Sales

Thor, Premier Equities Pay $12M for Greene Street Retail Condo

37-39 Greene Street.

Thor Equities and Premier Equities have closed on a 3,500-square-foot retail condominium in Soho for $12 million, property records show.

With its purchase of the condo at 37-39 Greene Street, Thor adds to its cadre of retail spaces along the strip, which it’s been buying up like they’re Louis Vuitton bags. The retail space is currently occupied by Kartell, an Italian furniture and home design company, according to Thor and a Kartell employee. Kartell currently has a lease running through 2022, according to a source with knowledge of the sale. Read More

Refinance

HFF Arranges $45M Freddie Mac Loan for Denver Apartment Complex

The Parc at Cherry Creek.

HFF secured a $45 million fixed-rate loan through Freddie Mac’s Capital Markets Execution program to refinance a 408-unit, garden-style apartment community in Denver, Commercial Observer has learned.

The 10-year securitized loan on the Parc at Cherry Creek replaces existing debt that carries a remaining term of three years and no interest-only period, according to an HFF spokesperson. Read More

On the Market

Corn Popping: The Corn Exchange Building Just Finished a Hot New Renovation

81 East 125th Street.

After four years, the Corn Exchange Building at 81 East 125th Street has made it through the maize (er, maze) of redevelopment and is ready for tenants.

A lot of the economic rebirth in Harlem has featured big-box stores like Whole Foods Market and Bed Bath & Beyond, both of which are slated to open up on 125th Street. But some architecture that predates even the days of Langston Hughes and Bumpy Johnson, until recently, had fallen to the wayside. Read More

Lease Beat

Tech Company Relocates from Midtown South to LIC

30-30 47th Avenue (Photo: CoStar).

Applied Research & Consulting has inked a deal to move its office from Midtown South to Long Island City, Commercial Observer has learned.

The data analysis company signed a lease for more than 3,567 square feet at The Factory, according to landlord Atlas Capital Group. It will take space on the fourth floor of the 10-story building between 30th Place and 31st Street. Read More

Lease Beat

Law360 Consolidates in Chelsea, Leaves Union Square

111 West 19th Street.

Law360, a legal trade publication, is consolidating its office space to two full floors at 111 West 19th Street in Chelsea, moving from its two locations in Union Square. The company is taking 46,000 square feet across two floors in the 10-year lease, according to the Kaufman Organization.

Asking rent in the building between Seventh Avenue and Avenue of the Americas was in the mid-$60s per square foot, according to the landlord. Law360 is planning to move into the new space by November, per a Kaufman Organization spokesman, and will take the fifth and sixth floors. Read More

On the Market

Former Jehovah’s Witnesses Building in Brooklyn Heights Hits Market at $40M

67 Livingston Street in Brooklyn Heights.

Glory Capital, which bought a residential building in Brooklyn Heights from the Jehovah’s WitnessesWatchtower Group in 2007 for $18.6 million, is putting that building on the market today for $40 million, Meridian Investment Sales told Commercial Observer.

The 1987 building at 67 Livingston Street between Court and Clinton Streets will be delivered vacant, a Meridian spokesman said.  Read More

Finance

Bank of America’s Maria Barry Talks Community Development

Maria Barry.

Maria Barry, who started her banking career in the late 1980s, spoke with Commercial Observer about the role she plays in community development and affordable housing throughout the country. Knowing the many intricacies tied to construction costs, borrower needs and the availability of tax credits, her role as community development banking executive at Bank of America Merrill Lynch has allowed her to partner with developers on several unique deals. Among them was financing for the development of a family-owned Latin American supermarket in Boston in late 2013, utilizing the New Markets Tax Credit Program. Read More

Lawsuit

UWS Private School Wages Legal Battle With Neighbors Over Renovation

Construction is underway for a new middle school at Columbia Grammar and Preparatory School's 5 West 93rd Street (Photo: school's website).

Columbia Grammar and Preparatory School has filed lawsuits to win access to three adjacent buildings in order to finish construction of a 16,000-square-foot middle school on top of its property at 36 West 93rd Street, according to three new New York Supreme Court lawsuits.

The school is suing the owners of 7 West 92nd Street, 35 West 92nd Street and 10 West 93rd Street for refusing to allow access to the properties despite repeated requests. Construction has been underway at the property, between Central Park West and Columbus Avenue, also known as 33 West 92nd Street, since Feb. 25 but was halted due to the lack of access on April 2, the suits claim. Read More

Power 100

Power at Play: Billionaires Clinked Glasses and Embraced at CO’s Power 100 Bash

45 Photos

Deputy Mayor Alicia Glen==
Commercial Observer Power 100 And Power 50==
Park Hyatt New York, Onyx Room, NYC==
June 17, 2015==
©Patrick McMullan==
photo - J Grassi/PatrickMcMullan.com==
==

The upper crust of New York City real estate rubbed elbows at Wednesday night’s Commercial Observer Power 100 & Power 50 Gala, celebrating another banner year for the industry. At the Onyx room of One57’s Park Hyatt hotel, the titans of towers embraced in hugs, mingled and clinked glasses in celebration.

Jared Kushner, chief executive officer of Kushner Companies and owner of Observer Media Group, which publishes CO, kicked the evening off with opening remarks about the resiliency of the real estate industry in the Big Apple. A big part of that strength, he added, was the people that build, lease and finance the city’s buildings. Read More

Lease Beat

Internet Clothing Company Moves to The Factory

30-30 47th Avenue (Photo: CoStar).

An online clothier is moving across Sunnyside Yards to a new office in Long Island City, Commercial Observer has learned.

Gwynnie Bee, a women’s apparel company that lets customers rent clothes, inked a deal for 12,700 square feet at 30-30 47th Avenue between 30th Place and 31st Street, according to landlord Atlas Capital Group. The company is moving into the fifth floor of the 1-million-square-foot building, also known as The Factory. Read More

Refinance

Jewish Boarding School Gets $25M Bridge Loan

American Hebrew Academy (Photo: school's website).

Westport, Conn.-based private bridge lender Titan Capital ID originated a $25 million loan for an international Jewish boarding school in North Carolina, Commercial Observer Finance has learned.

The two-year loan retires $6 million in existing debt and frees up cash to boost enrollment at American Hebrew Academy—the only pluralistic Jewish boarding school in the world, according to the lender. While Titan could not provide the interest rate, the loan-to-value ratio is around 28 percent, with the school recently appraised at $90 million, said Daniel Nadri of Titan, who worked on the deal. Read More

Lease Beat

Real Estate Tech Company Inks Sublease at 45 West 25th Street

45 West 25th Street.

A real estate tech company is moving to 45 West 25th Street to take an entire floor.

Commercial Observer has learned SiteCompli, a seven-year-old company which collects information on building compliance for landlords and managers, inked a sublease to take a total of 11,000 square feet for the whole third floor, according to a source familiar with the deal. The company is subleasing the space for two years from Bonobos, which leases four floors in the 11-story building between Avenue of the Americas and Broadway. Read More

Sales Beat

Sutton Equity Nabs Retail Condo at 179 Ludlow Street

179 Ludlow Street.

An affiliate entity of Sutton Equity LLC, a family-owned firm led by Steven and Jesse Sutton, has purchased a retail condominium unit at 179 Ludlow Street on the Lower East Side, the buyer told Commercial Observer.

Sutton Equity purchased the 2,200-square-foot condo on the ground floor and a portion of the cellar from the developer of the project, Enclave Equities, for $3 million, Jesse Sutton said. Itan Rahmani of Venture Capital Partners represented both sides in the deal. Read More

Renderings

NoMad Tommie Hotel Topped Out, Renderings Revealed

6 Photos

Rendering of the rooftop of the tommie hotel at 11 East 31st Street.

Quadrum Global, Eagle Point Hotel Partners, KSNY and Simon Baron Development have topped out their $76 million tommie hotel in NoMad, Commercial Observer has learned.

On June 12, the developers topped off the 35-story, 80,000-square-foot pod-sized room hotel at 11 East 31st Street, Quadrum executives said. While Gene Kaufman was the initial architect for the Commune Hotels + Resorts brand hotel and Mancini Duffy was handling construction administration, Mancini Duffy is now the sole architect on the project (the exterior rendering is the same as Mr. Kaufman designed it). AvroKO is designing the interiors of the hotel. Oleg Pavlov, the chief executive officer of Quadrum, said the hotel will open in the fall of 2016. Read More

Real Estate and Politics

Bill de Blasio Official Calls Eliot Spitzer Housing Development ‘Offensive’

Rendering of 420 Kent Avenue.

A de Blasio administration official said Tuesday that an Eliot Spitzer-spearheaded housing development is “offensive”—and called into question whether the former Democratic governor is really a progressive.

“Elliot [sic] Spitzer is planning to build an 856 unit mega development along the waterfront just south of the Williamsburg Bridge—and with just 20 percent affordable apartments. We need and deserve more affordable housing!” Lincoln Restler, a senior policy adviser to Mayor Bill de Blasio, wrote on Facebook today. Read More