New York

Morgan Stanley Provides $142.6M Refinancing for Multifamily Portfolio in The Bronx

by John Nelson January 21, 2020

NEW YORK CITY — Morgan Stanley (NYSE: MS) has provided $142.6 million in permanent financing for an 18-property multifamily portfolio in the Bronx. The Greenwich, Conn.-based borrower, The Morgan Group, will use the loans to refinance the nearly 1,000-unit portfolio, which includes 29 commercial units. Black Bear Capital Partners (BBCP) arranged the financing in three separate 10-year, interest-only loans. The financing includes a $77 million loan with a fixed interest rate of 3.78 percent; a $33.3 million loan fixed at 3.92 percent; and a $32.3 million loan fixed at 3.65 percent. The low-leverage loan package replaces Morgan Group’s existing debt, which was close to maturation. Bryan Manz, Rob Serra and Emil DePasquale of BBCP arranged the financing for Morgan Group, which owns a large multifamily rental portfolio in the Bronx, Manhattan, Queens, Brooklyn and Westchester County. “BBCP, The Morgan Group, and Morgan Stanley worked diligently to close this complex refinancing package in timely and efficient manner,” says Manz. “We look forward to arranging additional transactions with both parties.” Morgan Stanley is a global financial services firm that operates in more than 41 countries. The company provides investment banking, securities, wealth management and investment management services. Morgan Stanley’s stock price closed …

January 21, 2020

Acquisitions New York Northeast Office

JLL Brokers $65M Sale of The Bruckner Office Building in The Bronx

by Alex Patton January 20, 2020

NEW YORK CITY — JLL has brokered the $65 million sale of The Bruckner Building, an 188,000-square-foot office property in the Mott Haven neighborhood of The Bronx. Located at 2417 Third Ave., the building was originally constructed in 1928. Ownership renovated and modernized building in 2016, including upgrades to the lobby, windows, entrance, elevator and electric infrastructure. Bob Knakal, Stephen Palmese and Jonathan Hageman led a JLL team that represented the seller, a partnership between Savanna and Hornig Capital Partners, in the transaction. ZG Capital Partners acquired the building.

January 20, 2020

Industrial Leasing Activity New York Northeast

City Harvest Signs 150,000 SF Industrial Lease for Food Rescue Facility in Brooklyn

by Alex Patton January 20, 2020

NEW YORK CITY — Nonprofit food rescue organization City Harvest has signed a 150,000-square-foot industrial lease at 150 52nd St. in Brooklyn that will house its new food rescue facility and administrative offices. The company is moving from its original facility in Long Island City after its old site was rezoned from industrial to residential. Rob Kossar, Paul Mas, Adam Citron and Ellen Herman of JLL represented City Harvest in the lease negotiations. Leslie Lanne of JLL represented the landlord, DH Property Holdings. which sold the building to Prologis following the execution of the lease.

January 20, 2020

Loans New York Northeast Office

NKF Arranges $145M Acquisition Loan for Former Citibank Office Building in Manhattan

by Alex Patton January 17, 2020

NEW YORK CITY — Newmark Knight Frank (NKF) has arranged a $145 million loan for the acquisition of 111 Wall Street, formerly known as the Citibank Building, in Manhattan. SL Green and an undisclosed lending partner provided the fixed-rate loan to the buyer, a partnership of Nightingale Properties and Wafra Capital Partners. The 24-story building comprises 1.1 million square feet of office space and was built in 1968 as the headquarters of First National City Bank. Dustin Stolly and Jordan Roeschlaub led an NKF team that secured the loan, and Jimmy Kuhn of NKF represented the seller, Zurich Insurance.

January 17, 2020

Leasing Activity New York Northeast Retail

Fitness Factory Signs 18,000 SF Retail Lease at 475 Clermont in Brooklyn

by Alex Patton January 15, 2020

NEW YORK CITY — Fitness Factory Health Club has signed an 18,000-square-foot lease s at 475 Clermont, a 363-unit multifamily building in Brooklyn. The lease term is 10 years. The facility will feature weight and circuit training equipment and a spa, as well as specialty class and personal training services. Beyond the Fitness Factory lease, the building has 17,000 square feet of retail space available for lease. Jason Pennington, Andrew Clemens, Benjamin Weiner and Jessica Hedrington of RIPCO Real Estate represented the landlord, RXR Realty, in the lease negotiations.

January 15, 2020

Acquisitions New York Northeast Office

JLL Negotiates Sale of 26,000 SF Office Building in Woodbury, New York

by Alex Patton January 15, 2020

WOODBURY, N.Y. — JLL has negotiated the $4.3 million sale of a 26,000-square-foot office building in Woodbury, a city in eastern Long Island. Located at 110 Crossways Park Drive, the building offers 19,500 square feet of office space and 6,500 square feet of warehouse space with one drive-in door and 14-foot clear heights. Max Omstrom of JLL represented the buyer, Computech International, in the transaction. Harris Rousso of Real Estate Strategies Ltd. represented the undisclosed seller.

January 15, 2020

Acquisitions Industrial New York Northeast

CenterPoint Acquires 925,411 SF Industrial Portfolio in Brooklyn

by Alex Patton January 14, 2020

NEW YORK CITY — CenterPoint Properties has acquired the Flatlands Portfolio, a 925,411-square-foot industrial portfolio comprising three buildings and a one-acre lot in Brooklyn. The three buildings are located at 101-01 Ave. D, 103-00 Foster Ave. and 101-10 Foster Ave., and the one-acre lot is between Avenue D and Foster Avenue on East 105th Street. The buildings feature clear heights ranging from 22 to 32 feet, and the portfolio was 100 percent leased to 13 tenants at the time of sale. Mat Diana, Paul Yuras and Peter Derbar of DY Realty represented the undisclosed seller in the transaction and will represent CenterPoint in leasing the portfolio moving forward.

January 14, 2020

Leasing Activity New York Northeast Office

Northwestern Mutual Signs 91,217 SF Office Lease in Manhattan

by Alex Patton January 14, 2020

NEW YORK CITY — Financial security company Northwestern Mutual has signed a 91,217-square-foot office lease at 200 Liberty Street, a 40-story, Class A office building in Manhattan. Northwestern will occupy the entire 30th through 32nd floors of the 1.74 million-square-foot building. Cesar Pelli & Associates Architects designed the building, which was completed in 1986. Scott Vinett of JLL represented Northwestern in the lease negotiations along with Chris Joyner and Andrew Hegmann of Fischer & Co. Mikael Nahmias represented the landlord, Brookfield Properties, on an internal basis along with Paul Glickman and John Wheeler of JLL.

January 14, 2020

Leasing Activity New York Northeast Office

Helmsley Spear Negotiates 8,266 SF Office Lease Renewal, Expansion in Manhattan

by Alex Patton January 14, 2020

NEW YORK CITY — Helmsley Spear LLC has negotiated an 8,266-square-foot office lease renewal and expansion for boutique corporate and real estate law firm Burgher Gray LLP in Manhattan. The law firm, which moved into its office space at 1350 Broadway in October 2016, renewed its lease for 10 years. The company also expanded its office space by 3,460 square feet to a total of 8,266 square feet. Often called the Herald Square Building, the 25-story tower spans 400,000 square feet. Rene Hamilton and Shanae Ursini represented the landlord, Empire State Realty Trust, in the lease negotiations.

January 14, 2020

Development Healthcare New York Northeast Office

University of Rochester Plans $240 Million Orthopedics Campus in Rochester, New York

by Alex Patton January 13, 2020

ROCHESTER, N.Y. — The University of Rochester (UR) plans to develop The UR Medicine Orthopaedics & Physical Performance Center at The Marketplace Mall in Rochester. The 330,000-square-foot facility would be the largest off-site building in UR history. Wilmorite, owner of The Marketplace Mall, plans to sell the former Sears department store and surrounding mall property to UR. Plans call for repurposing the vacant Sears building as the shell for the new ambulatory surgery center, with new operating rooms and procedure rooms. New construction would create a multi-story tower above the surgery center, housing services such as diagnosis and treatment of bone, spine, muscle and joint conditions as well as sports medicine, injury prevention and other wellness services. The Orthopaedics & Physical Performance Center could cost up to $240 million, which will be paid for through a combination of philanthropy, UR funds and borrowing. Trustees have approved $11 million for project design. If approvals and construction proceed as expected, the campus could be completed by 2023.

January 13, 2020

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