New York

Agency for the Performing Arts Signs 21,000 SF Office Lease in Manhattan

by Alex Patton November 4, 2019

NEW YORK CITY — Agency for the Performing Arts (APA) has signed a 21,000-square-foot office lease for its New York headquarters in Midtown Manhattan. The talent agency will relocate from its current location at 135 West 50th Street to its new space on the 21st floor of 3 Columbus Circle in December. Marketing firm Young & Rubicam anchor the building and other tenants include office rental agency Emerge212, Nordstrom and Jazz at Lincoln Center. Savills represented APA in the lease negotiations. John Fanuzzai and Harley Dalton of JLL represented the landlord, The Moinian Group.

November 4, 2019

Leasing Activity New York Northeast Office

JLL Negotiates 15,361 SF Office Lease at Mutual of America Building in Manhattan

by Alex Patton November 4, 2019

NEW YORK CITY — JLL has negotiated a 15,361-square-foot office lease for private investment firm Newlight Partners LP at the Mutual of America Building in Manhattan. Newlight Partners is relocating from 390 Park Avenue, also known as The Lever House, to the 25th floor of the 750,000-square-foot, Class A office building. The term of the new lease is 10 years. Alexander Chudnoff and Daniel Turkewitz of JLL represented Newlight Partners in the lease negotiations. Frank Doyle, David Kleiner and Betsy Buckley of JLL represented the landlord, Mutual of America Life Insurance Co.

November 4, 2019

Development Multifamily New York Northeast

RXR Realty Underway on 352-Unit Multifamily, Retail Development in New Rochelle, New York

by Alex Patton October 31, 2019

NEW ROCHELLE, N.Y. — RXR Realty is underway on 26 South Division Street, a 352-unit multifamily development in New Rochelle, a northern suburb of New York City. The property will include approximately 12,000 square feet of ground-floor retail space. The multifamily component will offer one-, two- and three-bedroom apartments with a valet parking garage, lounge, co-working space and a speakeasy. The property is slated to open in late 2021.

October 31, 2019

Acquisitions New York Northeast Office

JLL Negotiates $6M Sale of Office Building in Manhattan’s Seaport District

by Alex Patton October 31, 2019

NEW YORK CITY — JLL has negotiated the sale of 107 South Street, an 8,283-square-foot office building in the Seaport District of Manhattan. Dr. Michel Cohen, founder of New York-based medical practice Tribeca Pediatrics, acquired the property. The building was originally constructed in 1900 and sits across the street from the Pier 17 mixed-use development, which houses several dining and entertainment tenants. Will Suarez of JLL represented the undisclosed seller in the transaction.

October 31, 2019

Leasing Activity New York Northeast Office

Oak Hill Advisors Preleases 45,954 SF of Office Space at One Vanderbilt Avenue in Manhattan

by Alex Patton October 30, 2019

NEW YORK CITY — Investment firm Oak Hill Advisors has preleased 45,954 square feet of office space at One Vanderbilt Avenue, a 1.6 million-square-foot tower under development in the East Midtown neighborhood of Manhattan. One Vanderbilt is now 64 percent preleased to tenants including investment firm The Carlyle Group, equity firm Sentinel Capital Partners, TD Bank Group and German financial firms DZ Bank and DVB Bank. One Vanderbilt will offer a 30,000-square-foot, tenant-only amenity floor with meeting spaces, lounge and an outdoor terrace. The building will also include an 11,000-square-foot restaurant concept from French chef Daniel Boulud. Lance Korman, Brian Waterman and Jared Horowitz of Newmark Knight Frank represented Oak Hill Advisors in the lease negotiations. Robert Alexander, Ryan Alexander, Emily Jones and Alex D’Amario of CBRE represented the landlord and developer of the building, SL Green Realty Corp. Construction is slated for completion in August 2020.

October 30, 2019

Leasing Activity New York Northeast Office

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

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