Hottest Ticket In Town; The Deal Sheet
| Attention, Broadway babies: the Frank Gehry-designed Pershing Square Signature Center, the new permanent home of Signature Theatre Co, is now open. The 70k SF complex—spanning 42nd Street between Ninth and Tenth—features three intimate theaters, a studio theater, rehearsal studio, public café, bar, and bookstore. (Make sure to give your regards.) | ||
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| Here’s what the front entrance looks like. The $66M project was funded through a public-private partnership (the City has contributed nearly $28M) and is housed within MiMA, Related Cos’ 63-story mixed-use tower. In addition to developer Related, the team included owner’s rep Jonathan Rose Cos, construction manager Structure Tone, M&E engineer WSP Flack+Kurtz, and engineering consultant ICOR. Now that the theater is open, Signature is launching the next phase of its “A Generation of Access” initiative, which removes economic barriers to theatergoing by making affordable tickets available during initial production runs. Last week, The Pershing Square Foundation donated $25M to Signature (hence the name of the new theater), which extends this initiative to 20 years. | ||
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| If you can invest the time to underwrite non-profits, you’ll find that they’re great tenants or purchasers and an amenity to the neighborhood. “Non-profits like schools, charitable foundations, and social services often are not burdened with some of the economics of a for-profit,” says Gibson Dunn partner Andrew Lance, who’s repped Signature Theatre Co since 2008 and negotiated the purchase and the construction financing of the commercial condo. Signature intended to anchor the arts center proposed for Lower Manhattan, but after plans fell through, the City’s Department of Cultural Affairs made a commitment to help Signature find a new space, and Related had the capacity at MiMA. | ||
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| “We couldn’t have had a more able party to work with in negotiations,” Andrew says of Related, whose tower is shown above. He’s repped theaters for a decade, including the purchase of Studio 54 for the Roundabout Theatre, plus theaters for Atlantic Theater, Lincoln Center, Coney Island USA, The Flea, and more. (He’s even on the board of The Alliance of Resident Theaters/New York.) As for shows, his recent faves are Venus in Fur and Anything Goes. Off-Broadway, he enjoys anything from Elizabeth Streb, whose Laboratory for Action Mechanics in Brooklyn is also a client. | ||
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| SALES Madison Realty Capital purchased the note on an eight-building, 125-unit Harlem portfolio from Capital One for $10.3M. The buildings are located at 220-222 W 149th St; 528-538 W 159th St, and 2546-2548 Seventh Ave. Rosewood Realty Group’s David Scheer and Aaron Jungreis brokered the deal. Aaron also brokered the off-market sale of a 31-unit, four-story walkup at 883 Franklin Ave, Brooklyn for $2M. *** A private investment group purchased the defaulted mortgage on the stalled construction site at 393 Lefferts Ave, Brooklyn for $4.7M. Highcap Group’s Josh Goldflam and Laurence Ross brokered the deal. It was originally planned as a 61k SF condo building; the new buyer has not indicated whether it’ll be rental or condo, but expects to resume construction in the near future. *** Ocean 11 Realty purchased the 50k SF former HQ of Teachers Federal Credit Union at 2410 N Ocean Ave, Farmingville, Long Island for $4.6M. It plans to upgrade the property and sell space in the building through a condo offering. TFCU inked a long-term lease for the first floor. Corporate Realty Services repped the seller, while Paul Elliot repped the buyer in-house. *** Marcus & Millichap brokered the $3.9M sale of The Alcazar, a 26-unit apartment building at 15 Wadsworth Ave. The firm’s Peter Von Der Ahe, Scott Edelstein, and Sean Lefkovits repped the seller and procured the buyer. *** Oh! Nuts Candy bought the 42k SF 120-65 168th St, Jamaica from Baisley Property for $2.9M. Kalmon Dolgin Affiliates’ Robert Klein and Joel Kohn brokered the deal. *** A 7,400 SF vacant property at 414 W 45th St sold for $2.4M cash. Massey Knakal’s Bob Knakal and Christoffer Brodhead, along with Newmark Knight Frank’s David Noonan, brokered the deal. *** 300 East purchased the 4,300 SF 300 E 149th St, Bronx from 149 Street Rizing for $2M. NAI Friedland’s Peter Cokin brokered the deal. *** Ariel Property Advisors brokered the sale of a 15k SF industrial property at 79-85 Georgia Ave, Brooklyn for $1.2M. The firm’s Jonathan Berman and Jesse Deutch repped the seller. The buyer was a building tenant. *** A private investor purchased the note on the 54k SF buildable site at 53 Broadway, Williamsburg, Brooklyn from a private lender for an undisclosed price. MNS’ David Behin repped the buyer. The site was originally owned by Kaish & Taub and was slated to become a mixed-use building with 72 luxury apartments and retail space. The new owner also plans a residential project. LEASES Stop & Shop assumed the 60k SF anchor lease at the 95k SF Expressway Plaza shopping center at 1441 Richmond Ave, Graniteville, Staten Island. The center is a JV between The Kalikow Group and Feldco Development Corp. *** NAI Friedland brokered two office deals: Paraprofessional Healthcare Institute’s 48k SF lease at 400 E Fordham Rd, Bronx (brokers: Ellen Benedek and Carl Silbergleit; landlord: Fordham Place Office); and L&S Weinstein’s 2,400 SF lease at 101 Katonah Ave, Katonah (broker: Steve Kaufman; landlord: Needham Partners). It also brokered two industrial deals: Eclan Industries’ 18k SF lease at 20 Marbledale Ave, Tuckahoe (tenant rep: NAI’s Andy Grossman; landlord rep: NAI’s Peter Cokin for GTF Realty Corp); and Hill Rom Co’s 9,100 SF renewal at 4 Executive Plaza, Yonkers (brokers: Jeff Clinton and Brett Spitzer). *** Harbor Freight Tools inked two Long Island leases: 19k SF at 201 W Jericho Tpke, Huntington and 16k SF off of Middle Country Road in Centereach. Sholom & Zuckerbrot Realty’s Douglas Weinstein repped the tenant, while the landlords were repped in-house. Also on LI, Dollar Tree signed a 10-year, 9,000 SF lease at Jerusalem Avenue Shopping Center, Hicksville. Nicholas Forelli repped owner Muss Development in-house. *** Rich, Intelisano & Katz signed a seven-year, 9,200 SF lease at 915 Broadway. Newmark Knight Frank’s Eric Gural and Allen Gurevich repped the tenant, while ABS Partners’ Jay Caseley and Carol Sacks repped the landlord. *** NAI Friedland brokered four retail leases: Car Doctors of Westchester’s 2,800 SF lease at 925 Yonkers Ave, Yonkers (brokers: Robin Herko and David Scotto; landlord: 929 Holding Corp); Little Caesars’ 1,700 SF lease at 49 E Prospect Ave, Mt Vernon (brokers: Herko, Scotto, Steve Lorenzo, and John Joseph Rivera; landlord: Urban American); Little Caesers’s 1,500 SF leases at 15 E 167th St and 961 E 174th St, Bronx (brokers: Herko and Scotto; respective landlords: 15 E 167th St Realty and Ashkenazy Acquisitions Corp). *** Tompkins & Davidson inked a five-year, 5,600 SF lease renewal at 5 Hanover Sq. Vicus Partners’ Andrew Stein repped the tenant, while Todd Korren repped owner Savanna in-house. FINANCING Meridian Capital Group negotiated: $44M to recap a 160k SF office building on East 45th Street (arranged by Allan Lieberman); $35M for a 95-unit, 20-story multifamily building on East 46th Street(arranged by Israel Schubert and Scott Jackson); $11.2M for a six-story office building on Lafayette Street (arranged by Lieberman); and $13.8M for an 86-unit, 10-story mixed-use building on East 35th Street (arranged by Scott Assouline). *** GCP Capital Group’s Paul Greenbaum arranged: $5M for a two-story medical office building totaling 25k SF in North Hills, Long Island;$5M for a 66-unit, six-story elevator apartment building on St. Marks Avenue, Brooklyn; and $4.5M for a 36-unit, six-story elevator apartment building on West 21st Street. The firm’s Matthew Classi also arranged $3M for a 43-unit, five-story walk-up apartment building on East 202nd Street, Bronx. *** Massey Knakal Capital Services closed a $2.5M non-recourse loan for a retail property located on 86th Street, Bensonhurst. It was arranged by Morris Betesh. CONSTRUCTION & DEVELOPMENT The Rev. Dr. Fletcher C. Crawford Apartments, a $27M, 84-unit low-income development at 1468 Hoe Ave, Bronx, opened. The 83k SF project was developed by MacQuesten Development and Union Grove Community Economic Development Corp. BUSINESS C-III Capital Partners completed its acquisition of NAI Global, which will continue to operate as a separate company under its current management. C-III plans to accelerate NAI Global’s growth by exploring biz development opportunities in strategic locations, including New York, London, Singapore, and other global business centers. It also plans to grow corporate solutions, capital markets, property management, project and facilities management, and valuation services. EXECUTIVE MOVES Bruce Weinberg joined Cassidy Turley as executive managing director. He was previously with CBRE and held a position at The Ginsburg Org. *** Robert Rizzi joined HFF as managing director. He was previously with Broad Street Advisors, which he co-founded. He’s a University of South Florida grad. *** Anita Pins joined Marcus & Millichap Capital Corp as associate director. She was previously with Community Preservation Corp and held a position at NYC Dept. of Housing Preservation and Development. She’s a Columbia and NYU grad. *** Justin Boruchov joined Massey Knakal Capital Services as director, focusing on the Upper West Side. He was previously with Guardhill Financial Corp. He’s an Indiana University grad. *** Greg Parker joined Mace as managing director of cost consultancy for North America. He was previously with Ernst & Young and held a position at Currie and Brown. *** David Broderick joined Latham & Watkins as partner, focusing on all aspects of real estate financing. He joins from Allen & Overy and also held a position at Lehman Brothers. He’s a Fordham University School of Law and American University grad. LEGAL Vinson & Elkins’ David Hawkins and Jeremy Marwell, along with Shamberg Marwell & Hollis’ John Marwell, filed an Amicus brief on behalf of Property Rights Foundation of America in support of the petitioners in Serrone v. City of New York, a lawsuit challenging the City of New York’s planned redevelopment of Willets Point, Queens. Serrone, a group of Willets Point businesses and landowners, challenged the City’s redevelopment on a number of grounds, including compliance with New York environmental laws and the city’s planned use of eminent domain to take private property. |
