$520M RES TO RISE; THE DEAL SHEET
| The Gotham Org broke ground on a $520M mixed-use residential development in Midtown West yesterday, transforming a entire blockcondemned for redevelopment in the '70s into a home for 2,500 folks. (All in a day's work for the Dark Knights of Gotham... Org.) | ||
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| The 1,200-unit, four-building project will span West 44th to 45th streets from Tenth to Eleventh avenues. The centerpiece: a 31-story tower located on the corner of 45th and Eleventh, which will include 550 luxury apartments, a sky terrace, 10k SF of indoor recreational space, a 10k SF interior courtyard, on-site parking, and bicycle storage. The project will also provide 682 income-restricted housing units in three mid-rise buildings, a new state-of-the-art elementary school for 630 students, and the renovation of a now-vacant 1904 school building into residential condo units. | ||
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| Hundred Stories PR | ||
| NYC Dept. of Housing Preservation and Development commissionerMatthew Wambua, NYC Council Speaker Christine Quinn, Mayor Mike, Gotham Organization prez David Picket, US CongressmanJerrold Nadler; Gotham Organization chair Joel Picket, and NYS Homes and Community Renewal COO Michael Skrebutenas at the groundbreaking. The project will be financed with tax-exempt bonds issues by NYSHFA and a syndicated of lenders led by Wells Fargo. The architect is SLCE. As part of the deal, a Gotham affiliate purchase the land from the City through HPD; Gotham will now contribute $20M to affordable housing needs elsewhere and $15M to fund the new adjacent public school. The residential units are slated to come online in ’14, while the school will open in ’13. | ||
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| SALES Massey Knakal sold two properties: a vacant 17k SF lot with 205k buildable SF at 29-37 41st Ave, Long Island City for $8.3M cash(broker: Al Holloman); and a newly constructed, 9,000 SF preschool and daycare center at 149-34 35th Ave, Flushing for $3.2M cash(brokers: Stephen Pruess and Robert Shapiro). *** | ||
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| The Research Center on Natural Conservation purchased the 100k SF Arden House in Harriman (the first conference center in the US) from The Open Space Conservancy for $6.5M. The Ariel Group Realty’s Charlotte Cheung repped the buyer, while Colliers International’s Bob Freedman, Richard Warshauer, and David Libertson repped the seller.***Marcus & Millichap sold three properties: Kinney Drugs, an 11k SF single-tenant net-leased building at 1304 Washington St, Watertownfor $3.3M (brokers: Steven Stoehrer and Preet Sabharwal); the 4,900 SF 567 Vanderbilt Ave, Brooklyn for $1.3M (brokers: Bruce Thomsen, Derek Bestreich, and Shaun Riney); and the 9,100 SF690 Prospect Pl, Brooklyn for $1M (brokers: Bestreich and Riney). *** HAP Investors purchased a 6,600 SF development site at 446-48 W 167 St from BDN NY Management for $1.7M. The site has 26k buildable SF for as-of-right residential use. Ariel Property Advisors’Victor Sozio, Michael Tortorici, and Shimon Shkury brokered the sale. LEASES WeWork signed a 15-year, 74k SF lease at 175 Varick St. JLL’sSean Black repped the tenant, while Colliers International’s Eric Meyer, Martin Meyer, Richard Plehn, and Seth Hecht repped owner Extell Development. *** NAI Friedland’s industrial division closed over 60k SF of leases, including: NY Top Dog’s 18k SF lease at 1813 Carter Ave, Bronx(broker: Peter Cokin; landlord: Joar Realty Group); 256 Washington Street LLC’s 15k SF lease at 60 Hartford Ave, Mount Vernon (broker: Ross Schneiderman; landlord: Con Edison); Soma Distributors’ 14k SF lease at 1511 Bassett Ave, Bronx (broker:Steve Kornspun; landlord: JJA Holding Corp); and J M Trucking’s10k SF lease at 225 Coster St, Bronx (broker: Jeff Clinton; landlord: Simone Development). *** Amy’s Bread baked a long-term, 33k SF lease at 48-09 34th St, Sunnyside, Queens. Sinvin Real Estate’s Kristin McCann repped the tenant, while Kalmon Dolgin Affiliates’ Jeffrey Unger repped the owner. *** NAI Friedland’s retail division closed nearly 26k SF in deals, including: IHOP’s 18k SF lease at 1895 Bruckner Blvd, Bronx(tenant rep: NAI’s Robin Herko, Steve Lorenzo, and David Scotto; landlord rep: Michael Cervelli Real Estate for Degregoria Enterprises); the US Army’s 2,100 SF lease at 374 E 149th St, Bronx (brokers: John Joseph Rivera, Lou Klein, and Peter Cokin; landlord: Gotham 149th Realty); 99 Cents Alvina’s 2,000 SF lease at 2033-2035 Grand Concourse, Bronx (brokers: Rick Stassa andKarnit Mosberg; landlord: Grandside Realty); and Enterprise Rent-A-Car’s 1,500 SF lease at 2481 Central Park Ave, Yonkers (broker: Klein). *** 530 Seventh Ave saw four deals: Brooklyn Xpress’ three-year, 8,500 SF lease (tenant rep: Savitt Partners’ Marc Schoen); Inno Knits’ 1,100 SF lease (tenant rep: Crosstown Commercial Properties’Elliot Forest; landlord rep: Savitt’s Marc Schoen and Michael Schoen); Creare’s 1,500 SF renewal (brokers: Schoen and Schoen); and Blake & Co’s 1,700 SF renewal. *** | ||
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| Cohen & Gresser is expanding its space at 800 Third Ave by over11k SF, adding to its nearly 23k SF of space. Newmark Knight Frank’s Noel Flagg repped the tenant, while Joseph P. Day Realty Corp’s Rich Teichman repped owner 800 3rd Avenue Associates.***NAI Friedland’s office division completed two deals: Kass & Jaffe’s 5,000 SF lease at 1025 Westchester Ave, White Plains (brokers:Ellen Benedek, Carl Silbergleit, and Ross Schneiderman; landlord: Normandy Real Estate Partners); and Visiting Nurse Association’s 4,700 SF lease at 20 Milltown Rd, Brewster (brokers: Benedek and Silbergleit; landlord: Cojax Construction). *** Carl Hansen & Son inked a five-year, 8,400 SF lease at 304 Hudson St. Rosen & Jacobs Realty’s Tricia Rosen repped the tenant, whileMarc Packman, Peter Fontanetta, and Charles Laginestra repped owner Trinity Real Estate in-house. *** Bathtub Gin signed a 2,600 SF lease at 132 Ninth Ave for a coffee shop, bar, and restaurant. ABS Partners Real Estate’s Mark Tergesen and Jay Einbender brokered the deal. Mark also reppedTerrior Wine Bar’s 1,600 SF lease at 439 Third Ave. The Parkoff Org’s Michael Papilsky repped the owner in-house. *** RadioShack signed a 2,000 SF lease at 1357 Broadway, Bushwick, Brooklyn. Olympia Court’s Barry Rothenberg repped the tenant, while CPEX’s Ryan Condren and Eric Altschul repped the owner. FINANCING GCP Capital Group arranged nearly $52M in financing, including:$38.4M for seven five-story and five six-story apartment buildings totaling 517 units and two stores throughout the Bronx (arranged byAdam Brostovski); $10.5M for a 40k SF retail and office building inManhattan (arranged by Matthew Albano); $2M for a 6,000 SF one-story taxpayer building on 63rd Drive, Queens (arranged by Brostovski); and $1.1M for a four-story, eight-unit apartment building on Greenpoint Avenue, Brooklyn (arranged by Matthew Classi). CONSTRUCTION & DEVELOPMENT Marriott International announced the development of the 168-roomCourtyard by Marriott New York Manhattan/Herald Square in the former Atlantic Bank of New York building at 35th and Sixth. The hotel is under a management agreement with owner 960 Associates, an affiliate of Hidrock Realty. Construction will begin on the 17-story building this fall, completed by early ’12. The building will maintain its façade with 5,000 SF of leased retail space on the ground floor. The lobby will be on the third floor, while guest rooms will occupy floors 4 to 17. *** JLL’s project and development services group completed construction on two new stores, totaling 153k SF, for Uniqlo. The locations are the retailer’s NY flagship at 666 Fifth Ave and another at 31 W 34th St, its second and third locations in the US. The team included JLL’s Laini Rey, Amanda Moskowitz, Andrew Hellerman,Eric Desimone, Trisha Taylor, Tucker Schenk, and Ray Quartararo, as well as architects Gensler and Wonderwall, engineering firm Fiskaa Engineering, structural engineer Gilsanz Murray Steficek, and construction manager Structure Tone. *** | ||
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| The First Presbyterian Church of Northport launched a $1.8Mrenovation of its historic church and community service facilities at330 Main St, Northport, Long Island, the most substantial change to the structures since 1958. Baldassano Architecture is the architect, while Stalco Construction is the construction manager. The project includes renovations to the church structure, demolition of an existing administrative building, and construction of a new 9,000 SF community services, education, and office center.BUSINESS Baltimore-based Sperry Van Ness | RealSite Commercial Groupexpanded its operations into NYC and is located at 123 Third Ave. Managing director Anthony Casalena will provide sales, leasing, and consulting services for office, retail, industrial, and multifamily properties. *** KZA Realty Group opened a new office at 600 Mamaroneck Ave, Harrison in addition to its Bronx office. President Kathy Zamechansky founded the firm in ’98, and until recently, worked as an EVP at NAI Friedland and partner in KZA/Friedland Development Consulting Services. EXECUTIVE MOVES Andrew Bettwy and Glen Lim joined Proskauer as respective partner and senior counsel in its finance group and global corporate department. They were formerly with Skadden’s banking practice. Andrew is a Notre Dame Law School and University of Arizonagrad, while Glen is a NYU School of Law and UCLA grad. *** Richard Bennett rejoined UGL Services as SVP in brokerage. He was previously in the music industry, but spent a decade in CRE from ’83 to ’93, first at Kenneth D. Laub & Co and then UGL Servicespredecessor Equis Corp. He’s a Syracuse grad. *** Wesley Rudes joined CresaPartners as SVP. He was previously with Murray Hill Properties and is a Hofstra and SUNY Albanygrad. *** Brendan Gotch rejoined Massey Knakal as director of retail leasing, specializing in Greenwich Village and East Village. He originally joined the firm in ’03, where he worked for seven years before pursing his MBA at INSEAD business school. He’s also an NYU grad. *** Nick Mahedy joined Massey Knakal as director of sales, focusing onBrooklyn’s Ditmas Park, Flatbush, Kensington, Midwood, and Ocean Parkway neighborhoods. He was previously with The Corcoran Group, and was also a developer and contractor, running Mahedy General Contracting. He’s a Boston University and NYU-Polygrad. *** Joann Saul joined The Rochlin Org as market research administrator. She was previously with CLK/HP and held positions atCushman & Wakefield and CBRE. She’s a Pace and Hofstra grad. *** Marcus & Millichap promoted Matthew Fotis, Joseph Koicim, andScott Edelstein to AVP of investments. Matthew’s been with the firm since ’06, Joseph since ’04, and Scott since ’07. All are directors of the firm’s national multi-housing group and special assets services. *** CresaPartners promoted Justin Halpern to VP. He’s been with the firm since ’07, and was previously with Aetna. He’s a University of Vermont grad. |
