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HOLI-DEALS! THE DEAL SHEET

New York

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HOLI-DEALS! THE DEAL SHEET
2009 is going out with a bang, as Africa Israel USA has completed a five-year financing on its Times Square Building (the former New York Times HQ, which it acquired in ‘07) for $267M.
Times Square Building (the former New York Times HQ
The recapitalization and restructuring of the property’s debt, which also includes access to a revolving line of credit from Banco Inbursa SA, paves the way for redevelopment. What’s in store? An increase of retail space to 38% of the total SF; the sale or lease of seven floors for a high-end hotel totaling 330k SF; and the redevelopment of the four top floors into luxury penthouse condos. The retail space is already 55% leased to Discovery Times Square Exhibitions and Bowlmor Lanes; the latter will offer bowling and entertainment on floors three and four. Can you say lucky strike?
Sales Transactions Merof sold 75 Greenwich Ave. in Greenwich, Conn. to 75 Greenwich Avenue LLC for $8M. FirstService Williams’ Stephen Westerberg represented the seller, while the buyer did not use a broker. The building, which set a new price record of $1.4k PSF for the Greenwich market, is fully leased to Sephora.***E&T Plastic purchased the 71.5k-SF industrial and manufacturing building at 200 Green St. in Teterboro, NJ from 609 Island Drive Partners for $5.9M. SBWE’s Irv Weiss and Eric Lewin represented the buyer, while SBWE’s Glenn Evans represented the seller.

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Dutchhill Partners purchased the 50.4k-SF 100 Dutch Hill Rd. office building in Orangeburg, NY for $2.85M. CB Richard Ellis’Kevin Langtry, William Cuddy, Al Mirin, and James Tully represented the seller, KeyBank National Association.

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Massey Knakal sold a 7.4k-SF medical office building at 370 Bay Ridge Pkwy. and a 4.7k-SF vacant lot at 364 Bay Ridge Pkwy. in Brooklyn for $2.6M. The firm’s Matthew Giordano, Stephen Palmese, and David Simone exclusively brokered the transaction.

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Marcus & Millichap sold two properties: the 3.3k-SF 886 Jericho Turnpike in Smithtown, Long Island for $515k (brokers: Steven Stoehrer, Matthew Fotis, and Matthew Rosenzweig); and the eight-unit multifamily 860 Marcy Ave. in Brooklyn for $425k (broker: Nick Richards).

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Clearview Investment Management purchased the partially completed commercial component of the 64.6k-SF Southport Green in Southport, CT. The major components of the sale include a 40+ room hotel and restaurant, residential units, and office. The hotel will be known as Delamar Southport upon its spring opening. CB Richard Ellis’ Jeffrey Dunne, Steven Bardsley, Christopher Leonard, and David Gavin represented the seller. Fairfield Country Real Estate Co.’s Terry Keegan is also working on the project.

Lease Transactions

Little Flower Children & Family Services renewed leases totaling 39.4k SF at 186 Joralemon St. and 44 Court St. in Brooklyn. CresaPartners’ Nancy Weinstein represented the tenant, while Robert Oliver represented owner Joseph P. Day Realty Corp. in-house.

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Segal McCambridge Singer & Mahoney signed a lease for 23.1k SF at 850 Third Ave., expanding by 7k SF from its former 830 Third Ave. location. Studley’s Daniel Horowitz, Michael Goldman, Jeffrey Peck, Joe Messina, and Daniel Posy represented the tenant. Cushman & Wakefield’s Matthew Astrachan represented the owner,Shorenstein Properties.

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450 Seventh Ave., also known as the Nelson Tower, saw three transactions: Page 29’s 10-year, 5.6k-SF lease; Capuchin Food Pantry Network’s five-year, 1.2k-SF lease; and Chargeback Recoveries’ three-year, 599-SF lease. The Kaufman Org.’s Barbara Raskob represented the landlord in all three transactions, and was joined by colleague Walter Lippman on the third.

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Home Shopping Network signed a seven-year, 7.1k-SF penthouse lease for the 18th floor of 545 Madison Ave. CB Richard Ellis’William Iacovelli represented the tenant, while Jones Lang LaSalle’s Lisa Kiell, Frank Doyle, David Kleiner, and Andrew Flint represented the owner, LCOR. Architect MKDA will provide the interior design for HSN, while LCOR will build out the space.

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Mystic Auto Detaining inked a 3.1k-SF industrial lease at 163 A Central Ave. in Rochelle Park, NJ. NAI James E. Hanson’s Gary Sauerborn represented the owner, Stavola Realty.

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The Essences Beauty Salon inked a 10-year, 1.6k-SF lease at 80 Nassau St. Time Equities’ Aaron Medeiros represented both the tenant and owner. The asking price was $95 PSF.

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Pet Central leased 1.5k SF at 705 Second Ave. for its sixth Manhattan location. Robert K. Futterman & Associates’ Michael Worthman represented both the tenant and owner, Zeno, in the transaction.

Financing

Holliday Fenoglio Fowler’s NJ office secured an $18.9M refinancing for the 222k-SF Golden Acres Shopping Center at 686-736 Oak Tree Rd. in South Plainfield, NJ. The firm’s John Taylor and Michael Lachs worked on behalf of the owner, Plainfield Associates, an affiliate of Polimeni International, to secure the five-year, 6.25% fixed-rate loan with Investors Savings Bank.

Exec Moves

Jan Grimsland joined CNY Builders as director of risk management and safety. He was previously with NAB Construction, and held positions with A.F.C. Enterprises and Hartz Group. He is a graduate of the Insurance Institute of America.