New York

Tishman Speyer Tops Out 2.8 MSF Spiral Office Tower in Manhattan’s Hudson Yards District

by Taylor Williams January 28, 2021

NEW YORK CITY — Tishman Speyer has topped out The Spiral, a 2.8 million-square-foot office tower located within Manhattan’s Hudson Yards mixed-use development. The 1,031-foot, 65-story building encompasses an entire city block between West 34th to West 35th streets and from 10th Avenue to the four-acre Bella Abzug Park. The Spiral, which was designed by Bjarke Ingels Group and is expected to open in 2022, is the future site of the global headquarters of pharmaceutical giant Pfizer, which will occupy 746,000 square feet. Law firm Debevoise & Plimpton LLP is also relocating its headquarters to The Spiral with a footprint of 531,000 square feet, while asset management firm AllianceBernstein has also committed to 166,000 square feet, bringing the building’s preleased occupancy rate to 51 percent. Tenants on every floor will have access to outdoor space as part of a series of spiraling landscaped terraces and hanging gardens that wrap around the façade of the tower. The building will also house 25,000 square feet of retail space.

January 28, 2021

Civic Development Multifamily New York Northeast

Madison Realty Capital Breaks Ground on 478-Unit Multifamily Project in Queens

by Taylor Williams January 28, 2021

NEW YORK CITY — Locally based real estate private equity firm Madison Realty Capital has broken ground on a 478-unit multifamily project in the Woodside area of Queens. Roughly 30 percent (143 residences) of the units in the building, which will also include 15,000 square feet of retail space, will be designated as affordable housing. Residential amenities will include a fitness center with a separate yoga room, a media lounge, laundry room, storage room, parking lot, bike storage, tenant lounge, rooftop terrace with a recreation kitchen and onsite parking. As part of the larger project, Madison Realty Capital is also developing a 78,000-square-foot public elementary school in partnership with the New York City School Construction Authority and Department of Education. The school will serve about 475 students in kindergarten through fifth grade. A tentative completion date was not released.

January 28, 2021

Loans New York Northeast Office

Urban Standard Capital Provides $20M Loan for Refinancing of Manhattan Office Building

by Taylor Williams January 28, 2021

NEW YORK CITY — Urban Standard Capital, a locally based lending and investment firm, has provided a $20 million loan for the refinancing of 265 W. 37th St., a 23-story office building in Midtown Manhattan that includes ground-floor retail space. The borrower, Meyer Equities, will use portions of the proceeds to buy out its partner and to fund tenant improvements and leasing costs at the 263,349-square-foot building. Charlie Brosens of Urban Standard Capital originated the interest-only financing, which was structured with a 24-month term and a 5.25 percent interest rate.

January 28, 2021

Leasing Activity New York Northeast Office

Beam Suntory Signs 99,556 SF Office Lease at 11 Madison Avenue in Manhattan

by Taylor Williams January 28, 2021

NEW YORK CITY — Liquor producer Beam Suntory has signed a 99,556-square-foot office lease at 11 Madison Avenue in Manhattan for its new global headquarters. The 15-year lease covers the entire 12th floor and brings the 30-story building to full occupancy. David Kleinhandler, James Whalen, Maura Flanagan and Joe Cybulski of CBRE represented the tenant in the lease negotiations. Brian Waterman, Scott Klau, Erik Harris and Brent Ozarowski of Newmark represented the landlord, SL Green. The building, which currently houses tenants such as Credit Suisse and SONY Corp. of America, will also house a global office of Beam Suntory’s parent company, Suntory Holdings.

January 28, 2021

Loans Multifamily New York Northeast

NorthMarq Provides $44.5M Agency Loan for Refinancing of Queens Multifamily Property

by Taylor Williams January 27, 2021

NEW YORK CITY — NorthMarq has provided a $44.5 million Freddie Mac loan for the refinancing of Briarwood Gardens, a 514-unit multifamily property located in the Jamaica area of Queens. The property was built in the 1950s and offers studio, one- and two-bedroom units, as well as a playground, dog park and onsite laundry facilities. Robert Ranieri of NorthMarq originated the fixed-rate loan. The borrower was not disclosed.

January 27, 2021

Loans Multifamily New York Northeast

Marcus & Millichap Arranges $34.4M Loan for Refinancing of Brooklyn Apartment Building

by Taylor Williams January 27, 2021

NEW YORK CITY — Marcus & Millichap Capital Corp. (MMCC) has arranged a $34.4 million bridge loan for the refinancing of a 117-unit apartment building in the Williamsburg neighborhood of Brooklyn. The property, which includes 4,000 square feet of commercial space, was originally built as a pencil factory and was converted to multifamily in 2012. A private lender provided the five-year loan, which was structured with a 3.65 percent interest rate, three years of interest-only payments and a 75 percent loan-to-value ratio. Steven Rock of MMCC originated the debt. The borrower was not disclosed.

January 27, 2021

Hospitality Loans Multifamily New York Northeast Seniors Housing

Merchants Capital Arranges $78.4M in Financing for Redevelopment of Manhattan’s Park 79 Hotel

by Taylor Williams January 26, 2021

NEW YORK CITY — Mortgage banking company Merchants Capital has arranged a $51 million construction loan and $28.4 million in Freddie Mac Low-Income Housing Tax Credits (LIHTC) to fund the redevelopment of Manhattan’s historic Park 79 hotel into an affordable housing property for seniors. The borrower and project developer, Fairstead, will oversee renovations that will reconfigure the seven-story building into 77 apartments along with multiple community spaces, including an indoor/outdoor community room, dining room and meeting rooms. Additional rehabilitation will be done throughout the building, including creation of a common dining and recreation room, social services offices and an outdoor garden area. Upon completion, the property will employ two full-time social service coordinators to work alongside residents in organizing community programming events. The hotel originally opened in 1899 as “The Indiana.” The redevelopment is expected to be complete in 2022.

January 26, 2021

Development Healthcare Loans New York Northeast

Knighthead Funding Provides $42M Construction Loan for Medical Office Building in Queens

by Taylor Williams January 25, 2021

NEW YORK CITY — Knighthead Funding, a direct lender with offices in Connecticut and South Florida, has provided a $42 million construction loan for an 84,746-square-foot medical office building that will be located in the Astoria neighborhood of Queens. The borrower was a local partnership doing business as Astoria Crescent Owner LLC. Mount Sinai Health System, which has a hospital across the street, has signed a 30-year lease as the building’s anchor tenant, which brings its preleased occupancy rate to 65 percent. An expected completion date was not disclosed.

January 25, 2021

Acquisitions Multifamily New York Northeast

Houlihan-Parnes Brokers Sale of 176-Unit Apartment Complex in Monticello, New York

by Taylor Williams January 20, 2021

MONTICELLO, N.Y. — Houlihan-Parnes Realtors LLC has brokered the sale of Monticello Meadows Apartments, a 176-unit multifamily complex in Monticello, located about 100 miles northwest of New York City. The complex is situated on nine acres and offers one- and two-bedroom units. Ed Graf of Houlihan-Parnes and Steve Tierney of Rochester law firm Woods Oviatt Gilman LP represented the parties involved in the transaction. The property was 95 percent occupied at the time of sale following the implementation of a capital improvement program.

January 20, 2021

Development New York Northeast Office Top Stories

L&L Holding Nears Completion of $1B Office Tower at 425 Park Ave. in Manhattan

by Taylor Williams January 19, 2021

NEW YORK CITY — Locally based development and investment firm L&L Holding Co. is nearing completion of 425 Park Avenue, an office tower in Midtown Manhattan. Designed by British architecture firm Foster + Partners, the building rises 47 stories and 897 feet, spanning an entire city block. L&L is co-developing the property with Tokyu Land Corp. and will co-manage it with BentallGreenOak. The development is valued at $1 billion, according to the New York Post. The development team has received a temporary certificate of occupancy, and the exterior tower crane has now been dismantled and removed, signaling that the end of construction is near. The building’s glass and steel façade is now fully enclosed. The initial groundbreaking occurred in 2016, when the anchor tenant initially signed its lease, according to the Post report. That tenant is financial services firm Citadel Enterprises, which has preleased 331,800 square feet. That figure represents approximately half of the building’s total amount of leasable office space. The building also includes 9,552 square feet of retail space on the ground floor and 8,829 square feet of retail space on the mezzanine level. L&L has also begun the interior build-out of the tower’s amenity floor, which will feature …

January 19, 2021

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