NEW YORK CITY — Nashville-based brokerage firm Matthews has negotiated the $15.2 million sale of a 19,873-square-foot mixed-use building in Lower Manhattan. The five-story building at 158 Lafayette St., which was originally constructed in 1915 and renovated in 2017, was vacant at the time of sale and is zoned to support residential redevelopment. Stephen Dadourian, Brock Emmetsberger and Matthew Gavin of Matthews represented the undisclosed seller in the transaction. The buyer was also not disclosed.
NEW YORK CITY — HDR has signed a 74,500-square-foot office lease at 7 Penn Plaza in Midtown Manhattan. The architecture and engineering firm will occupy the 15th, 16th and 17th floors of the 18-story, 357,000-square-foot building, which is located at 370 Seventh Ave. Andrew Wiener and Kyle Young represented the landlord, The Feil Organization, in the lease negotiations on an internal basis.
NEW YORK CITY — Walker & Dunlop has arranged a $228.9 million loan for the refinancing of the Textile Building, a 19-story, 707,181-square-foot office building located at 295 Fifth Ave. in the Midtown South submarket of Manhattan. Dustin Stolly, Aaron Appel, Jonathan Schwartz, Keith Kurland, Adam Schwartz, Sean Reimer, Michael Brown, Christopher de Raet and Jack Krentzman of Walker & Dunlop Capital Markets Institutional Advisory arranged the financing on behalf of the owners, a joint venture between PGIM, Tribeca Investment Group and Meadow Partners. A joint venture between Rialto Capital Management LLC and Hines provided the floating-rate, interest-only bridge loan. The Textile Building is more than 100 years old and was originally the heart of New York City’s textile district. In 2019, the building was purchased by the joint venture of PGIM, Tribeca Investment Group and Meadow Partners, which then invested approximately $350 million to convert it into an office building. The redevelopment included adding new 40,000-square-foot flexible floor plates, renovating the lobby, inserting an additional five elevators while modernizing the existing 10, placing a two-story penthouse on top of the original 17 stories and integrating amenities such as a coffee bar, fitness center and bike parking. The Textile Building reopened in 2023 and has since …
NEW YORK CITY — Investment management firm Axonic Capital has arranged a $72 million senior loan for the refinancing of the leasehold interest of 430 Park Avenue, a 19-story office building in Midtown Manhattan. The floating-rate loan was funded through Axonic’s affiliated insurance business. The 295,000-square-foot building occupies a full city block between 55th and 56th streets and was 99 percent leased at the time of the loan closing. Ackman-Ziff Real Estate Group arranged the debt on behalf of the borrower, a joint venture between Oestreicher Properties, Midwood Investment & Development and Marx Realty. Ownership will use a portion of the proceeds to fund future tenant rollover and repositioning costs and renovate the lobby.
NEW YORK CITY AND TORONTO — A partnership between Brookfield Asset Management (NYSE: BAM) and the Canadian Pension Plan (CPP) Investment Board has agreed to acquire LXP Industrial Trust (NYSE: LXP) in an all-cash transaction valued at $5.2 billion. The deal is expected to close in the fourth quarter. The price tag includes LXP’s net debt and preferred equity. In addition, the terms of the deal call for LXP shareholders to receive $61.20 per share in cash, which represents a premium of 12.3 percent over the REIT’s 30-day volume weighted average share price (VWAP) and a 19.8 percent premium over the company’s 90-day VWAP. Both figures are based on time frames that ended Friday, July 17. LXP has agreed to suspend payment of common share dividends until the earlier of the closing of the transaction or the termination of the definitive agreement. The agreement also includes a 40-day “go-shop” period that expires on August 28 at 11:59 p.m. EST, during which time LXP and its advisors may actively solicit and consider alternative acquisition proposals and engage in discussions with third parties. “LXP has assembled a high-quality industrial portfolio with modern logistics assets in attractive markets,” said Lowell Baron, CEO of …
NEW YORK CITY — A joint venture between Global Holdings and MAG Partners will develop a 149-unit apartment building in Manhattan’s SoHo district. The new building at 122 Varick St. will include 5,000 square feet of ground-floor retail space, and 25 percent of the units will be designated as permanently affordable under New York City’s 485-x program. The joint venture is developing the building via a ground lease with Trinity Church, which was represented by Kevin Donner of Cushman & Wakefield in the negotiations. A construction timeline was not announced.
FARMINGDALE, HICKSVILLE AND OCEANSIDE, N.Y. — Northmarq has arranged $35 million in acquisition financing for a portfolio of five small-bay industrial properties totaling 275,891 square feet on Long Island. Three of the properties are located in Farmingdale, and the other two are located in Hicksville and Oceanside. The portfolio, which spans 13.9 acres and houses 40 suites, has maintained an average occupancy rate of 95 percent over the past five years. Ernest DesRochers and Charles Cotsalas of Northmarq arranged the seven-year loan through an undisclosed life insurance company. The borrower was also not disclosed.
EAST SYRACUSE, N.Y. — Marcus & Millichap has brokered the sale of a 250-room hotel in East Syracuse. Opened in 1977 and renovated in 2016, the DoubleTree Syracuse is located in the Carrier Circle area and comprises a central building that houses public spaces in addition to four-story and seven-story guestroom wings. Amenities include a tavern and bar, a business center, indoor pool, fitness center and approximately 17,000 square feet of meeting and event space. Andy Kern, Jerry Swon and David Altobello of Marcus & Millichap represented the seller and procured the buyer, both of which were private investors that requested anonymity, in the transaction. John Horowitz of Marcus & Millichap assisted in closing the deal as the broker of record.
NEW YORK CITY — San Francisco-based Airbnb has purchased 281 Park Avenue South, an office building in Midtown Manhattan, for $81.5 million, according to reports from multiple news outlets, including The Wall Street Journal (WSJ) and the New York Post. The landmarked, six-story building is known locally as Church Missions House. According to WSJ, which was first to report Airbnb as the buyer, the purchase comes “as the company continues to lobby local and state officials for loosening of the city’s strict restrictions on short-term rentals.” The Post reports that the 42,500-square-foot building will serve as “a dedicated hub for Airbnb’s New York workforce, which numbers more than 600 employees in the region.”
ISLAND PARK, N.Y. — San Francisco-based intermediary Gantry has arranged an $11.5 million loan for the refinancing of a 740-unit self-storage facility located in the Long Island township of Island Park. Public Storage operates the three-story, climate-controlled facility. Robert Slatt and Alex Poulos of Gantry arranged the nonrecourse loan, which was structured with a five-year term and a fixed interest rate, loan through an unspecified, correspondent life insurance company. The borrower was also not disclosed.