New York

Marriott International Acquires W New York in Union Square for $206M

by Alex Tostado October 17, 2019

NEW YORK CITY — Marriott International Inc. has acquired W New York — Union Square, a 270-room hotel in Manhattan’s Union Square, for $206 million. Marriott plans to significantly renovate the 20-story hotel to include a spa and expanded restaurant. Existing amenities include a fitness center, five meeting rooms and three restaurants. “When W was launched as a single hotel in New York 21 years ago with ground-breaking design and a bold approach to nightlife, it pushed the boundaries of how people thought about a hotel,” says Arne Sorenson, president and CEO of Marriott International. “Given how much travelers crave these types of experiences today and the brand’s global reach, we see limitless potential for the W brand with hotel owners and developers, travelers and locals.” The property, located at 201 Park Ave. S., adjacent to Union Square Park and two miles north of downtown New York City, first opened in 1911 as the headquarters for Guardian Life Insurance Company of America. In 2000, Rockwell Group converted the building into its current use as a W hotel. The purchase and renovation of W New York — Union Square is part of a strategy by Marriott International to reinvigorate the W portfolio in North America. The plan also includes …

October 17, 2019

Loans Multifamily New York Northeast

Greystone Provides $37M Loan for Refinancing of Multifamily Property in Queens

by Alex Patton October 16, 2019

NEW YORK CITY — Greystone Capital Advisors has arranged a $37 million permanent loan for the refinancing for 14-01 Broadway, an 82-unit multifamily building in the Astoria neighborhood of Queens. Amenities include a fitness center, roof terrace and outdoor lounge Greystone provided the 10-year Fannie Mae loan, which carried a fixed interest rate, for an affiliate of the Shirian Family’s Lions Group. The loan replaced a previous construction loan that was provided by Bank Leumi. Drew Fletcher, Matthew Klauer and Bryan Grover of Greystone handled the transaction.

October 16, 2019

Leasing Activity New York Northeast Office

Adobe Signs 109,296 SF Office Lease Renewal, Expansion in Manhattan

by Alex Patton October 15, 2019

NEW YORK CITY — Adobe Inc. has signed a 109,296-square-foot office lease renewal and expansion at 1540 Broadway in Manhattan. The company will remain in its 27,323-square-foot office on the entire 17th floor and will expand into an additional 81,972 square feet on the 18th, 19th and 20th floors. The lease carries a 10-year term. The CBRE team of Mary Ann Tighe, Howard Fiddle, Eric Deutsch, Christie Harle, Jason Pollen and Benjamin Joseph represented the landlord, EDGE Fund Advisors, in the lease negotiations. Brian Given, Sheena Gohil, Carter Beim, Kellam Nelson, Jack Senske and Frank Wallach of Colliers International represented Adobe Inc.

October 15, 2019

Loans Multifamily New York Northeast

JLL Secures $119M in Fannie Mae Financing for Two Manhattan Multifamily Properties

by Alex Patton October 14, 2019

NEW YORK CITY — JLL has secured two Fannie Mae loans totaling $119 million to finance two apartment properties in Manhattan. On the Upper West Side, 33 West End Apartments offers 211 units in studio, one- and two-bedroom floor plans along with 7,191 square feet of ground-floor retail space. In Chelsea, Port 10 Apartments features 89 units in studio, one-, two- and three-bedroom floor plans. The loan for 33 West End Apartments totaled $80 million and the loan for Port 10 Apartments totaled $39 million. C.W. Early of JLL arranged the fixed-rate, long-term loans for the borrower and original developer of the properties, Atlantic Development Group.

October 14, 2019

Leasing Activity Lee & Associates New York Northeast Office

Lee & Associates Negotiates Two Office Subleases Totaling 22,000 SF in Manhattan

by Alex Patton October 14, 2019

NEW YORK CITY — Lee & Associates has negotiated two office subleases totaling 22,000 square feet at 40 West 25th Street in Manhattan. Business intelligence software firm Looker Data Sciences signed an11,000-square-foot lease on the seventh floor, and Nonprofit medical technology company Gradian Health Systems also inked an 11,000-square-foot on the sixth floor. The sublessor, meal kit provider HelloFresh, will move its offices to a 43,000-square-foot space at 28 Liberty Street. Stephen Bellwood and Kevin Waldman of Cushman & Wakefield represented Looker Data in the lease negotiations. Robin Fisher and John Cilmi of Newmark Knight Frank represented Gradian. The landlord is Unizo Real Estate. Both companies are expected to take occupancy on December 1, and both terms are for approximately five and a half years.

October 14, 2019

Acquisitions California Florida Hospitality Illinois Midwest New York Northeast Southeast Top Stories Western

Queensgate Investments Acquires Freehand Hotels for $400M

by Kristin Harlow October 14, 2019

NEW YORK CITY, LOS ANGELES, MIAMI AND CHICAGO — Queensgate Investments has acquired Freehand Hotels from a seller consortium including The Yucaipa Cos. and Sydell Group for approximately $400 million. Freehand is a lifestyle hotel brand, owner and operator of hotel assets with 922 rooms across four hotels in Manhattan’s Flatiron District, downtown Los Angeles, Miami Beach and River North Chicago. The brand advertises itself as combining the social culture of a hostel with top-shelf design, food and beverage. Included in the acquisition is the Broken Shaker bar concept that operates within the hotels. Generator, a hostel business that Queensgate acquired in 2017, will manage Freehand. Generator seeks to appeal to millennial customers, focusing on capital city addresses, design-led interiors and shared social spaces. “The acquisition of Freehand is of strategic importance to Generator, and the combined portfolio represents one of the largest asset-rich lifestyle hospitality platforms globally with 19 hotels in 17 gateway cities,” says Puneet Kanuga, investment director at Queensgate. “There is now a significant push to grow the presence of both Freehand and Generator across the United Kingdom and Europe, with opportunities currently being evaluated in London, Edinburgh, Milan, Amsterdam and other gateway European cities.” London-based Queensgate …

October 14, 2019

Leasing Activity New York Northeast Retail

Mighty Catch Signs 1,360 SF Retail Lease in Manhattan

by Alex Patton October 11, 2019

NEW YORK CITY — Seafood restaurant Mighty Catch has signed a 1,360-square-foot retail lease in Manhattan. Located in the Columbia University submarket, the lease encompasses 960 square feet on the ground floor of 940 Columbus Avenue., as well as an additional 400-square-foot basement space. The restaurant is slated to open in early 2020. Anton Marchuk of Harvest International Commercial Real Estate represented Mighty Catch in the lease negotiations. Michael Shkreli of Winick Realty Group represented landlord, Walter & Samuels.

October 11, 2019

Leasing Activity New York Northeast Office Top Stories

LinkedIn Signs Lease Expansion at Empire State Building, Increases Footprint to 501,600 SF

by Kristin Harlow October 10, 2019

NEW YORK CITY — LinkedIn has signed its eighth lease expansion at the Empire State Building in Manhattan. The deal increases LinkedIn’s footprint by three-and-a-half floors totaling 188,653 square feet. Since 2011, the online job posting and networking platform has grown to 501,600 square feet at the iconic building. Sunnyvale, Calif.-based LinkedIn has offices in more than 30 cities around the world. The company, acquired by Microsoft in 2016, has more than 15,000 full-time employees. There are approximately 645 million LinkedIn users worldwide. Empire State Realty Trust Inc. (NYSE: ESRT) owns the Empire State Building, which rises 1,454 feet. Tenants at the property have access to a 15,000-square-foot fitness center, conference center and in-building dining options. With an Energy Star rating of 86, the Empire State Building is in the top 20 percent in energy efficiency among all buildings measured, according to ESRT. Sacha Zarba, Lauren Crowley Corrinet and Chris Hogan of CBRE represented LinkedIn in the expansion lease. Ryan Kass and Shanae Ursini of ESRT provided landlord representation. ESRT is a real estate investment trust that owns, manages, operates, acquires and repositions office and retail properties in Manhattan and the greater New York City metro area. The company’s portfolio …

October 10, 2019

Leasing Activity New York Northeast Retail

Sugaring NYC Signs Two Retail Leases in Manhattan, Brooklyn

by Alex Patton October 8, 2019

NEW YORK CITY — Body hair removal company Sugaring NYC has signed two retail leases totaling 3,350 square feet in Manhattan and Brooklyn. The company’s new 1,350-square-foot space in Brooklyn, its first in the borough, is located at 100 7th Ave. in the Park Slope neighborhood. The company’s new 2,000-square-foot New York flagship store is located at 5 West 30th St. in the Nomad neighborhood of Manhattan. Both lease terms are for 10 years. David Yablon of Katz & Associates represented Sugaring NYC in the lease negotiations. Jeffrey Kessler of Levitan represented the undisclosed landlord in the Brooklyn deal.

October 8, 2019

New York Northeast

SUNY Opens $13.5M Engineering Education Building in New Paltz, New York

by Alex Patton October 7, 2019

NEW PALTZ, N.Y. — The State University of New York (SUNY) has opened a new $13.5 million Engineering Innovation Hub at its campus in New Paltz, located approximately 80 miles north of New York City. The 19,500-square-foot building houses the college’s new mechanical engineering program and features classroom and lab space as well as 3-D printing labs. Urbahn Architects designed the building, and PC Construction was the general contractor.

October 7, 2019

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