NEW YORK CITY — The Center for Reproductive Rights has signed a 35,995-square-foot office lease renewal at One Seaport Plaza in downtown Manhattan, where the global human rights organization has operated its headquarters for the past 10 years. The new lease term is 15 years. The 1.1 million-square-foot building was constructed in 1984. Adam Rappaport and Brett Greenberg internally represented the landlord, Jack Resnick & Sons, in the lease negotiations. Daniel Horowitz, Jeffrey Peck, Ira Schuman and Stephan Steiner of Savills represented The Center for Reproductive Rights.
MOUNT VERNON, N.Y. — A partnership between Alexander Development Group, The Bluestone Organization and J.P. Morgan Global Alternatives has completed 42 Broad, a 249-unit apartment complex in Mount Vernon, located north of New York City. Designed by Perkins Eastman, the 16-story building houses studio, one- and two-bedroom units that are furnished with stainless steel appliances, walk-in showers and individual washers and dryers. Amenities include a pool, fitness center, outdoor kitchens, game room, lobby lounge, coworking spaces, library and a zen garden, as well as ground-floor retail space. Rents start at $2,100 for a studio apartment.
NEW YORK CITY — Cushman & Wakefield has arranged the $14 million sale of the 16,267-square-foot elementary school building of The Calhoun School, located at 160 W. 74th St. on Manhattan’s Upper West Side. The five-story building houses a theater, gym, playground and conference room in addition to classrooms and administrative offices. Craig Waggner, John Ciraulo, Andrew Berry, Charlie Gravina, Mike Kavanagh and Jack Stephen of Cushman & Wakefield represented The Calhoun School in the transaction. The buyer was Bayrock Capital. Ownership recently invested in upgrades to the building’s mechanical systems, windows and façade.
NEW YORK CITY — VTS, a provider of commercial proptech solutions, has signed a 34,325-square-foot office headquarters sublease at 3 Bryant Park in Midtown Manhattan. The term is six years. The company will relocate from 141 W. 41st St. in the fourth quarter to the entire 14th floor of the building, which was previously occupied by Salesforce. Jim Wenk of Savills, along with Patrick Heeg of Transwestern and Sam Seiler of JLL, represented VTS in the lease negotiations. Sacha Zarba, James Ackerson and Alice Fair of CBRE represented Salesforce. Ivanhoe Cambridge owns 3 Bryant Park.
GLENDALE, CALIF. AND NEW YORK CITY — Self-storage REIT Public Storage (NYSE: PSA) has agreed to acquire Simply Self Storage from New York City-based Blackstone Real Estate Income Trust Inc. (BREIT) for $2.2 billion. The deal is scheduled to close during the third quarter. Simply Self Storage is an owner-operator that was founded in Orlando in 2003. The company owns 127 facilities and operates 25 more on a third-party basis for a total of more than 11 million net rentable square feet across 18 states. Roughly 65 percent of Simply Self Storage’s portfolio, which has a collective occupancy rate of 91 percent, is concentrated in Sun Belt markets. “This acquisition reflects the continued execution of our multi-factor external growth platform, which includes acquisitions, development, redevelopment, expansion and third-party management,” says Joe Russell, CEO of Public Storage. “We are pleased to complete this transaction with Blackstone, which has done a tremendous job of growing and improving the quality and operations of the Simply portfolio over the past few years.” “Where you invest matters, and this transaction demonstrates the strong investor demand for the high-quality assets and platforms we have assembled within BREIT,” adds Nadeem Meghji, head of Blackstone Real Estate Americas. …
NEW YORK CITY — Locally based developer Slate Property Group has received an $85 million loan for the refinancing of Dutch House, a 186-unit apartment complex located in the Long Island City area of Queens. Designed by Aufgang Architects and completed in 2022, Dutch House features studio, one- and two-bedroom units and 21,000 square feet of ground-floor retail space. Roughly 30 percent (56) of the apartments are earmarked as affordable housing. Amenities include a lobby with concierge service, fitness center, recreation room with a pool table and a rooftop terrace. Los Angeles-based PCCP provided the financing. The property was fully leased at the time of the loan closing. Aaron Appel of Walker & Dunlop arranged the debt.
NEW YORK CITY — Lument has provided a $31.7 million HUD-insured loan for the refinancing of Lefferts Heights, an 87-unit affordable housing property located in the Clinton Hill neighborhood of Brooklyn. The property was built in 1974, and units range in size from 550 to 970 square feet. Josh Reiss of Lument originated the long-term, fixed-rate financing through HUD’s 223(f) program on behalf of the sponsor, Wavecrest Management. The financing includes proceeds to fund capital improvements.
NEW YORK CITY — Locally based brokerage firm Rosewood Realty Group has arranged the $7.5 million sale of a seven-unit apartment building located at 230-232 W. 72nd St. on Manhattan’s Upper West Side. The 11,500-square-foot building was constructed in 1900 and includes one retail space and two office spaces. Aaron Jungreis, Ben Khakshoor and Alex Fuchs of Rosewood represented the buyer, a private office, in the transaction. Andrew Natter and Harold Fuchs of Collaborative Group represented the seller, the Niederman Family. The deal traded at a cap rate of 4.8 percent.
NEW YORK CITY — JLL has negotiated a 30,166-square-foot office lease at 875 Third Avenue in Midtown Manhattan. Paul Glickman, Diana Biasotti, Kristen Morgan and Harrison Potter of JLL represented the landlord, Global Holdings Management Group, in the lease negotiations. Jeffrey Peck, Daniel Horowitz, Roi Shleifer and Jacob Stern of Savills represented the tenant, the New York Compensation Insurance Rating Board. The nonprofit association of insurance carriers is relocating from 733 Third Avenue to the entire eighth floor of the 29-story building. The deal brings the 750,000-square-foot property, which was originally constructed in 1982, to 98 percent occupancy.
NEW YORK CITY — Dynamic Star has released details for One Fordham Landing, a 350,000-square-foot office building located in the University Heights neighborhood of The Bronx in New York City. The building will be the first of a larger mixed-use development, Fordham Landing, which is valued at $3.5 billion, according to Crain’s New York Business. Located on West Fordham Road along the Harlem River, Fordham Landing will be developed in phases beginning with the segment Fordham Landing South. Alongside the recently announced office building, this initial phase will include 505 units of affordable and market-rate housing. The multifamily and office portions of the project will share a 20,000-square-foot amenity space featuring community gardening areas, a pickleball court, lap pool, basketball court and fitness center. Plans for Phase I also include a landscaped public waterfront esplanade overlooking the Harlem River. One Fordham Landing, which is scheduled for completion in 2025, will target medical and educational tenants. The building’s base will feature 28,000-square-foot floor plates with 18-foot ceiling heights, and the upper floors of the project will feature 10,000-square-foot floor plates. The development is also set to include a new entrance and pedestrian bridge to the adjacent North University Heights Metro station. …