contractor. Construction began in 2018. Move-ins will begin over the summer.
NEW YORK CITY — Savills has negotiated a 41,613-square-foot office sublease at 1345 Avenue of the Americas in Midtown Manhattan. The tenant, law firm Greenspoon Marder, plans to take occupancy of the entire 22nd floor of the building by the end of the year. Jeffrey Peck, Daniel Horowitz, Thomas Capocefalo and Jacob Stern of Savills represented Greenspoon Marder in the negotiations for the eight-year sublease. Bryan Boisi and Paul Ferraro from Cushman & Wakefield represented the sublandlord, CBS Broadcasting. Fisher Brothers owns the building.
NEW YORK CITY — Locally based social services organization Rising Ground has signed a 29,566-square-foot office headquarters lease at 1333 Broadway in Midtown Manhattan. Rising Ground will occupy the entire eighth floor of the 12-story, 295,530-square-foot building, which recently underwent a capital improvement program. Lindsay Ornstein, Stephen Powers, Arthur Skelskie, Alexander Smith and Kendall Elliott of OPEN Impact Real Estate represented Rising Ground, which will take occupancy next year, in the lease negotiations. Robert Lowe and Ron Lo Russo of Cushman & Wakefield, along with internal agent Shanae Ursini, represented the landlord, Empire State Realty Trust.
NEW YORK CITY — Locally based brokerage firm Ariel Property Advisors has arranged the $150 million sale of the Sea Park Affordable Housing Portfolio, a collection of three mixed-income residential properties totaling 818 units on Brooklyn’s Coney Island. Victor Sozio, Shimon Shkury, Benjamin Vago and Remi Mandell of Ariel Property Advisors represented the seller, Arker Cos., in the transaction. The buyer was a partnership between Tredway, Gilbane Development Co. and ELH Management. The sale included a 89,357-square-foot parcel that can support 153 units of new development.
NEW YORK CITY — Long Island-based investment firm Bayrock Capital has acquired a 381-room Holiday Inn hotel located in the Long Island City area of Queens for $76.5 million. The 114,000-square-foot hotel, which is located at 37-10 10th St., opened in 2022 and offers a business center, fitness center and a convenience mart. Jake Blatter of KFIR Capital represented Bayrock Capital in the off-market transaction. The seller was New York-based owner-operator McSam Hotel Group.
NEW YORK CITY — Douglaston Development has started construction of a $320 million multifamily project in the New York City borough of Brooklyn. The 474,000-square-foot development is located at 1057 Atlantic Ave. in the Bedford-Stuyvesant neighborhood. Upon completion, the community will rise 17 stories and offer 456 units of mixed-income housing. The units, 137 of which will be affordable housing, will be offered in one-, two- and three-bedroom configurations. A partnership between BEB Capital and Totem began assembling the site in 2019. Douglaston recently acquired the site for $66 million from the partnership, retaining both parties as co-developers for the project. TerraCRG brokered the transaction. Shared amenities will include a fitness center, lounge, golf simulator, game room, screening room, children’s playroom and a landscaped rooftop deck with views of Brooklyn and the Manhattan skyline. In addition to the residential portion of the community, the development will also feature 31,000 square feet of ground-floor retail space. Greystone Capital Advisors arranged funding for the project, which includes $185 million in construction financing placed through Wells Fargo Bank, M&T Bank and BankUnited. Funds managed by Ares Real Estate have also acquired preferred interest in the development, which is slated for completion in late 2025. New …