New York

Flexible Workspace Pioneer WeWork Files for Bankruptcy, Plans to Renegotiate Leases

by John Nelson November 7, 2023

NEW YORK CITY — Coworking and office-sharing pioneer WeWork Inc. (NYSE: WE) has filed for Chapter 11 bankruptcy protection. WeWork also plans to file similar protectionary measures in Canada. WeWork has entered into a restructuring support agreement with its creditors representing approximately 92 percent of its secured notes to “drastically reduce” the company’s existing funded debt and expedite the restructuring process. Reuters reports the debt-for-equity swap deal with its creditors totals $3 billion. The New York City-based company plans to continue operations and “further rationalize its commercial office lease portfolio” with its network of office landlords. WeWork’s locations and franchisees outside of the United States and Canada are not part of this process. According to the company website, WeWork operates more than 320 locations globally across various workplace solutions platforms. As part of the filing, WeWork is requesting the ability to reject the leases of certain locations that are “non-operational,” all of which have affected members that have received advanced notice. The company has retained Hilco Real Estate, an Illinois-based real estate restructuring and advisory firm, to assist with lease renegotiations. “WeWork has a strong foundation, a dynamic business and a bright future,” says David Tolley, CEO of WeWork. “Now …

November 7, 2023

Acquisitions Multifamily New York Northeast

CBRE Brokers Sale of 229-Unit Apartment Community in Mamaroneck, New York

by Taylor Williams November 6, 2023

MAMARONECK, N.Y. — CBRE has brokered the sale of Avalon Mamaroneck, a 229-unit multifamily community located about 25 miles north of Manhattan. Built in 1999 and renovated in 2018, Avalon Mamaroneck features one- and two-bedroom units and amenities such as a pool, fitness center, outdoor grilling and dining areas and a resident lounge. Jeff Dunne, Stuart MacKenzie, Eric Apfel and Travis Langer of CBRE represented the seller, AvalonBay Communities, in the transaction. The quartet also procured the buyer, a joint venture between Harbor Group International and Cantor Fitzgerald.

November 6, 2023

Loans New York Northeast Retail

IPA Arranges $22M Loan for Refinancing of Manhattan Retail Property

by Taylor Williams November 6, 2023

NEW YORK CITY — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has arranged a $22 million loan for the refinancing of a retail property located at 521 W. 21st St. in Manhattan’s Chelsea neighborhood. According to commercialcafé.com, the property was built in 1931 and totals 34,600 square feet. Matt Polci, Justin Natalizio and Eric Anton of IPA arranged the financing through Citibank on behalf of the borrower, New York-based private investor Guy Roberts.

November 6, 2023

Leasing Activity New York Northeast Office

EliseAI Signs 26,582 SF Office Lease in Midtown Manhattan

by Taylor Williams November 6, 2023

NEW YORK CITY — EliseAI, a platform that serves the commercial and residential real estate industries, has signed a 26,582-square-foot office lease at 33 E. 33rd St. in Midtown Manhattan. The company is expanding from a 20,582-square-foot space within the 12-story building via a new five-year agreement. Val Stobetsky, Will McGarry, Calum Waddell and Hale King of JLL represented EliseAI in the lease negotiations. Erik Harris and Zach Weil of Newmark represented the landlord, Kalimian Equities.

November 6, 2023

Healthcare Leasing Activity New York Northeast Office

Weill Cornell Medicine Signs 100,000 SF Office, Healthcare Lease Expansion in Manhattan

by Taylor Williams November 3, 2023

NEW YORK CITY — Weill Cornell Medicine has signed a 100,000-square-foot office and healthcare lease at 575 Lexington Ave., a 35-story, 745,000-square-foot building in Manhattan’s Plaza District. As part of a new 30-year agreement, Weill Cornell Medicine now occupies eight full floors and a portion of the ground floor for a total footprint of 300,000 square feet. David Falk, Andrew Sachs and Ben Shapiro of Newmark represented the tenant in the lease negotiations. Peter Duncan and Dana Pike represented the landlord, George Comfort & Sons, on an internal basis.

November 3, 2023

Industrial Leasing Activity New York Northeast

Fleet Pump & Service Group Signs 31,255 SF Industrial Lease Renewal in White Plains, New York

by Taylor Williams November 2, 2023

WHITE PLAINS, N.Y. — Fleet Pump & Service Group has signed a full-building, 31,255-square-foot industrial lease renewal at 455 Knollwood Road in White Plains, a northern suburb of Manhattan. Rick Rakow of Rakow Commercial Realty Group represented the tenant in the lease negotiations. Josh Gopan and Sean Heneghan represented the landlord, Simone Development, on an internal basis.

November 2, 2023

Acquisitions Company News Data Centers New York Northeast Top Stories

Brookfield Agrees to Purchase Cyxtera’s Assets for $775M, Including Seven US Data Centers

by John Nelson November 2, 2023

NEW YORK CITY AND MIAMI — Brookfield Infrastructure Partners LP (NYSE: BIP) and its institutional partners have entered into an asset purchase agreement (APA) with Miami-based data center owner-operator Cyxtera. Brookfield will acquire “substantially all” of Cyxtera’s assets for $775 million. As part of the agreement, the New York City-based investment firm will purchase the real estate supporting seven Cyxtera data centers in the United States. The locations of the affected properties were not disclosed. According to the company’s website, Cyxtera operates facilities in Albuquerque, Atlanta, Boston, Chicago, Columbus, Dallas/Fort Worth, Denver, Los Angeles, Minneapolis, New York/New Jersey, Northern Virginia, Phoenix, Seattle, Silicon Valley, Tampa and Canada. Brookfield will purchase the real estate that supports the data centers from several landlords, including Digital Realty Trust Inc. (NYSE: DLR) and Digital Core REIT. The court-supervised process stems from Cyxtera’s Chapter 11 bankruptcy proceedings. The company cited financial challenges and lack of funding when it filed for bankruptcy this past summer, about two years after it went public. Cyxtera’s stock price peaked at $14.60 per share in May 2022 before dipping below $1.80 by December 2022. “We are pleased to reach this agreement with Brookfield, which represents a favorable path forward for our …

November 2, 2023

Development Life Sciences New York Northeast

Georgetown Co., Beacon Capital to Develop 185,000 SF Life Sciences Facility in Manhattan

by Taylor Williams November 1, 2023

NEW YORK CITY — A partnership between The Georgetown Co. and Beacon Capital Partners will develop a 185,000-square-foot life sciences facility at 707 Eleventh Ave. on Manhattan’s Far West Side. Designed by Elkus Manfredi Architects, the seven-story facility will house lab, research and office space, as well as private terraces, conference facilities and a lobby with a café and wine bar. Additional eco-friendly and wellness features will include bike storage and locker rooms, LEED Gold certification and rooftop solar panels. Completion is slated for 2026. JLL will market the facility for lease.

November 1, 2023

Hospitality Loans New York Northeast

Cronheim Mortgage Arranges $120M Loan for Refinancing of Manhattan Hotel

by Taylor Williams October 31, 2023

NEW YORK CITY — An affiliate of New Jersey-based financial intermediary Cronheim Mortgage has arranged a $120 million loan for the refinancing of the 341-room Renaissance Hotel in Manhattan’s Chelsea neighborhood. The hotel features a variety of rooms and suites, a fitness center, meeting space and an onsite restaurant and bar. Beau Williams of Cronheim Mortgage arranged the loan through an undisclosed life insurance company on behalf of the borrower, locally based developer LAM Generation.

October 31, 2023

Development Multifamily New York Northeast

Ginsburg Development Begins Leasing 58-Unit Multifamily Project in Haverstraw, New York

by Taylor Williams October 31, 2023

HAVERSTRAW, N.Y. — Ginsburg Development has begun leasing a 58-unit multifamily project in Haverstraw, about 35 miles north of New York City, that represents Phase II of a larger development known as Admirals Cove. Units come in one-, two- and three-bedroom floor plans and are housed across two four-story buildings. Amenities include a pool, fitness center, Zen garden, outdoor grilling and dining stations and a playground. Rents start at $2,530 per month for a one-bedroom apartment. Phase I of Admirals Cove opened in June and is now 90 percent leased.

October 31, 2023

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