New York City

Areas of strength in the NYC commercial real estate market during the COVID-19 health crisis - by Michael Zysman

There are many sectors of the New York City commercial real estate market that are performing well. Industrial real estate has been strong, along with class A and B multifamily, retail in lower and middle income neighborhoods, small floor plate office buildings in residential areas, and self-storage. According to the New York Times, roughly 420,000 or 5% of New Yorkers left the city from March 1st, 2020 to May 1st, 2020, and most of the residents that left are residents of the city’s highest income areas.

Adler of Stroock reps MMC in debt refinancing

Manhattan, NY Blue Sky collaborated with Marymount Manhattan College (MMC) to raise capital and refinance the debt on the college’s residence hall. Located on East 55th St., the 500-bed facility is the only dormitory owned by the college.  The transaction was structured using a lease/leaseback arrangement, and allowed the college to raise capital, maintain its real estate tax exemption, retain fee ownership, and secure its desired financial statement presentation.

Jonathan Rose Cos. closes $525 million housing fund

New York, NY Jonathan Rose Companies, LLC has closed on a $525 million impact acquisition fund. This represents the firm’s fifth institutional fund focused on acquiring and preserving affordable multifamily housing, implementing practical green strategies to reduce environmental impacts and operating costs, and connecting residents with social, educational and other services. The fund’s aggregate capital commitments of $525 million exceeded its top end target of $500 million, and in the end, was oversubscribed.

Carswell of Largo secures $2.58 million

North Bergen, NJ Dave Carswell, managing director for Largo Capital, provided financing for a 7,800 s/f mixed-use property. Carswell was able to secure a $1 million bridge loan for 18 months interest only and close the transaction within three weeks.  Additionally, Carswell secured two loans totaling $1.58 million for an investor of residential condo units in Manhattan and the Hudson Valley.

Chiodo of Arbor originates three Freddie Mac Small Balance loans

Brooklyn, NY Arbor Realty Trust, Inc. funded three Freddie Mac Small Balance loans. The multifamily properties received a total of $14.2 million in refinancing, with a 10-year fixed rate through the program. Vincent Chiodo of Arbor’s New York City office originated the loans. “These transactions exemplify Arbor’s commitment to meeting all of our clients’ needs no matter the environment or unique circumstances,” Chiodo said.

Firestein of TSCG acts for Starbucks in 1,192 s/f lease at One Bryant Park

Manhattan, NY According to The Durst Organization, Starbucks Corporation has signed a 10-year and three-month lease for 1,192 s/f on the ground floor of the Bank of America Tower at One Bryant Park. Starbucks signed their first lease at the LEED Platinum office tower in 2011, shortly after the building’s completion. Starbucks was represented by David Firestein, partner, at TSCG.

Beard and Pennington of RIPCO handle 1,950 s/f lease

Brooklyn, NY Two Trees Management today announced that Evil Twin Brewing, a cult craft brewery and taproom, will open a new location on the ground floor of 45 Main St. in the DUMBO neighborhood. The 1,950 s/f space will be Evil Twin Brewing’s second location in the city, expected to open early 2021. Alex Beard and Jason Pennington of RIPCO Real Estate represented both Two Trees and the tenant in the transaction.

Chef Mattos to open new Neopolitan restaurant, Caffè Lodi, at Rockefeller Center

Manhattan, NY According to Rockefeller Center and chef Ignacio Mattos, owner and head chef of the Michelin-starred restaurant estela, Altro Paradiso, and Flora Bar, announced the planned opening of chef Mattos’ newest creation, Caffè Lodi. The all-day Italian caffé, bara bakery, and alimentari at 1 Rockefeller Plaza will serve breakfast, lunch, aperitivo, and dinner to-go. Caffè Lodi is expected to open in early 2021.

Zuul launches virtual food hall: Zuul Market

New York, NY Zuul has launched Zuul Market, a virtual food hall delivery experience fueling New Yorkers’ return to work. Zuul Market provides scheduled food deliveries to specific drop points, enabling tenants, employees and residents to order from multiple restaurants in the same delivery. Zuul has partnered with some of NYC’s largest property developers including Silverstein Properties and Broad Street Development to launch partnerships that include a white-label online ordering portal and custom website for a bespoke experience.

Statement by REBNY president Whelan regarding the withdrawal of the Industry City’s rezoning application

Brooklyn, NY The developers of Industry City withdrew their application to rezone a development site, which will result in nearly 20,000 good-paying jobs at a time when 400,000 New Yorkers have lost their jobs due to the ongoing Coronavirus (COVID-19) pandemic. Real Estate Board of New York (REBNY) president James Whelan issued the following statement