BIOTECH BIGGIE; THE DEAL SHEET
| Mayor Mike smiled like a proud papa this morning at the lease signing for the New York Genome Center at 101 Ave of the Americas in Hudson Square. He broke out the proverbial cigar (OK, not really, since the he doesn't allow smoking so close to the entrance) to celebrate the biomedical research firm's 170k SF lease and its representation of NYC's success in becoming a biotech hub. | |||
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| Also at the event, it was announced that the Genome Center will lease colocation space in Sabey Corp's almost-finished 1M SF Intergate.Manhattan data center at 375 Pearl St, the largest high-rise data center in the world. That'll provide the computing power to make something of all the genetic research the world-class scientists will be churning out at Edward J. Minskoff Equities' reinvented 101AOA, as the new Genome Center HQ building will be called. More on the day's festivities and the big names in attendance in tomorrow's issue! | |||
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| SALES A JV between affiliates of Nathan Berman and an international investment group (including family trusts settled by Slava Smolokowski and Gregory Jankilevistch) purchased 443 Greenwich St for an undisclosed sum. The property will be converted from commercial to luxury residential use. *** GRJ Realty purchased three contiguous walk-up apartment buildings, totaling 79 units, at 50, 54, and 58 3rd St from Abart Holdings for $23.5M. Rosewood Realty Group’s Aaron Jungreis brokered the deal. *** HH Realty Equities purchased the 30k SF, five-story 1308 E 13th St, Midwood from Avenue M Associates for $6.5M. Kalmon Dolgin Affiliates’ Robert Klein brokered the deal. |
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| LEASES NAI Friedland’s retail division brokered: TD Bank’s 20k SF lease at 1808 Central Park Ave, Yonkers (broker: Rick Stassa; landlord:Fashion Postal Corp); 1775 G C Food Corp’s 10k SF lease at 1775 Grand Concourse, the Bronx (brokers: Robin Herko, David Scotto, and Steve Lorenzo; landlord: J J Operating); 640 Food Corp’s 6,100 SF lease at 640 Pelham Pkwy, the Bronx (brokers: Herzko, Scotto, and Lorenzo; landlord: Solil Management); and Fortune 99C’s 4,000 SF lease at 1730 Crosby Ave, the Bronx(brokers: Herko and Scotto; landlord: Trust of Anthony Scovotti).
*** NAI Friedland also brokered: FEGS’s 30k SF office lease at 400 E Fordham Rd, the Bronx (broker: Carl Silbergleit; landlord:Fordham Place Office); N I System’s 4,000 SF industrial lease at 5000 Nepperhan Ave, Yonkers (broker: Andy Grossman; landlord:RJ Rose Realty); and Jack Rabbit Roadside’s 1,700 SF lease at 243 Mamaroneck Rd, Mamaroneck (broker: Steve Kaufman; landlord: Clearview Cinemas). *** Express signed a 15-year, 30k SF lease at 1552-1560 Broadway for its flagship Times Square store, which will open in fall 2013. SL Green and Jeff Sutton are the JV owners. *** The Centre for Social Innovation inked a 24k SF lease at the Starrett-Lehigh Building. The landlord is RXR Realty. *** 555 Theodore Fremd Ave, Rye saw three transactions:Candlewood Investment Group’s five-year, 6,800 SF lease;CapRok Capital’s five-year, 10k SF renewal; and CCC Computer Center’s five-year, 2,000 SF renewal. Cushman & Wakefield’s Gregory Frisoli and Larry Ruggieri repped owners Faros Properties and Gould & Co. *** Muss Development signed two long-term renewals with Rite Aid: 11k SF at Jackson Heights Shopping Center and 6,200 SF at Broadway Shopping Center in Astoria. *** 281 Park Avenue South saw four deals: Points of Light’s 4,800 SF lease (tenant rep: Cushman & Wakefield’s Carri Lyon); Boys Town New York’s 3,500 SF lease (tenant rep: Winoker’s Corey Abdo);Volunteers of Legal Service’s 1,900 SF lease; and FoodCorp’s lease. Cassidy Turley’s David Lebenstein, Debra Wollens, and Edward Kent repped landlord Federation of Protestant Welfare Agencies. *** 10 Glenville St, Greenwich, Conn, saw two deals: Milton Capital’s 5,000 SF lease (tenant rep: New England Land’s Alan Murphy) and MCC Capital’s 4,500 SF lease. Colliers International’s Joshua Gopan, Jackie Pinyan-Durels, and Tim Rorick repped the landlord,Mill Management. *** Stone Mountain USA signed a 10-year, 7,900 SF lease at 10 W 33rd St. Adams & Co’s David Levy repped both the tenant and owner Ten West Thirty Third Associates. *** Off the Wall Frozen Yogurt signed two deals: 2,800 SF at 248 W 23rd St and 3,000 SF at 4 W 14th St. RKF’s Zach Winkler repped the tenant in both leases. Newmark Grubb Knight Frank’s Trever Gallina repped the 23rd Street building’s co-op board, while Ozymandius Realty was repped in-house for the 14th Street deal. *** Wasabi inked a 3,400 SF lease at 561 Seventh Ave. CWM’s Simon Gibbs repped the tenant, while Ripco’s Jason Pennington and Brad Cohen, along with in-house representation of Scott Galin, repped owner Handler Real Estate Org. *** The Laura and John Arnold Foundation signed a 3,400 SF lease at 250 W 57th St. Newmark Grubb Knight Frank’s Erik Harris and Aaron Maltz repped the tenant, while Cushman & Wakefield’s Harry Blair, Sean Kearns, and Kelli Mekles repped owner W&H Properties. *** The Yigal Azrouël Boutique signed a 1,800 SF lease at 1011 Madison Ave. Winick Realty’s Lori Shabtai and Kelly Gedinsky repped the tenant, while Plaza Realty’s Shaun Moamem repped landlord Dr. Soufer. *** Fashion retailer Pamela Gonzalez signed a 1,500 SF lease at the SoHo Mews (311 West Broadway). New York Commercial Real Estate Services’ James Famularo and Ravi Idnani brokered the deal. *** Club Monaco renewed its lease and expanded to the entire ground floor and lower level at 160 Fifth Ave. RFR Realty’s Oliver Katcher brokered the deal between the tenant and owner RFR. |
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| FINANCING Meridian Capital Group arranged more than $72M in financing, including: $26.5M for a 94-unit, 16-story multifamily building on Park Avenue (arranged by Avi Weinstock); $20M for a 56-unit, 14-story multifamily building on Gold Street (arranged by Weinstock and Josh Rhine); $15.4M for four multifamily buildings totaling 273 units on Albany Avenue, Lenox Road, New York Avenue, and Union Street, Brooklyn (arranged by David Hayum); and $4.8M for a 54-unit, six-story multifamily building on Clinton Place, New Rochelle(arranged by David Zlotnick).
*** NCB FSB arranged $70M in new financing during June, including: a $11.5M first mortgage and $500k line of credit for 210-220-230 Owners Corp, a 288-unit co-op at 210-220-230 Pelham Rd, New Rochelle (arranged by Mindy Goldstein); a $9M first mortgage and $1M line of credit for 3135 Johnson Tenant Owners Corp, a 120-unit co-op at 3135 Johnson Ave, Riverdale (arranged by Edward Howe III); and a $4M first mortgage and $700k line of credit for a 74-unit co-op at 760 West End Ave (arranged by Sheldon Gartenstein). *** Hudson Realty Capital funded a $5.9M first-mortgage loan secured by a 50k SF multifamily property with ground-floor retail on Woodhaven Boulevard, Middle Village. The borrow will utilize the proceeds for a discounted first-mortgage payoff and to establish reserves to stabilize the property. |
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| CONSTRUCTION & DEVELOPMENTSBE announced the acquisition of and initial development plans for the 190-room SLS Hotel New York at 444 Park Avenue, which will be developed in collaboration with Moin Development. The team also includes designer Phillipe Starck. The hotel is slated to open Q3 ’13. |
SL Green closed on the previously announced sale of the 1.4M SF One Court Square, Long Island City to a partnership led by David Werner for $481M. The building is 100% leased to Citibank. The transaction included the assumption of $315M in existing debt. Eastdil Secured’s Douglas Harmon and Adam Spies repped the sellers, while Cushman & Wakefield’s S teve Kohn, Helen Hwang, Dave Karson, Mark Ehlinger, Chris Moyer, Brian Szczapa, and Sridhar Vankayala arranged the $125M preferred equity for the buyers through a JV between the Paramount Group and Colony Capital. Paramount Group was repped in-house by Dan Lauer.