Capital Moves: Refinancing Activity Accelerates
Carlyle Group Refi Totals $137.8M Across Three Boroughs Carlyle signed a $137.8M refinance with PGIM Real Estate covering assets in Queens, Brooklyn, and Harlem. The three-property, 466,885 SF portfolio—previously financed by Santander and Deutsche Bank—had a prior debt total of $127.6M. Loan proceeds suggest a PSF value of $295. Annual revenue was estimated at $6.5M.
Feil Organization Refinances 849 Broadway for $56.5M In Greenwich Village, Feil secured $56.5M from Citibank for its 218,953 SF office property near Union Square. With prior financing at $50M, the new deal reflects a $258 PSF valuation. Revenue was recently reported at $25M annually. Feil’s citywide portfolio exceeds $1.7B in value.
Distress Signals: Pre-Foreclosure Hits 15 W 34th Street
TD Bank filed a pre-foreclosure action against the 10,595 SF retail condo at 15 West 34th Street, citing a maturity default on a $20.3M loan issued in 2013. The current principal is $17.8M. The ownership group includes Jeff Sutton, the Gindis, and Steven Russo. Declining rents along 34th Street and stagnant tax assessments have challenged landlords’ ability to refinance. Zumiez was the most recent tenant in a stretch once home to brands like Victoria’s Secret and Forever 21.
Sales Highlights: Garment District Losses, Brooklyn Heights Gains
Investcorp Sells Garment District Offices at Deep Discount Entities linked to Empire Capital acquired 256 W 38th Street and 229 W 36th Street for a combined $40.8M—down from the $156.8M paid in 2017. Financing came via Derby Copeland ($14M) and Israel Discount Bank ($15.4M).
Turtle Bay Condo Trades for $6.6M A resale unit at 138 East 50th Street closed for $6.6M—well below the $10M ask.
Brooklyn Multifamily Sees Movement
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A 38-unit rent-stabilized building in Ditmars Park sold for $13.1M (up from $1.3M in 2015).
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A 22-unit walk-up in Park Slope fetched $9M.
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A four-family in the Columbia Street Waterfront District closed for $6.4M.
Development Watch: Contracts Dip in New Dev Sector
May New Development Contracts Fall to 17-Month Low Across NYC, just 196 new development contracts were signed in May—down from 237 last year. Manhattan was hit hardest, with only 94 signed vs. 138 last year and last month. Median prices in Manhattan were $3.5M and $2,250 PSF.
Brooklyn held steadier with 76 contracts ($1.3M median price), while Queens was the only borough to outperform YoY with 26 contracts vs. 20. Inventory tightness is cited, with many successful projects nearly sold out and fewer launches on the horizon.
High-Profile Buy: Sackler Heir Buys Brooklyn Heights Townhouse
Julia Shack Sackler, part of the family behind Purdue Pharma, bought 17 Willow Place in Brooklyn Heights for $11M—10% over ask. The 4,600 SF home includes a two-story garden window and was gut-renovated in 2012. Other Sackler family transactions include a $38M UES townhouse sale and a $22.5M Bel-Air acquisition.
Office Leasing: Big East Conference Joins the Empire State Building
The NCAA’s Big East Conference leased 7,882 SF at the Empire State Building, relocating from its longtime HQ at 655 Third Avenue. The move aligns the conference more closely with Madison Square Garden, where its tournament has run for 43 straight years. Amenities include an in-building basketball court. Move-in is scheduled for fall.