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<\/p>\nRudin has secured a four-year extension for the $425M CMBS loan secured by the 27-story, 1.2M SF office tower at 32 Sixth Ave.<\/p>\n
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\n 32 Sixth Ave., where Rudin secured an extension on a $425M CMBS loan this week.\n <\/p>\n
The loan entered special servicing in September, ahead of its November maturity date. But it could now mature as late as November 2029 if Rudin exercises two one-year\u00a0extension options.<\/p>\n
The family office will invest $100M in capital improvements as part of the deal and create a prebuilt program with spaces between 5K SF and 10K SF.\u00a0Iron Hound Management advised the borrower.<\/p>\n
Rudin has owned the 1.2M SF landmark art deco tower since 1999, when the firm acquired the property from AT&T. The telecommunications giant long had its headquarters there, and it served as a central switchboard for phone lines after it was built in the 1930s.<\/p>\n
The building’s office occupancy fell to 57% in June, and its cash flow dropped last year to 49% below its 2015 issuance projections,\u00a0Commercial Observer reported<\/a>. The building’s data and telecom component is 91% leased, the landlord said in a press release.<\/p>\n TOP FINANCING DEALS<\/p>\n Vanbarton Group refinanced\u00a0980 Sixth Ave. with a\u00a0$224M loan from\u00a0Invesco, PincusCo reported<\/a>. The sum for the 380-unit multifamily building replaces a $244.6M loan from Blackstone. The developer started converting\u00a0the building to residential use in November 2023, The Real Deal\u00a0previously reported<\/a>, after WeWork exited its location there\u00a0amid its bankruptcy restructuring<\/a>.<\/p>\n ***<\/p>\n Jack Resnick & Sons refinanced\u00a0its 600K SF full block at 255 Greenwich St. The $147M loan for the 14-story Tribeca tower came from Morgan Stanley and Soci\u00e9t\u00e9 G\u00e9n\u00e9rale and replaces a 10-year CMBS loan. Tenants at the building, which the developer built in 1987, include Cornell University, Icahn School of Medicine at Mount Sinai and Target Corp.<\/p>\n ***<\/p>\n The Domain Cos., LMXD and Bridge Investment Group refinanced The Jasper, a mixed-use Long Island City apartment\u00a0tower\u00a0with a $290M loan from Wells Fargo. The mortgage replaces a $220M construction loan from\u00a0the same lender for the property at 2-33 50th Ave. The 499-unit building has 150 affordable units and retail space leased to 10 shops.\u00a0<\/p>\n ***<\/p>\n Arden Living refinanced 4650 Broadway, a 222-unit, 22-story multifamily property in Inwood known as Forty Six Fifty,\u00a0Commercial Observer reported<\/a>. Starwood Property Trust provided the $161M loan.<\/p>\n ***<\/p>\n A Murphy & McManus affiliate refinanced 225 E. 126th St., home to the New York Proton Center,\u00a0PincusCo reported<\/a>. Funds managed by Nordic Trustee provided the $245M loan, replacing a $150M loan from Nomura Holdings. The treatment facility opened in 2019 as a for-profit partnership of Memorial Sloan Kettering Cancer Center, Montefiore Health System and Mount Sinai Health System and was partially financed by the hospitals, The\u00a0Wall Street Journal previously reported<\/a>.<\/p>\n TOP SALES<\/p>\n \n The development site at at 563 Sackett St. in Gowanus changed hands for $58.5M this week.\n <\/p>\n Fulltime Management\u2019s David Tabak acquired a 421-a-vested development site from the Mazzei family at 563 Sackett St. for $58.5M. The 29K SF Gowanus site is zoned for a 12-story, 350-unit multifamily property that Tabak plans to move forward with. The site is also zoned for ICAP tax abatements<\/a>. A JLL Capital Markets team including Michael Mazzara, Ethan Stanton and Brendan Maddigan arranged the deal.<\/p>\n ***<\/p>\n The Democratic Republic of the Congo acquired 765 First Ave. from the Permanent Mission of the State of Qatar for $33.3M, Commercial Observer reported<\/a>. Both buyer and seller used entities named for their permanent mission to the United Nations. The deal follows\u00a0the June consolidation<\/a> of\u00a0the U.N.’s\u00a0NYC operations on the East Side of Manhattan.<\/p>\n ***<\/p>\n Bayrock Capital sold 160 W. 74th St. to Apex Investments for $26.4M, Crain\u2019s New York Business reported<\/a>. Bayrock acquired the property in 2023 for $14M, the same year that private education institute the Calhoun School moved its Lower School from the five-story property to 325 W. 85th St., CO reported<\/a>. The property is slated to become a 146-bed homeless shelter operated by Volunteers of America and was expected to open last fall, although its current opening timeline remains unclear.<\/p>\n ***<\/p>\n Rabsky Group and Spencer Equity Group went 50-50 on the $37.8M acquisition of a development site at 356 Fulton St. from Extell Development, PincusCo reported<\/a>. Rabsky and Spencer are expected to build a 299-unit rental development, with 90 apartments reserved as affordable housing, plus 200 for-sale condos. The Downtown Brooklyn site is zoned for 363 residential units, after The Feil Organization, which signed a 99-year ground lease with Extell in 2022,\u00a0received development permits in 2022. The sale is part of a deal worth $56M disclosed on the Tel Aviv Stock Exchange in late October, which places total development and acquisition costs at $400M. The buyers plan to spend a further $6M on air rights.<\/p>\n TOP LEASES<\/p>\n \n Hair and body care company Moroccanoil signed a 40K SF lease at SL Green\u2019s 1185 Sixth Ave. this week.\n <\/p>\n Moroccanoil Inc. signed a 10-year, 40K SF lease at SL Green\u2019s 1185 Sixth Ave.\u00a0for the entire 33rd and partial 32nd floor of the 42-story office tower. The hair and body care company’s new neighbors\u00a0include the Industrial &\u00a0Commercial Bank of China and Hartree Partners. Cushman & Wakefield\u2019s Deborah Van Der Heyden, Yarden Drimmer, Tamar Wartanian and Andrew Chase represented the tenant. Newmark\u2019s Brian Waterman, John Fanuzzi, Brent Ozarowski, David Waterman and Kevin Sullivan represented the landlord.<\/p>\n ***<\/p>\n Sigma Computing signed\u00a0a 28K SF expansion deal at SL Green\u2019s One Madison Ave., adding to its 64K SF footprint in the 27-story office tower. The 11-year\u00a0lease brings the tower to 93% leased. Newmark\u2019s Brent Ozarowski, Jeffrey Rodgers and Stephen Cisarik represented the tenant, while JLL\u2019s Paul Glickman, Alexander Chudnoff, Ben Bass and Diana Biasotti represented the landlord.<\/p>\n ***<\/p>\n Sixth Street signed a 103K SF sublease at Tishman Speyer\u2019s The Spiral in Hudson Yards, Commercial Observer reported<\/a>, citing a Colliers office report. The\u00a0deal was one of the largest leases\u00a0in Midtown South during October and expires in 2042.\u00a0Tishman Speyer spent nearly $3.7B developing the 2.8M SF office tower, and it refinanced its construction loan with a nearly $3B CMBS deal<\/a>\u00a0in January. It is unclear who Sixth Street’s sublandlord is, but the five largest tenants in the building are Pfizer, Debevoise & Plimpton LLP, TPG Global, HSBC and AllianceBernstein.<\/p>\n ***<\/p>\n<\/p>\n<\/p>\n