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Real Estate Roundup 10.30.19

2 Hudson Square (Credit: Google Maps / TRD)

Real Estate Roundup

Office Leasing 

Oak Hill Advisors has signed a 15-year, 45,954 SF lease covering the entire 16th floor of at One Vanderbilt. Moreover, the Carlyle Group has expanded its 15-year lease to occupy an additional 33,034 SF on the entire 34th floor, bringing its total footprint to 160,778 SF. The Midtown East tower will open in August 2020. (SLGreen)

Non-profit, Partnership for New York City, has inked a 10-year renewal for its 26,745 SF space at the Rudin family and Allianz Real Estate of America’s One Battery Park Plaza. Asking rent was $60 per SF. (CO)

Accounting firm Citrin Cooperman has signed a 110,742 SF lease at Tishman Speyer’s 50 Rockefeller Plaza. The lease covers a portion of the second floor along with the entire third and fourth floors. (NYPost)

Swedish bank Handelsbanken has inked a 17,346 SF lease at Paramount’s 900 Third Avenue. Asking rent on the deal was $75 per SF. The property is on the market for sale. (NYPost)

IBM is on the lookout for roughly 500K SF of office space to combine its separate city locations. The move would involve the company ditching WeWork’s 88 University Place. (Crain’s)

Retail Leasing 

A New York Public Library branch has signed a 16,000 SF lease renewal at 10 Jersey Street (AKA 285 Lafayette Street) in Soho. Interestingly, the new 30-year deal has a starting rent of $37 per SF, while the library currently pays $76 per SF. The library will continue to occupy the ground, basement and sub-basement of the retail condo owned by Kushner Cos. (NYPost) 

Clic Gallery has inked a 4,000 SF lease at 140 West Broadway. The 10-year deal covers the ground and lower level of the small building. Asking rent was $130 per SF. (NYPost)

After facing the abrupt closure of two Topshop stores in New York City in the second quarter, Vornado Realty Trust encountered more retail challenges in the third quarter as Forever 21 filed for Chapter 11 bankruptcy protection. But Forever 21 may be able to keep its stores at 435 Seventh Avenue and 1540 Broadway open for a bit longer. (TRD)


Delancey Street Associates has secured $215 million in permanent financing from JPMorgan Chase with participation by Goldman Sachs’ CMBS group for 125 Delancey Street (AKA The Essex). The the 26-story mixed-use building spans 200,000 SF, features 195 apartment units, and a 14-screen Regal Essex Crossing cinema (NYPost+CO)


Taconic Investment Partners + Nuveen are in contract to sign a ground lease at 2 Hudson Square. The downtown development site can accommodate around 300,000 buildable SF. The duo plan on building a large office building in a neighborhood that has become a coveted destination for tenants. The vacant lot is situated near the entrance to the Holland Tunnel that is framed by Canal, Varick, Grand and Sullivan Streets. (Crain’s)

Other news 

Emerald Equity Group, Sugar Hill Capital Partners have missed loan payments on Upper Manhattan rental properties… A sign that new state rent laws are starting to hurt investors. (WSJ)

NYC’s multifamily market had a tough quarter… The city saw just 61 multifamily transactions across 88 buildings for $1.1 billion during the third quarter. Transaction and building volume each dropped by 42 percent from the second quarter of 2019, while dollar volume dropped by 38 percent. (TRD)

With a new CEO and a new focus, what will Howard Hughes do with the South Street Seaport? The Texas-based developer is planning to sell $2 billion in “non-core assets,” including 85 South Street in New York, and will consider partnering with third parties on the Seaport to reduce its equity commitment. (TRD)

Tech recap 

Ribbon, a startup that makes cash offers on behalf of homebuyers, raised a $30 million Series B Round, in addition to securing $300 million in debt. (PR)

Appraisal startup Bowery Valuation has raised $8 million from Lightstone Group, Nine Four Ventures, and Greenspring Associates. (PR)

Blueground, a tech-equipped apartment rental company, has raised a $50 million Series B round. The company caters to business travelers and remote workers. (PR)

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