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From left: 909 Third Avenue, 79 Fifth Avenue, 240 West 37th Street and 27 East 62nd Street (VNO, Cercone Exterior Restoration, Google Maps)
The 10 largest Manhattan real estate loans recorded in April totaled about $790 million, less than half of March’s total.
Once again, the commercial mortgage-backed securities market produced the month’s largest loan: a refinancing for a Midtown office tower on top of a USPS warehouse. It was also the month’s only loan of more than $100 million.
Here were the borough’s largest real estate loans in April:
1) You’ve got mail | $350 million
Vornado Realty Trust secured a $350 million refinancing for 909 Third Avenue from Citi Real Estate Funding, Bank of America and BMO Harris. The property has a 490,000-square-foot warehouse at its base, which serves as the United States Postal Service’s main mail processing facility in New York City. Major tenants in the office tower include advertising firm IPG DXTRA,
Industrious to Open Flex-Office Space At Rudin Building
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Industrious CEO Jamie Hodari (right). Inset (clockwise): TF Cornerstone’s Frederick Elghanayan, Vornado’s Steven Roth, LIVWRK’s Asher Abehsera, Thor Equities’ Joseph Sitt, and George Comfort & Sons’ Peter Duncan (Photo Illustration by Kevin Rebong for The Real Deal)
Flex-office provider Industrious is doubling down on New York at a time when the future of the office market and flex offices in particular is facing unprecedented uncertainty.
The company recently opened a 17,000-square-foot site in Midtown’s Carnegie Hall Tower, the third location it’s launched in the city since the pandemic took hold.
Industrious’ Carnegie Hall Tower space (Photo via Industrious)
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From left: Knotel’s Amol Sarva; Breather’s Bryan Murphy; WeWork’s Sandeep Mathrani and IWG’s Mark Dixon
Montreal-based Breather, a company that rents workspaces by the day, made a bold announcement last month that reverberated throughout the world of flex-office operators.
“Breather, in its current form as an operator, doesn’t make sense. And, to be frank, I’m not sure it ever made sense,” CEO Bryan Murphy told the Globe and Mail as he announced the startup would close all of its locations in the U.S., Great Britain and Canada.
Flex-office companies emerged from 2020 bruised and battered. But they say that whatever doesn’t kill you and, to be sure, some companies were dealt a fatal blow only makes you stronger.
The Chetrits and Yadidi purchased the 18-story, 120,790-square-foot property for $62.5 million in 2012 and have been looking to shed it for several years. The delay could have been pandemic-related, but it’s not certain and the owners would not confirm.
They had also listed another property for sale nearby in 2017: 22 W. 48th St. They hoped to score between $190 million and $200 million for both of them, which are mostly leased up by jewelers.
Another building in the glittery district was put on the market for $113 million in October. The 12-story property at 576 Fifth. Ave. is run by Severn Realty Partners, a third-generation family office. Tenants also mostly include diamond dealers.
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