NEW ROCHELLE, N.Y. — W. P. Carey Inc. (NYSE: WPC) has acquired a student housing property in the New York City suburb of New Rochelle that serves students at Monroe College for $26 million. Built in 2018, the transit-oriented residence hall’s 94 units total 49,500 net rentable square feet. The property also offers proximity to dining, entertainment and fitness uses. Thomas Greeley, Devlin Man, Cory Gubner and Alex Haendler of Newmark represented the seller, St. Katherine Group, and procured W. P. Carey as the buyer.
NEW YORK CITY — SL Green Realty Corp. (NYSE: SLG) has sold 635-641 Sixth Avenue in Manhattan’s Midtown South neighborhood for a gross sales price of $325 million. The office property comprises two adjoining buildings rising eight stories and totaling 267,000 square feet. The transaction is expected to close in the second quarter and generate net cash proceeds to SL Green of approximately $312.5 million. The buyer was undisclosed. SL Green acquired the asset in 2012 for $173 million. The Manhattan-based office landlord completed a redevelopment of the buildings in 2015, featuring a new lobby, elevators, building systems and a penthouse rooftop equipped with a bocce court and event space. The buildings date back to the early 1900s and once housed the Simpson Crawford Department Store. Today, the property is 94 percent leased. Software company Infor is the anchor tenant and recently executed a renewal and extension of its lease through 2030. “New York City’s revitalization continues as does the demand for Class A office buildings,” says Harrison Sitomer, senior vice president of SL Green. “The disposition at a sales price of more than $1,200 per square foot is a result of extensive repositioning and leasing efforts at the property.” …
NEW YORK CITY — Macy’s Inc. (NYSE: M) reported approximately $4.7 billion in net sales for its 2021 fiscal first quarter that ended on May 1, an increase of about 56 percent from $3 billion in net sales during that period last year. Macy’s CEO Jeff Gennette cited the windfalls of federal stimulus funds and the expanding vaccine rollout as key to the company exceeding expectations. In addition, Gennette said that more Macy’s customers are engaging with its online platform, enabling the New York City-based retailer to post a 34 percent increase in digital sales from the first quarter of 2020. Macy’s has revised its full-year guidance and is now projecting to generate between approximately $21.7 billion and $22.2 billion in net sales this year; previously it had estimated that range to be roughly $19.7 billion to $20.7 billion. Macy’s stock price opened at $19.44 per share on Tuesday, May 18, up from $5.55 per share a year ago.
NEW YORK CITY — Paramount Group Inc. (NYSE: PGRE) has announced plans to overhaul the base and interior spaces at 60 Wall Street, a 47-story office tower in Lower Manhattan’s Financial District. The project is set to kick off when the building’s sole occupant, Deutsche Bank, vacates the tower next summer. Paramount Group plans to invest $250 million for the renovation, according to New York Business Journal. Originally built in 1989, the 1.6 million-square-foot tower is LEED Gold-certified and sits along Wall Street with Pine Street bounding the property on the north. Paramount Group, a New York City-based owner and manager of Class A office towers, has tapped architectural firm Kohn Pedersen Fox (KPF) to oversee the renovation. The firm has also selected Paul Amrich and Howard Fiddle of CBRE to lease and manage 60 Wall Street for tenants to replace Deutsche Bank. The revitalization plan includes opening the base of 60 Wall Street’s façade with new triple-height windows and a vast skylight to allow for more natural lighting. The renovation is set to also include the installation of a 100-foot green wall, which will improve air quality and provide greenery to the tower’s public spaces. The indoor green wall …
NEW YORK CITY — Columbia Pacific Advisors has provided a $39.1 million, 36-month bridge loan for 68-70 Spring Street, a 24,357-square-foot multifamily and retail asset in Manhattan’s SoHo neighborhood. The undisclosed borrower will use the funds to support lease-up of the eight-story building, which includes 10 apartments with two- and three-bedroom floor plans.
LOCKPORT, N.Y. — New Jersey-based private equity firm First National Realty Partners has purchased Tops Plaza, a 166,634-square-foot shopping center located outside of Buffalo in Lockport. A 92,000-square-foot Tops grocery store anchors the property, which was 97 percent leased at the time of sale. The seller and sales price were not disclosed.
NEW YORK CITY — Locally based financial advisory firm Black Bear Capital Partners has arranged a $95 million loan for the refinancing of a 134-unit apartment complex located at 261-275 Amsterdam Ave. on Manhattan’s Upper West Side. The 12-story property was originally built in 1905 and features a mix of studio through six-bedroom units, as well as 20,837 square feet of retail space. Bryan Manz, Brandon Harris and Philip Bowman of Black Bear Capital Partners arranged the financing through Morgan Stanley on behalf of the borrower, Laub Realty. The loan carried a fixed interest rate of 3.55 percent and 10 years of interest-only payments.
LONG BEACH, N.Y. — JLL has negotiated the sale of the 156-room Allegria Hotel, a luxury beachfront property in Long Beach. Originally built as a seniors housing facility, the property was converted to a hotel in 2009 and now offers a rooftop pool, fitness center and multiple food and beverage options. Jeffrey Davis, K.C. Patel, Nikhil Chuchra and Desmund Delaney of JLL represented the seller, Stabilis Capital Management LP, in the transaction. Greg Labine and Martha Nay of JLL arranged fixed-rate acquisition financing on behalf of the buyer, Linchris Capital Partners LLC.
NEW YORK CITY — Tishman Speyer has opened two new spaces for Studio, the locally based landlord’s coworking concept, at 11 W. 42nd St. and 175 Varick St. in Manhattan. The first location spans approximately 40,000 square feet, and the second one comprises three floors with the potential to grow to 80,000 square feet. The spaces feature private offices of various sizes, and members have access to an on-demand and onsite suite of amenities created by Tishman Speyer. Those amenities include in-person and virtual wellness and fitness programs, backup childcare, food delivery and onsite medical services.
CHICAGO, NEW YORK CITY AND LONDON — Elliott Investment Management LP, the parent company of Barnes & Noble, has entered into a definitive agreement to acquire the assets and business operations of Paper Source. The Seattle Times reports that the purchase price was approximately $91.5 million. The acquisition will allow the Chicago-based stationery and party supplies retailer to emerge from Chapter 11 bankruptcy and to continue to operate 130 stores across the country, as well as its wholesale division, Waste Not Paper by Paper Source. James Daunt, CEO of New York City-based Barnes & Noble, will oversee daily operations of both companies. While Paper Source and Barnes & Noble will continue to function as separate businesses, executives involved in the deal noted that the complementary nature of the two retail operations creates potential for future partnerships. Elliott Investment Management originally acquired Barnes & Noble in September 2019.