New York

Health & Hospitals Corp. Signs 21,643 SF Office Lease in The Bronx

by Alex Patton March 10, 2020

NEW YORK CITY — Health & Hospitals Corp. (HHC) has signed a 21,643-square-foot office lease in the Tremont neighborhood of The Bronx. The space is located at 1910 Webster Ave. in the Tremont Renaissance residential and commercial building, which features 256 apartments and 40,000 square feet of commercial space, 15,000 of which is leased to a supermarket. The lease term is 15 years. The healthcare center will offer pediatric, primary, urgent and elder care services. Michael Dubin and Hector Rodriguez of Savitt Partners LLC represented HHC in the lease negotiations. Kathy Zamechansky of KZA Realty Group represented the property developer and owner, Mastermind Ltd.

March 10, 2020

Leasing Activity New York Northeast Office

Cushman & Wakefield Negotiates 5,800 SF Office Lease in Manhattan

by Alex Patton March 10, 2020

NEW YORK CITY — Cushman & Wakefield has negotiated a 5,800-square-foot office lease for investment management firm Rubric Capital in Manhattan. The company will occupy a suite on the 16th floor of 10 Grand Central, a 36-story building that was completed in the 1930s, for the next seven years. Rubric is moving from its previous space at 767 Third Avenue in June. The building owner, Marx Realty, implemented a $48 million repositioning project in 2018, which updated the entry, marquee, lobby, outdoor terrace and conference space. The building is 95 percent leased to tenants including Dwayne “The Rock” Johnson’s production company, Seven Bucks Productions. Cynthia Wasserberger, Sam Eiler, David Kleiner and Carlee Palmer represented Marx Realty in the lease negotiations. Alan Wilde of Cushman & Wakefield represented Rubric Capital.

March 10, 2020

Loans Mixed-Use New York Northeast

JLL Secures $210M Acquisition Loan for Mixed-Use Building in Manhattan

by Alex Patton March 9, 2020

NEW YORK CITY — JLL has secured a $210 million acquisition loan for 530 Broadway, a 200,000-square-foot mixed-use building in the SoHo neighborhood of Manhattan that was originally built in 1898. LoanCore Capital LLC provided the loan to a joint venture between local real estate developer SHVO, Deutsche Finance America and BLG Capital Ltd. The joint venture purchased the 11-story property from a partnership of Wharton Property Advisors and Thor Equities. Michael Tepedino, David Sitt and Robert Tonnessen of JLL arranged the financing.

March 9, 2020

Acquisitions New York Northeast Retail

NKF Brokers $14M Sale of Leasehold Interest in Retail Building in Brooklyn

by Alex Patton March 9, 2020

NEW YORK CITY — Newmark Knight Frank has brokered the $14 million sale of a 99-year leasehold interest at 250 Utica Avenue, a 61,230-square-foot retail building in the Crown Heights neighborhood of Brooklyn. At the time of sale, the four-story building was 95 percent leased to tenants including Blink Fitness, CityMD, Dollar Tree and Brooklyn Kids Academy. There are 91 years remaining on the recently restructured leasehold. Barry Fishbach, Brian Segall and Gary Meese represented the seller, L+M Development Partners. The buyer was undisclosed.

March 9, 2020

Lee & Associates New York Northeast Retail

Two Retailers Sign Leases Totaling 5,000 SF at Galerie in Queens

by Alex Patton March 9, 2020

NEW YORK CITY — Two retailers have signed leases to occupy a total of 5,000 square feet at the ground floor of Galerie, a 182-unit luxury condominium building in the Long Island City neighborhood of Queens. Fitness facility F45 Training signed a lease for 2,300 square feet, and Pediatric Associates of NYC signed a lease for 2,643 square feet. A development partnership between Adam America Real Estate and Vake US owns the building, which is located at 22-18 Jackson Ave. Thomas Galo and Steve Baker of Winick Realty Group represented ownership in both lease negotiations. Michael Azarian of Cushman & Wakefield represented F45 Training. Elliot Zelinger of Savitt Partners represented Pediatric Associates of NYC.

March 9, 2020

Leasing Activity New York Northeast Office

Investment Advisory Firm Signs 7,300 SF Office Lease Extension in Manhattan

by Alex Patton March 6, 2020

NEW YORK CITY — Investment advisory firm Neville, Rodie & Shaw Inc. (NRS) has signed a 10-year office lease extension for its 7,300-square-foot space at 200 Madison Avenue in the Grand Central neighborhood of Manhattan. NRS will remain in its space on the 20th floor of the 26-story building, which it has occupied for more than 30 years, through 2031. NRS was represented internally in the lease negotiations. Andrew Conrad and Matt Coudert represented the building owner, a partnership of George Comfort & Sons, Loeb Partners Realty and Jamestown, also on an internal basis.

March 6, 2020

Acquisitions Multifamily New York Northeast

Marcus & Millichap Arranges $2.9M Sale of Multifamily Building in Brooklyn

by Alex Patton March 6, 2020

NEW YORK CITY — Marcus & Millichap has arranged the $2.9 million sale of 397 East 49th Street, a 34-unit multifamily property in Brooklyn. The four-story building was completed in 1927 and offers studio, one-, two-, three- and four-bedroom floor plans. Shaun Riney, Daniel Greenblatt and Zalman Yarmush represented the buyer and seller in the transaction. Both parties requested anonymity.

March 6, 2020

Development Multifamily New York Northeast

SL Green to Develop 215,000 SF Residential Building in Manhattan

by Alex Patton March 5, 2020

NEW YORK CITY — SL Green Realty Corp. has entered into a 99-year ground lease with the owner of 126-132 Nassau Street, a construction site in Lower Manhattan. The developer plans to build a 215,000-square-foot residential building at the site after demolishing an existing 98,412-square-foot office building. Additional details of the construction plans were not disclosed. However, this land acquisition follows several recently completed SL Green mixed-use projects in New York City, including a student residence hall at 33 Beekman St.; a student residence hall at 180 Broadway in Brooklyn; and a multifamily building at 185 Broadway in Brooklyn.

March 5, 2020

Acquisitions New York Northeast Office

Joint Venture Acquires Office Property in White Plains, New York, for $42.5M

by Alex Patton March 3, 2020

WHITE PLAINS, N.Y. — A joint venture between Jack Sitt Real Estate LLC and GII LLC, a UAE-based financial service firm, has acquired Grand Street Plaza, an office property located northeast of New York City in White Plains. The sales price for the 217,628-square-foot, two-building property was $42.5 million. Located at 140 and 150 Grand St., the Class A property was 90 percent leased at the time of sale, primarily to government- and law-related tenants. Jeffrey Dunne, Steven Bardsley and Jeremy Neuer led a CBRE team that represented the seller, an a fund managed by Westport Capital Partners LLC, in the transaction. The team also procured the the joint venture as the buyer.

March 3, 2020

Development Industrial New York Northeast Self-Storage

StorQuest Opens 1,092-Unit Self-Storage Facility in Brooklyn

by Alex Patton March 3, 2020

NEW YORK CITY — StorQuest Self Storage has opened a 1,092-unit facility in the Brownsville neighborhood of Brooklyn. Located at 507 Osborn St., the facility offers month-to-month rentals for climate-controlled units and business storage. StorQuest is a subsidiary of The William Warren Group Inc., an owner and operator of self-storage assets.

March 3, 2020

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