New York

444-Madison-Avenue-Manhattan

NEW YORK CITY — Summit Properties has purchased 444 Madison Avenue, a 500,000-square-foot office building in Midtown Manhattan. The 42-story building occupies an entire blockfront between East 49th and 50th streets and offers amenities such as a tenant lounge, café, conference center and two landscaped terraces. Tenants include law firm Schwartz, Sladkus, Reich, Greenberg, Atlas, as well as The Doris Duke Foundation, EOS Hospitality and financial services firm Capital Dynamics. The seller and sales price were not disclosed. Summit Properties has tapped JLL as the new leasing agent.

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NEW YORK CITY — JLL has arranged the $28 million sale of a 186,584-square-foot commercial property in the Bay Ridge area of Brooklyn that formerly housed a Century 21 store. The property at 423 88th St. consists of 62,792 square feet of commercial space across three floors and 123,729 square feet of parking across six stories and two roof decks. Jeffrey Julien, Brendan Maddigan and Michael Mazzara of JLL represented the seller, ASG Equities, in the deal. Michael Feratovic of Specialized Realty Group represented the buyer.

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NEW YORK CITY — Stark Office Suites will open a 17,300-square-foot flexible workspace facility in Manhattan’s Plaza District. The space spans the 13th and 14th floors of 717 Fifth Avenue, a building that recently underwent a multimillion-dollar capital improvement program. Craig Lemle and Roi Shleifer of Savills represented Stark in the lease negotiations. CBRE represented the undisclosed landlord.

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NEW YORK CITY — Stripe has signed a 139,497-square-foot direct office lease expansion in Lower Manhattan. The global financial technical services company now occupies 285,977 square feet of space across eight floors at 28 Liberty Street, where Stripe first took occupancy in summer 2024 via a four-floor sublease. Peter Riguardi, John Wheeler, Mitchell Konsker and Michael Berman of JLL represented the undisclosed landlord in the lease negotiations. Jeff Fischer and Sacha Zarba of CBRE represented Stripe. The deal brings the building’s office component to 96.5 percent occupancy.

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NEW YORK CITY — Vialto Group has signed a 10,000-square-foot office lease expansion in Manhattan’s Plaza District. The private equity firm now occupies 17,500 square feet across two floors at 545 Madison Avenue, a 17-story, 140,000-square-foot building. Tara Stacom led the Cushman & Wakefield team that represented the landlord, Marx Realty, in the lease negotiations. David Dusek, also with Cushman & Wakefield, represented Vialto Group.

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NEW YORK CITY — Greystone has provided a $114.5 million bridge loan for the acquisition of a portfolio of nine affordable housing buildings totaling 753 units in Queens. Known as The State Preservation Portfolio, the elevator-served properties feature a mix of studio, one- and two-bedroom units, as well as covered parking. Information on specific income restrictions was not disclosed. The borrower is a partnership between national affordable housing owner-operator Iris Holdings Group and the New York City Department of Housing Preservation and Development. The partnership will use a portion of the proceeds to fund capital improvements and preserve the buildings’ affordability status.

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630-Third-Avenue-Manhattan

NEW YORK CITY — A joint venture between Boston-based owner-operator The Davis Cos., Tribeca Investment Group (TIG) and ATCO will undertake a $50 million renovation of 630 Third Avenue, a 23-story, 261-445-square-foot office building in Midtown Manhattan. Renovations will include a full lobby remodeling, construction of a tenant amenity center and conferencing space and delivery of move-in ready office suites. Construction is set to begin in the first quarter and to last six to eight months. CBRE has been named as the leasing agent for 630 Third Avenue.

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NEW YORK CITY — Locally based financial intermediary ERG Commercial Real Estate has arranged an $8.5 million bridge loan for the refinancing of a 40,000-square-foot industrial building on Staten Island. According to LoopNet Inc., the building at 501 Industry Road was completed in 1976 and features a clear height of 30 feet. The direct lender was a national bank, and the borrower was a local private investment group. Both parties requested anonymity. The building was fully leased at the time of the loan closing

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NEW YORK CITY — Five Iron Golf will open a 15,856-square-foot entertainment venue in Brooklyn. The space spans the ground floor and lower level of 25 Kent, a 500,000-square-foot office building, and will include 13 simulators, a 7,000-square-foot gym and a bar and kitchen. Anthony Dattoma of CBRE represented Five Iron Golf, which plans to open in the second quarter of 2026, in the lease negotiations. Ben Birnbaum, Neal Ohm, Andrew Taub and Caleb Petersen of Newmark represented the landlord, Global Holdings.

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NEW YORK CITY — Citymeals on Wheels has signed a 15,214-square-foot office lease in Midtown Manhattan. The nonprofit organization will occupy the entire ninth floor of 360 Lexington Avenue, a 24-story building. Steven Soutendijk of Cushman & Wakefield represented the tenant in the lease negotiations. Mitchell Konsker, Barbara Winter and Thomas Swartz of JLL, along with internal agent Samuel Salberg, represented the landlord, AMTrustRE.

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