A VERY SPECIAL VALENTINE'S DAY POEM
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| Got a special building on the brain? We feel you. In fact, we wrote a love poem you just might like! | ||
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| SALES Massey Knakal brokered the sale of the 63k SF, nine-story 640 Broadway (aka 172 Crosby St) for $32.5M cash. The building contains 12 commercial units and 21 residential units; the current configuration allows for easy subdivision of spaces for future condo conversion. The firm’s Bob Knakal and James Nelson exclusively handled the deal. *** TreeTop Development and Latus Partners purchased four properties totaling 82 apartments and 11 retail spaces for $18.4M: 1 20-26 W 116th St; 1917-19 Adam Clayton Powell Jr. Blvd; 110 St. Nicholas Ave; and 110 W 116th St. Ariel Property Advisors’ Shimon Shkury, Victor Sozio, and Michael Tortorici brokered the deal. *** Marcus & Millichap brokered the $12.5M sale of the 10-story, 33-unit 12 Fifth Ave. The firm’s John Stewart repped seller Mar-Mart Realty Corp and procured the buyer. *** Third Toro Family LP sold the 13k SF former home of H&H Bagels at 639 W 46th St for $11M. GA Keen Realty Advisors solicited and negotiated the stalking horse contract and marketed the property for higher and better offers. *** 954 Woodycrest Ave LLC purchased 950-958 and 957-963 Woodycrest Ave, Bronx for $9.6M. The buildings total 129k SF in 113 units and five commercial spaces. Rosewood Realty Group’s Samuel Kooris repped the buyer, while Rosewood’s Aaron Jungreis repped seller 950 & 957 Woodycrest LLC. *** Chartres Lodging Group and Apollo Global Real Estate Management completed the purchase of Novotel New York Times Square and plan to renovate the 480-room hotel. The property was purchased from a subsidiary of Accord Business and Leisure Management, which will continue to operate the hotel under a long-term management agreement with the Novotel flag. LEASES Colony Hardware Corp signed a 102k SF lease at 269 Lambert Rd, Orange, Conn. The Proto Group’s Lou Proto repped the tenant, while CBRE’s Michael Dillon and Matt O’Hare repped owner Lighthouse Real Estate Ventures. *** 700 Connecticut Ave, Norwalk, Conn. saw two deals: Crunch Fitness’ 15-year, 23k SF lease and The Children’s Corner Day Care’s 15-year, 15k SF lease. The Brocor Group’s Michael Muffoletto brokered both deals. *** Manhattan Endoscopy Center inked a 16k SF lease at 535 Fifth Ave. ABS Partners Real Estate’s J. Kenneth Findley and Ross Wigon repped the tenant; the landlord is The Moinian Group. *** Hatch Mott MacDonald inked a 16k SF lease at 1400 Broadway. Studley’s David Goldstein and James Schroeder repped the tenant, while Newmark Knight Frank’s Scott Klau and Erik Harris repped owner W&H Properties. *** Mionetto USA signed a 6,800 SF lease at 81 Main St, White Plains. CBRE’s Budd Wiesenberg and Bruce Surry repped the tenant, while Newmark Knight Frank’s Patricia Valenti repped owner The Winter Org. *** Bicycle Roots inked a 10-year, 5,800 SF lease at 1078 Fulton St, Bed-Stuy. Colliers International’s Charles Goldberg and Hank Widmaier repped the tenant. Ideal Properties’ Jonah Ramu-Cohen repped owner Fulton Housing. *** Chipotle signed a 2,500 SF lease at 281 Broadway. Newmark Knight Frank’s Ken Hochhauser and Jeffrey Roseman repped the tenant, while Winick Realty’s Darrell Rubens repped the owner. Winick’s Hal Shapiro also brokered American Icon’s 2,300 SF lease at 277 Fifth Ave with owner Mirsal. *** Hillside Plaza Shopping Center in Kew Gardens saw two deals:RadioShack’s long-term, 2,300 SF lease and Petland Discounts’ 2,000 SF renewal. Sholom & Zuckerbrot’s Frank Zuckerbrot and Marc Geller repped the landlord in-house for both deals. *** Barrow Street Capital signed a 2,600 SF relo to 300 Stamford Pl, Stamford, Conn. New England Land Co’s Nat Barnum repped the tenant, while Jeffrey Newman, Kim Zaccagnino, and Tara Long repped owner Malkin Properties in-house. FINANCING Time Equities’ Stuart Bruck arranged over $69M in financing, including: a $15.5M construction mortgage to build nine luxury townhouses on State Street in Cobble Hill, Brooklyn; a $9M first mortgage for a 57-unit doorman building on Eastern Parkway, Brooklyn; a $6.7M first mortgage loan on a 145-unit, 15-story residential building on Hillside Avenue, Jamaica; and a $5M blanket mortgage secured by various properties in Bushwick, Brooklyn. *** PCCP provided a $65M senior loan for the acquisition and reposition of the 165-room Cassa Hotel on 70 W 54th St on behalf of HNA Property Holding Co. The loan is secured by the lower 24 stories and basement level (the remaining floors are residential condo units). The hotel also includes 11k SF of restaurant space leased to BLT Restaurant. HNA plans for a minor renovation and will rebrand the hotel to a four-star managed by Viceroy Hotel Group. *** Meridian Capital Group’s Cary Pollack arranged a $55M financing package for a mixed-use office and retail building at 430 W 14th St. The three-year acquisition financing includes a $45M senior loan from Citigroup Global Markets and a $10M mezz loan from SL Green. *** NCB FSB arranged $46M in financing, including: a $7.9M first mortgage and $1M line of credit for Park Lane North Owners, a 205-unit co-op at 118-17 Union Tpke, Forest Hills (arranged by Edward Howe); a $2.4M first mortgage and $500k line of credit for a 38-unit co-op at 160 W 87th St (arranged by Sheldon Gartenstein); and a $2.3M first mortgage and $500k line of credit for Wakefield Owners Corp, a 77-unit co-op at 110-07 73rd Rd, Forest Hills (arranged by Mindy Goldstein). *** Meridian Capital Group arranged $35M in financing, including:$10M for a 18-unit multifamily building on Atlantic Avenue and a 40-unit multifamily building on Cumberland Street, both in Brooklyn (arranged by Scott Assouline); three new mortgages totaling $9.2M for a 17-unit, mixed-use building on East 2nd St and two mixed-use buildings with 33 units on Spring Street (arranged by Cary Pollack); and three new mortgages totaling $7M on a 16-unit multifamily building on Knickerbocker Avenue, a 19-unit multifamily building on Franklin Avenue, and an 18-unit multifamily building on Stanhope Street, all in Brooklyn (arranged by Morris Diamant and Jacob Rochlitz). *** GCP Capital Group arranged $15M in financing, including: $6.3M for a 49-unit, 11-store, five-story walk-up apartment building on West 207th Street and $3.3M for a 50-unit, five-story walk-up apartment building on Isham Street (both arranged by Adam Brostovski); and $2.5M for a 41-unit, eight-story apartment building with 2,500 SF of office on East 35th Street (arranged by Matthew Classi). CONSTRUCTION, PLANNING, & DEVELOPMENT Douglas Steiner announced development of the 50-plus-story The Hub, a rental tower at 333 Schermerhorn St, Brooklyn. The Dattner Architects and Goldstein, Hill and West Architects-designed building will contain 730 units, with 144 affordable as an 80/20 project. Groundbreaking is slated for Q4. *** The Columbus Avenue BID voted against the retail size limits being proposed by the NYC Department of City Planning, which includes zoning changes along Columbus from West 72nd to West 87th street and Amsterdam and Broadway from West 72nd and West 110th streets. BUSINESS Massey Knakal and RiverOak Investment Corp launched JV equity fund MKRO I, with a capital target of $50M. The fund will provide gap equity investments alongside experienced sponsors for properties in Manhattan, Queens, Brooklyn, and the Bronx. |
