NEW YORK CITY — Justworks, a provider of payroll, HR and compliance software, has signed a 270,000-square-foot office lease at 55 Water St. in Manhattan. Beginning in the second quarter of 2020, the company will relocate to the 3.8 million-square-foot complex, more than doubling the size of its current space at 601 W. 26th St. Howard Fiddle, Evan Haskell, Brad Gerla, Dave Caperna and Mary Ann Tighe of CBRE represented the landlord, New Water Street Corp., a subsidiary of the Retirement Systems of Alabama, in the lease negotiations. Chris Helgesen, Peter Trivelas, Dirk Hrobsky and Gary Ceder of Cushman & Wakefield represented Justworks. The average asking rent at 55 Water St., which was recently repositioned, is $58 per square foot.
NEW YORK CITY — Cornell Realty Management has topped out 200 Kent Avenue, a 72,000-square-foot retail and office building located in the Williamsburg area of Brooklyn. The property spans 50,000 square feet of retail space that will be anchored by a Trader Joe’s, 22,000 square feet of office and restaurant space and 45,000 square feet of parking. Manhattan-based Madison Realty Capital originally provided a $64 million construction loan for the project in November 2017, and Bluestone Group recently provided $8 million in mezzanine debt to finance additional capital expenditures.
NEW YORK — Mortgage banking firm Merchants Capital has secured $51 million in agency funding on behalf of Heights Advisors and Samaritan Daytop Village (SDV) for the permanent financing of 267 Rogers, a 165-unit property in New York City. The property offers transitional housing for homeless families. The Department of Homeless Services (DHS) has partnered with human services organization SDV on the project, which is located in the Crown Heights neighborhood. In addition to providing housing for these transitional families, 267 Rogers offers supportive services to all tenants, including employment and job readiness services, daily living workshops and personal financial management, plus education and child care assistance programs. The project was completed in 2018 and is fully occupied.
NEW YORK CITY — Cushman & Wakefield has arranged the $3.2 million sale of an 8,874-square-foot retail property located at 2542-2550 Boston Road in The Bronx. The sales price for the two-building property equates to $361 per square foot. Cushman & Wakefield’s Jonathan Squires, Eric Roth and Addison Berniker represented the seller, 2550 Boston Post Road Corp., in the transaction. The undisclosed buyer will have the option to expand the property to add more shop space.
LIVERPOOL, N.Y. — SRS Real Estate Partners, a Dallas-based retail brokerage firm, has closed the sale of Clay South Center, a 195,972-square-foot power center in Liverpool, located northwest of Syracuse. Shadow-anchored by Target and anchored by Hobby Lobby and Lowe’s, the property was fully leased at the time of sale to other national tenants such as Chipotle and Verizon Wireless. Kyle Stonis, Pierce Mayson and Jonathan Lapat of SRS represented the seller, a partnership between South Clay Development Co. LLC and Clay Route 31 Development Co. LLC, in the transaction. Kyle Fant and Britt Raymond, also with SRS, represented the buyer, Wilson Development Group, which acquired the asset for roughly $14.7 million. The average household income within a three-mile radius of the retail center exceeds $103,000.
SYRACUSE, N.Y. — NAS Investment Solutions, a national investment firm, has acquired a 55,000-square-foot flex building in Syracuse. The property, which was built in 2008 and expanded in 2015, consists of 40,000 square feet of office space and 15,000 square feet of light manufacturing and warehousing space. The building is located adjacent to Syracuse Hancock International Airport and was 100 percent leased at the time of sale to Jadak, a healthcare technology firm that uses the space as its corporate headquarters. John Rotunno of Stan Johnson Co. represented the seller, New York-based Mercer Street Partners, in the transaction.
NEW YORK CITY — Savills Inc. has negotiated a 13,116-square-foot office lease at 25 West 39th Street, a 205,000-square-foot office building in Midtown Manhattan, for the relocation of Converge Marketing’s headquarters. Converge, which offers media planning, branding and ad campaign managing services, will take occupancy of the new space this fall. Ken Ruderman, Andrew Zang and Pete Cento of Savills represented Converge Marketing in its site selection and lease negotiations. The property was built in 1907 as a gift to three large engineering groups (The American Institute of Electrical Engineers, The American Society of Mechanical Engineers and The American Institute of Mining Engineers) from steel magnate Andrew Carnegie.
NEW YORK CITY — A partnership between Waterman Interests LLC and USAA Real Estate has sold two office buildings in the Midtown West area of Manhattan totaling roughly 211,000 square feet. The first building, 142 West 36th Street, is a 119,000-square-foot property that is 94 percent leased to tenants such as Becca Cosmetics, a division of Estee Lauder, Flashtalking Media and Elite SEM. The second building, 234 West 39th Street, is a 92,000-square-foot facility that is 93 percent leased to tenants such as Sunlight Financial and Robert Marc Opticians. Joshua Mermelstein, Avi Feinberg and Chris Roman of Fried Frank represented the partnership in the sale. The buyer was Alduwaliya, a Qatar-based investment firm.
NEW YORK CITY — Developer HANAC Inc., in partnership with Enterprise Community Partners and Chase Bank, has completed construction of Corona Senior Residence, an affordable community for seniors over the age of 62 in Queens. The property totals 67 units exclusively for seniors, 21 units of which have been reserved for the homeless. The development includes an onsite preschool administered by the New York City School Construction Authority that currently serves nearly 60 children. Social services, medical care coordination and mental health assessments will be available to residents of the property.
REGO PARK, N.Y. — Marcus & Millichap has arranged the $13 million sale of a 9,000-square-foot retail building located along Queens Boulevard in Rego Park. The building houses four tenants: Chic’s Place, Paris Baguette, Dunkin’ Donuts, Rouge Nail. Michael Kook of Marcus & Millichap represented the seller and the buyer, both of which requested anonymity, in the transaction.