$624M RETAIL DEALS; THE DEAL SHEET
| What a day for 666 Fifth! On Friday, the retail portion of the building (owned by a JV of Kushner Cos, The Carlyle Group, and Crown Acquisitions) experienced two mega deals: Spanish retail groupInditex's whopping $324M purchase of the former 39k SF NBA Store, and a $300M refinancing of the retail block's remainder. | ||
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| Inditex opted to purchase the space rather that commit to a $300M long-term lease. And as part of the transaction, Savills Europe CEOBorja Sierra worked with the seller to negotiate the early termination of the NBA lease—the buyout and other factors value the total deal at $400M, and will allow the buyer to move forward with plans for a new flagship Zara store. The trophy retail property is located on the same block as Uniqlo and Hollister’s flagship stores, above. We learned from a source familiar with the deal that the JV had planned to sell the non-NBA Store portion, which totals 58k SFand includes a 2,000 SF vacant retail store but decided to pull it off the market and refi the space through Morgan Stanley instead. | ||
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| Sales TransactionsRosewood Realty Group brokered the $31M sale of four apartment buildings at 10 Midwood St, 50 Lincoln Rd, 64 Lincoln Rd, and2121 Beekman Pl in Lefferts Gardens, Brooklyn. The portfolio totals over 196k SF of multifamily space and 29k SF of retail. The firm’sAaron Jungreis and David Berger repped both the seller and buyer in the off-market deal.***The Sabet Group purchased 423 West St, formerly known asHudson Blue Condos, from CapitalSource for $8.4M. Grubb & Ellis’Neil Helman, Charles Kingsley, and Yoav Oelsner repped the seller, which took the property back through foreclosure. The new owner will likely finish construction on the partially completed development and sell individual apartment units as originally planned by the previous developer. *** | ||
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| Massey Knakal sold three properties: a 16k SF former nursing home (pictured) at 8629 Bay Pkwy, Brooklyn for $3.2M cash (broker:Jeffrey Shalom); a 4,300 SF mixed-use building at 412 Myrtle Ave, Brooklyn for $1.1M cash (brokers: Stephen Palmese and Michael Amirkhanian); and a 7,400 SF commercial building at 21 W Main St, Bergenfield, NJ for $1M (broker: Clint Olsen). ***Pond Partners purchased the 73k SF 6 Upper Pond Rd, Parsippany, NJ from EBI for $5.3M. Cushman & Wakefield’s Jon Williams repped the buyer, while the firm’s Robert Rudin, Andrew Schiffer, and Charlie Hatfield repped the seller. *** Marcus & Millichap sold 1373 First Ave, a 5,400 SF mixed-use property, for $2.4M. The firm’s Peter Von Der Ahe, Joseph Koicim, and David Lloyd brokered the deal. *** CPEX sold a 14k SF office building at 300 Northern Blvd, Great Neck, Long Island for $1.7M cash. The firm’s Andrew Lester andWyatt Uhlein and CBRE co-brokered the deal. Lease Transactions 1200 Route 523, Flemington, NJ saw two distribution center leases:Flemington Department Store’s long-term, 40k SF lease andCustomized Distribution Services’ long-term, 35k SF lease. Colliers International’s Joe Nitti and John Kainer repped the tenants and owner Equity Industrial Partners. *** | ||
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| The iconic Woolworth Building saw three leases: Public Health Solutions’ 29k SF lease, Imagine Software’s 10-year, 15k SF lease, and Prime New York’s eight-year, 2,100 SF renewal. The Lawrence Group’s Brian Siegel repped owner Cammeby’s International Group in the PHS lease, while the firm’s David Ofman repped the landlord in the other two leases. ***Cowtan & Tout inked a 15-year, 30k SF lease at 205 Hudson St. Cushman & Wakefield’s Owen Hane repped the tenant, while Tom Lynch repped owner Trinity Real Estate in-house. *** Estée Lauder division Aramis inked an 18k SF lease at Melville Corporate Center I, 105 Maxess Rd, Melville, Long Island. Owner T. Weiss Realty was repped in-house by Craig Weiss. *** 26 W 39th St saw nearly 16k SF in leases, including: Mackage’s seven-year, 5,000 SF lease (tenant rep: Millennium Realty Group’sMarc Kritzer); Bench USA’s six-year, 3,000 SF lease (tenant rep: George Comfort & Sons’ Dennis Someck); Allan Raider’s 2,800 SF lease (tenant rep: Prime Manhattan Realty’s Jonathon Anapol); andBerger & Stevens Associates’ expansion to 2,500 SF. The Kaufman Org’s Michael Heaner repped the owner in each lease. *** Electronic Arts signed a five-year, 7,200 SF lease at 1515 Broadway. JLL’s Natasha Brown repped the tenant, while David Kaufman repped owner SL Green in-house. *** East West Bank inked a 10-year, 4,520 SF lease at 1040 Avenue of the Americas. Adams & Co’s Jeffrey Buslik and David Levy repped the tenant, while Newmark Knight Frank’s Matthew Leon and Billy Cohen repped owner Garden Homes Development. *** Months after moving its corporate HQ to DUMBO, Brooklyn Industries will be opening a 2,200 SF retail location at 750 Front Stin March. Caroline Pardo repped landlord Two Trees Management Co in the five-year deal. *** TigerRisk Partners is expanding by an additional 2,000 SF at First Stamford Place, Stamford, Conn., for a total footprint of 5,000 SF. The tenant repped itself, while Jeffrey Newman and Kimberly Zaccagnino repped owner Malkin Properties in-house. Construction & Development Summit Associates launched a repositioning of Raritan Plaza I in Edison NJ, which includes lobby and elevator area renovations, restroom upgrades, security and lighting enhancements, new signage, and touch-screen directories. Architecture and design will be handled by Aztec’s Charles Logan. In conjunction, Cassidy Turley’sWarren Searles, Milt Charbonneau, Doug Twyman, and Charles Parmelli will handle the promotion and leasing of the project. Financing Meridian Capital Group closed over $97M in financings, including: a$26.7M new mortgage on four multifamily buildings totaling 325 units in Brooklyn (arranged by Scott Assouline); a $24M senior underlying co-op mortgage and $1M unsecured line of credit for 494-unit The Royal York condo-op building (arranged by Allan Lieberman); a $19M new mortgage on a 91-unit multifamily building on Greenwich St (arranged by Morris Diamant); and a $7.6M new mortgage on a 144-unit multifamily building on Linden Blvd, Brooklyn (arranged by Diamant and Ben Piller). *** Ackman-Ziff closed on over $90M in financing deals on behalf of owner clients, including: $55M for the refinancing of an office/retail building with 228k SF in Manhattan; a $23.8M first mortgage loan for the acquisition of an 89% occupied, rent-stabilized apartment complex in Westchester; and a $2.5M first mortgage loan for a retail center on Long Island *** GCP Capital Group’s Adam Brostovski arranged $16.8M in mortgage financing for 10 apartment buildings totaling 231 units and 25 stores in Manhattan and the Bronx Business Wall Street vet John Grifonetti launched Certified Pure Energy, a full-service solar and energy solutions firm, which focuses on solar photovoltaic and solar thermal development, including concept, architectural, and engineering design; financing; risk management; and installation. It will also assist clients with energy solutions related to air quality, lighting, and HVAC retrofits. Executive Moves Terry Frassetto joined Cassidy Turley’s Somerset office as SVP of property management, responsible for managing, leading, and developing the NJ property management division. He was with Cassidy Turley’s DC and Baltimore regions for the past 11 years, and also held a position at Saddlebrook Management Corp. He’s aPace grad. *** CPEX promoted Ryan Condren and Eric Altschul to managing directors of the leasing team. Both Ryan and Eric joined CPEX in ’08, and held positions at Massey Knakal beforehand. Ryan’s a St. John’s grad, while Eric’s a Washington University in St. Louis grad. *** Michael Fuller joined Greiner-Maltz as director of investment sales, specializing in investment properties in Brooklyn, Queens, and the metro area. He was previously with The Leitner Group, and also spent 18 years with the American Stock Exchange. He’s aBinghamton and NYU grad. *** Brett Rovner joined The Ashtin Group, the new commercial arm ofAKAM Living Services, as director, focused on new biz development, commercial leasing, and oversight of existing properties within Ashtin’s portfolio. He was previously with Seven Jems Realty Group, and held a position at Helmsley Spear. He’s a NYIT grad and attended law school at Hofstra. *** James Leslie joined TitleVest as CFO and Glen Chernick as senior underwriting counsel. James was previously with The Blackstone Group, and held a position at Sullivan and Cromwell. He’s a Vassarand Columbia grad. Glen was previously with Chicago Title Insurance, and held a position in the City of New York’s Division of Real Estate Services. He’s a Boston University and St. John’sgrad. *** Cushman & Wakefield appointed Maureen Waters as EVP in brokerage services, joining vice chairman Tara Stacom’s team. She previously served in various capacities for the firm, including chief strategy office, CMO, and head of business development. |
