NEW YORK CITY — Financial technology firm MoneyLion Inc. (NYSE: ML) has subleased Twitter’s 35,384-square-foot former office space in Manhattan’s Chelsea area. The space encompasses the entire fourth floor of the 281,000-square-foot building at 245-249 W. 17th St., which was originally constructed in 1909 and renovated in 2014. William Iacovelli, Sacha Zarba, Lauren Crowley Corrinet, Elliot Bok and Connor DeSimone of CBRE represented X Corp. in the sublease negotiations. Eric Ladden of Cornerstone Realty and Jason Birk and Steve Marvin of Olmstead Properties represented MoneyLion. Columbia Property Trust owns the building.
NEW YORK CITY — Madison Realty Capital, a locally based real estate private equity firm, has provided $133 million in financing for a 51-story, 379-room hotel in Manhattan’s Hudson Yards district. According to New York YIMBY, Aloft will be the hotel operator. The borrower, an affiliate of Marx Development Group, will use the proceeds to complete construction and stabilize the property, which is located directly across from the Javits Center at 450 Eleventh Ave. The hotel will offer 61 double queens, 267 kings, 41 king corner suites, four luxury suites and six luxury duplex suites. Amenities will include a multi-level, 7,224 square-foot restaurant with outdoor terrace space, as well as a spa, fitness center, business center, lounge, bar, ballroom and banquet and conference spaces. DSM Design Group served as the project architect, and Atria Builders is the general contractor. A full completion date was not disclosed.
NEW YORK CITY — Cushman & Wakefield has negotiated a 27,667-square-foot office lease at 3 Times Square in Midtown Manhattan. The tenant, Atlanta-based law firm Kilpatrick Townsend & Stockton, will relocate from the W.R. Grace Building to the 28th floor of the 30-story building, which originally opened in 2001 and recently underwent a capital improvement program. Ron Lo Russo, John Cefaly, John Santora, Paige Engeldrum, Lou D’Avanzo, Mike Burgio and Dan Organ of Cushman & Wakefield, along with internal agent Tom Keating, represented the landlord, Rudin, in the lease negotiations. Mark Weiss and Sam Hollis Jr., also with Cushman & Wakefield, represented the tenant, which joins the likes of Touro University, Remy Cointreau and accounting firm Anchin, Block & Anchin
NEW YORK CITY — Walker & Dunlop has arranged a $103 million CMBS loan for the refinancing of Casa Cipriani, a 47-room luxury hotel, private members club and event space located along the Lower Manhattan waterfront. The property was originally constructed in 1909 as the Battery Maritime Building to serve ferries traveling to Brooklyn. The sponsor, a partnership between Cipriani, Midtown Equities and Centaur Properties, completed the redevelopment in 2021. Aaron Appel, Keith Kurland, Jonathan Schwartz, Adam Schwartz and Sean Bastian of Walker & Dunlop arranged the debt through Citigroup, J.P. Morgan and Argentic.
NEW YORK CITY — A partnership between locally based developer The Moinian Group and Bushburg has begun leasing a 320-unit multifamily redevelopment project in the Cypress Hills area of Brooklyn. The development team converted the former Empire State Dairy site at 2840 Atlantic Ave. into a 14-story multifamily building with market-rate and affordable housing units, as well as 21,000 square feet of commercial space and an onsite charter school. Units come in studio, one-, two- and three-bedroom formats, and amenities include a rooftop terrace, fitness center, coworking space, tenant lounge and children’s play area. Valley Bank and Cross Valley Bank provided $105 million in construction financing for the project. Information on starting rents was not disclosed.
NEW YORK CITY — JLL has negotiated a 15,202-square-foot office lease at 71 Fifth Ave. in the Union Square/Flatiron area of Manhattan. The tenant, AI-backed video game company Captions, will occupy the entire sixth floor of the 11-story building, which was originally constructed in 1907. Kyle Riker of JLL represented Captions in the lease negotiations. Mitchell Konsker, Ben Bass, Dan Turkewitz and Kyle Young, also with JLL, represented the landlord, a partnership between Madison Capital and Lubert Adler Partners, in conjunction with internal agents Jonathan Ratner and Cindy Chang.
NEW YORK CITY — Affinius Capital has provided a $150 million loan for the refinancing of a portfolio of six industrial properties totaling 1.8 million square feet. Though names and addresses were not disclosed, the properties are located in Atlanta, Dallas, Philadelphia, Charlotte, Louisville and South Florida and feature clear heights ranging from 24 to 36 feet. The borrower was Ares Management. The portfolio was roughly 40 percent occupied at the time of sale, although Affinius notes that “letters of intent are out on the majority of the remaining vacant space.”
NEW YORK CITY — Advent International has signed a 10-year, 34,000-square-foot office lease at The Seagram Building in Midtown Manhattan. The private equity firm will occupy the entire 14th and 15th floors of the 38-story building, which is located at 375 Park Ave. and was originally constructed in 1958. Lindsay Ornstein, Patrick Robinson, Casey Noel and Kate Whitman of OPEN Impact Real Estate represented the tenant in the lease negotiations. A.J. Camhi and Paul Milunec represented the landlord, locally based investment firm RFR, on an internal basis.
NEW YORK CITY — Douglaston Development has topped out a $320 million multifamily project located at 1057 Atlantic Ave. in the Bedford-Stuyvesant neighborhood Brooklyn. The 17-story building will ultimately house 456 apartments, 137 of which will be reserved as affordable housing. Units will come in one-, two- and three-bedroom floor plans. Amenities will include a fitness center, lounge, golf simulator, game room, screening room, children’s playroom and a landscaped rooftop deck, as well as 31,000 square feet of ground-floor retail space. Greystone Capital Advisors arranged financing for the project, which included $185 million in construction financing from Wells Fargo Bank, M&T Bank and BankUnited. Funds managed by Ares Real Estate also have a preferred equity investment project in the development, which is slated for completion in late 2025.
SUFFERN, N.Y. — Regeneron Pharmaceuticals (NASDAQ: REGN) has purchased Avon Innovation Center, a 235,000-square-foot life sciences facility in Suffern, located just across the New York-New Jersey border. The seller, pharmaceutical company Avon, will be vacating the building in the near future. Larry Carroll, Shawn Straka, David Bernhaut, Frank DiTommaso and Seth Zuidema of Cushman & Wakefield, along with Michael Katz of Actio Corporate Advisors, represented Avon in the transaction. Dan Loughlin and Matt Loughlin of JLL represented Regeneron.