Tuesday, April 22, 2025
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MultifamilyNew YorkNortheastTop Stories

Walker & Dunlop Arranges Recapitalization for $420M Multifamily Tower in Brooklyn

by Hayden Spiess

NEW YORK CITY — Walker & Dunlop has arranged the recapitalization of Hub, a 55-story multifamily tower located at 333 Schermerhorn St. in downtown Brooklyn. The borrower, Steiner NYC, bought out a majority stake in the high-rise from its equity partner, J.P. Morgan Asset Management (JPMAM), giving the company full ownership. The sales price was not released, but Walker & Dunlop disclosed the transaction was done at a valuation of $420 million for the tower. Developed by locally based Steiner, the building totals 750 units, with studio, one- and two-bedroom floor plans. Upon its completion in 2018, Hub was the tallest building in Brooklyn.  Walker & Dunlop advised Steiner on the recapitalization and secured $62.5 million in preferred equity from Meadow Partners to facilitate the purchase. Aaron Appel, Jonathan Schwartz, Keith Kurland, Adam Schwartz, Michael Ianno and Christopher de Raet of Walker & Dunlop represented Steiner NYC in the financing.  “This deal stands apart from traditional financings due to its complex structure, which involved an equity buyout and the sourcing of preferred equity to help capitalize the transaction,” says Appel.  Walker & Dunlop previously arranged construction financing, JPAMM’s equity investment and institutional permanent financing for Hub back in 2019 for …

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Leasing ActivityLee & AssociatesNew YorkNortheastRetail

Avis Budget Group Signs 21,400 SF Retail Lease in The Bronx

by Taylor Williams

NEW YORK CITY — Avis Budget Group has signed a 21,400-square-foot retail lease in The Bronx. The car rental agency has committed to the property at 4075-4077 Boston Road, which includes a 16,000-square-foot lot, for the next 20 years. Steve Lorenzo and Garry Steinberg of Lee & Associates represented the tenant in the lease negotiations. Ariel Castellanos and Federico Mazzeo from Pinnacle Realty represented the landlord.

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DevelopmentNew YorkNortheastRetail

Meow Wolf to Open 75,000 SF Entertainment Venue at Pier 17 in Lower Manhattan

by Taylor Williams

NEW YORK CITY — Meow Wolf, a concept that blends art, storytelling and interactivity, will open a 75,000-square-foot entertainment venue in Lower Manhattan. The space will span multiple stories within Pier 17, an entertainment destination in the Seaport District. Construction is scheduled to begin in the third quarter, with an expected completion date and additional details to be announced at a later time. Mary Ann Tighe, Gerry Miovski, Evan Haskell, Brett Shannon, Zachary Price and Jacob Rosenthal of CBRE represented the landlord, Seaport Entertainment Group, in the negotiations for the 20-year lease. Cassie Durand, Sacha Zarba and Aylin Gucalp, also with CBRE, represented Meow Wolf.

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Leasing ActivityNew YorkNortheastOffice

Accrete Signs 13,757 SF Office Lease Expansion, Extension in Lower Manhattan

by Taylor Williams

NEW YORK CITY — Accrete has signed a 13,757-square-foot office lease expansion in Lower Manhattan. The software company is effectively doubling its footprint at 17 State Street, a 42-story building, from its 2021 commitment of 6,681 square feet via a three-year extension. Matthew DeRose of Nomad Group represented the tenant in the lease negotiations. A.J. Camhi and Ryan Silverman internally represented the landlord, RFR.

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DevelopmentLeasing ActivityMultifamilyNew YorkNortheastRetailTop Stories

Life Time to Open 80,000 SF Athletic Club at Brooklyn Tower  

by Kristin Harlow

NEW YORK CITY — Life Time (NYSE: LTH) has announced an agreement with Silverstein Properties to open an athletic country club at Brooklyn Tower, a 74-story residential skyscraper located at 9 Dekalb Ave. in downtown Brooklyn. The health and wellness experience will mark Life Time’s largest location in Brooklyn at approximately 80,000 square feet. Life Time Brooklyn Tower will span seven floors throughout the 1,066-foot-tall building. Life Time’s programming will include studio classes, personal training, strength and fitness offerings and amenities. Highlights of the new club will include: Life Time Brooklyn Tower is expected to open in the second half of 2026. Additional information will be provided as the project progresses, and a waitlist for members has been established. Brooklyn Tower integrates the historic Dime Savings Bank of Brooklyn into its design and features 143 luxury condominiums and 398 rental units. Silverstein gained full control of the project in a $672 million deal last year and is expected to relaunch condo sales in April, according to the Brooklyn Daily Eagle, which reports that only 20 of the tower’s condos have sold since its 2022 launch. “As the new owner of Brooklyn Tower, Silverstein Properties is committed to a successful completion …

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Leasing ActivityNew YorkNortheastOffice

Law Firm Signs 42,764 SF Office Lease Extension in Midtown Manhattan

by Taylor Williams

NEW YORK CITY — Aaronson Rappaport Feinstein & Deutsch LLP has signed a 15-year, 42,764-square-foot office lease extension in Midtown Manhattan. The deal keeps the law firm on the entire fifth and sixth floors at 600 Third Avenue, a 575,254-square-foot building that was originally constructed in 1970, through 2042. Mark Weiss and David Mainthow of Cushman & Wakefield, along with Larry Bank of Matador Capital Management, represented the tenant in the lease negotiations. Jonathan Tootell, Tanya Grimaldo and Giannina Brancato represented the landlord, L&L Holding Co., on an internal basis.

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AcquisitionsAffordable HousingCompany NewsLoansMultifamilyNew YorkNortheastSeniors HousingTexasTop Stories

Franklin BSP Realty Trust Agrees to Acquire Multifamily Mortgage Originator NewPoint Holdings

by John Nelson

NEW YORK CITY AND PLANO, TEXAS — Franklin BSP Realty Trust Inc. (NYSE: FBRT), a REIT based in New York City, has entered into a definitive agreement to acquire NewPoint Holdings JV LLC, a multifamily loan originator headquartered in Plano. The transaction is expected to close in the third quarter of 2025, subject to customary closing conditions, including regulatory approvals. Terms of the transaction were not released. Launched in 2021, NewPoint has an existing servicing portfolio of $54.7 billion, including mortgages for market-rate multifamily, affordable housing, seniors housing, healthcare and manufactured housing properties nationwide. The company operates as both a direct lender and third-party placement provider. NewPoint, through its wholly owned subsidiary NewPoint Real Estate Capital LLC, is one of 19 multifamily originators and servicers approved to make loans on behalf of Fannie Mae, Freddie Mac and the U.S. Department of Housing and Urban Development (HUD). The acquisition will now allow Franklin BSP Realty Trust to originate agency mortgage loans. “For years we have been looking to add agency capabilities to the platform,” says Michael Comparato, president of Franklin BSP Realty Trust. “We believe this transaction is the final piece to complete our ‘one stop shop’ puzzle.” The acquisition will …

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AcquisitionsNew YorkNortheastOffice

Savanna Acquires Manhattan Office Building for $85M

by Taylor Williams

NEW YORK CITY — Locally based investment and development firm Savanna has acquired a 95,000-square-foot office building in the Meatpacking District of Lower Manhattan for $85 million. The building at 430 W. 15th St. rises eight stories and includes 8,000 square feet of outdoor terrace space following a renovation in 2015. Will Silverman, Alana Bassen, Gary Philips and Jeff Organisciak of Eastdil Secured represented the undisclosed seller in the transaction. Adam Kopald of law firm Goodwin Procter acted on behalf of Savanna. The building was fully leased at the time of sale.

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Leasing ActivityNew YorkNortheastRetail

Gymshark Signs 15,000 SF Retail Lease in Manhattan’s NoHo District

by Taylor Williams

NEW YORK CITY — Gymshark has signed a 15,000-square-foot retail lease in Manhattan’s NoHo district. The British fitness apparel and accessories retailer will occupy the entirety of the building at 11 Bond St., which was originally constructed in 1913, for its flagship U.S. store. Joel Stephen of CBRE represented Gymshark, which plans to open later this year, in the lease negotiations. Brandon Singer of Retail by MONA represented the landlord, RFR.

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AcquisitionsCompany NewsIllinoisMidwestNew YorkNortheastTop Stories

Sycamore Partners Agrees to Acquire, Privatize Drugstore Giant Walgreens in Multibillion-Dollar Deal

by Channing Hamilton

DEERFIELD, ILL. AND NEW YORK CITY — Walgreens Boots Alliance (Nasdaq: WBA) has entered into a definitive agreement to be acquired by an entity affiliated with private equity firm Sycamore Partners. The total value of the transaction is $23.7 billion, according to WBA, including an equity value of $10 billion, as well as debt, capital leases and potential future payouts from the opioid and Everly Health Solutions COVID-19 testing settlements. Upon completion of the transaction, which is expected to close in the fourth quarter of 2025, WBA common stock will be delisted from the Nasdaq Stock Market. WBA will continue to operate as a private company under Walgreens, Boots and its portfolio of consumer brands, and also will maintain its headquarters in Deerfield.  The per-share price is valued at $11.45, which represents a premium of up to 63 percent over the WBA closing share price of $8.85 on Dec. 9, 2024, the day before reports came out about a potential sale. Under the terms of the agreement, WBA shareholders will also receive one non-transferable divested asset proceed right (i.e. DAP right) to receive up to $3.00 per WBA share from the future monetization of WBA’s debt and equity interests in …

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