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Acquisitions

Real Estate Roundup 8.14.19

The Milk Building in the Meatpacking district
(Credit: ALAMY)

Real Estate Roundup

Acquisitions

1)Nathan Berman’s Metro Loft Management has entered into contract to acquire AIG’s 31-story office building at 175 Water Street for $270 million. Berman plans to convert the top half of the 684,000 SF building into residential space once AIG’s lease expires in 2021.


Worth Noting: The Vanbarton Group is taking a preferred equity position in the deal that is in the range of $70 to $75 million. Blackstone Group is providing a senior mortgage in the amount of $175 million. (TRD)

2) Capstone Equities + Republic Investment Company have acquired 17 West 32nd Street in Koreatown from Apple Core Hotels for $56.52 million. The Hotel @ Fifth Avenue spans 64,577 SF, and contains 182 rooms.

Acquisition financing: The buyers secured a $44 million loan from Argentic Real Estate Finance to close the deal, according to CO.

Financing

Rabsky Group has secured a $200 million refinancing package from Berkadia Commercial Mortgage for its project at 10 Montieth Street on the Rheingold Brewery site. (TRD)

Retail Leasing 

Whole Foods has signed a 60,000 SF lease at George Comfort & Sons + Jamestown + Loeb Partners’ 63 Madison Avenue (aka 28 East 28th Street). The new gourmet emporium will have 10,000 SF at street level plus 50,000 SF on the second floor. (NYPost)

Famous Footware has inked a 10,200 SF retail lease at 110 West 34th Street. The former Payless space has 4,000 SF on the ground, 4,200 SF on the second level, and 2,000 SF on the lower level. (NYPost)

Life Time fitness club has leased 77,000 SF in the full-block, 1.1-million SF development known as Front & York in Dumbo Heights. The project is now under development by CIM Group + LIVWRK and is expected to be completed by mid-2021. (NYPost)

Office leasing

Downtown Music Holdings has inked a 26,399 SF office lease on the top two floors of 155 Avenue of the Americas. Property is owned by Trinity Church Wall Street, Norges Bank Real Estate Management, and Hines. (CO)

Havas and McCubbin split the former Rose Associates space through subleases at 200 Madison Avenue. Asking rents on the 52,877 SF space were the mid-$40s per SF. Havas, leased 26,401 SF, while McCubbin Hosiery (AKA Leg Apparel) took 26,476 SF. (NYPost)

Other news 

Rotem Rosen — Tamir Sapir’s former son-in-law — is seeking $103 million for his work on behalf of the family’s real estate empire. Court documents cite a “falling out” between Rosen and Alex Sapir, his former business partner, brother-in-law and executor of Tamir Sapir’s estate. (TRD)

Gary Barnett plans to increase his investment activities in markets outside the city. In recent years, he has turned to other markets such as Vail, Colo.; Park City, Utah; and Dallas. Other prominent investors are exploring opportunities in Miami, Fort Lauderdale, and Vegas as conditions in NYC continue to make investing more difficult. (Crain’s)

Nordstrom invested heavily in e-commerce, didn’t open too many cavernous stores and has been quick to experiment with new types of shopping formats, including stores that don’t carry any clothes. Yet… It’s still in trouble. Directors are pushing for outsider CEO. (WSJ)

Manhattan, Brooklyn rents soar to new highs. (WSJ)

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