New York

Brookfield Agrees to Acquire Watermark Lodging Trust for $3.8B

by Taylor Williams May 9, 2022

NEW YORK CITY AND CHICAGO — Private real estate funds managed by Brookfield Asset Management (NYSE: BAM) have agreed to acquire Chicago-based hospitality REIT Watermark Lodging Trust for $3.8 billion. Watermark’s portfolio was constructed over the past decade and currently consists of 25 luxury hotels and resorts totaling 8,100 rooms across 14 states. The properties are primarily located in Sun Belt markets. Under the terms of the deal, Brookfield will acquire all outstanding shares of Watermark’s common stock for approximately $6.73 per share. The purchase price represents a premium of more than 7.5 percent from the most recently published net asset values per share as of Dec. 31, 2021. The deal is expected to close in the fourth quarter. “Hotels and resorts of this scale and quality are difficult to replicate,” says Lowell Baron, managing partner and chief investment officer in Brookfield’s real estate group. “This portfolio is well positioned given its concentration in the Sun Belt, as well as in coastal destinations and gateway cities with high barriers to entry.” Morgan Stanley & Co. LLC is serving as exclusive financial advisor to Watermark. Hodges Ward Elliott is providing estate advisory services to Watermark, and Clifford Chance US LLP and …

May 9, 2022

Acquisitions New York Northeast Office Retail

Joint Venture Buys Ridge Hill Office, Retail Development in Yonkers for $220M

by Taylor Williams May 6, 2022

YONKERS, N.Y. — A joint venture between Nuveen Real Estate, Taconic Partners and North American Properties has acquired Ridge Hill, a 1.2 million-square-foot office and retail development in Yonkers, located north of New York City, for $220 million. Built in 2011, Ridge Hill is currently 71.7 percent leased. Tenants include Whole Foods Market, Lowe’s Home Improvement, Dick’s Sporting Goods, T.J. Maxx, H&M, LA Fitness, L.L. Bean, Showcase Cinemas, Legoland Discovery Center, Guitar Center, The Container Store and Westmed Medical Group. Dave Monahan, Cameron Pittman, Chris Angelone, Jose Cruz and Andrew Scandalios of JLL represented the seller, QIC US Management Inc., in the transaction. Kellogg Gaines, Aaron Niedermayer, Evan Pariser, Claudia Steeb and Joy Dracos, also with JLL, arranged $181.3 million in acquisition financing on behalf of the joint venture, which plans to enhance Ridge Hill’s public spaces, street design and parking areas. The new ownership also plans to target locally inspired food and beverage concepts, as well as national luxury apparel and boutique fitness users.

May 6, 2022

Leasing Activity New York Northeast Office

HSBC Bank Signs 265,000 SF Office Headquarters Lease at The Spiral in Manhattan

by Taylor Williams May 5, 2022

NEW YORK CITY — HSBC Bank has signed a 265,000-square-foot office lease for its new U.S. headquarters at The Spiral, a 65-story tower located at 66 Hudson Blvd. in Manhattan. The lease term is 20 years. Tishman Speyer is developing The Spiral, which is nearing completion. Peter Riguardi, Matt Astrachan, Ken Siegel, Mitch Konsker and Will McGarry of JLL represented HSBC Bank in the lease negotiations. Tishman Speyer was represented internally. HSBC Bank plans to relocate from its current space in Midtown in January 2024. Following this transaction, the 2.8 million-square-foot building is now roughly 70 percent leased, with pharmaceutical giant Pfizer and law firm Debevoise & Plimpton set to anchor The Spiral with 14- and 13-floor commitments, respectively.

May 5, 2022

Acquisitions Multifamily New York Northeast

Marcus & Millichap Brokers $10.4M Sale of Multifamily Building in Poughkeepsie, New York

by Taylor Williams May 5, 2022

POUGHKEEPSIE, N.Y. — Marcus & Millichap has brokered the $10.4 million sale of 40 Cannon, a multifamily building located about 85 miles north of Manhattan in Poughkeepsie. According to LoopNet Inc., the property, which includes retail space, was originally built as a hotel in 1957. Joseph French Jr., Kodi Traver and Matthew Gault of Marcus & Millichap represented the seller, an undisclosed private investor, in the deal. Steven Rock of Marcus & Millichap Capital Corp. arranged acquisition financing on behalf of the buyer. The property was fully leased at the time of sale.

May 5, 2022

Development Loans Mixed-Use New York Northeast

Madison Realty Capital Provides $90M Construction Loan for Queens Mixed-Use Project

by Taylor Williams May 4, 2022

NEW YORK CITY — Locally based private equity firm Madison Realty Capital has provided a $90 million construction loan for a mixed-use project that will be located in the Flushing area of Queens. The development will comprise 150 residential condos, 202 hotel rooms, 23,000 square feet of ground-floor and below-grade retail space and 300 parking spaces. All of these uses will be housed in two adjoined buildings rising 16 and nine stories that will be set on a retail podium and will total 263,151 square feet. Residential floor plans will come in studio, one-, two- and three-bedroom formats, and amenities will include a fitness center and outdoor terraces and courtyards. The borrower and developer is an entity doing business as 37 Ave Richouse LLC. A construction timeline was not disclosed.

May 4, 2022

Development New York Northeast Office

Sage Realty to Undertake $53M Renovation of Manhattan Office Building

by Taylor Williams May 4, 2022

NEW YORK CITY — Sage Realty, a division of The William Kaufman Organization, will undertake a $53 million renovation of 767 Third Avenue, a 40-story, 320,000-square-foot office building in Manhattan. Capital improvements will include a facelift of the lobby and the revamping and introduction of new and existing amenity spaces. Upon full completion of the project in the first quarter of 2023, tenants will have access to a café, lounge, library, catering kitchen, sculpture garden and a salon meeting room. Touchless mechanisms and other features that promote wellness will also be installed throughout the property. FXCollaborative led the redesign of the lobby, and Fogarty Finger designed the amenity spaces.

May 4, 2022

Development New York Northeast Office

Joint Venture Tops Out 16-Story Office Building in Lower Manhattan

by Taylor Williams May 3, 2022

NEW YORK CITY — A joint venture between Trinity Church Wall Street, Norges Bank Investment Management and Hines has topped out 555 Greenwich, a 16-story office building in Lower Manhattan. Designed by COOKFOX Architects, the 270,000-square-foot building, which is located in the Hudson Square neighborhood, will include ground-floor retail space and 33,000 square feet of outdoor amenity space via 11 terraces. Completion is slated for 2023.

May 3, 2022

Leasing Activity New York Northeast Office

Praxis Signs 7,462 SF Office Lease at 446 Broadway in Manhattan

by Taylor Williams May 3, 2022

NEW YORK CITY — Social media platform Praxis has signed a 7,462-square-foot office lease at 446 Broadway in Manhattan. The lease term is five years, and the space encompasses the entire third floor. Greg Herman of Cushman & Wakefield represented Praxis in the lease negotiations. David Malawer of Newmark represented the landlord, KPG Funds. The building is now fully leased.

May 3, 2022

Development Loans New York Northeast Office

Parkview Financial Provides $92M Construction Loan for Brooklyn Office Building

by Taylor Williams May 2, 2022

NEW YORK CITY — Los Angeles-based Parkview Financial has provided a $92 million construction loan for a 215,379-square-foot office building that will be located at 1498-1538 Coney Island Avenue in Brooklyn’s Midwood neighborhood. The project will include 51,000 square feet of retail space and a 267-space automated parking structure. Construction is underway and expected to be complete in October 2023. Between the office and retail components, the building is 30 percent preleased. Aaron Birnbaum and Elliott Kunstlinger of Meridian Capital Group arranged the loan through Parkview on behalf of the borrower, an affiliate of locally based developer Baruch Singer.

May 2, 2022

Healthcare Leasing Activity New York Northeast

Mount Sinai Signs 17,464 SF Healthcare Lease in Manhattan’s Flatiron District

by Taylor Williams May 2, 2022

NEW YORK CITY — Mount Sinai Health System has signed a 17,464-square-foot lease for a new cardiology office at 373 Park Avenue South in Manhattan’s Flatiron District. The lease term is 10 years. The 12-story building spans 110,000 square feet and was originally constructed in the early 1900s. Leonard Zimmerman of Hemsley Spear represented the tenant in the lease negotiations. Kate Goodman represented the landlord, ATCO Properties & Management, on an internal basis.

May 2, 2022

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