Sales Beat

UES Multifamily Buildings Sell for $11.75M

Upper East Side Multifamily Buildings

Two walk-up buildings on the Upper East Side at 1573 and 1575 York Avenue with 18 rental apartment units sold for $11.75 million, Commercial Observer has learned.

The buildings with a combined 15,800 square feet fetched a price that breaks down to roughly $743 per square foot, said the Marcus & Millichap brokers who negotiated the transaction. Read More

Lease Beat

Leases Signed at 110 East 42nd for Full Occupancy

110 East 42nd Street.

Four leases totaling 48,482 square feet have been signed at 110 East 42nd Street between Park and Lexington Avenues, according to a release issued by the building’s landlord, SL Green Realty Corp. The building is now 100 percent occupied.

SLR Acquisition Corp., specializing in environmental consulting, signed a five-year lease amendment to expand by 11,305 square feet to 17,901 square feet. The UK-based company will occupy part of the eighth floor. Read More

On the Market

Eastern Consolidated to Lease Marble Beauty in Midtown East

4 East 43rd Street.

Eastern Consolidated has been tapped to lease out a six-floor marble building just a block east of Bryant Park at 4 East 43rd Street, Commercial Observer has learned.

The landlord recently completed a multi-year renovation on the building near Grand Central Terminal that offers a prime retail opportunity, said Alexander Hill, the Eastern Consolidated broker with the exclusive listing. Read More

Mortgage Observer

Jeff Sutton Recieves $95M Loan for Harlem Whole Foods Project

100 West 125th Street Development Site.

Wharton Properties has obtained a construction loan from Natixis Real Estate Capital to develop a 33,000 square foot retail property along 125th Street, Harlem’s busiest commercial thoroughfare, Mortgage Observer has first learned.

A person with knowledge of the loan confirmed the amount as $95 million and added that it was a three-year, interest-only loan with two 12-month extension options. The interest rate, that person said, is roughly 300 to 399 basis points over one-month Libor. The loan closed on July 11. Read More

Sales Beat

EMP Capital Buys FiDi Building, Preps to Launch Condo Sales

42 Ann Street. (42 Ann Street website)

In its first development project, EMP Capital Group purchased the Keuffel and Esser building and will soon launch sales at the residential condominium, the developer told Commercial Observer.

Elie Pariente, the principal at EMP, said his firm has been doing a lot of work on the former factory building at 127 Fulton Street, also known as 42 Ann Street, prior to its closing on June 12. EMP paid $15.35 million to a group of investors, 127 Fulton LLC, to acquire the building, public documents indicate. Read More

Lease Beat

Yodle HQ Moving to 330 West 34th Street

330 West 34th Street.

Online marketing company Yodle has signed a 10-year lease for nearly 85,000 square feet at 330 West 34th Street, between Eighth and Ninth Avenues, according to The Real Deal. Yodle reportedly will pay in the $60s per square foot for its new headquarters.

Yodle will move to its new space in the 688,881-square-foot building, owned by Vornado Realty Trust, from 50 West 23rd Street between Fifth Avenue and Avenue of the Americas, TRD reported.  Read More

Mortgage Observer

Blackstone Refis Chicago Office to the Tune of $82M

444 North Michigan Avenue

HFF has arranged an $82.15 million refinancing for a 517,115-square-foot office property in Chicago, Mortgage Observer has exclusively learned. The building, at 444 North Michigan Avenue, is owned by GLL Real Estate Partners.

Working on behalf of Munich-based international real estate fund manager GLL, HFF sourced the floating-rate loan provided by Blackstone Mortgage Trust, a representative for the brokerage said Read More

Lease Beat

Healthcare Tech Company Signs at 96 Spring Street

96 Spring Street.

New York City-based healthcare technology company, Flatiron Health, has signed a lease for 15,000 square feet at 96 Spring Street.

The healthcare tech company plans to relocate immediately from a 3,000-square-foot space at 291 Broadway between Duane and Reade Streets, following significant expansion and hiring, according to a release issued by Savills Studley. Flatiron Health recently raised $130 million in a Series B financing round. Read More

Mortgage Observer

Square Mile Provides $25M Senior Loan on D.C. Office

Georgetown Plaza

New York-based JOSS Realty Partners received a $24.5 million senior mortgage loan from Square Mile Capital Management to revamp a recently purchased Washington, D.C. office asset, Mortgage Observer has first learned.

The three-year financing, with two one-year extension options, is backed by the five-story, 150,097-square-foot boutique office building Georgetown Plaza. Read More

World Trade Center

1 WTC: Inside the Tallest Building in the Western Hemisphere

One World Trade Center

As construction workers hammered on the World Trade Center site and hordes of tourists mingled with afternoon commuters last week, Jordan Barowitz of the Durst Organization invited Commercial Observer for an exclusive tour of One World Trade Center.

Although more than 2,500 laborers were applying the finishing touches to the 104-floor, 3-million-square-foot structure designed by David Childs of Skidmore, Owings & Merrill, the 1,776-foot building will open around November of this year, said Mr. Barowitz, Durst’s director of external affairs. Read More

Mortgage Observer

Bronx Leads City in Multifamily Transaction Volume

Ariel Property Report

The Bronx saw both the most multifamily transactions and the highest number of multifamily buildings sold in the second quarter of this year, according to a report from Ariel Property Advisors provided to Commercial Observer.

The report tracks sales of buildings over 10 units that sell for at least $1 million. Sales of such properties increased 18 percent year-over-year in the second quarter citywide, the report shows.  Read More

Lease Beat

Capital New York Moving Downstairs on 39th Street [Updated]

333 West 39th Street.

Online news publication Capital New York is moving to a larger space in its current building at 333 West 39th Street to accommodate its recent growth.

Capital signed a five-year lease for 4,500 square feet one floor down from its current 1,900-square-foot ninth-floor space in the building between Eighth and Ninth Avenues, according to Neil Joffee of Newmark Grubb Knight Frank. Mr. Joffee is the majority owner of the building and was one of the brokers representing ownership, along with NGKF’s Alan Steinberg. The new office is comprised of three combined spaces on the eighth floor. Read More

Mortgage Observer

Ashkenazy Receives $210M CMBS Loan for L.A. Mall Buy

Beverly Connection

Meridian Capital Group secured a $210 million CMBS loan on behalf of New York-based Ashkenazy Acquisition Corporation to help fund its purchase of the Beverly Connection shopping center in Los Angeles, Mortgage Observer has first learned.

Meridian Senior Managing Director Ronnie Levine and Managing Director Jeffrey Berkes, both based in the company’s New York City headquarters, led the negotiations. Messrs. Levine and Berkes declined to name the lender. Read More

Mortgage Observer

Greystone Hires Deutsche Bank Veteran

Nikhil Kanodia.

Deutsche Bank veteran Nikhil Kanodia has joined the New York-based multifamily and healthcare lender Greystone as a managing director, Mortgage Observer has first learned.

Mr. Kanodia will report to Mordecai Rosenberg in Greystone’s New York office with a focus on managing client relationships, originating new loans and identifying opportunities for new deals with real estate owners. Read More