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<\/p>\nManhattan\u2019s largest office landlord, alongside its joint venture partner PGIM, has scored a big refinancing deal for a 30-story tower in the Flatiron District.<\/p>\n
SL Green and PGIM nabbed a $1.4B loan for 11 Madison Ave., a 2.3M SF office tower spanning a full block along Madison Square. The building is 93% occupied and counts UBS, Sony and Fidelity among its tenants.<\/p>\n
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\n 11 Madison Ave., where SL Green scored a $1.4B refinancing deal this week.\n <\/p>\n
\u201cThis refinancing reflects the strength of New York\u2019s office market when it comes to Class-A, well-located assets that continue to attract tenants and capital,\u201d Joanna Mulford, managing director and senior portfolio manager of PGIM\u2019s real estate business, said in a statement.<\/p>\n
The five-year, fixed-rate loan was led\u00a0by Wells Fargo in a consortium with JPMorgan Chase, Bank of America, Goldman Sachs, Deutsche Bank and Bank of Montreal.<\/p>\n
\u201cThe strong demand from global institutional bond investors resulted in one of the most successful CMBS executions in years,\u201d Harrison Sitomer, SL Green\u2019s chief investment officer, said in a statement.<\/p>\n
The new mortgage replaces a previous loan of the same value on the property. The prior loan was composed of a senior loan worth just over $1B and two mezzanine loans totaling $325M. The debt joins the list of billion-dollar CMBS loans handed to Manhattan office towers, following Tishman Speyer’s $2.9B refi of The Spiral<\/a>, the Durst family’s $1.3B mortgage<\/a>\u00a0at One Five One and RFR’s $1.2B mortgage<\/a> on the Seagram Building.<\/p>\n CBRE\u2019s Tom Traynor, Tom Rugg and Henry Fenmore and Newmark\u2019s Jordan Roeschlaub, Nick Scribani and John Caraviello advised SL Green and PGIM on the deal,\u00a0along with Fried Frank\u2019s Michael Werner, Charles Roper Jr., Loren Naftali and Molly Diamondstein.<\/p>\n TOP FINANCING<\/strong><\/p>\n SBH Health System, the owner of St. Barnabas Hospital in the Bronx, refinanced its six-property campus with Wells Fargo for $59.1M, PincusCo reported<\/a>. The buildings span 898K SF, including the main hospital at 4422 Third Ave., as well as 260 E. 188th St. and 4400\u00a0Third Ave. The loan replaces a prior $55.8M sum, also from Wells Fargo.\u00a0<\/p>\n ***<\/p>\n David Halberstam’s Bruklyn Builders\u00a0landed an $80M construction loan from S3 Capital\u00a0to build a 131-unit rental building at 303-305 E. 44th St. in Turtle Bay, according to a release. The debt also retires a $21.5M mortgage from W Financial on the site, which Halberstam bought for $16M in 2011, PincusCo reported<\/a>.\u00a0<\/p>\n ***<\/p>\n Peak Capital Advisors scored a $15.3M refinancing loan from Derby Copeland Capital for 11-55 45th Ave., a 46-unit residential building in Long Island City. The loan replaces a previous $15M loan from Prime Finance,\u00a0PincusCo reported<\/a>.<\/p>\n ***<\/p>\n Deutsche Bank and Goldman Sachs originated a $105M mortgage for Storage Deluxe to refinance 105 Evergreen Ave., a Bushwick storage building, PincusCo reported<\/a>. The\u00a0debt replaces a $57.4M loan from PNC Bank\u00a0tied to\u00a0the 145K SF building.<\/p>\n TOP LEASES<\/strong><\/p>\n \n 437 Madison Ave., where Insight Global signed for 32K SF this week.\n <\/p>\n Staffing company Insight Global has signed for 32K SF at Sage\u2019s 437 Madison Ave., Bisnow has learned. The tenant is relocating from 250 Park Ave. to take the entire fourth floor of Sage\u2019s building for 10 years. Asking rents were $79 per SF. The tenant was represented by JLL\u2019s Justin Haber and Kyle Riker, while the landlord was represented by JLL\u2019s Frank Doyle, David Kleiner, Andrew Coe, Michael Pallas and Margaux Kelleher, in addition to in-house representation from Michael Lenchner and Jack Brennan.<\/p>\n ***<\/p>\n Seneca Insurance Co. has renewed its 25K SF at Jack Resnick & Sons\u2019 199 Water St. The company will move within the 1.1M SF office in Lower Manhattan, relocating to parts of the eighth and 29th floors for a five-year term. Other tenants in the property include Seaport Entertainment Group, which recently extended its tenure in the building, as well as Allied World Insurance, BGC and WeWork. The landlord was represented by Cushman & Wakefield\u2019s John Cefaly, Ethan Silverstein, Stephen Bellwood and Rachel Rosenfeld, as well as in-house by Brett Greenberg and Adam Rappaport. CBRE\u2019s Eddie Sisca and David Opper represented the United States Fire Insurance Co. on behalf of Seneca.<\/p>\n ***<\/p>\n Outbrain has renewed its 23K SF at the Kaufman Organization\u2019s 111 W. 19th St., Commercial Observer reported<\/a>. The software platform is staying put for another 10 years. Asking rents were reportedly $70 per SF. Michael Heaner represented the landlord in-house, while Kirill Azovtsev and Alex Redlus of Savills represented Outbrain.\u00a0<\/p>\n ***<\/p>\n Wealth management firm NewEdge Wealth has signed an 18K SF lease at RFR\u2019s 477 Madison Ave.,\u00a0Commercial Observer reported<\/a>. Bank of Hope also signed for 8K SF in the 24-story building. Asking rents range between $88 and $115 per SF in the property. NewEdge Wealth was repped by CBRE\u2019s David Stockel and Taylor Walker. CBRE\u2019s Alex D\u2019Amario and Alessia Lawson represented Bank of Hope. RFR was also represented by CBRE’s D’Amario and Arkady Smolyansky.<\/p>\n ***<\/p>\n L&L Holding Co.’s 150 Fifth Ave. has reached 100% leased following an 11K SF deal with fitness concept BAM Labs. The studio is expected to open in fall 2026 after signing a 15-year lease in the historic building in the Flatiron District. Its fellow street-level retail tenants include apparel retailers New Balance and Ganni. Cushman & Wakefield\u2019s Alan Schmerzler, Sean Moran, Catherine Merck and Patrick O\u2019Rourke repped\u00a0L&L, while Compass\u2019 Noah Jay and Michael Yadgard repped BAM Labs.<\/p>\n ***<\/p>\n The National Association on Drug Abuse Problems Inc. has signed an 11K SF lease on the 12th floor of GFP Real Estate\u2019s 520 Eighth Ave. The tenant will relocate from Rudin Management\u2019s 355 Lexington Ave. later this year or early next year, once the landlord completes improvements in the space. Financial services platform Wow Brand also signed an 8K SF lease on the ninth floor of the 26-story tower, which has more than 860K SF of office space. Wow will be there for seven years and was represented by GFP\u2019s Allen Gurevich and Matthew Colavita. Savills’\u00a0Marc Shapses, Eva Shih and Roi Shleifer\u00a0represented the NADAP, while Matthew Mandell\u00a0represented ownership in-house in both deals.<\/p>\n ***<\/p>\n A tech investment firm has relocated to an 8K SF full floor at 99 Madison Ave. Atlantic Vantage Point, formerly known as AXA Venture Partners, signed for a decade at the Mayflower Agency-owned building in a relocation from 1330 Sixth Ave., owned by a joint venture of Creed Equities, Hakimian Capital, CH Capital Group and Nassimi Realty. The relocation to the 17-story NoMad office building is set to take place next year. JLL\u2019s Matt Astrachan, Dan Turkewitz and Harrison Potter represented the tenant, while Savitt Partners\u2019 Elliot Zelinger and Scott Fink represented building ownership.<\/p>\n ***<\/p>\n Kiko Cosmetics has signed a 7K SF lease at Trinity Church Wall Street\u2019s 107 Greenwich St., Bisnow has learned. The\u00a0cosmetics company signed a five-year lease for part\u00a0of the building\u2019s 15th floor, where asking rents\u00a0are\u00a0$82 per SF. JLL\u2019s Val Stobetsky repped the tenant, while JLL\u2019s John Wheeler, Andrew Coe and Margaux Kelleher repped the landlord.<\/p>\n TOP SALES<\/strong><\/p>\n \n 809-811 Madison Ave., acquired by Macklowe Properties and SK Development this week for $49M.\n <\/p>\n Macklowe Properties and SK Development have acquired a vacant Upper East Side mixed-use building at 809-811 Madison Ave. for $49M, The Real Deal reported<\/a>. Seller Churchill Real Estate Holdings paid\u00a0$55M for the building in 2019. Macklowe intends to convert the\u00a0property\u00a0into luxury residential condos, although it must first get approvals from a landmark preservation board. Alexandra Marolda, Brent Glodowski and Eric Karmitz of Avison Young brokered the deal for the seller, Commercial Observer reported<\/a>.<\/p>\n ***<\/p>\n Family investment firm Creed Equities spent $25M on a 19K SF mixed-use SoHo building with seven single-floor apartments and ground-floor retail at 149 Spring St. The seller was real estate development firm EMP Capital. JLL\u2019s Michael Mazzara, Ethan Stanton, Brendan Maddigan, Steven Rutman, Guthrie Garvin and Hall Oster arranged the transaction.<\/p>\n ***<\/p>\n Sky Equity Group US and Rabsky Group paid $57.6M across two transactions\u00a0to Bonjour Capital for the development site at 358 Broadway, PincusCo reported<\/a>. The buyers also own\u00a0the adjacent property at 360 Broadway, which wraps around 358 Broadway. Bonjour acquired the site at an auction in 2012\u00a0for $12.6M, Commercial Observer reported<\/a>. Sky Equity and Rabsky Group took out a $340M loan from G4 Capital Partners\u00a0to fund construction of an\u00a089-unit residential building on the parcels.\u00a0<\/p>\n ***<\/p>\n NYC nonprofit Neighborhood Restore has sold three apartment buildings at 1097 Walton Ave., 1177 Walton Ave. and 1245 Findlay Ave. in Concourse for $33.1M, Crain\u2019s New York Business reported<\/a>. The properties, which total more than 180 units, are now in the hands of another nonprofit, the Bowery Residents\u2019 Committee, which focuses on individuals experiencing homelessness and addiction.<\/p>\n ***<\/p>\n United American Land\u00a0acquired three Downtown Brooklyn sites for $14.5M as the developer continues to build an assemblage, The Real Deal reported<\/a>. The properties that sold this week, 48 Willoughby St. and 385 and 387 Jay St., add another 10K SF of built space and 31K SF of air rights. The developer has been building the assemblage since 1996 and now has an area totaling roughly 380K SF, PincusCo reported<\/a>.<\/p>\n ***<\/p>\n Apex Investments sold a Greenpoint homeless shelter for $28M, Crain\u2019s reported<\/a>. Colorado-based investment firm Bear Creek Asset Management\u00a0bought\u00a083 Apollo St. with\u00a0a $22.6M loan from Deutsche Bank. The building is occupied by The Continental, a 145-unit transitional home operated by Breaking Ground and the city\u2019s Department of Social Services and Department of Homeless Services. The shelter will continue to operate.\u00a0<\/p>\n ***<\/p>\n RXR has sold 37-18 Northern Blvd., a 300K SF Long Island City property known as the Standard Motors Product Building, for $42M, Commercial Observer reported<\/a>. The buyer was Pearl Realty Management. Tenants include<\/a> luxury luggage manufacturer Rimowa and residential construction and professional services company I Grace. Brett Siegel, Dan O\u2019Brien, Adam Spies, Adam Doneger and Josh King of Newmark arranged the sale.<\/p>\n ***<\/p>\n<\/p>\n<\/p>\n