{"id":1004733724,"date":"2024-10-21T04:01:52","date_gmt":"2024-10-21T12:01:52","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004733724"},"modified":"2024-10-22T06:40:40","modified_gmt":"2024-10-22T14:40:40","slug":"rxr-partners-jv-secures-320m-recap-for-nyc-building","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/rxr-partners-jv-secures-320m-recap-for-nyc-building\/","title":{"rendered":"RXR Partners JV Secures $320M Recap for NYC Building"},"content":{"rendered":"\n<p>RXR, through its Office Recovery Fund, has partnered with Hudson Bay Capital to share ownership of and reposition 620 Ave. of the Americas, a historic 500,000-square-foot office and retail building in Manhattan\u2019s Chelsea neighborhood.<\/p>\n\n\n<div class=\"wp-block-image\">\n<figure class=\"alignright size-full is-resized\"><a href=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2024\/10\/620-Ave.-of-the-Americas-featured.jpg\"><img loading=\"lazy\" decoding=\"async\" width=\"801\" height=\"610\" data-attachment-id=\"1004733742\" data-permalink=\"https:\/\/www.commercialsearch.com\/news\/rxr-partners-jv-secures-320m-recap-for-nyc-building\/620-ave-of-the-americas-featured\/\" data-orig-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2024\/10\/620-Ave.-of-the-Americas-featured.jpg\" data-orig-size=\"801,610\" data-comments-opened=\"0\" data-image-meta=\"{&quot;aperture&quot;:&quot;0&quot;,&quot;credit&quot;:&quot;&quot;,&quot;camera&quot;:&quot;&quot;,&quot;caption&quot;:&quot;&quot;,&quot;created_timestamp&quot;:&quot;0&quot;,&quot;copyright&quot;:&quot;&quot;,&quot;focal_length&quot;:&quot;0&quot;,&quot;iso&quot;:&quot;0&quot;,&quot;shutter_speed&quot;:&quot;0&quot;,&quot;title&quot;:&quot;&quot;,&quot;orientation&quot;:&quot;0&quot;}\" data-image-title=\"620 Ave. of the Americas featured\" data-image-description=\"\" data-image-caption=\"&lt;p&gt;620 Ave. of the Americas is a historic office and retail building in Manhattan&#8217;s Chelsea neighborhood. Image courtesy of CommercialEdge&lt;\/p&gt;\n\" data-large-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2024\/10\/620-Ave.-of-the-Americas-featured.jpg?w=801\" src=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2024\/10\/620-Ave.-of-the-Americas-featured.jpg\" alt=\"620 Ave. of the Americas is a historic office and retail building in Manhattan's Chelsea neighborhood. \" class=\"wp-image-1004733742\" style=\"width:400px\" srcset=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2024\/10\/620-Ave.-of-the-Americas-featured.jpg 801w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2024\/10\/620-Ave.-of-the-Americas-featured.jpg?resize=300,228 300w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2024\/10\/620-Ave.-of-the-Americas-featured.jpg?resize=768,585 768w\" sizes=\"auto, (max-width: 801px) 100vw, 801px\" \/><\/a><figcaption class=\"wp-element-caption\">620 Ave. of the Americas is a historic office and retail building in Manhattan&#8217;s Chelsea neighborhood. <em>Image courtesy of CommercialEdge<\/em><\/figcaption><\/figure><\/div>\n\n\n<p>As part of the transaction, the joint venture secured a five-year, $320 million loan facility. Lenders include Goldman Sachs and Blackstone, according to a report by <em>The Real Deal<\/em>.<\/p>\n\n\n\n<p>The owners are touting the mixed-use building\u2019s location, high ceilings, 100,000-square-foot-plus floorplates and vintage architectural elements as attractive to varied retail and office tenants.<\/p>\n\n\n\n<p>The seven-floor building came online in 1896, according to CommercialEdge information. RXR acquired a 45 percent interest in the property for $225 million from The Chetrit Group in January 2012 and the remaining 55 percent in November 2012 for $255.6 million.<\/p>\n\n\n\n<hr class=\"wp-block-separator has-alpha-channel-opacity has-very-light-gray-to-cyan-bluish-gray-gradient-background has-background is-style-wide\"\/>\n\n\n\n<p><strong>READ ALSO<\/strong>: <a href=\"https:\/\/www.commercialsearch.com\/news\/office-to-lab-conversions-transforming-desks-into-discoveries\/\">Why the Office-to-Lab Conversion Trend Will Last<\/a><\/p>\n\n\n\n<hr class=\"wp-block-separator has-alpha-channel-opacity has-very-light-gray-to-cyan-bluish-gray-gradient-background has-background is-style-wide\"\/>\n\n\n\n<p>However, it was a $425.1 million refinance by Goldman Sachs in October 2019\u2014just months before the World Health Organization officially declared the COVID-19 outbreak a pandemic\u2014that put the building on a tricky course. Two prominent tenants, WeWork and Bed Bath &amp; Beyond, went bankrupt, pushing the building to more than 50 percent in total vacancy.<\/p>\n\n\n\n<p>Over the past two years, however, RXR nailed down more than 300,000 square feet of new and renewal leases to office tenants and induced long-time tenant 32BJ, an affiliate of the Service Employees International Union and the nation\u2019s largest union of property service workers, to expand its lease by 21,000 square feet.<\/p>\n\n\n\n<p>As a result, the building\u2019s office component is fully occupied, and RXR reported that it\u2019s in negotiations with multiple potential tenants for the remaining vacant retail space.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-leases-vs-sales\">Leases vs. sales<\/h2>\n\n\n\n<p>Clearly, not all of 620 Ave. of the Americas\u2019 neighbors are doing as well, because Manhattan\u2019s Chelsea submarket currently has a total availability of 27.5 percent, according to a third-quarter report from Avison Young. That\u2019s somewhat higher than the average for all of Midtown South, which is 21.2 percent, and higher still than the overall Manhattan average of 18.7 percent.<\/p>\n\n\n\n<p>Transactions nonetheless seem to be ticking along. Three times so far this year, Chelsea properties have landed on <em>Commercial Property Executive<\/em>\u2019s monthly tally of the top five NYC office building sales:<\/p>\n\n\n\n<p>\u2022&nbsp; In January, it was <a href=\"https:\/\/www.commercialsearch.com\/news\/top-5-nyc-office-building-sales-january-2024\/\">Argentic Investment Management\u2019s $21.5 million sale<\/a> of 115 Seventh Ave., a 42,380-square-foot, 1924-vintage building, to Raymond Chan Architect PC.<\/p>\n\n\n\n<p>\u2022&nbsp; In April, we reported the <a href=\"https:\/\/www.commercialsearch.com\/news\/top-5-nyc-office-building-sales-april-2024\/\">$31 million sale of 129 W. 29th St.<\/a> by Samson Management to The Epoch Times, part of The Epoch Media Group. The 85,869-square-foot building was completed in 1911.<\/p>\n\n\n\n<p>\u2022&nbsp; And in May, a private investor acquired the 7,410-square-foot 156 W. 29th St. for $6.3 million from a private seller, in a deal brokered by Cushman &amp; Wakefield.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Goldman Sachs and Blackstone are among the historic property\u2019s lenders.<\/p>\n","protected":false},"author":882,"featured_media":1004733742,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21825,21783,21752,1600,21742,10,21747,21749],"tags":[33022,32892,32799,33435,52181],"class_list":["post-1004733724","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-finance","category-investment","category-mixed-use","category-new-york","category-latest","category-northeast","category-office","category-retail","tag-avison-young","tag-blackstone","tag-cushman-wakefield","tag-goldman-sachs","tag-rxr"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v23.4 (Yoast SEO v24.6) - 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