NEW YORK CITY — The National Museum of Mathematics has signed a 34,363-square-foot, long-term lease at 635 Sixth Ave. in Manhattan’s Flatiron District. The museum, which originally opened in 2012 at 11 E. 26th St., will remain at its temporary space at 225 Fifth Ave. until 2026. Lindsay Ornstein, Stephen Powers and Jake Cinti of OPEN Impact Real Estate represented the tenant in the lease negotiations. The landlord, Spear Street Capital, was self-represented.
NEW YORK CITY — HKS Real Estate Advisors has arranged a $4 million acquisition loan for One Vandam, a 14,000-square-foot retail property located in the SoHo area of Manhattan. The four-unit property at 180 Sixth Ave. was fully leased at the time of the loan closing. Eugene Weinraub and Alex Dobosh of HKS Real Estate originated the loan through locally based bridge lender Emerald Creek Capital. The borrower was New York-based CRE8 Equities.
NEW YORK CITY — Global sports streaming platform DAZN has signed an office lease at 470 Park Avenue South, a 300,000-square-foot complex in Midtown Manhattan. The square footage was not disclosed. DAZN will occupy the entire 14th floor for its new corporate headquarters. Nicholas Farmakis and John Johnson Jr. of Savills represented the tenant in the lease negotiations. Paul Amrich, Neil King III, James Ackerson and Josh Pernice of CBRE represented the landlord, SJP Properties.
NEW YORK CITY — Local real estate giant SL Green Realty Corp. (NYSE: SLG) has entered into an agreement to purchase the former PepsiCo. headquarters building in Manhattan for $130 million. A timeline for closing was not disclosed, nor was the name of the seller, although multiple news outlets report that the latter was Morgan Stanley. Designed by Skidmore, Owings & Merrill, the 11-story, 201,000-square-foot building is located at 500 Park Ave. at the corner of 59th Street. The property was originally constructed in 1960 as the beverage maker’s headquarters and has been institutionally owned and managed ever since. Tenants at 500 Park Ave. include Vera Wang, The Georgetown Co. and Friedland Properties. In addition, the building’s corner retail space is home to high-end furniture provider FRATO as its flagship New York City store and showroom. “Park Avenue is the best performing office market in New York City with historic low vacancy, and 500 Park Avenue will continue to benefit from opportunities in this fortress corridor that attracts top tier tenants and triple-digit rents,” says Harrison Sitomer, SL Green’s chief investment officer. Adam Spies, Doug Harmon, Adam Doneger, Joshua King and Marcella Fasulo of Newmark acted as advisors on the …
NEW YORK CITY — Deutsche Bank has provided a $148.5 million bridge loan for the refinancing of Admirals Row, a 696,000-square-foot mixed-use property located within the Brooklyn Navy Yard. The eight-acre development houses a Wegmans supermarket, more than 350,000 square feet of light industrial and manufacturing space that is master-leased to the Brooklyn Navy Yard Development Corp, additional retail space, a community facility and surface and structured parking totaling over 700 spaces. Jonathan Schwartz, Aaron Appel, Keith Kurland, Adam Schwartz, Michael Diaz and William Herring of Walker & Dunlop arranged the debt on behalf of the borrower, Steiner NYC.
NEW YORK CITY — The New York City Council’s subcommittee on zoning and franchises and its committee on land use have approved a proposal to invest $5 billion in affordable housing and related infrastructure, an initiative that paves the way for the development of about 80,000 new rental units over the next 15 years. Known as the “City of Yes for Housing Opportunity,” the program would fund new housing development and infrastructure upgrades at existing properties across the city’s five boroughs, which have a combined rental vacancy rate of 1.4 percent, according to city officials. Of the $5 billion total price tag, 20 percent ($1 billion) will be provided by the state, subject to budgetary approvals processes. Additionally, the City of New York is committing $1 billion for housing capital, as well as $2 billion for projects that will support investments in sewer and flood infrastructure, as well as street improvements and upgrades to open spaces. Finally, the city plans to spend $1 billion in expense funding over 10 years in flood monitoring, neighborhood planning, tenant protection, voucher assistance and combatting source-of-income discrimination. The proposal exceeds all the housing created from rezonings during the 12 years of the Bloomberg administration …
HUNTINGTON STATION, N.Y. — Self-storage developer DXD Capital has delivered a 664-unit facility in the Long Island community of Huntington Station. The facility totals 62,125 net rentable square feet of space that will be entirely climate-controlled. Extra Space Storage is the operator of the facility, which will be the first new self-storage project to be built in Huntington Station in nearly three years, according to the development team. DXD Capital developed the property in partnership with Dallas-based investment firm Realty Capital Partners. Century Bank financed the project.
NEW YORK CITY — Kauff McGuire & Margolis LLP has signed a 17,320-square-foot office lease in Midtown Manhattan. The law firm has committed to the 33rd floor of the building at 810 Seventh Ave. for a term of 10 years. Peter Trivelas, Justin Royce and Justin Sodokoff of Cushman & Wakefield represented the tenant in the lease negotiations. Harry Blair, Tara Stacom, Barry Zeller and Pierce Hance, also with Cushman & Wakefield, represented the landlord, SL Green.
NEW YORK CITY — Locally based developer The Moinian Group has topped out 7 Platt Street, a 37-story apartment tower in Manhattan’s Financial District. The 170,000-square-foot building will house 250 units in studio, one- and two-bedroom configurations, as well as some penthouses. Indoor amenities will include a fitness center, library, coworking pods, lounge spaces, private dining spaces with outdoor terrace access, a gaming area, rooftop deck, golf putting area and a communal entertainment kitchen. Residents will have access to outdoor amenities such as a rooftop sundeck and garden lounge, movie lounge area with accompanying seating, barbecues, dining areas, outdoor fitness equipment, an outdoor coworking space and a golf putting area. The design team includes Rockwell Group and Hill West Architects, and AECOM Tishman is serving as the project’s general contractor. Completion is scheduled for the first quarter of 2026. Vertical construction began in January.
SYRACUSE, N.Y. — Virginia-based private equity firm Excel Group has acquired the 209-room Embassy Suites by Hilton Syracuse Destiny USA. The name stems from the property’s location adjacent to Destiny USA, a 2.4 million-square-foot shopping, dining and entertainment destination. The hotel opened in 2017 and offers amenities such as a indoor pool, fitness center, business center and meeting rooms. The seller and sales price were not disclosed. The new ownership has tapped Island Hospitality Management to manage the hotel.