NEW YORK CITY — JLL has arranged the $7.5 million sale of a 26-unit apartment building located at 200 Mott St. in Manhattan’s Nolita neighborhood. The seven-story building houses one- and two-bedroom units and a retail space that is leased to an Italian restaurant. Hall Oster, Guthrie Garvin, Teddy Galligan, Conrad Martin, Braedon Gait and Bradford Burton of JLL represented the seller and procured the buyer, both of which were private investors that requested anonymity, in the deal. The buyer plans to implement a value-add program.
NEW YORK CITY — Vornado Realty Trust (NYSE: VNO) is nearing completion of a $750 million repositioning of PENN 2, a 1.8 million-square-foot office building that sits atop the Penn Station transit hub in Midtown Manhattan. PENN 2 will sport architectural features such as a modern glass curtain wall, a triple-height lobby that opens onto a new plaza on 33rd Street and a six-story podium comprised of 105,000 square feet of column-free, double-height space. Above the 33rd Street plaza is a 280-person town hall space with a flexible seating system that can support large-scale keynote talks, private media screenings, banquets, conferences, workshops and open-floor exhibitions. PENN 2 also offers 72,000 square feet of outdoor green space, including an outdoor terrace atop the podium and a landscaped 17,000 square-foot rooftop park that is available to all tenants. The building sits across the street from Madison Square Garden, which houses its global headquarters within the office space. The larger PENN District campus is home to major tenants such as Meta, Morgan Stanley, Amazon, The Hartford, Cisco Systems and Samsung. “The reimagined PENN 2 appeals directly to innovation-oriented companies seeking an ultra-premium, hospitality-infused office environment that offers a one-seat ride for workers throughout the …
NEW YORK CITY — International law firm Paul, Weiss, Rifkind, Wharton & Garrison LLP has signed a 765,000-square-foot office lease at 1345 Avenue of the Americas in Midtown Manhattan. The lease term is 20 years, and the space spans 18 floors. Fisher Brothers, in partnership with J.P. Morgan, owns the building, which recently underwent a $120 million capital improvement program. Moshe Sukenik, Chris Mongeluzo and Brian Cohen of Newmark represented the tenant in the lease negotiations. Howard Fiddle, Peter Turchin, Ben Josephs, Bill Lacovelli and Antony Dattoma of CBRE represented ownership in conjunction with Marc Packman, Clark Briffel, Charles Laginestra and Josh Fisher of Fisher Brothers.
NEW YORK CITY — Locally based landlord Olshan Properties has secured two new leases at 99 Hudson Street, a 17-story, 175,000-square-foot office building in Manhattan’s Tribeca area. Community College Campus Inc. will relocate to a 9,300-square-foot space on the 12th floor in November, and HR&A Advisors renewed its lease for 12,111 square feet on the third floor. Eric Cagner, Jon Franzel, Claire Koeppel and David Falk of Newmark represented Olshan Properties in the lease negotiations. Darell Handler and Kyle Galin of Handler Real Estate represented Community College Campus Inc., and Michal Mathias of Cushman & Wakefield represented HR&A Advisors.
NEW YORK CITY — MetLife has signed a 400,000-square-foot office lease extension at 200 Park Avenue in Manhattan, a deal that keeps the insurance giant in its headquarters and namesake building through 2038. MetLife consolidated its New York City offices at the 58-story building in 2017 by occupying the entire third and sixth floors and parts of the fourth and fifth floors. Patrick Murphy and Peyton Horn of Cushman & Wakefield represented MetLife in the lease negotiations. Megan Sheehan and Sam Brodsky of Tishman Speyer, which owns the building in partnership with Irvine Co., represented the landlord on an internal basis.
RIVERHEAD, N.Y. — Chicago-based Bradford Allen Hospitality has acquired two hotels totaling 245 rooms in the Long Island community of Riverhead. The 131-suite Residence Inn by Marriott was built in 2017 and is located at 2012 Old Country Road, and the 114-key Hilton Garden Inn was constructed in 2008 at 2038 Old Country Road. Both hotels offer pools and fitness centers. The undisclosed seller in the off-market deals was the original developer of both hotels. Bradford Allen will retain New Castle Hotels & Resorts to manage the properties.
NEW YORK CITY — Locally based brokerage firm Brax Realty has negotiated the $6 million sale of a 12,780-square-foot mixed-use building located at 306-308 Graham Ave. in Brooklyn’s Williamsburg neighborhood. The building, which was fully occupied at the time of sale, consists of three retail spaces, one office suite and five apartments. Michael Ferrara of Brax Realty represented the seller, a family trust, in the transaction and procured the buyer, a private investor. Both parties requested anonymity.
NEW YORK CITY — A partnership between locally based developer Slate Property Group and RiseBoro Community Partnership has purchased the 350-room JFK Hilton Hotel in Queens with plans to convert the property into a 318-unit affordable housing complex. The partnership purchased the hotel, which was originally built in 1987 and is located about half a mile from JFK International Airport, for $64 million. The new complex will be known as Baisley Pond Park Residences and will house studio, one- and two-bedroom units and amenities such as a fitness center, computer lounge and multiple common rooms. Monthly rents will range from $784 for a studio to $1,493 for a two-bedroom apartment. As part of the conversion, the development team will replace all major building and mechanical systems, including new all-electric heating and cooling systems to reduce emissions. Aufgang Architects is designing the project, which has a total price tag of about $167 million and is expected to take about 21 months to complete.
NEW YORK CITY — JLL has negotiated a 13,815-square-foot office lease at 860 Broadway in Midtown Manhattan. The six-story building was originally constructed in 1926 and underwent a capital improvement program in 2019. Seth Hecht and Thomas Swartz of JLL represented the landlord, Gordon Property Group, in the lease negotiations. Michael Movshovich and Troy Elias of Cushman & Wakefield represented the tenant, mortgage servicing platform Valon Technologies, which will occupy the entire fourth floor.
NEW YORK CITY — Boston-based developer The Davis Cos. has broken ground on a 97-unit multifamily project at 1975 Madison Ave. in Harlem. Designed by DXA Studio and built by Broadway Construction Group, the eight-story building will house one- and two-bedroom units, with 30 percent of the residences earmarked as affordable housing. Amenities will include a fitness center, resident lounge, coworking space, pet spa and a rooftop terrace. Completion is slated for late 2025.