MONROE, N.Y. — Five Below will open a 11,012-square-foot store at Harriman Commons, a 706,243-square-foot retail power center in Monroe, about 45 miles north of Manhattan. Jeff Howard of RIPCO Real Estate represented Five Below, which is backfilling a space formerly occupied by Ulta Beauty, in the lease negotiations. The landlord, RD Management, was self-represented. Following the execution of this lease and a 1,650-square-foot deal with Rightly Dental, Harriman Commons is 98 percent leased.
NEW YORK CITY — New Jersey-based investment firm Cedarbridge Management has purchased a 54-unit multifamily building located at 4300 Broadway in Manhattan’s Washington Heights neighborhood for $12 million. The six-story building was originally constructed in 1955 and houses five commercial spaces. Aaron Jungreis, Ben Khakshoor and Alex Fuchs of local brokerage firm Rosewood Realty Group represented Cedarbridge and the undisclosed seller in the transaction. The deal traded at a cap rate of 7 percent.
NEW YORK CITY — Locally based real estate giant SL Green Realty Corp. (NYSE: SLG) has received $500 million in funds to refinance debt on 919 Third Avenue, a 1.5 million-square-foot office building in Midtown Manhattan. Designed by international architecture firm Skidmore, Owings & Merrill, the 47-story building was originally completed in 1970. It was designed to accommodate an existing New York City landmark, famed restaurant and saloon P.J. Clarke’s. SL Green owns the building in partnership with an institutional investor advised by J.P. Morgan Global Alternatives. The property is 80 percent leased to tenants such as Bloomberg, which expanded by an additional five floors last winter, as well as law firm Shulte Roth & Zabel LLP. Another law firm, Cohen Clair Lans Greifer & Simpson LLP, became the building’s newest tenant when it inked a 17,862-square-foot deal last month. A consortium of lenders led by New York City-based Aareal Capital Corp. and French lender Credit Agricole Corporate & Investment Bank provided the financing. James Millon, Tom Traynor and Mark Finan of CBRE arranged the debt. The loan bears interest at a rate of 250 basis points above the Secured Overnight Financing Rate (SOFR), which closed at 4.81 percent on Friday, …
NEW YORK CITY — Marcus & Millichap has brokered the $4.5 million sale of a 7,356-square-foot retail property located at 1 Worth St. in Manhattan’s Tribeca neighborhood. The seller was Xeno Lightning, a film production company that had owned and operated out of the six-story building since 1990. The buyer was not disclosed. Trever Gallina of Marcus & Millichap brokered the deal.
NEW YORK CITY — Nonghyup Bank has signed a 10-year, 8,194-square-foot office lease at 120 West 45th Street in Manhattan. The South Korean lending institution will occupy space on the 19th floor of the 458,446-square-foot building, which is known locally as Tower 45. Paul Glickman, Diana Biasotti, Kyle Young and Kate Roush of JLL represented the landlord, Kamber Management Co., in the lease negotiations. CBRE represented Nonghyup Bank.
RIVERHEAD, N.Y. — JLL has negotiated the sale of Riverhead Centre, a 395,000-square-foot retail power center in Long Island’s Suffolk County. Grocer ShopRite and The Home Depot anchor the center, which was originally built on 50 acres in 2003 and was 99 percent leased at the time of sale. Other tenants include Bed Bath & Beyond, Best Buy, Petco, Michaels, Designer Shoe Warehouse, Famous Footwear, Barnes & Noble, Ashley Home Store and IHOP. Jose Cruz, Kevin O’Hearn, J.B. Bruno and Mark Belenky of JLL represented the seller, an entity advised by PNC Realty Investors, in the transaction. The buyer was New York City-based Prestige Properties & Development Co. Inc.
NEW YORK CITY — Marcus & Millichap has brokered the $4.3 million sale of an 8,892-square-foot retail property at 4225 White Plains Road in The Bronx. Formerly occupied by Dollar Tree, the building was vacant at the time of sale. Scott Plasky, Alexander Arustamian and Billy Stephan IV of Marcus & Millichap represented the seller, New York-based E&G Realty Group, in the transaction. The buyer was KSR Acquisitions Corp. John Horowitz of Marcus & Millichap assisted in closing the deal as the broker of record.
NEW YORK CITY — Ship Essential has signed a 20,070-square-foot industrial lease in Brooklyn’s Sunset Park neighborhood. The e-commerce fulfillment firm will occupy space on the fifth floor of Liberty Bklyn, a 1.3 million-square-foot waterfront industrial and office campus. David Junik, Steven Nadel, Marc Caso and Nechama Liberow of Pinnacle Realty represented the landlord, Madison Capital, in the lease negotiations. The representative of the tenant was not disclosed.
NEW YORK CITY — Locally based brokerage and financial advisory firm Ariel Property Partners has arranged a $13.5 million acquisition loan for three mixed-use buildings in Manhattan’s Hell’s Kitchen neighborhood. The addresses and specific uses of the buildings were not disclosed. Matthew Dzbanek, Matt Swerdlow and Drew Chartash of Ariel Property Advisors arranged the five-year loan, which carried a fixed interest rate of 6.5 percent, a 30-year amortization schedule and two years of interest-only payments. The borrower was also not disclosed.
NEW YORK CITY — PEI Group, a research and consulting firm for various investment vehicles, has signed a 10-year, 14,341-square-foot office lease at 530 Fifth Avenue in Manhattan. The tenant is relocating from 142 West 42nd Street to the 14th floor of the 535,000-square-foot building, which was originally constructed in 1957. John Ryan, Brooks Hauf and Patrick Steffens of Avison Young, along with internal agents William Elder, Andrew Ackerman and Walter Rooney, represented the landlord, RXR, in the lease negotiations. Joseph Gervino of Avison Young represented PEI Group.