New York

DivcoWest Acquires Flexible Office Building at 325 Hudson St. in Manhattan for $135M

by Taylor Williams June 1, 2021

NEW YORK CITY — San Francisco-based developer DivcoWest has acquired a 220,000-square-foot building at 325 Hudson St. in Lower Manhattan that can support office, data center and life sciences users. According to multiple news outlets, including the New York Business Journal, the sales price was $135 million. The property is located adjacent to Disney’s 1.2 million-square-foot headquarters building and is surrounded on three sides by Google’s campus. Building amenities include a conference center, tenant meeting rooms and storage space. The seller was not disclosed.

June 1, 2021

Leasing Activity New York Northeast Office

Norman Bobrow Negotiates 9,200 SF Office Lease at 40 Wall Street in Manhattan

by Taylor Williams June 1, 2021

NEW YORK CITY — Locally based brokerage firm Norman Bobrow & Co. has negotiated a 9,200-square-foot office lease at 40 Wall Street in Manhattan’s Financial District for law firm KI Legal. Josh Berger of Norman Bobrow represented the law firm, which specializes in business litigation, in the negotiations for the 10-year lease. The deal represents an expansion from the firm’s previous 4,000-square-foot space at 90 Broad Street. The Trump Organization owns 40 Wall Street.

June 1, 2021

New York Northeast Retail Top Stories

HSBC Sells 90 Branches, Exits Mass-Market Retail Banking Sector

by Katie Sloan May 27, 2021

NEW YORK CITY — HSBC Holdings has announced plans to exit its U.S. mass-market retail banking business through the sale of 90 of its 148 domestic branches. HSBC will retain 20 to 25 of its existing physical locations in the U.S., which will be repurposed into international wealth centers. These branches will focus exclusively on the banking and wealth management needs of high-net-worth clients. These centers will be located in cities such as New York, Washington, D.C., San Francisco, Seattle, Los Angeles and Miami, according to reports by The Wall Street Journal. Citizens Bank has agreed to purchase the company’s mass-market and retail-business-banking operations on the East Coast, which includes 80 branches and approximately 800,000 customers. The company will also purchase HSBC’s online banking portfolio. Together, both portions of the business had a combined total of $9.2 billion in deposits and $2.2 billion worth of outstanding loans at the end of March. Cathay Bank will acquire the company’s mass-market and retail-business-banking operations on the West Coast, which includes 10 branches and approximately 50,000 customers with $1 billion in deposits and $800 million worth of outstanding loans as of the end of March. Both transactions are expected to close by the …

May 27, 2021

Development Hospitality Multifamily New York Northeast

Fleet Financial Group Receives Approval for 350,178 SF Queens Hotel, Multifamily Project

by Taylor Williams May 25, 2021

NEW YORK CITY — Fleet Financial Group has received approval from the New York City Board of Standards and Appeals for Eastern Emerald, a 350,178-square-foot hotel and multifamily project that will be located in the Corona neighborhood of Queens. The 25-story building will span a full city block and rise 372 feet. Distinct uses will include approximately 175,000 square feet of residential space, 149,500 square feet of hotel space and 25,000 square feet of retail space. London-based SASI Studio is designing the project in conjunction with architect of record Fleet Architects PC. Construction is scheduled to begin this summer, and completion is slated for 2024.

May 25, 2021

Civic Loans New York Northeast

Emerald Creek Provides $55M Loan for Historic Tammany Hall Building in Manhattan

by Taylor Williams May 25, 2021

NEW YORK CITY — Emerald Creek Capital has provided a $55 million bridge loan for the historic Tammany Hall building in the Union Square area of Manhattan. The 73,113-square-foot building recently underwent an $85 million capital improvement program. Jeff Seidler of Emerald Creek originated the financing. Egor Petrov of Estreich & Co. served as the financial intermediary on behalf of the borrower, a subsidiary of Reading International Inc., which will use the proceeds to refinance existing debt and fund tenant improvements.

May 25, 2021

Market Reports New York Northeast Northeast Market Reports Retail

Retail Inventory Ticks Upward in New York City, But Low Rents Should Draw Tenants Back

by Taylor Williams May 25, 2021

By Pierre Debbas, Esq., partner at Romer Debbas LLP While headlines have primarily focused on impacts to small businesses, contrary to popular belief, large retailers and national chains have not been immune to the COVID-19 pandemic. Restaurant and hotel chains, movie theaters, gyms and other experiential retailers have shuttered locations across the country. Just this past July, legacy retailer Neiman Marcus closed its Hudson Yards location due to heavy COVID-19 impacts. The big box retailer also faced store closures in other locations, such as Florida and Washington, due to a high loss of revenue. These large, vacant retail spaces have created problems, especially in markets ike Manhattan. While there are some moves in play, such as Home Depot taking over the Bed Bath & Beyond’s midtown location, or Target setting sights on the former 86th Street outpost of Barnes & Noble, the reality of vacant spaces – large and small – is apparent throughout the city’s prime retail hubs. When looking forward, landlords will have to consider subdivisions and repurposing of big box spaces to make leasing viable, potentially making way for smaller-concept retailers and the return of mom-and-pop shops. Essentially, the question remains: What is the true absorption rate …

May 25, 2021

Civic Leasing Activity New York Northeast Office

St. Francis College to Relocate Campus to The Wheeler in Downtown Brooklyn

by Taylor Williams May 24, 2021

NEW YORK CITY — St. Francis College, a private Catholic educational institution, will relocate its campus from Brooklyn Heights to The Wheeler, Tishman Speyer’s new building that is situated atop a former Macy’s department store in downtown Brooklyn. Under the terms of the 30-year lease, St. Francis College will occupy 255,091 square feet across the fifth, sixth and seventh floors beginning in September 2022.

May 24, 2021

Loans Multifamily New York Northeast

NorthMarq Provides $5.6M Agency Loan for Refinancing of Multifamily Asset in White Plains, New York

by Taylor Williams May 24, 2021

WHITE PLAINS, N.Y. — NorthMarq has provided a $5.6 million Freddie Mac loan for the refinancing of Franklin Square Apartments, a 141-unit multifamily asset in White Plains, a northern suburb of New York City. The property was built in 1990 and features one- and two-bedroom units, many of which were recently renovated. Robert Ranieri of NorthMarq originated the 10-year, interest-only loan on behalf of the undisclosed borrower.

May 24, 2021

New York Northeast Retail

Google to Open First Physical Retail Store in Manhattan This Summer

by Taylor Williams May 21, 2021

NEW YORK CITY — Google will open its first physical retail store in Manhattan this summer, the Mountain View, Calif.-based tech giant said in a blog post yesterday. The store will be located on Google’s campus in the Chelsea neighborhood. At the Google store, customers can browse and buy Google products like Pixel phones, Nest products and Fitbit devices. Tech experts will also be available to troubleshoot issues with devices.

May 21, 2021

Acquisitions Industrial New York Northeast

CenterPoint Properties Acquires 145,144 SF Industrial Building in The Bronx

by Taylor Williams May 21, 2021

NEW YORK CITY — Illinois-based CenterPoint Properties has acquired a 145,144-square-foot industrial building in The Bronx. The warehouse sits on 4.8 acres and features 18 dock-high doors and 1.5 acres for parking. In addition, the facility is located near Hunts Point Food Distribution Center, the largest food distribution hub of its kind in the world, according to CenterPoint. The seller and sales price were not disclosed.

May 21, 2021

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