NEW YORK CITY — Real estate investment sales specialist and capital markets advisor Hodges Ward Elliott has signed a 12,692-square-foot office lease at One Vanderbilt Avenue, a 1.7 million-square-foot skyscraper in Manhattan. The company will occupy part of the 50th floor of the 1,400-foot building, which is 70 percent leased to tenants such as TD Securities, The Carlyle Group, KPS Capital Partners and Oak Hill Advisors. Robert Alexander, Ryan Alexander, Emily Jones and Alex D’Amario of CBRE represented the landlord, SL Green Corp., in the lease negotiations.
NEW YORK CITY — Greystone has provided a $289 million Freddie Mac loan for the refinancing of The Summit, a 429-unit apartment community located at 222 E. 44th St. in Midtown Manhattan. About 25 percent of the residences are designated as affordable housing. Residential amenities include a fitness center, basketball and squash courts, indoor pool, sauna, theater room, game lounge and an outdoor entertainment area. Drew Fletcher, Matthew Klauer and Cassandra Connolly of Greystone originated the loan, which carried a 10-year term and a fixed interest rate, on behalf of the borrower, BLDG Management Co. Inc. Bank of China provided the original $251 million construction loan for the project in 2015.
YONKERS, N.Y. — Target plans to open a 130,000-square-foot store at Cross County Center, a 1.1 million-square-foot retail power center in Yonkers, located north of New York City. Target has signed a 40-year lease to backfill a space formerly occupied by Sears. A partnership between Marx Realty and Benenson Capital Partners owns Cross County Center, which features more than 80 retail and restaurant users. An opening date has not yet been determined.
NEW YORK CITY — Total commercial investment activity in Manhattan totaled $1.1 billion across 21 transactions in the third quarter, a 74 percent decrease in the total dollar amount relative to that period in 2019, according to a new report from Avison Young. Both the number of transactions and the total volume of investment dollars represent 10-year quarterly lows for Manhattan. In addition, two deals that were put under contract prior to the outbreak of COVID-19, the sales of 1375 Broadway and 522 Fifth Avenue, accounted for nearly 70 percent of the total dollar volume. Among individual property types for the third quarter, Manhattan recorded nine multifamily transactions totaling $121 million, four office building or office condo deals totaling $847 million and six development site sales totaling $141 million. The market saw only one retail property trade hands, a vacant condo at 152 Franklin St. in Tribeca that sold for $1.5 million.
NEW YORK CITY — Getting Out Staying Out (GOSO), a youth and career development and nonprofit organization, has signed an 18,467-square-foot office lease at 2283 Third Ave. in East Harlem. The seven-story, transit-served building was constructed in 2006 and spans 50,908 square feet. Lindsay Ornstein, Stephen Powers, Jake Cinti and Ned Pierrepont of Transwestern represented the landlord, Rockfeld Group, in the negotiations for the 10-year lease. Reeves McCall, Anthony Manginelli and Ryan Alexander of CBRE represented the tenant.
NEW YORK CITY — SL Green Realty Corp. (NYSE: SLG) has topped out its 34-story mixed-use project at 185 Broadway in Lower Manhattan. Located across from Fulton Transit Center, the building will consist of 17,000 square feet of ground-floor retail space, 26,000 square feet of office space and 217,000 square feet of residential space across 209 units. FX Collaborative designed the residential component of the project, which will offer one, two- and three-bedroom floor plans and will include 63 units of affordable housing.
NEW YORK CITY — ShopRite has opened a 70,000-square-foot grocery store at The Boulevard, a $200 million retail redevelopment project on Staten Island. Kimco Realty Corp. is leading the redevelopment of the 400,000-square-foot, open-air center, which will add retailers such as Marshalls, Ulta and PetSmart to its roster in 2021. The new ShopRite features specialty prepared foods from Valducci’s pizza, Loon Chuan Asian cuisine, Saladworks, Juice Press and Dunkin’ coffee, as well as onsite access to a registered dietitian and beauty consultant.
CORTLAND, N.Y. — JLL has negotiated the sale of Tops Plaza, a 133,849-square-foot, grocery-anchored shopping center in Cortland, located south of Syracuse in the Finger Lakes region. Regional grocer Tops anchors the center, which was 90 percent leased at the time of sale. Jose Cruz, J.B. Bruno, Kevin O’Hearn, Andrew Scandalios, Michael Oliver and Steve Simonelli of JLL represented the seller, an undisclosed CMBS trust. Jonathan Abda represented the buyer, Namdar Realty Group, on an internal basis. The property was built in 1994 and renovated in 1999.
NEW YORK CITY — Reading International (NASDAQ: RDI), an international cinema and real estate firm, has unveiled the redevelopment of the historic Tammany Hall Building at 44 Union Square in Manhattan. The former 19th-century political hub is now a Class A building with 73,095 square feet of space that can be utilized for either office or retail usage. BKSK Architects designed the project, which included a restoration of the façade and the addition of a three-story glass and steel dome with 19-foot ceilings and views overlooking Union Square.
NEW YORK CITY — Marcus & Millichap has brokered the $12.2 million sale of The Prospect Slope Portfolio, a collection of five buildings in Brooklyn that total 18 market-rate apartments and seven commercial spaces. The buildings were originally constructed in 1915. Andrew Bronsteen, Joe Koicim, Mark Zarrella, Peter Von Der Ahe and Shaun Riney of Marcus & Millichap represented the seller and procured the buyer in the transaction. Both parties were private investors that requested anonymity.