New York

Left/Right Signs 34,000 SF Office Lease Renewal in Manhattan

by Alex Patton October 30, 2019

NEW YORK CITY — Television production company Left/Right has signed a 34,000-square-foot office lease renewal at 39 West 19th Street in the Chelsea neighborhood of Manhattan. The company will continue to occupy the 7th, 9th and 10th floors of the 12-story, 131,054-square-foot office building for another 10 years. Erik Schmall and Daniel Thompson of Savills represented Left/Right in the lease negotiations. David Koeppel and Max Koeppel of Koeppel Rosen LLC represented the landlord, the Rosen family.

October 30, 2019

Acquisitions Development New York Northeast

Marcus & Millichap Arranges $3.2M Sale of Development Site in Queens

by Alex Patton October 30, 2019

NEW YORK CITY — Marcus & Millichap has arranged the $3.2 million sale of 30-85 and 30-87 31st Street in the Astoria neighborhood of Queens. The site includes two adjacent 25-foot by 80-foot vacant lots between 30th and 31st Streets in Astoria, which is zoned for general commercial development of 16,524 square feet. Matt Fotis, Lazarus Apostolidis and Zachary Golub of Marcus & Millichap represented the seller, a private investor, in the transaction. The team also represented the buyer.

October 30, 2019

Acquisitions Multifamily New York Northeast Pennsylvania

Morgan Properties Acquires 18,000-Unit Multifamily Portfolio in Northeast

by Alex Patton October 29, 2019

KING OF PRUSSIA, PA. — Metro Philadelphia-based Morgan Properties has acquired multifamily portfolio comprised of 80 apartment communities totaling approximately 18,000 units across 15 states. The portfolio is primarily located in upstate New York markets, including Rochester, Buffalo, Syracuse and Albany, as well as Pennsylvania submarkets that include Pittsburgh and Harrisburg. Properties in New York include Henrietta Highlands, a 338-unit community in Henrietta; Waverlywood, a 381-unit property in Webster; and North Ponds, a 196-unit asset in Webster. The portfolio also comprises assets in the Southeast and Midwest United States. The seller was Morgan Communities, a company based in Rochester, New York, which has no relation to Morgan Properties. The sales price was undisclosed.

October 29, 2019

Leasing Activity New York Northeast Office Retail Top Stories

Leasing Event: BMW of Manhattan Renews 227,000 SF Office, Showroom Space in New York City

by John Nelson October 29, 2019

NEW YORK CITY — BMW of Manhattan has renewed its 227,000-square-foot lease at 555 W. 57th St. in New York City, a 20-story office building formerly known as the Ford Motors Building. BMW occupies office space on the ground and concourse levels, as well as the entire second, third and fourth floors. The company also leases the ground-level showroom, which formerly showcased Ford vehicles. BMW will stay in the building for at least another 10 years following its lease renewal with New York-based landlord SL Green Realty Corp. “We’re delighted to extend our longstanding relationship with BMW,” says Steven Durels, SL Green’s executive vice president and director of leasing. Known locally as the BMW Building, the project was built in 1973 and renovated in recent years to include new entrances and an outdoor plaza area, as well as modernized bathrooms and hallways. Situated between 10th and 11th avenues on Manhattan’s west wide, the office building is close to Columbus Circle, Lincoln Center and transportation hubs. Other notable tenants in the building include CBS Broadcasting Inc., City University of New York, Greater New York Hospital Association and Mt. Sinai/Beth Israel. Scott Panzer and Matt Rosen of JLL represented BMW in the …

October 29, 2019

Loans New York Northeast Office

AKS Capital Arranges $749M Refinancing for The Company Building Office Property in Manhattan

by Alex Patton October 28, 2019

NEW YORK CITY — AKS Capital Partners has arranged a $749 million refinancing loan for the redevelopment of 335 Madison as The Company Building, a 1.1 million-square-foot, Class A office property in Manhattan. Brookfield Real Estate Financial Partners provided the loan to the borrower, Milstein Properties, to support the building’s redevelopment plan, which will deliver a interior upgrades such as a new wellness center, outdoor space, dining venues and a theater. Company, a tech startup incubator, occupies 250,000 square feet as the building’s anchor tenant. Aaron Appel, Jonathan Schwartz, Keith Kurland, Adam Schwartz and Michael Diaz of AKS Capital Partners arranged the transaction for Milstein Properties. SHoP Architects is handling design of the redevelopment.

October 28, 2019

Acquisitions Industrial New York Northeast

NAI Brokers $1.6M Sale of Industrial Building on Long Island

by Alex Patton October 28, 2019

LONG ISLAND, N.Y. — NAI Long Island has brokered the 1.6 million sale of a 10,000-square-foot industrial building in the Huntington Station neighborhood on Long Island. The single-tenant manufacturing facility was completed in 1966 and offers 14-foot clear ceiling heights, one dock-high door and two drive in doors. Gary Pezza of NAI Long Island represented the seller, 55 Craven Realty LLC, in the transaction. Alberto Fiorini of Alliance Real Estate Corp. represented the buyer, Giambrone Realty LLC.

October 28, 2019

Development New York Northeast Office

RAL Underway on 240,000 SF Zero Irving Office Building in Manhattan

by Alex Patton October 25, 2019

NEW YORK CITY — RAL Development Services (RAL) is underway on Zero Irving, a 240,000-square-foot Class A office building in the Midtown South neighborhood of Manhattan. The 21-story building features 176,000 square feet of office space across 14 floors, plus a street-level food hall, coworking spaces, event space and a technology training center designed to improve the skills of tenant employees. Bank OZK provided $120 million of construction financing to RAL and the developer entered a long-term ground lease with NYCEDC. RAL broke ground on the project this summer.

October 25, 2019

Development New York Northeast Retail

Wegmans to Open 74,000 SF Grocery Store in Brooklyn

by Alex Patton October 25, 2019

NEW YORK CITY — Wegmans Food Markets will open a 74,000-square-foot grocery store at the Brooklyn Navy Yard mixed-use development. The chain has garnered a cult following in the Northeast since it expanded from its original Rochester location in 1968 and now operates 100 stores, including 46 in New York. Eater New York reports that the new store will feature 350 varieties of cheese, a full-service bar and made-to-order meals at several hot and cold bars. The store is slated to open this weekend on Sunday, Oct. 27.

October 25, 2019

Development New York Northeast Office

Joint Venture to Undertake $300M Repositioning of The Textile Building in Manhattan

by Alex Patton October 24, 2019

NEW YORK CITY — A joint venture between Tribeca Investment Group and funds managed by PGIM Real Estate and Meadow Partners will undertake a full repositioning of 295 Fifth Avenue, a 700,000-square-foot property in Manhattan also known as The Textile Building, in a project valued at $300 million. The new ownership signed a 99-year ground lease at the former textile building and plans to convert it into a Class A office tower. Features of the new property will include 40,000-square-foot flexible floor plates and ceiling heights up to 16 feet, as well as a new lobby, new retail storefronts and amenity spaces. Tenant spaces will be redeveloped into loft offices. Darcy Stacom, Bill Shanahan and Doug Middleton of CBRE represented the family ownership on the ground lease. Studios Architecture will be involved in the design and construction of the project.

October 24, 2019

New York Northeast Office

CBRE Arranges Sale of 290,634 SF Office Complex in Purchase, New York

by Alex Patton October 24, 2019

PURCHASE, N.Y. — CBRE has arranged the approximately $40 million sale of 100 Manhattanville Road, a 290,634-square-foot, Class A office property in Purchase, a northern suburb of New York City. Mastercard anchors the office complex, which features a cafeteria and fitness center. Jeffrey Dunne, Steven Bardsley, Jeremy Neuer, David Gavin, Gene Pride and Stuart MacKenzie of CBRE represented the seller in the transaction, which was undisclosed. The team also procured the buyer, RPW Group.

October 24, 2019

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