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FinanceMixed-useNew YorkNews

JLL Arranges $395 Million Refinancing for Mixed-Use Property in New York City

by Hayden Spiess

New York City — JLL Capital Markets has arranged $395 million in refinancing for 70 Pine Street, a mixed-use property located in the Financial District of New York City. Originally built in 1932 and renovated in 2016, the 66-story property features 39,075 square feet of retail space, in addition to 612 rental residences and a 165-room hotel. Christopher Peck, Geoff Goldstein and Christopher Pratt of JLL secured the financing through Goldman Sachs on behalf of the borrowers, DTH Capital and Rose Associates. Retailers at the building include restaurants SAGA and Crown …

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Investment salesNew YorkNews

JLL Brokers Sale of 730,000-Square-Foot Retail Center in Hicksville, New York

by Hayden Spiess

Hicksville, N.Y. — JLL has arranged the sale of Broadway Commons, a 730,000-square-foot retail center in the Long Island community of Hicksville. The center was 97 percent leased at the time of sale to tenants including Round 1 Bowling & Amusement, Showcase 12 Cinema, H&M, Old Navy, Blink Fitness, Buffalo Wild Wings, On the Border, Hook & Reel, Panera Bread and Blaze Pizza. Jose Cruz, Kevin O’Hearn, J.B. Bruno and David Monahan of JLL represented the undisclosed seller in the transaction and procured the buyer, a partnership between KABR Group, BTF …

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LeasingNew YorkNewsRestaurants

Rooftop Hospitality Group Signs 15,000-Square-Foot Lease in New York City

by Hayden Spiess

New York City — Rooftop Hospitality Group has signed a 15,000-square-foot lease at 520 Eighth Ave., a 26-story office tower in the Garment District of New York City. The tenant, which owns and operates 230 Fifth Ave. Rooftop Bar, plans to open a rooftop restaurant and lounge at the location. Planned construction at the site includes the addition of a floating deck system, new kitchen space and restrooms, as well as modifications to one of the building’s elevators. David Kaye and Matthew Mandell represented the landlord, GFP Real Estate, on an …

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Company newsNew YorkNews

JPMorgan to Open 500 New Chase Bank Branches, Renovate 1,700 Over Next Three Years

by Hayden Spiess

New York City — JPMorgan Chase & Co. (NYSE: JPM) announced plans today to expand its brick-and-mortar footprint by adding 500 Chase bank branches over the next three years. The New York City-based institution also plans to renovate 1,700 existing bank locations across the United States. New branches will expand JPMorgan Chase’s footprint in existing markets like Boston; Washington, D.C.; Charlotte, North Carolina; Philadelphia; and Minneapolis. The company will also enter several new markets, including low- to moderate-income rural communities that previously had little access to traditional banking service. The multi-billion-dollar …

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Tous-les-Jours
New YorkNewsRestaurants

Two Restaurants Sign Leases Totaling 3,161 Square Feet at Samanea New York on Long Island

by Hayden Spiess

Westbury, N.Y. — Two restaurant concepts have signed leases totaling 3,161 square feet at Samanea New York, a 750,000-square-foot retail development located in Westbury on Long Island. Artisan bakery Tous les Jours and Taiwanese tea concept YiFang Taiwan Fruit Tea will occupy 2,611 and 550 square feet, respectively. Construction is currently underway on both spaces. Dominic Coluccio represented the landlord, Lesso Mall Development, on an internal basis, in association with Colliers International, the exclusive broker for the property. Don Cafeor of JLL represented Tous les Jours, and JLL also represented YiFang …

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Fifth-Avenue
Investment salesNew YorkNews

Gucci Owner Acquires Fifth Avenue Retail Property in New York City for $963 Million

by Hayden Spiess

New York City — Global luxury group Kering has acquired a multi-level retail property at 715-717 Fifth Ave. in New York City for $963 million. The Paris-based company manages the development of a number of major fashion houses including Gucci, Saint Laurent, Balenciaga and Alexander McQueen.  The 115,000-square-foot space spans multiple levels at the base of the Corning Glass Building, a 28-story office tower developed in 1959. Rival fashion houses Dolce & Gabbana and Armani currently occupy the space. The Armani lease at the property is up in a few months, …

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Company newsFinanceNew YorkNews

Macy’s Rejects $5.8 Billion Buyout Offer from Arkhouse, Brigade

by Hayden Spiess

New York City — Retailer Macy’s has rejected a $5.8 billion buyout offer from Arkhouse Management Co. and Brigade Capital Management. In December 2023, the investor group submitted a bid to acquire the outstanding shares of the company not already owned by Arkhouse and Brigade for $21 per share in cash. The Macy’s board of directors has since determined “not to enter into a non-disclosure agreement or provide any due diligence information to Arkhouse and Brigade,” according to a press release from the company. A letter to the would-be buyers cited …

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Burger-King
Company newsDevelopmentInvestment salesNew YorkNewsRestaurants

Burger King Owner to Buy Largest Franchisee for $1 Billion

by Hayden Spiess

Toronto and Syracuse, N.Y. — Toronto-based Restaurant Brands International Inc. (RBI) has agreed to acquire Syracuse-based Carrols Restaurant Group Inc. for $1 billion. RBI (NYSE: QSR) owns the Burger King, Popeyes, Firehouse Subs and Tim Hortons brands. Carrols (NASDAQ: TAST) is the largest Burger King franchisee in the United States, operating 1,022 locations in 23 states. Burger King says the transaction is part of its “Reclaim the Flame” plan to accelerate sales growth and drive franchisee profitability. The transaction follows the brand’s initial $400 million investment announced in September 2022 to …

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Company newsFinanceInvestment salesNew YorkNews

Kimco Closes Acquisition of RPT Realty

by Hayden Spiess

Jericho, N.Y. — Kimco Realty has closed the acquisition of RPT Realty. The acquisition includes 56 open-air shopping centers comprising 13.3 million square feet of gross leasable space, adding to Kimco’s existing portfolio of 527 properties. Kimco and RPT first entered into the agreement Aug. 28 of last year. The all-stock transaction includes the assumption of debt and preferred stock and will result in an earnings accretion of roughly $34 million, approximately 85 percent of which is expected to be realized in 2024. 

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BOGNER
CaliforniaCompany newsLeasingNew YorkNews

BOGNER Opens Stores in Los Angeles, New York City

by Hayden Spiess

Los Angeles and New York City — Apparel retailer BOGNER has opened two stores in Los Angeles and New York City, marking the first locations in the country for the German brand. Located on Madison Avenue, the New York City store comprises 3,400 square feet, and the Los Angeles store occupies 2,500 square feet on the Sunset Strip.

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