DEALS!
Sales Transactions
Massey Knakal sold four contiguous six-story walk-up apartment buildings at 526-46 E. 82nd St. for an aggregate all-cash $15.5M. The 59k-SF property contains 106 residential units and one commercial unit. Tom Gammino and Paul Massey exclusively handled the deal, which traded for the first time in 70 years. It also sold a five-story walk-up at 59 Morton St. in Greenwich Village for $3.7M cash; John Ciraulo and James Nelson exclusively handled the deal.
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Marcus & Millichap sold three Brooklyn properties for an aggregate $5.7M: 31k-SF mixed-use 951 Carroll St. for $3.4M (brokers:Matthew Fotis, Peter Von Der Ahe, and Joe Koicim); 12-unit 334 Dean St. apartment building for $1.5M (brokers: Fotis and Matthew Rosenzweig); and the 3.8k-SF mixed-use 1678 Nostrand Ave. for $805k (brokers: Fotis and Daniel O'Brien).
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Criterion Group purchased a 25k-SF industrial property at 24-20 49th St. in Astoria, Queens for $2.9M. The property is 100% net leased to Sabra Dipping Co., a leading Mediterranean food manufacturer. Holiday Fenoglio Fowler's Andrew Scandalios and Jeff Julien led the sales team on behalf of the undisclosed seller.
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Massey Knakal also sold a two-story property at 108-21 72nd Ave. in Forest Hills, Queens, for $2M cash. The property contains 3.2k SF with 10.5k buildable SF. The property was delivered vacant to a buyer who would like to build a private school. Nick Petkoff was the exclusive broker.
Lease Transactions
After nearly two years of negotiations, Aurora Capital Associates acquired control and redevelopment rights of 21-27 Ninth Ave. through a 49-year ground lease. Partners Bobby Cayre and Alex Adjmi plan to jointly redevelop the site into a retail-driven mixed-use building. It currently consists of four historic single-family row houses. Alf Naman Real Estate's Alf Naman and Michele Conforti represented the property's owner, while Aurora's Jared Epstein represented the partnership in-house.
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Horizon Media inked a 40.8k-SF sublease at 330 Madison Ave. The space was formerly occupied by BDO Seidman before it relocated to 100 Park Ave. Howard Tenenbaum and Gary Rosen represented both Horizon and owner SL Green in-house. Horizon has already moved into the building, occupying the entire 10th floor.
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1407 Broadway saw 35k-SF in renewals: Louise Paris' five-year, 14.1k-SF; Outerwear Apparel Group's two-year, 8.8k-SF; Keystone Yarn Sales' five-year, 7.1k-SF; Du Monde Trading's two-year, 1.9k-SF; Secret Charm's two-year, 1.5k-SF; Fashion Roads' three-year, 1.2k-SF, and Lorraine B.'s four-year, 904-k SF expansion to 3.3k SF.The Kaufman Org. represented the tenants, while Bob Forman represented the owner in-house.
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The New Jersey Society of CPAs extended its 18k-SF lease at 425 Eagle Rock Ave. in Roseland, NJ to a full 30 years. Cushman & Wakefield's Richard Baumstein, Christian Politan, and Matthew Seltzer represented both the tenant and owner Principal Life Insurance.
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Stone Source renewed and expanded its HQ lease at 215 Park Ave. South by 5k SF for a total of 16.5k SF. It will take over the additional space in '13. Cushman & Wakefield's Mitchell Arkin and Mark Mandel represented the tenant, while Howard Tenenbaum and Gary Rosen represented owner SL Green in-house.
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The Ladders inked a 30-month lease for 14.4k SF at 304 Hudson St., increasing its Hudson Square presence, as it already leases 25k SF at 137 Varick St. and 20k SF at 205 Hudson St. The lease is in the high $20s. Studley's Marc Shapses represented the tenant, while Jason Pizer and Tom Lynch represented owner Trinity Real Estate in-house.
Ambassador Construction Co. renewed its 13.8k-SF lease at 317 Madison Ave. Colliers ABR's James Frederick represented the tenant, while Elaine Anazagasty represented owner SL Green in-house.
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Azteca America inked a four-year, 5k-SF lease at 1430 Broadway. Adams & Co.'s Jeffrey Schwartz represented the tenant, while Newmark Knight Frank's Rick Kramer represented owner Realties Fourteen Thirty. Although the lease terms were not disclosed, the asking price was $40 PSF.
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Pediatric Associates of New York City signed a 10-year, 4.6k-SF renewal and a 1.9k-SF expansion at 317 E. 34th St.'s Medical Arts Center. Adams & Co.'s David Levy represented both the tenant and landlord. Although lease terms were not disclosed, the asking price was $50 PSF.
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The Kaufman Org.'s Steve Kaufman and Barbara Raskob brokered two Fashion District leases: a 10-year, 3.9k-SF retail lease for MMA House at 519 Eighth Ave. (tenant broker: Manhattan Commercial Realty); and a four-year, 3k-SF office lease for Total Management Corp. at 212 W. 35th St. (tenant broker: Winslow & Co.'s Michael Stark). The respective asking prices were $100 and high-$30s PSF.
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The Nelson Tower at 450 Seventh Ave. saw three new leases:Healin Telecom's five-year, 2.1k-SF lease; law firm Andrew L. Schwab's five-year, 1.5k-SF lease, and Finance One's three-year, 1.5k-SF lease. The Kaufman Org.'s Barbara Raskob brokered all the deals.
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Sui Generis Health signed a five-year, 3k-SF lease at 135 W. 20th St. NAI Global New York City's Philip Silverstein represented the tenant, while Rice & Associates' Doug Rice represented owner A & G Real Estate.
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Adams & Co. brokered three fashion leases in Midtown totaling 5.8k SF: a three-year, 2.7k-SF renewal for Seasons USA at 1115 Broadway (broker: James Buslik); a three-year, 1.6k-SF renewal for Sky High Unlimited at 1071 Avenue of the Americas (brokers:David Levy and Jeffrey Schwartz); and a one-year, 1.5k-SF renewal for DMF Sales Co. at 411 Fifth Ave. (broker: David Levy).
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La Crepe Parisienne signed a lease at 51 Spring St. for its first U.S. home. Sinvin represented tenant MYT Group, while Prudential Douglas Elliman's Faith Hope Consolo and Joe Aquino represented the landlord.
Construction & Development
The High Line Building at 450 West 14th St. topped out above the elevated High Line park. The 100k-SF office building, developed by CB Developers and designed by Morris Adjmi Architects, is being built to LEED-Gold. It will also include high-profile retail space at the base. Fashion tenant Helmut Lang has already leased two full floors of office and showroom space at the building, which has an expected completion of Fall '09.
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Clarke Caton Hintz unveiled several parking garage facilities at the new Yankee Stadium, two of which will be ready for today's opening against the Cleveland Indians. The 1M-SF Ruppert Plaza Garage, located by the Macomb's Dam Bridge, contains 1500 public parking spaces, and features an expansive roof deck that will support the NYC Department of Parks and Recreation's roof top park, which will be completed in April '10. The 250k-SF 164th Street Garage, with 630 spaces, will also be open. CCH also designed the 161st Street Garage, which will provide 970 spaces upon its April '10 opening.
ALSO AROUND NEW YORK...
Business
MKDA launched its Strategic Services Group, headed by managing director Robert Klein, to assist companies in aligning their corporate facilities programs with their long-term overall business objectives. The new group will be comprised of three disciplines— Strategic Facilities Planning, Workplace Consulting, and Design Programming—providing facility restacking, site selection, strategic programming, pre-lease consultation services, benchmarking, workplace design, focus groups and more.
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The New York office of Gale International signed a framework agreement with Cisco to establish the "Cisco Global Center for Intelligent Urbanisation" in its Songdo International Business District in South Korea. The center will be established within the Northeast Asia Trade Tower, and Cisco will provide network-based technologies and value-added real estate services to the city. One key feature is "Green Aware," which gathers, analyzes, and displays real-time building energy use and employee resource-consumption data, designed to drive a change in user behavior by helping them become environmentally conscious.
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Wurk Environments formed an exclusive strategic partnership with Excellent Business Centers, Germany's leading provider of business centers. The agreement enables Excellent Business Centers' tenants to lease flex office space at Wurk Environments'1515 Broadway flagship, and Wurk tenants, reciprocally, will be able to operate from an overseas European base at any of Excellent's 32 office centers throughout Germany.
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Micro Office Solutions launched a small business initiative, allowing the use of desk and full-service office space and tools for $300 per month at its three managed office space locations: 36 W. 20th St.,122 W. 27th St. and 1375 Broadway.
Exec Moves
Newmark Knight Frank appointed Michael Ippolito chairman of its global corporate services business, which provides seamless beginning-to-end corporate services solutions globally. He joined NKF in '91, most recently serving as EVP and principal, and is credited with developing analytical and strategic tools to bring real estate and operational strategy into alignment with clients' core business objectives. He has also spoken at numerous international venues regarding global corporate real estate issues and trends, including The World Economic Forum in Davos , Switzerland.
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CB Richard Ellis promoted three executives to SVPs of Manhattan brokerage. William Iacovelli has been involved in more than 1.1M-SF of deals in Manhattan and nationally, and is a graduate of the University of Denver. Jeff Kilimnick has represented American Eagle's 56k-SF lease at 417 Fifth and Spring Global's 32k-SF relocation to 110 Fifth, and holds degrees from Yeshiva University and NYU. Brad Needleman is a leading rep for financial services firms, including Morgan Stanley Private Wealth Management and Claren Road Asset Management, and is a graduate of Hofstra University.
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NAI Global promoted two executives in the New York metro. Henry Goodfriend has been named EVP of operations at the New York City office, where he was previously VP of corporate services. He is also a senior member of the firm's corporate services team and oversees several accounts in the NY area. Princeton-based Patricia Faulkner has been named SVP of client development, where she oversees the development of the firm's alliance partners and drives NAI's new Accelerated Marketing Program. She was previously VP of client development.
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Nicholas Fusco joined Gertler & Wente Architects as its healthcare facility planner, where he will help expand its health practice. He most recently was the director of planning, design, and construction for the North Bronx Healthcare Network, and also held positions at Presbyterian Hospital and various NYC government offices. He holds degrees from the University of Michigan and Carnegie-Mellon.
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Alison Coffey was appointed on-site director of leasing at W&H Properties' 60 E. 42nd St. by leasing and managing agent Newmark Knight Frank. Previously, she was part of SL Green's leasing team. She is a graduate of Loyola College in Baltimore.
