NEW YORK CITY — Hilton Grand Vacations (NYSE: HGV) will acquire The Central at 5th, a 34-story hotel under construction in Manhattan. The site is located on E. 48th St. in between Fifth Avenue and Madison Avenue and offers proximity to several tourist destinations, including Rockefeller Center, Radio City Music Hall and the Theater District. Developed by local firm Hidrock Properties exclusively for HGV, the property will consist of 161 studio and one-bedroom units that Hilton plans to acquire in phases. Anticipated resort amenities will include a fitness center, outdoor terrace and private owners’ lounge. The opening is expected to occur in spring 2020.
NEW YORK CITY — Private equity firm Madison Realty Capital has relocated its New York City headquarters to a 20,000-square-foot space located at 520 Madison Ave. in Midtown Manhattan. After spending 12 years at 825 Third Avenue, the company will now occupy the 35th floor at its new high-rise building, which is located between 53rd and 54th streets. Adam Doneger, Anthony LoPresti and Ethan Silverstein of Cushman & Wakefield represented Madison Realty Capital in the lease negotiations for the new space. Tishman Speyer owns the building, which offers approximately 1 million square feet of office space.
NEW YORK — An affiliate of Miami-based H.I.G Capital, which has offices in the United States, Europe and South America, has acquired a portfolio of industrial and flex assets located throughout the New York City metropolitan area for $487 million. The portfolio spans approximately 3.1 million square feet, comprises 56 properties and is leased to about 260 tenants across a diverse range of industries. With this transaction, H.I.G. Capital now has more than $30 billion of assets under management. Jose Cruz, Marc Duval, Jordan Avanzato, Kevin O’Hearn, Andrew Scandalios, Stephen Simonelli and Michael Oliver of HFF represented the seller, Mack-Cali Realty Corp., in the transaction. In addition, Mike Tepedino, Peter Rotchford, Scott Findlay and Jackie Ferrer of HFF arranged $400 million in floating-rate acquisition financing through Bank of America for the deal.
HYDE PARK, N.Y. — Bellefield Development Partners, an affiliate of New York City-based T-Rex Capital Group LLC, plans to develop a 150-room hotel at Bellefield at Historic Hyde Park, a $500 million hospitality and dining destination in Hyde Park. Bellefield partnered with owner-operator Shaner Hotel Group and Marriott International on an earlier hotel project, a 133-room Residence Inn, and will continue that partnership with this new project. Amenities at the new hotel will include a spa, conference center, sports facility and indoor and outdoor pools. A construction timeline has not yet been released. Bellefield at Historic Hyde Park includes farm-to-table restaurants, culinary shops, an event barn and an educational center.
SYOSSET, N.Y. — JLL has negotiated a 103,000-square-foot industrial lease at 225 Underhill Blvd. in Syosset, a city on Long Island. The property, located about 32 miles east of Midtown Manhattan, features 19-foot ceiling heights and more than 3,000 square feet of office space. Max Omstrom, Doug Omstrom and Kyle Crennan of JLL represented the tenant, One Stop Properties, a real estate development firm based in Long Island City. The landlord, Balrich Realty Corp., was represented internally.
New York City recently passed the Climate Mobilization Act, the first real action by any city to require buildings’ greenhouse gas emissions to meet global climate targets. The new law requires owners of large buildings to meet carbon footprint standards or face millions of dollars in annual fines. The emission limits will begin in 2024 and become increasingly stringent from there. The legislation primarily applies to commercial office and market-rate multifamily buildings over 25,000 square feet. According to Urban Green, these buildings account for about 60 percent of the total building area in New York City — those that make up the Manhattan skyline. While skyscrapers will be forced to act first, significant levels of investment will also be needed for public buildings, affordable housing and non-profits. The Real Estate Board of New York (REBNY) estimates the total cost of the upgrades needed to comply with the new law is about $4 billion. Building owners can calculate the performance targets they’ll need to meet and the associated fines if they fail to meet them. While it may be possible to buy renewable energy credits to offset emissions, it is unclear how many will be available. Some buildings will need to …
NEW YORK CITY — Apparel designer and retailer Tommy Hilfiger has committed to an additional 14,054 square feet of office space at 285 Madison Avenue in Manhattan as part of a lease renewal and expansion. The company now occupies 220,000 square feet at the 26-story, Class A property, which is located at the corner of Madison Avenue and 40th Street. Matthew Astrachan, Mitchell Konsker and Steven Bauer of JLL represented PVH Corp., the parent company of Tommy Hilfiger, in the lease transaction. Konsker, along with JLL associates Alexander Chudnoff, Dan Turkewitz and Diana Biasotti, represented the landlord, RFR Realty, in the lease negotiations. Leasing agents A.J. Camhi and Ryan Silverman also represented RFR Realty on an internal basis.
ITHACA, N.Y. — SunTrust Banks Inc. has originated a $13.3 million acquisition loan for Gun Hill Residences, a 273-bed student housing property located adjacent to Cornell University in Ithaca, a city in upstate New York. The 94-unit property was close to full occupancy at the time of the loan closing. Yuchen Yang and Artin Anvar of SunTrust originated the loan, which featured a fixed interest rate, 10-year term and a 30-year amortization schedule. The borrower was New York-based DMG Investments LLC, a subsidiary of a Chinese development firm. The seller was not disclosed.
MAMARONECK, N.Y. — Scarsdale, New York-based Goldschmidt & Associates has brokered the sale of the former Chase Bank building, a 10,000-square-foot office property in Mamaroneck, a northern suburb of New York City. The sales price was approximately $2 million. Pam Bren Goldschmidt and Adam Bren of Goldschmidt & Associates represented the seller in the transaction. The buyer was an undisclosed religious institution.
NEW YORK CITY — CBRE has negotiated a 241,657-square-foot office lease restructuring for global household products provider Colgate-Palmolive Co. at 300 Park Avenue in Midtown Manhattan. Colgate-Palmolive serves as the anchor tenant at the Class A office tower, which is owned by local investment firm Tishman Speyer. The company will consolidate its current footprint to six floors at the 26-story building. Mary Ann Tighe, Mike Geoghegan, Ken Meyerson and Ariel Ball of CBRE represented Colgate-Palmolive in the lease negotiations. Tishman Speyer was represented internally.