NEW YORK CITY — Global private equity firm Clayton, Dubilier & Rice has signed an office lease renewal and expansion at The Seagram Building, a 38-story tower located at 375 Park Ave. in Manhattan. The company now occupies 70,000 square feet across four floors. Andrew Sachs and Ben Shapiro of Newmark represented the tenant, which has been headquartered at the building for nearly three decades, in the lease negotiations. A.J. Camhi and Paul Milunec internally represented the landlord, locally based investment firm RFR.
MELVILLE, N.Y. — Southern California-based investment firm Cohen Asset Management has purchased an 84,140-square-foot logistics facility located in the Long Island community of Melville. The property, which sits on 6.9 acres, was fully leased to Estee Lauder and two other tenants at the time of sale. Building features include a clear height of 22 feet and parking for 250 vehicles. The seller and sales price were not disclosed.
NEW YORK CITY — Financial services firm Wellington Management has signed a 71,000-square-foot office lease at 799 Broadway, a 182,000-square-foot building located at the convergence of Manhattan’s Greenwich Village and Union Square areas. The lease term is 16.5 years. Steven Rotter, Randy Abend, Gabrielle Harvey, Brendan Callahan and Lauren Calandriello of JLL represented Wellington in the lease negotiations. Mitchell Konsker, Ben Bass and Sam Seiler, also with JLL, represented the landlord, Columbia Property Trust. The building is now 70 percent leased.
NEW YORK CITY — Whole Foods Market will open a 54,000-square-foot store at 63 Madison Ave. in Manhattan’s NoMad neighborhood on Wednesday, June 1. The store will offer produce sourced from 20 local farms, full-service meat and seafood counters, a bakery, prepared foods section, wellness and beauty section and a selection of more than 180 craft beers.
NEW YORK CITY — Avanath Capital Management, a private real estate investment management firm, has purchased two multifamily communities in Brooklyn. The Irvine, Calif.-based company purchased the two properties, which total 601 apartments and 42,643 square feet of ground-floor retail space, for $315 million. The properties also include 82,681 square feet of parking. The seller was not disclosed, but multiple outlets report the seller as Greenland USA, a residential and commercial real estate developer based in China. Located at 38 6th Ave. and 535 Carlton Ave., the two communities are situated adjacent to Barclays Center, the home arena of the Brooklyn Nets NBA franchise. A little over one-third of the units are reserved for residents with incomes between 40 percent and 100 percent of area median income (AMI). The buildings were constructed in 2017 as part of the ongoing Pacific Park New York Development initiative, which Avanath Capital says is Brooklyn’s largest development project to date. In addition to the two multifamily properties, at full completion the site will host eight acres of public open space, a new public middle school, 13 other residential buildings and more than 7.3 million square feet of residential, commercial and retail space. Amenities at …
BROOKHAVEN, N.Y. — CBRE has brokered the $28.5 million sale of 5000 Corporate Court, a 264,482-square-foot office building in Brookhaven, located on Long Island. Tenants include the Internal Revenue Service and U.S. Citizenship & Immigration Service. Jeffrey Dunne, Steven Bardsley, Jeremy Neuer, Stuart MacKenzie, Travis Langer and Philip Heilpern of CBRE represented the seller, Office Properties Income Trust, in the transaction. CBRE also procured the buyer, Northpath Investments.
PISCATAWAY, N.J. — JD.com, a global e-commerce firm based in Beijing, has signed a 216,892-square-foot industrial lease in the Northern New Jersey community of Piscataway. Indianapolis-based REIT Duke Realty (NYSE: DRE) is developing the facility, which will feature a clear height of 40 feet and 38 trailer parking spaces, with a target completion date of this fall. Noah Balanoff and Jacquelyn Severino of Colliers, along with internal agents Ben Rosen and Gregg Bazzani, represented Duke Realty in the lease negotiations. Chuck Fern, Jason Barton and Thomas Tucci of Cushman & Wakefield, along with Andy Ho of Kander Pacific Inc., represented the tenant.
NEW YORK CITY — Seattle-based lender Columbia Pacific Advisors has provided a $36 million loan for the refinancing of an industrial property located along the Hudson River in The Bronx. The property is a 480,000-square-foot outdoor storage yard that is situated on a 14-acre site. The borrower is locally based developer Dynamic Star. Will Nelson led the transaction for Columbia Pacific Advisors.
NEW YORK CITY — Locally based brokerage firm Ariel Property Advisors has negotiated the $22.5 million sale of a 96-unit multifamily building located in the Morris Heights area of The Bronx. Constructed in 2004, the building rises 13 stories and spans 93,430 square feet. The unit mix comprises one studio, 22 one-bedroom apartments and 73 two-bedroom residences. Daniel Mahfar, Victor Sozio and Shimon Shkury of Ariel Property Advisors brokered the deal. The buyer and seller were not disclosed.
NEW YORK CITY — Locally based private equity firm Urban Standard Capital has funded a $6.2 million construction loan for a multifamily project in Brooklyn’s Crown Heights neighborhood that will comprise 10 residential units and one commercial space. The six-story building’s residential units will have an average size of 970 square feet, and the commercial component will span 1,300 square feet. Isaac & Stern is the project architect. The borrower is Avdoo & Partners Development.