AN APPLE AND BURGER A DAY...
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| Should we start lining up for ShackBurgers and Genius Bar appointments now? Shake Shack and the Apple Store have made Grand Central Terminal the next stop, according to docs from the MTA’s finance committee pow-wow yesterday. Shake Shack will take a 10-year, 2,300 SF lease starting at an annual rent of $435k ($568k in year 10) in Zocalo’s existing dining concourse space, while Apple plans a 10-year, 23k SF lease, partly taking Charlie Palmer’s Metrazur (no word on if it’ll replace the marble staircase with a glass one). At signing, Apple will pay $5M to Metrazur for the early termination of the restaurant’s lease, which expires in 2019. Annual rent starts at $800k for the first year, up to $1M for year 10. But which will amass the larger crowds at Grand Central—Shake Shack and the Apple Store, or rush hour on the Lex? |
| Sales Transactions RioCan Holdings purchased the 116k SF Huntington Square Plaza in Huntington, Long Island from a group of TIC investors sponsored by Inland Private Capital Corp for $40.2M. JLL’s Kris Cooper,Margaret Caldwell, Dave Wojciechowski, and Dan Zatloukal brokered the deal. The shopping center is 100% occupied by Stop & Shop and Best Buy. *** Massey Knakal sold four buildings: a five-story Federal-style townhouse at 59 Morton St for $6.5M cash (broker: James Nelson); a development site at 10 Box St, Brooklyn for $4.2M cash (brokers:Paul Massey, Mark Lively, and Brendan Maddigan); a commercial condo at 545 W 25th St for $2.7M cash (brokers: Brock Emmetsberger and Glanzrock Realty’s Cindy Glanzrock); and an industrial building at 11-26 46th Rd, Long Island City for $1.9M cash(broker: Al Holloman). *** Massey Knakal also sold two non-performing senior notes for two development sites in Staten Island for $13.5M. One of the collateral development sites is Waterfront Commons at the intersection of Richmond Valley and Arthur Kill roads, comprised of several contiguous land parcels containing 1.3M SF of M1-1 zoned waterfront property. The other is Liberty Towers on Stuyvesant Place, St. George. The firm’s James Nelson handled the deal exclusively. Lease Transactions Select Office Suites signed a 15-year, 59k SF renewal and expansion at 1115 Broadway. Adams & Co’s James Buslik, Jeffrey Buslik, and Nicholas Zagar repped both the tenant and owner,Eleven Fifteen Associates. *** Shiseido Americas Corp expanded to 52k SF at 900 Third Ave. Studley’s John Mambrino repped the tenant in the long-term deal, while Peter Brindley repped owner Paramount Group in-house. *** The Rogosin Institute signed a 20-year, 37k SF lease at 619 W 54th St for a total consideration of $26M. Grubb & Ellis’ Gerald Gibian and Robert Shapiro repped the tenant. *** The Ellipse of Garden City at 825 East Gate Blvd in Garden City, Long Island, saw nine new deals, including: First American Real Estate Solutions’ 7,000 SF lease; Global Security Consulting Group’s 6,500 SF lease; Bayada Nursing’s 6,000 SF lease; and Garden City Suite Associates Law Firm’s 4,100 SF lease. Brown Harris Stevens Commercial Real Estate’s David Sargoy and Michael Vitale repped the owner. *** Counsel Press signed a long-term, 21k SF relocation and expansion at 460 W 34th St. Colliers International’s Tyler Owens and Richard Plehn repped the tenant, while The Kaufman Org’s Daniel Kahn and Daniel Lipton repped the landlord. *** Anvil Knitwear inked a long-term, 21k SF relocation and expansion at 521 Fifth Ave. Colliers International’s James Emden repped the tenant along with CBRE’s Michael Liss and Ross Zimbalist. Owner SL Green was repped internally. *** Adams & Co’s Joseph Friedman brokered over 16k SF in deals, including: Carl Nicholas & Co’s five-year, 4,000 SF lease at 338 W 39th St (landlord rep: Manhattan Commercial Realty Corp’s Robert Bielsky); Women’s Media Solutions’ four-year, 3,000 SF lease at 276 Fifth Ave (landlord rep: Winoker Realty’s Elliot Klein); MWC Psychotherapy’s five-year, 2,500 SF lease at 156 Fifth Ave(landlord: Eli Hadad); and Oshman Bartek’s 10-year, 2,200 SF lease at 1560 Broadway (landlord rep: Newmark Knight Frank’s Alan Steinberg). *** Buffalo Holdings, the corporate parent of Buffalo David Bitton, expanded its offices at 1450 Broadway by 4,100 SF. Millennium Realty Group’s Mark Kritzer repped the tenant, while Winoker Realty’s Corey Abdo and Barry Bernstein repped owner 1450 Broadway LLC (The Zar Group). *** Americans for UNFPA inked a 4,100 SF renewal at 370 Lexington Ave. Denham Wolf Real Estate Services’ Paul Wolf and Stephen Powers repped the tenant, while Sherwood Equities’ Adam Weissleder repped the owner. *** Kinespirits signed a five-year, 3,000 SF lease at 125 E 23rd St for a Gyrotonic and Pilates studio. ARM Real Estate Group’s Anand Melwani repped both the tenant and landlord. *** JPMorgan Chase Bank inked a 3,000 SF lease at 360 Motor Pkwy in Hauppauge, Long Island. Newmark Knight Frank’s Brian Lee and Scott Berfas repped the tenant, while Ted Trias repped owner Rechler Equity Partners in-house. *** SBF Industries inked a 2,100 SF lease at 530 Seventh Ave. Savitt Partners’ Marc Schoen and Michael Schoen repped the tenant, while Savitt Partners’ Bob Savitt repped the owner. *** Straight Up Films inked a three-year, 1,400 SF lease at 185 Franklin St, bringing the building to 100% leased. ABS Partners Real Estate’s Amy Murawski repped owner 185 Franklin St. Development Associates. Financing ING Real Estate Finance closed on a $72.8M term loan with Invesco Real Estate, secured by assets Invesco owns throughout the country, including the 20k SF retail condo at 512 Broadway leased to AllSaints (the other properties are in Dallas and Denver). The transaction is sponsored by an Invesco-managed fund in Luxembourg. *** Meridian Capital Group arranged over $66M in outer-borough deals: a $21.8M acquisition and construction loan placed on a 62-unit, seven-story multifamily building on Kent Avenue, Brooklyn (arranged by Tal Bar-Or); $15.3M on a 139-unit, six-story multifamily building on Bay 38th Street, Brooklyn (arranged by Moshe Majeski and Abe Hirsch); $13.5M for a 29k SF retail building on Fulton Street, Brooklyn (arranged by Cary Pollack); and $8.6M on an 82-unit, six-story multifamily building on Bedford Avenue, Brooklyn (arranged by Majeski and Hirsch). *** GCP Capital Group arranged over $35M in deals: over $16M in combined mortgage financing for a six-story elevator mixed-use building containing 146 units and 15 stores on Broadway (arranged by Stephen Katz); $8.6M for two six-story elevator apartment buildings totaling 191 units on E 179th St, Bronx and $3.2M for a four-story walk-up apartment building with 16 units and two stores on St. Mark’s Place (arranged by Paul Greenbaum); and $3M for a five-story walk-up being converted to 14 units and ground-floor retail space, on E 81st St (arranged by Matthew Classi). Construction & Development Stalco Construction, Cameron Engineering & Associates, and Notaro Grupp & Associates finished the $12.6M renovation and expansion of the Manorhaven Pool Complex in Manorhaven, Long Island. The project included a new 24k SF pool, 2,500 SF children’s wading pool, a 2,000 SF pump house, and more. It also involved the renovation of the 12k SF bathhouse. *** The New York State Supreme Court’sAppellate Division, First Department unanimously affirmed an earlier State Supreme Court judgment that the MTA must pay DLR Properties, an affiliate of the Riese Org, over $35M for 194 Broadway. The MTA took the property through eminent domain to develop the Fulton Street Transit Center. The ruling says that the MTA undervalued the building by millions, and the MTA will be required to pay post-judgment interest at the rate of 9% per year. Rosenberg & Estis’ Warren Estis and Michael Feinstein repped the claimant. Business Transwestern opened a corporate office at One Fawcett Pl in Greenwich, Conn., which will be lead by principal Tom Ashforth. The office will rep both tenants and landlords, and provide strategic investment services for buyers and sellers in Fairfield and Westchester. He was previously with The Ashforth Co and Hines. *** First Financial Network opened its NYC corporate office at 415 Madison. The new office will be headed by Stephen Quinn, a 20-year financial vet at organizations including Deutsche Bank, Merrill Lynch, and Fleet Bank. *** Walker & Dunlop launched an interim loan program. It will be initially focused on East Coast markets and offer floating-rate interim loans ($5M to $15M, up to two years) to experienced borrowers seeking to acquire or reposition multifamily properties that don’t currently qualify for permanent financing. The company plans to service and asset manage loans originated thorough the program with the ultimate goal of providing permanent, fixed-rate financing. *** Handler Real Estate Org launched a third-party management division, which is led by Ken Abelson. He was previously with Brokers Services Holding/William B May, and held positions with Murray Hill Properties and Newmark Knight Frank. He’s a University of Hartford grad. Executive Moves Gene Pride joined CBRE as SVP in the firm’s Stamford office. He’ll spearhead the Stamford private capital group, which handles the sale of assets between $3M and $15M in Weschester and Fairfield counties. He was previously with Cushman & Wakefield and is a Washington & Lee grad. *** Stephanie Aldrink joined Murray Hill Properties as a director, while Diana Rau Siegal joined as executive managing director. Stephanie was previously with First New York Realty, and held a position with a West Coast affiliate of TCN Worldwide. Diana also comes from First New York Realty, and is a Carnegie-Mellon grad. *** TitleVest hired seven to its biz development and national title insurance divisions: Christine Gagliardi (from Benchmark Title Agency) and Maria Fogliano (from First American Title) as managing directors; Eric McLendon (from PDE Title) as sales executive; John Cassese Jr as SVP; Daniel Bokol as national sales executive; Toni Ridzy-Hall as VP; and Matthew Kornfield as director. The latter four came from Titleserv. *** Murray Hill Properties promoted Esther Zar to managing director. She joined the firm in ’09, and has completed over 125k SF of office and retail leasing transactions for tenants like DSquared, Escada, Richard Chai, and RGE Monitor. |
