NEW YORK CITY — Boffi | DePadova, an Italian furniture provider, will open a 19,694-square-foot showroom at 99 Madison Avenue in Manhattan’s Nomad Design District. The space comprises the entire ground floor, mezzanine, second floor and lower level of the building. The opening is scheduled for spring 2024. Andrew Kahn, Fanny Fan and Adrienne Gallus of Cushman & Wakefield represented the landlord, Windsor Management, in the lease negotiations. The representative of the tenant was not disclosed.
NEW YORK CITY — Piedmont Office Realty Trust Inc. (NYSE: PDM), an Atlanta-based REIT, has launched a capital improvement program at 60 Broad Street, a 39-story office tower in Manhattan’s Financial District. Designed by local firm MA | Morris Adjmi Architects, which is also a tenant at the 1 million-square-foot building, the value-add program will primarily upgrade the entryway, lobby, elevators and amenity spaces. Completion is slated for this summer. JLL serves as the building’s leasing agent.
NEW YORK CITY — CI US Holdings, a Canadian wealth management firm, has signed a 50,000-square-foot office lease at 101 Park Avenue, a 1.3 million-square-foot building in Midtown Manhattan. John Cefaly and Nicholas Dysenchuck of Cushman & Wakefield represented the landlord, H.J. Kalikow & Co., in the lease negotiations. Mark Robbins and Evan Foley of Avison Young, along with Mitti Liebersohn of Savills, represented the tenant. Other users that have recently committed to 101 Park Avenue include Incline Equity Partners (18,000 square feet) and Five Iron Golf (30,000 square feet).
TROY, N.Y. — Commercial finance and advisory firm Axiom Capital Corp. has arranged $3.8 million in construction and permanent financing for a mixed-use redevelopment project in Troy, a northern suburb of Albany. The project will convert a 21,235-square-foot historic building into a 14-unit multifamily complex with 6,048 square feet of commercial space. A local bank provided the loan to the borrower and developer, with both parties requesting anonymity. Construction is expected to last about 18 months.
NEW YORK CITY — Cushman & Wakefield has negotiated a 25,000-square-foot office lease at 48 W. 25th St. in Manhattan’s Madison Square Park area. Originally constructed in 1920, the building rises 12 stories and totals 127,130 square feet. Ethan Silverstein, Theodora Livadiotis and Bruce Mosler of Cushman & Wakefield represented the landlord, locally based investment manager Savanna, in the lease negotiations. Anthony LoPresti, also with Cushman & Wakefield, represented the tenant, MediaCo Holding Inc. The space comprises the entire second and third floors and will house the broadcast operations of two of the tenant’s local radio stations.
NEW YORK CITY — Architecture Research Office (ARO), a design and consulting firm, has signed a 10,000-square-foot office lease at 1 Willoughby Square in Brooklyn. Designed by FXCollaborative, which also serves as the anchor tenant, 1 Willoughby Square is a 34-story, 500,000-square-foot building in the downtown area. Nick Farmakis and Kate Walker of Savills represented ARO in the lease negotiations. Paul Amrich, Neil King, Zac Price, Alex D’Amario and James Ackerson of CBRE represented the landlord, JEMB Realty Corp.
NEW YORK CITY — Locally based brokerage firm Ariel Property Advisors has arranged the $16.2 million sale of two adjacent multifamily buildings totaling 52 units that are located at 992-1000 Amsterdam Ave. on Manhattan’s Upper West Side. The buildings include a combined seven commercial spaces. Victor Sozio, Shimon Shkury, Howard Raber, and Evan Hirsch of Ariel Property Advisors brokered the deal. The buyer and seller were not disclosed.
Walker & Dunlop Arranges $37.7M Construction Loan for Industrial Project in Valley Cottage, New York
VALLEY COTTAGE, N.Y. — Walker & Dunlop has arranged a $37.7 million construction loan for Lincoln Logistics, a 220,000-square-foot industrial project in Valley Cottage, about 25 miles north of New York City. The property will feature a clear height of 36 feet, 55 dock doors and 123 parking spaces. Aaron Appel, Keith Kurland, Jonathan Schwartz, Adam Schwartz and Mo Beler arranged the debt on behalf of the borrower, a partnership between Lincoln Equities Group and PCCP. The direct lender was not disclosed.
NEW YORK CITY — Walker & Dunlop has arranged a $100 million loan for the refinancing of JFK Logistics Center, a 423,000-square-foot industrial property in Queens that is fully leased to Amazon. The multi-story facility sits on 10.7 acres and features a clear height of 36 feet, 16 loading positions and two floors of parking. Aaron Appel, Keith Kurland, Jonathan Schwartz, Adam Schwartz and Mo Beler arranged the debt on behalf of the borrower, a partnership between Wildflower Ltd. and Amstar. J.P. Morgan Investment Management provided the loan.
NEW YORK CITY — Score Sports Bar will open a 9,000-square-foot restaurant in Midtown Manhattan. The tenant has committed to a three-story space at 416 Eighth Avenue, which is located adjacent to Madison Square Garden, for 15 years. Brad Schwarz and James Ficelman of Lee & Associates represented the landlord, Riese Organization, in the lease negotiations. Spencer Planit of Winick Realty represented Scores Sports Bar.