Law Firm Makes Leasing News at News Bldg.
May 3, 2010
By: Paul Bubny

Law firm Jones Day’s New York office has signed a 44,034-square-foot, 16-year-plus lease for a portion of the second floor at SL Green Realty Corp.’s 220 E. 42nd St., a/k/a the News Building. The new lease follows a lease buy-out by Pfizer for the same space late last year. Studley’s Mitchell Steir and David Goldstein represented Jones Day in the transaction, while David M. Kaufman provided in-house representation for SL Green. Asking rent for the space was $45 per square foot. ...

... Sioni & Partners has arranged the $3.75-million sale of 1860 Billingsley Terr., a six-story elevatored apartment building in the Bronx. Managing director Moses Sioni says the property, which sold for the first time in over 25 years, commanded an 8% capitalization rate and a 6.4 gross rent multiplier. Sioni handled the transaction for the seller, Terrace Arms Corp. The building was purchased by the Morgan Group, a Scarsdale, NY-based-investment company.

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