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Real Estate Roundup 2.5.20

Rendering of One Vanderbilt (Credit: SL Green)

Real Estate Roundup:

Acquisitions 

Marriott Vacations Worldwide has acquired six commercial condo units at 33 West 37th Street from its partner – Henry Silverman’s 54 Madison Partners – for around $86.4 million. The duo paid $105 million for the Midtown property in 2016 for, and Marriott Vacations is now buying it up in three tranches. The building is home to the Marriott Vacation Club Pulse, a 20-story timeshare. (TRD)

Financing 

Raymond Yu has secured a $63 million loan from Nationwide Life Insurance Company to refinance his office and retail building at 622 Broadway in Soho. The 12-year loan refinances $39 million in outstanding debt provided by Capital One in 2012, and provides $24 million in fresh financing. (CO)
Leasing

Law firm Katsky Korins has signed a 12-year office lease for 19,871 SF at Fisher Brothers’ 605 Third Avenue. Asking rent for 17th floor space was in the mid $70s per SF. (CO)

Architectural firm E4H has signed a 10-year office lease for 10,156 SF on the entire sixth floor of Kamber Management Company’s15 West 37th Street. Asking rent on the deal was $54 per SF. (CO)

Slate, the daily news and culture website, has signed a seven-year, 23,000-square-foot office lease at Brookfield Properties’ 15 MetroTech Center in Downtown Brooklyn. (CO)

Personalized shampoo maker Prose has leased 28,000 SF of manufacturing space in Liberty View Industrial Plaza at Salmar Properties’ 850 Third Avenue in Sunset Park. Asking rent on the seven-year deal was in the low $30s per SF. (Crain’s) 

Other news 

After the rent law was enacted in June, values on these apartment buildings in New York City fell by about 25% on average. Some property owners have fallen behind on their loan payments. That has made many of these buildings cheap enough to lure back buyers who feel at these reduced prices they can turn a profit with cheap mortgages and stable cash flow. Rents are pretty good where they are now, they wager, and the high demand for housing makes buildings a safe long-term investment. (WSJ)

One Vanderbilt is opening its doors in six months…. Traffic-clogged Vanderbilt Avenue between East 42nd and 43rd streets will soon become a pedestrian plaza — a central feature of the $220 million transit and crowd-flow improvement program that SL Green was required to provide in conjunction with its new skyscraper. (NYPost)

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