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<\/p>\nTavros has acquired a development project in Manhattan’s Seaport neighborhood for\u00a0millions less than it agreed to pay last year.<\/p>\n
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\n 250 Water St., where Howard Hughes Holdings’ Seaport Tower was set to rise.\n <\/p>\n
Seaport Entertainment Group sold 250 Water St., a vacant full-block development site, for $143M. The price is $7.5M\u00a0less than the $150.5M price<\/a> announced in August<\/a>\u00a0when the deal went under contract.<\/p>\n SEG is a spinoff of developer\u00a0Howard Hughes Holdings, which planned to build a 400-unit, 27-story tower on the South Street Seaport site\u00a0after acquiring it in 2018 for $180M.<\/p>\n But legal proceedings got in the way.\u00a0A judge halted construction in 2022 after a local community group sued the Landmarks Preservation Commission alleging the agency had approved construction without the proper review process. That ruling was overturned on appeal<\/a>, clearing the site for development.<\/p>\n Tavros is now planning a 600-unit development on the site, setting aside 25% of apartments as affordable housing and a quarter of those units as deeply affordable.<\/p>\n The developer also scored a predevelopment loan from BDT & MSD Partners, plus an equity investment from Atlas Capital covering both acquisition and predevelopment.<\/p>\n JLL represented SEG in the deal, as well as BDT & MSD Partners in the financing.<\/p>\n TOP SALES<\/p>\n A joint venture of Klosed Properties and Namdar Realty Group acquired a 22K SF Meatpacking District retail building at 446 W. 14th St. for $23.5M. The building is fully leased to mini-golf bar The Puttery. Avison Young\u2019s James Nelson, Brent Glodowski, Mitchell Levine and Noah Kossoff represented the seller, an affiliate of\u00a0Maverick Real Estate Partners. Maverick acquired the\u00a0building\u00a0in 2024<\/a>\u00a0after foreclosing on a loan with its previous owner,\u00a0Thor Equities.<\/p>\n ***<\/p>\n CMBS bondholders, with Wells Fargo acting as their trustee, acquired 25 W. 45th St. at a foreclosure auction for $45.1M, Crain\u2019s New York Business reported<\/a>. APF Properties\u00a0defaulted on the 200K SF prewar building’s mortgage in 2024 after its largest tenant, WeWork, filed for bankruptcy. The building was 40% vacant\u00a0in October and last year was appraised at $55M with $75M in debt.<\/p>\n ***<\/p>\n Premier Equities acquired a 76K SF Penn Plaza-area office building at 1220 Broadway for $31.6M from Haddad Brands, PincusCo reported<\/a>. The seller acquired the property in 2013 for $1.8M.<\/p>\n ***<\/p>\n Shloime Goldstein bought a development site at 539 W. 54th St. from Excel Development Group for $30M, Crain\u2019s reported<\/a>. The seller had planned to build a 21-story apartment building on the site but appears to have started too late to qualify for the 421-a tax abatement before it expired. It\u2019s unclear what Goldstein, who financed the deal with a $20M mortgage from Be Aviv, is planning for the site.<\/p>\n TOP FINANCING DEALS<\/p>\n \n 100 William St., where Bushburg is planning to convert a 21-story office building into more than 400 apartments.\n <\/p>\n Bushburg\u00a0landed a $78M loan from Oak Funding and OakNorth Bank for the 21-story office building at 100 William St.,\u00a0which the developer plans to convert into more than 400 apartments.\u00a0Bushburg, which paid a Manulife subsidiary $70M for the property last year, plans to set aside 25% of units as affordable housing.\u00a0<\/p>\n ***<\/p>\n Affinius Capital provided a $115M loan to Ranco Capital and the Gilardian Family to refinance a Murray Hill multifamily project at 162 E. 36th St. The borrower will use the loan proceeds to complete construction and stabilize occupancy at the 160-unit, 22-story building. Galaxy Capital\u2019s Henry Bodek arranged the financing.<\/p>\n ***<\/p>\n GFP Real Estate scored a $191.5M construction\u00a0loan from Derby Lane for converting the office building at 40 Exchange Place. The Gural-owned firm plans to\u00a0turn the building into 382 apartments using federal and state Historic Rehabilitation Tax Credits plus a 467-m tax abatement. Newmark\u2019s Jordan Roeschlaub, Chris Kramer and Tim Polglase arranged the financing for GFP.<\/p>\n ***<\/p>\n World Wide Group and Rabina refinanced a 21-story, 421-unit luxury residential building at 41-42 24th St. in Long Island City with $160.3M from KKR. The development, named QLIC, benefits from a 421-a tax abatement. A JLL capital markets advisory team including Christopher Peck, Lauren Kaufman and Michael Shmuely represented the sponsors.<\/p>\n TOP LEASES<\/p>\n \n SL Green’s 100 Park Ave., which is now 100% leased after signing professional services company Turner & Townsend to 24K SF.\n <\/p>\n Professional services company Turner & Townsend, a CBRE subsidiary, signed a 24K SF\u00a0deal at SL Green\u2019s 100 Park Ave., bringing the 36-story, 905K SF Midtown Manhattan office tower to 100% leased. CBRE\u2019s Mary Ann Tighe, Stephen Eynon and Alessia Lawson represented the tenant. Cushman & Wakefield\u2019s Harry Blair, Barry Zeller, Justin Royce and Pierce Hance represented the landlord.<\/p>\n ***<\/p>\n JPMorgan Chase\u00a0expanded by\u00a0139K SF at Brookfield Properties\u2019 Five Manhattan West, according to a Colliers report. The deal expands on the bank\u2019s existing space in the property, bringing its total footprint to 565K SF. Although JPMorgan opened its global headquarters at 270 Park Ave. late last year, the expansion is reportedly to accommodate around 10,000 of the firm\u2019s 24,000 NYC-based employees.<\/p>\n ***<\/p>\n RXR signed financial services firm StoneX to a 21K SF expansion at 230 Park Ave., Commercial Observer reported<\/a>. The deal expands on the tenant’s existing footprint \u2014 now totaling 95K SF \u2014 with new space on the 32nd floor adding to its 73K SF on the 10th floor. Asking rents were $120 per SF. Newmark\u2019s Brian Waterman, Scott Klau, Erik Harris, Zach Weil and Cole Gendels represented the landlord alongside Andrew Ackerman and Walter Rooney, who represented RXR in-house.<\/p>\n ***<\/p>\n<\/p>\n<\/p>\n