NEW YORK CITY — WeWork has leased a 362,197-square-foot office lease at 437 Madison Avenue in Manhattan. The company will move into floors two through 12, as well as a portion of the 14th floor, in January 2021. Other tenants at the 850,000-square-foot building include Citizens Bank, communications firm Kekst CNC and law firm Wiggin and Dana LLP. Frank Doyle, David Kleiner, Cynthia Wasserberger, Hayley Shoener and Harlan Webster of JLL represented the landlord, the William Kaufman Organization (WKO), in the lease negotiations. Michael Lenchner of Sage Realty Corp., the leasing and management division of WKO worked with JLL to represent the landlord. Peter Riguardi and Howard Hersch of JLL represented WeWork.
New York
NEW YORK CITY — GFI Realty Services LLC has brokered the $7.2 million sale of 8678 Bay Parkway, a 30-unit multifamily building in the Bath Beach neighborhood of Brooklyn. Originally constructed in 1915, the 30,960-square-foot property offers one-, two-, three- and four-bedroom units. Shlomo Antebi of GFI Realty represented the buyer, the Ragosta family. Erik Yankelovich, also with GFI Realty, represented the seller, Meridian Properties.
NEW YORK CITY — JLL has arranged $386 million loan for the refinancing of 70 Pine Street, a 1 million-square-foot mixed-use development in Manhattan’s Financial District. Goldman Sachs provided a five-year, floating-rate loan to refinance the original construction and redevelopment loan for the property. The tower comprises 612 rental apartments, a 132-room Lyric Hotel and approximately 30,500 square feet of retail space. Tenants include Black Fox Coffee, Blue Park Kitchen, City Acres grocery store and two restaurant concepts. Christopher Peck, Geoff Goldstein and Kristen Knapp of JLL arranged the loan for the borrower, a joint venture between DTH Capital and Rose Associates. A legal team from Hunton Andrews Kurth LLP advised the joint venture in the refinancing.
DB Main, 11 Lawton Move Forward on 800,000 SF Mixed-Use Development in New Rochelle, New York
by Alex Patton
NEW ROCHELLE, N.Y. — DB Main and 11 Lawton LLC are developing 11 Lawton Street, an 800,000-square-foot mixed-use project in New Rochelle, a northern suburb of New York City. The development will comprise a residential tower offering 453 apartments and 143 condominium units, as well as a 24-story hotel with 190 rooms. The development will also include 8,102 square feet of restaurant space and 2,953 square feet of retail space. Hill West Architects is designing the project, which will incorporate the National City Bank of New Rochelle building, originally constructed in 1906.
NEW YORK CITY — Marketing and design firm Harper + Scott has signed a 17,456-square-foot office lease at 3 World Trade Center in Manhattan. The company currently operates out of 915 Broadway in the Flatiron District and will occupy a portion of the 40th floor of the building beginning in spring 2020. Jeff Fischer and Joe D’Apice of CBRE represented Harper + Scott in the lease negotiations. Jeremy Moss and Camille McGratty of Silverstein Properties represented the landlord, the Port Authority of New York and New Jersey. Mary Ann Tighe, Ken Meyerson, Adam Foster, Evan Haskell, Steve Eynon, David Caperna and Rob Hill of CBRE assisted the Silverstein Properties team.
NEW YORK CITY — American Friends of Hebrew University (AFHU) has signed an 11,000-square-foot office lease in Manhattan. AFHU will move into a portion of the 11th floor of 199 Water Street in June 2020. Lauren Davidson, Lindsay Ornstein and Samantha Schrenker of Transwestern represented AFHU in the lease negotiations. Brett Greenberg and Adam Rappaport represented the landlord, Jack Resnick & Sons, on an internal basis.
NEW YORK CITY — Equity firm General Atlantic Service Co. will expand its Manhattan headquarters lease to 93,500 square feet. The company currently occupies 62,340 square feet across the 32nd and 33rd floors of Park Avenue Plaza and will incorporate the entire 31,200-square-foot space of the 31st floor beginning in July 2020. Robert Martin of JLL represented General Atlantic in the lease negotiation. Marc Packman and Clark Briffel represented the landlord, Fisher Brothers, on an internal basis.
NEW YORK CITY — JLL has negotiated a 27,000-square-foot, 15-year office lease for public relations firm MWWPR in Manhattan. MWWPR will take occupy the entire third floor of the Nomad Tower, located at 1250 Broadway. Alexander Chudnoff, Benjamin Bass and Kristen Morgan of JLL represented MWWPR in the transaction. Paul Glickman, Mitchell Konsker, Diana Biasotti and Harley Dalton of JLL represented the landlord, Global Holdings Management Group, along with Craig Panzirer of Global Holdings.
NEW YORK — National self-storage investment firm Clutter has purchased The Storage Fox, a smaller self-storage firm based in New York, acquiring four-property self-storage portfolio in for $152 million. The acquisition included 5,240 storage units across four properties located at 5601 Foster Ave. in Brooklyn; 3046 Northern Blvd. in Long Island City; 1 Holland Ave. in White Plains; and 280 Fullerton Ave. in Yonkers. Combined, the properties comprise approximately 500,000 square feet with a rentable area of 320,000 square feet.
NEW YORK CITY — Warby Parker, a retailer of prescription glasses and sunglasses, has signed a 1,350-square-foot retail lease in Brooklyn. The two-story building is located on North 6th Street in the Williamsburg neighborhood, and the store is the retailer’s second location in the borough. The store is open now. Brian Katz and Scott Sher of Katz & Associates represented Warby Parker in the lease negotiations. Hank O’Donnell of Good Space represented the landlord, RedSky Capital LLC.