NEW YORK CITY — Locally based brokerage firm Ariel Property Advisors has arranged the $5.7 million sale of a 35-unit apartment building located in the Bay Ridge area of Brooklyn. The four-story building houses four studios, 30 one-bedroom units and one three-bedroom residence. Stephen Vorvolakos, Sean Kelly and Lawrence Sarn of Ariel Property Advisors brokered the deal. Both the buyer and seller requested anonymity.
NEW YORK CITY — CBRE has negotiated five office leases totaling 17,687 square feet at 424 Madison Avenue in Midtown Manhattan. The new tenants are Japanese Medical Care, Alignage Fertility, Vaerstandig & Sons, Yehuda Diamond Co. and JKB2 Medical Management. Paul Walker and Jordan Donohue represented the landlord, BLDG Management, in the lease negotiations. The tenant representatives were not disclosed.
NEW YORK CITY — The Jewish Board of Family & Children’s Services Inc. has signed a 12,230-square-foot office sublease at 463 Seventh Avenue in Manhattan. The 22-story building was originally constructed in 1925. David Levy of Adams & Co. represented the landlord, The Arsenal Co., in the lease negotiations. David Lebenstein of Cushman & Wakefield represented the tenant.
NEW YORK CITY — Cushman & Wakefield has brokered the $5.5 million sale of a 25-room motel located at 1440 E. 222nd St. in The Bronx. Jonathan Squires, Josh Neustadter and Austin Weiner of Cushman & Wakefield represented the seller, Bay Chester Motel Inc., in the transaction. An entity doing business as Bay Plaza 1440 LLC purchased the motel, which includes 35 parking spaces and will be delivered vacant.
NEW YORK CITY — Locally based brokerage firm Ariel Property Advisors has negotiated the $40.6 million sale of a 142,500-square-foot multifamily development site in the Gowanus neighborhood of Brooklyn. The buyer, an entity doing business as Tankhouse LLC, did not disclose specific development plans, but the site carries a mandatory inclusionary zoning requirement. Sean Kelly and Stephen Vorvolakos of Ariel Property Advisors represented the seller, Pilot Real Estate Group, in the land deal.
NEW YORK CITY — New York Life Insurance Co. has signed a 47,000-square-foot office sublease at One World Trade Center in Manhattan. The company is subleasing the entire 39th floor of the 104-story skyscraper for 10 years from Advance Magazine Publishers Inc. One World Trade Center was built in 2013 and offers amenities such as a café, conference center and a sky lounge. Peter Riguardi, Steven Rotter, Joseph Messina, Jessica Berkey, Brett Harvey and Andrew Coe of JLL represented Advance Magazine Publishers in the sublease negotiations. Matthew Astrachan, Nicole Tiger, George Gemelos and Kristen Morgan, also with JLL, represented New York Life. The Port Authority of New York/New Jersey owns the building in partnership with The Durst Organization, whose internal agent Eric Engelhardt also worked on the deal. New York Life plans to relocate from 120 Broadway to the new space in May 2023.
NEW YORK CITY — Japanese alcoholic beverage supplier Suntory has signed a 100,000-square-foot office headquarters lease at 11 Madison Avenue in Manhattan. About 150 employees will work in the full-floor space, which includes two bar areas, a tasting room, interactive conference room, a digital art exhibit and flexible workstations. David Kleinhandler, Joe Cybulski, James Whalen and Maura Flanagan of CBRE represented Suntory, which is relocating from Chicago, in the lease negotiations. Zach Freeman, David Kaufman and Neil Kessner represented the landlord, SL Green, on an internal basis.
NEW YORK CITY — JLL has arranged the $387.5 million sale of 685 1st Avenue, a 408-unit multifamily property in Manhattan’s Murray Hill neighborhood. Built in 2018, the property rises 43 stories and houses 408 market-rate residential units, 148 condominiums and 9,693 square feet of commercial space. Amenities include a pool, fitness center, coworking lounge, media room and a children’s play area. Rob Hinckley, Jeff Julien, Scott Panzer, Andrew Scandalios, Steve Rutman, John Taylor, Jon Faxon and Joy Ryoo of JLL represented the seller, Solow Building Co., in the transaction. The team also procured the buyer, GO Partners, which is a joint venture between two private investors.
NEW YORK CITY — Applause, a Massachusetts-based provider of digital testing and quality control services, has signed a 17,500-square-foot office lease at 355 Lexington Avenue in Manhattan. Chris Foerch of Savills represented the tenant, which plans to take occupancy of the entire seventh floor later this month, in the lease negotiations. Robert Steinman internally represented the landlord, Rudin, which originally developed the 270,000-square-foot building in 1959.
NEW YORK CITY — Marketing and technology firm Impact.com has signed an 18,364-square-foot office lease at 136 Madison Avenue in Midtown Manhattan. The 17-story, 300,000-square-foot building houses tenants such as Syracuse University, Regus, Bernhardt Furniture, Wacoal and Green Key. Eric Cagner of Newmark and Alex Leopold of CBRE represented the tenant, which plans to relocate from the Empire State Building to the entire 10th floor at the end of the year, in the lease negotiations. Mac Roos of Colliers represented the landlord, Williams Equities.