NEW YORK CITY — Primark will open a 78,760-square-foot store within the PENN District in Midtown Manhattan, its first in the borough. The apparel and accessories retailer will backfill a space at 150 W. 34th St. that was formerly occupied by Old Navy. Vornado Realty Trust (NYSE: VNO) owns the building, which according to LoopNet Inc. was originally constructed in 1900 and renovated in 1998. A tentative opening date was not announced.
NEW YORK CITY — Financial technology firm Maybern has signed an 11,000-square-foot office lease in Manhattan’s NoHo district. The space spans the entire 11th floor of the building at 10 Astor Place. Jonathan Franzel and Leo Kone of Newmark represented the tenant in the lease negotiations. Robert Silver, Anthony Sciacca and Brittany Silver, also with Newmark, along with internal agent Neith Stone, represented the landlord, GFP Real Estate.
NEW YORK CITY — RXR has recapitalized 620 Avenue of the Americas, a 500,000-square-foot office and retail building in Manhattan’s Chelsea neighborhood, via a new partnership with global investment management firm Hudson Bay Capital Management. The building, which was originally constructed in 1896, is home to tenants such as footwear provider Cole Haan and labor union SEIU Local 32BJ. The partnership has also secured a five-year, $320 million loan facility to fund the repositioning of the property. Additional terms of the transaction were not disclosed.
NEW YORK CITY — Cushman & Wakefield has placed a $24 million acquisition loan for The Plant, a 246,343-square-foot office building located at 321 W. 44th St. in Midtown Manhattan. The building was 56 percent leased at the time of the loan closing to tenants such as Broadway Dance Center, TagWall, AKA NYC Limited, Sony Records and Sunlight Studios. Chase Johnson and Caleb Riebe of Cushman & Wakefield originated the debt through an undisclosed life insurance company. The name of the borrower was also not disclosed.
NEW YORK CITY — New York City-based developer Hope Street Capital has completed the $300 million recapitalization of The Axel, a 284-unit apartment building in Brooklyn. Specific transaction details were not disclosed, but MF1 Capital, which provided a $204 million loan for the refinancing of the property in November 2022, remains the primary lender, and alternative investment management firm Alpaca Real Estate has now contributed preferred equity to the capital stack. Morris Adjmi Architects designed The Axel, which rises 29 stories and is situated adjacent to Barclays Center at the confluence of Brooklyn’s Fort Greene, Clinton Hill and Prospect Heights neighborhoods. Units come in one-, two- and three-bedroom floor plans. Amenities include a full-floor club level with conference rooms; a game lounge and terrace; a fitness center with a terrace; dedicated yoga and Pilates studios; a dining and entertaining room with a terrace; a golf and sports simulator; a saltwater pool with sun deck; a sky park; an outdoor kitchen and barbecue area; and a rooftop terrace. The Axel is currently 97 percent occupied.
NEW YORK CITY — M&T Realty Capital Corp. has provided an $18.7 million Freddie Mac permanent loan for The Louella, an 85-unit affordable seniors housing property in the Fordham Heights neighborhood of The Bronx. The newly built, age-restricted property offers studio, one-, and two-bedroom units. The amenity package comprises onsite laundry facilities, a community room, bike storage space, fitness center and an outdoor recreational area. Sean Cullen of M&T originated the loan through Freddie Mac’s Forward Commitment 9 Percent LIHTC program. The borrower was The Community Builders. Information on specific income and age restrictions was not disclosed.
NEW YORK CITY — Harvey, a San Francisco-based generative AI platform, has signed a 17,050-square-foot office lease expansion in Midtown Manhattan. The space spans the entire seventh floor of 315 Park Avenue S., a 20-story building in the Flatiron District, and complements Harvey’s original 17,050-square-foot lease that was inked this summer. Todd Stracci, Hugh Scott and Jack Nelson of JLL represented the tenant in the lease negotiations. David Falk, Peter Shimkin and Jonathan Fanuzzi of Newmark, along with internal agents Maria Blake and Ted Koltis, represented the landlord, Columbia Property Trust.
NEW YORK CITY — Locally based real estate giant Tishman Speyer has completed the $3.5 billion refinancing of Rockefeller Center, a 7.3 million-square-foot mixed-use campus in Midtown Manhattan. Bank of America and Wells Fargo led the consortium of lenders that provided the CMBS financing, which carries a fixed interest rate of approximately 6.23 percent. Tishman Speyer will use the proceeds to pay off a 20-year, $1.7 billion CMBS loan and additional mezzanine financing that will mature in May 2025, as well as to fund reserves for contractual leasing costs. Dechert LLP advised Bank of America and Wells Fargo on the transaction. Rockefeller Center was originally developed in the 1920s and comprises more than a dozen buildings across 22 acres between 48th and 51st streets. The campus features office, retail, restaurant and entertainment space, as well as a 24,000-square-foot park atop Radio City Music Hall. Tishman Speyer is currently nearing completion of a redevelopment of the property. The office component of Rockefeller Center is currently 93 percent leased to global occupiers such as Deloitte, Lazard, Christie’s, Simon & Schuster and J.P. Morgan Chase. Retail and entertainment users include LEGO, Banana Republic, Anthropologie, Michael Kors, Catbird, FAO Schwarz and Nintendo. The lineup of …
NEW YORK CITY — Bloomberg LP has signed a 924,876-square-foot office lease extension and expansion at 919 Third Avenue in Manhattan. The deal will see the business media and publishing giant retain its 749,035-square-foot space that covers floors two through 18 and floors 28 through 33. The original lease for that portion of the building expires in 2029, and the new extension runs through 2040. In addition, Bloomberg will expand its footprint within the building by 175,841 square feet via a new 15-year lease covering a portion of the 34th floor and the entire floors on levels 35 and 41 through 44. SL Green owns 919 Third Avenue, which rises 47 stories and spans 1.5 million square feet. The building was originally completed in 1970 and recently underwent a capital improvement program. Robert Alexander, Ryan Alexander, Emily Chabrier, Taylor Callahan, Alex D’Amario and Nicole Marshall of CBRE represented SL Green in the lease negotiations. Howard Fiddle, Chris Mansfield, Zach Weil and Ryan Luck, also with CBRE, represented Bloomberg, which also recently extended its office lease at 731 Lexington Avenue through 2040.
NEW YORK CITY — TD Bank has expanded its office footprint at 125 Park Avenue in Midtown Manhattan. The lease term is 10 years, and the space spans 26,255 square feet across the entire eighth floor. TD Bank now occupies 130,057 square feet at 125 Park Avenue, and the expansion brings the building to full occupancy. Robert Alexander, Ryan Alexander, Matthew Saker and Nicole Marshall of CBRE represented TD Bank in the lease negotiations. Brian Waterman, David Falk, Pete Shimkin and Daniel Levine of Newmark represented the landlord, SL Green.