If Westbrook principals are still sad that they lost out on Stuy Town, consider this the leg-up portfolio! The apartments in the Village stretch from Second Street to 13th Street, between Second Avenue and Avenue B. Nine of the 17 buildings are either on or just off Avenue A between 10th and 13th streets.
The biggest residential building, 211 Avenue A, has 35 units, including two commercial units, the bars the Phoenix and Boys Room. The building sold for $10.2 million.
Representatives from Westbrook did not return calls for comment.
But one wonders: The prices of the apartments didn’t diminish, so perhaps Westbrook will finish whatever plan Extell might have had. And perhaps Westbrook has the bigger stomach to deal with some of the accompanying problems of a wide development.
Media Firm Scarfs Big Downtown Chunk
Good news for American Banker! You’re staying at home.
SourceMedia, the company that owns the financial publications American Banker, National Mortgage News, The Bond Buyer and Accounting Today, has expanded its downtown presence to 122,000 square feet.
The media company signed a renewal for the 79,296 square feet it occupies on floors 25 through 27 at the 35-story 1 State Street Plaza. One block north, SourceMedia signed a new lease for the entire seventh floor at 1 Whitehall Street, totaling 21,657 square feet. It will also renew its 20,803 square feet of space on the ninth floor.
This lease will represent one of the biggest lease and renewals for the financial district this quarter. Activity downtown has been surging, with rents there increasing more than in any other market in the United States over the last year, according to a report by CB Richard Ellis. During that time, rents increased 43 percent.
Gus Field and Adam Rappaport of Cushman & Wakefield represented SourceMedia, while Tom Keating represented Rudin Management at 1 Whitehall, and Eli Levitin represented the Wolfson Group at 1 State.
Busy Holliday Cuts Deal for Graybar Building Control
Clever Marc Holliday is doing everything to keep his shareholders happy.
After a busy first quarter, SL Green has swung a deal that could keep it in control of the ground lease of the Graybar Building at 420 Lexington Avenue through 2080.
SL Green reached an agreement with Landgray, the fee owner, and MetLife, the lessee, for an early renewal and extension of its ground lease through 2029.
Mr. Holliday, SL Green’s C.E.O., will owe Landgray $11.2 million a year under the agreement.
The deal also gives SL Green the right to enter into a new ground lease once the current one expires in 22 years. If SL Green picks up that option, the new lease will have a term of 21 years, with two 15-year renewal options, which means the 420 Lexington Avenue address could be under SL Green’s portfolio for the better balance of the century.
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