HAWTHORNE, N.Y. — Locally based developer Robert Martin Co. has broken ground on a 71,098-square-foot industrial flex project in Hawthorne, located north of New York City in Westchester County. The site at 14-16 Skyline Drive is located within Mid-Westchester Executive Park, and the development will consist of two buildings totaling 34,738 and 36,360 square feet. Completion is scheduled for the third quarter of 2025.
NEW YORK CITY — Blue Owl Capital has signed a 238,673-square-foot office lease extension and expansion at 375 Park Avenue in Midtown Manhattan. The global alternative asset manager first committed to 375 Park Avenue, which is known locally as The Seagram Building, in 2022 with a 137,600-square-foot lease across floors two through five. In 2023, Blue Owl added 31,597 square feet to its footprint via occupancy of the entire sixth floor. The latest lease expansion totals 70,076 square feet across floors 16 through 19. Mark Weiss of Cushman & Wakefield represented the tenant in the lease negotiations. A.J. Camhi and Paul Milunec represented the landlord, RFR Realty, on an internal basis.
ITHACA, N.Y. — Ohio-based investment firm Chase Properties has purchased Creekside Plaza, a 180,000-square-foot shopping center located in the upstate New York community of Ithaca. The property was built in 2001 and was 95 percent leased at the time of sale to tenants such as Dick’s Sporting Goods, HomeGoods, Barnes & Noble and O’Reilly Auto Parts. The seller and sales price were not disclosed. Chase Properties acquired Creekside Plaza in conjunction with Waynesboro Town Center, a 170,810-square-foot shopping center in Virginia’s Shenandoah Valley region.
NEW YORK CITY — Rabina, along with general contractor Suffolk Construction, has topped out 520 Fifth Avenue, an approximately 1,000-foot-tall high-rise development situated at the intersection of Fifth Avenue and West 43rd Street in the Midtown neighborhood of Manhattan. Once completed in 2025, the tower will rise 88 stories and feature 100 condominiums and 25 floors of office space, as well as a social club called Moss. In March 2022, Rabina secured $540 million in construction financing for 520 Fifth Avenue that comprised a $410 million senior loan from Bank OZK and $130 million in mezzanine financing from Carlyle. The residential component of the project is called Five Twenty Fifth Residences. Condos will come in one- through four-bedroom layouts. Residents will have access to amenities such as a library, game room with billiards, private dining rooms and a solarium. Seventy percent of the condos have already been sold since sales launched in April. The mixed-use tower will also offer office space from floors 10 to 34. Office spaces will range from 500 to 12,000 square feet and feature 12-foot tall ceilings, private terraces and open-air covered corridors. The office component has been dubbed 520 Offices. Corcoran Sunshine Marketing Group is …
NEW YORK CITY — Marcus & Millichap has brokered the sale of a portfolio of six multifamily buildings totaling 56 units in Manhattan’s East Village area. The portfolio features units with floor plans that range from one to six bedrooms, with 70 percent of the residences rented at market rates, as well as commercial spaces. Joe Koicim, Logan Markley, Matt Berger and Zan Colin represented the seller, Kushner Cos., in the transaction. The team also procured the buyer, a partnership between Edifice Real Estate Partners, Holliswood Development and JSB Capital Group.
NEW YORK CITY — Primark will open a 78,760-square-foot store within the PENN District in Midtown Manhattan, its first in the borough. The apparel and accessories retailer will backfill a space at 150 W. 34th St. that was formerly occupied by Old Navy. Vornado Realty Trust (NYSE: VNO) owns the building, which according to LoopNet Inc. was originally constructed in 1900 and renovated in 1998. A tentative opening date was not announced.
NEW YORK CITY — Financial technology firm Maybern has signed an 11,000-square-foot office lease in Manhattan’s NoHo district. The space spans the entire 11th floor of the building at 10 Astor Place. Jonathan Franzel and Leo Kone of Newmark represented the tenant in the lease negotiations. Robert Silver, Anthony Sciacca and Brittany Silver, also with Newmark, along with internal agent Neith Stone, represented the landlord, GFP Real Estate.
NEW YORK CITY — RXR has recapitalized 620 Avenue of the Americas, a 500,000-square-foot office and retail building in Manhattan’s Chelsea neighborhood, via a new partnership with global investment management firm Hudson Bay Capital Management. The building, which was originally constructed in 1896, is home to tenants such as footwear provider Cole Haan and labor union SEIU Local 32BJ. The partnership has also secured a five-year, $320 million loan facility to fund the repositioning of the property. Additional terms of the transaction were not disclosed.
NEW YORK CITY — Cushman & Wakefield has placed a $24 million acquisition loan for The Plant, a 246,343-square-foot office building located at 321 W. 44th St. in Midtown Manhattan. The building was 56 percent leased at the time of the loan closing to tenants such as Broadway Dance Center, TagWall, AKA NYC Limited, Sony Records and Sunlight Studios. Chase Johnson and Caleb Riebe of Cushman & Wakefield originated the debt through an undisclosed life insurance company. The name of the borrower was also not disclosed.
NEW YORK CITY — New York City-based developer Hope Street Capital has completed the $300 million recapitalization of The Axel, a 284-unit apartment building in Brooklyn. Specific transaction details were not disclosed, but MF1 Capital, which provided a $204 million loan for the refinancing of the property in November 2022, remains the primary lender, and alternative investment management firm Alpaca Real Estate has now contributed preferred equity to the capital stack. Morris Adjmi Architects designed The Axel, which rises 29 stories and is situated adjacent to Barclays Center at the confluence of Brooklyn’s Fort Greene, Clinton Hill and Prospect Heights neighborhoods. Units come in one-, two- and three-bedroom floor plans. Amenities include a full-floor club level with conference rooms; a game lounge and terrace; a fitness center with a terrace; dedicated yoga and Pilates studios; a dining and entertaining room with a terrace; a golf and sports simulator; a saltwater pool with sun deck; a sky park; an outdoor kitchen and barbecue area; and a rooftop terrace. The Axel is currently 97 percent occupied.