LEGEND FOR SALE; THE DEAL SHEET
| Want to own a piece of history? The iconic Hotel Chelsea—home throughout the years to guests and residents such as Bob Dylan, Andy Warhol, O. Henry, Arthur Miller, Jimi Hendrix, Janis Joplin, and Jim Morrison—is up for sale. |
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| The Board of the Hotel Chelsea announced its intentions to sell the landmark Chelsea building, which has been owned and operated by controlling families for more than 65 years. “Now is the time to let a new owner, with perhaps some new innovative ideas and resources, re-energize and revitalize the Chelsea,” said Board member Paul Brounstein in a release. The 12-story Queen Anne-style building was built by Hubert, Pirsson and Co. architects in 1883, and contains 125 hotel rooms, 101 residential units, 17k SF of retail space, and an 8k SF roof terrace. "The hotel will always continue toParijoan. a destination for creativity and art, that's what makes it so special,” he continued. “Nothing can ever change that.” |
| Sales Transactions Massey Knakal sold five properties: two five-story elevator apartment buildings at 530 and 534 E. 88th St. for $15M cash (brokers:Thomas Gammino and Bob Knakal); a 9,400 SF mixed-use building at 18 E. 23rd St. for $5.7M cash (broker: John Ciraulo); a 20k SF industrial warehouse building at 184-198 Nostrand Ave. and 433 Willoughby Ave. in Brooklyn for $2.9M cash (brokers: Michael Amirkhanian and Mark Lively); and a mixed-use building at 179 Smith St. in Boerum Hill, Brooklyn for $1.4M cash (broker: Stephen Palmese).*** International Planned Parenthood/Western Hemisphere Region relocated and expanded its HQ by purchasing a 26k SF office condo at 125 Maiden Lane for $9M. Colliers International’s Robert Tunis,Eric Ferriello, and Richard Warshauer repped seller Empire State Development Corp., while S. Sunshine & Associates’ Suzanne Sunshine repped the buyer. Lease Transactions Branchburg Sports Complex netted a long-term, 78k SF industrial lease at 47 Readington Rd. in Branchburg, NJ. CBRE’s Thomas Monahan and Stacey Weinberg repped both the tenant and the landlord, The Hampshire Cos. The complex will contain an indoor lacrosse field and batting cages for use as a recreational sports facility for area high schools. *** The NYC Police Pension Fund renewed its 56k SF office space at 233 Broadway for 20 years. Newmark Knight Frank’s Lance Korman, Daniel Madison, John Moran III, and Brian Waterman repped the tenant, while owner The Witkoff Group was repped in-house. *** A quantum leap to a direct deal: Quantum Medical Imaging leased a 48k SF industrial space at 2002 Orville Dr. in Ronkonkoma, Long Island. It has been using the space for its HQ and manufacturing since ’05 under a sublease with Atkins Neutraceuticals, but the new lease, at eight years, is direct with the landlord. Ashlind Properties’Richard Cohen repped the tenant, while Harry Stavros repped owner Rechler Equity Associates in-house. *** Bargains for Brooklyn! Filene’s Basement and SYMS signed a 40k SF lease at 490 Fulton St., the first in the borough for both stores. The property was leased by owners Eli Gindi, Crown Acquisitions, and certain funds within the Perella Weinberg Partners’ Asset-Based Value Strategy. *** 902 Broadway saw 30k SF worth of deals, including General Assembly Space’ 16,500 SF lease and JNK Securities’ 12,125 SF lease; both will move in November. Vicus Partners’ Andrew Stein and Burt Rosenblatt repped the tenants, while Colliers International’s Perry Mesmer and Marty Meyer repped the owner,902 Associates LLC. *** Forefront Advisors inked a 25k SF sublease at 590 Madison Ave., aka the IBM Building. Studley’s David Dusek and Brad Wolk repped the subtenant, while UGL Equis’ Dirk Hrobsky, David Burton, Abe Bose, and David Starr repped the subtenant, The Galleon Group. *** Buddy Media inked a 23,896 SF lease at 21 Penn Plaza. Coldwell Banker Commercial Hunter Phoenix’s Peter Sabesan and Michael Okun repped the tenant, while SL Green’s Gary Rosen repped owner GHG Realty Co. *** The Strive Group is striving for an extended stay in Lyndhurst, NJ—the merchandising supply chain company renewed its office lease for 20k SF at Cityview Corporate Center, 160 Chubb Ave. Cassidy Turley’s Mark Siegler and Marc Hirschinger repped the tenant, while Cushman & Wakefield’s Curtis Foster repped the owner, a Boston-based real estate pension fund. The managing agent is Kwartler Associates. *** Faunus Group International inked a 18k SF lease in an expansion and lease extension at 80 Broad St. It had previously rented 6,600 SF. Colliers International’s Jamie Drummond, Steven Jaray, and Sheena Gohil repped the tenant, while Todd Korren repped owner Swig Equities in-house. *** They’ve got the beat at 29 W. 36th St., where nightclub operator New York City 36 LLC inked a 10-year, 14,800 SF lease for District 36, a dance club that will open its doors this month. Sunburst Advisors’Michelle Mulle and Chris Cardinale repped the tenant, while Winoker Realty’s Corey Abdo and Mitchell Cooperstock repped the owner, Broadway 36th Realty. *** Palantir Technologies inked a 13,335 SF lease at 15 Little West 12. Newmark Knight Frank’s Michael Morris repped the tenant, while NKF’s David Falk, Daniel Levin, and Jason Greenstein repped owners Taconic Investment Partners and Square Mile Capital Management. *** NAI Global New York City’s Charles Goldberg closed three transactions: Throckmorton Fine Art’s 5,200 SF lease and Kranz & Co.’s 5,200 SF lease at 145 E. 57th St., which is owned by Maragogipe Investimentos e Participacoes and repped by Grubb & Ellis’ Barrett Stern; and Tonix Pharmaceuticals’ five-year, 2,355 SF lease at 509 Madison Ave., which is owned by Kensico Properties. *** Integrated Business Systems relocated and expanded its HQ to 11k SF at 999 Riverview Dr. in Totowa, NJ. CresaPartners’ James Scancarella repped the tenant. Mack-Cali is the owner. *** Pasternak, Baum & Co. expanded its space at 500 Mamaroneck Ave. in Harrison, NY to 10k SF until 2021. CBRE’s David Block repped the tenant, while Jeffrey Newman and Kimberly Zaccagnino repped owner Malkin Properties in-house. *** Fidelity Brokerage Services signed a relocation lease within 188 E. 78th St., where it will move from a second floor space to 9k SF on the ground floor and a second-floor presence. CBRE and Colliers Meredith & Grew repped the tenant, while Oliver Katcher repped owner RFR Realty in-house. *** ALPHAGRAPHICS signed a 10-year, 7,500 SF lease at 5 Eastmans Rd. in Parsippany, NJ. Lincoln Property Co.’s Victoria Foulides Northrup repped the tenant, while Grubb & Ellis’ John Kuhn and Bill Kanter repped the owner. *** White Plains’ Gannett Office Park saw two deals: Westfair Communications’ five-year, 4,263 SF at 3 Gannett Dr. (tenant rep:Cushman & Wakefield) and PNC Mortgage’s five-year, 3,028 SF lease at 2 Gannett Drive (tenant rep: Newmark Knight Frank). Owner Heritage Realty Services was repped in-house by George Constantin. *** A rooty, tooty, fresh, ‘n fruity lease in Brooklyn: IHOP just signed a 20-year, 5,900 SF lease at 785 Flushing Ave. Kalmon Dolgin Affiliates’Allison Chambers represented both the tenant and owner. *** Vision Capital Americas leased the entire 14th floor at 681 Fifth Ave., taking 5,835 SF. Studley’s David Dusek repped the tenant, while Cushman & Wakefield’s Mitchell Konsker, Matthew Astrachan, Robert Gallucci, and Scott Silverstein repped the owner, Metropole Realty Advisors. *** Brooklyn Renaissance Plaza, which has been 100% leased since ’98, recently saw 10k SF become available—and two tenants have already taken some of the space. David Black Literary Agency signed for 3,600 SF, while Epstein & Conroy signed for 1,863 SF. Cassidy Turley’s Brian Weld repped David Black, while E.L. Martin Partners’ Elizabeth Martin repped Epstein & Conroy. Stanley Markowitz repped owner Muss Development in-house. *** MB Business Management signed a five-year, 2,330 SF lease at One Grand Central Place. The Kaufman Org.’s Loren Biller repped the tenant, while Newmark Knight Frank’s Billy Cohen, Alison Coffey, and Ryan Kass repped the owner, W&H Properties. *** Eton Shirts will dress up part of 625 Madison Ave.’s retail space, taking 1,500 SF for its US flagship store. Newmark Knight Frank’s Jared Lack and Amira Yunis repped the tenant, while NKF’s Jeffrey Roseman and Gregg Gropper repped owner SL Green. Financing CBRE’s capital markets debt & equity finance group arranged a $20M mortgage loan for the 118k SF 115 Tice Blvd. in Woodcliff Lake, NJ. The firm’s James Gunning secured the financing on behalf of Ridge Associates II at a seven-year term and 25-year amortization. The mortgage loan was a refinance of existing debt secured by a first lien on 155 Tice Blvd. *** The NYC Economic Development Corp. and United Fund Advisors closed a New Markets Tax Credits financing for Basketball City USA, a $13M project at Pier 36 in Lower Manhattan that will convert a City-owner warehouse space into a recreational sports and special events facility. The NMTC financing will allow Basketball City USA to build a more energy-efficient, high-tech facility that includes solar panels and composite wooden floors. Construction for the 63k SF space will be completed by summer ’11. The NMTCs were provided by National Community Fund I (an affiliate of UFA) and USBCDE LLC (an affiliate for US Bancorp Community Development Corp.). In addition, NYCEDC executed a $2.7M funding agreement with Basketball City USA to further development. Construction & Development POKO Partners is transforming the Loews Pitkin Theater in Brownsville, Brooklyn into a charter school and retail facility. The new Pitkin Theater Center will include 70k SF of prime retail space, and the 90k SF upper portion will house a K-8 charter school for up to 1,100 children. Wilk Auslander’s Alan Zuckerbrod and Jonathan Weiss lead the team in negotiation and execution of the construction contracts. *** The Rubin Museum of Art in Chelsea began work on the build-out of a new education center. This includes the construction of new seminar and art workshop rooms, restrooms, pantries, a coatroom, mechanical room, and an administrative office. The center, which will be adjacent to the existing museum, is scheduled for completion in ’11. The team includes IBEX Construction, Lee H. Skolnick Architecture & Design Partnership, and Karen Thomas. Executive Moves Webb & Brooker named long-time member Bernard Warren as president. Eugene Webb, the chairman, will continue to serve as a key advisor to the firm. Bernard has been with the firm since ’90. *** CBRE appointed senior managing director Jeff Hipschman to lead its NJ operations. He will continue to be located in the firm’s Saddle Brook office, but will be responsible for the firm’s three offices statewide. David Gialanella, who had been co-leader of NJ operations, is now focusing on expanding the firm’s global corporate services as global head of transaction services. *** IVI International promoted Douglas Olson to director of sales for the New York metropolitan area. He’s been with the firm for more than 17 years, and spearheaded its entry into the HUD multi-family market and advanced IVI’s reproduction cost services for tax certiorari proceedings. *** Grubb & Ellis added three to its office group as managing directors:Gerard Kiley, Gerard Smith, and Gregory Shaughnessy, who will focus on expanding the firm’s tenant and owner representation, property management, investment sales and consulting capabilities in the northern suburbs of NYC. Gerard K. was most recently president of The Alliance Group, and held positions at Antares Real Estate Service, The Galbreath Co., and other firms. Gerard S. also comes from The Alliance Group, and owned a mortgage company in Connecticut beforehand. Gregory comes from United Rentals. *** Ackman-Ziff hired two: David Harte returned to the firm after 14 years as an independent RE capital advisor, which followed 13 years with an AZ predecessor firm. During these years, he arranged equity and debt for entities like The Bank of New York and O’Connor Capital Partners. Lee Norman joins with nearly 20 years of experience on the West Coast as a CRE professional, and has closed billions of dollars worth of transactions involving institutional senior debt, mezzanine, and equity sources. *** Stan Judovits joined The Mufson Partnership as a partner, the first new partner since the corporate interior design firm was founded in ’94. He will be responsible for project management of corporate interiors projects, strategic planning, marketing, and business development. He was previously with MKDA, and also held a position at Pavlik Design Team. He’s a University of Miami grad. *** Julia Kirby joined Statewide Abstract Crop. as director of NY and National Sales. Her experience includes managing local, regional and national operations for Stewart Title Insurance Co. and American Title Agency. She’s a Fordham and Emmanuel College grad. *** Daniel Marks Cohen joined The Community Preservation Corp. as a mortgage officer in its Bronx office. He will originate construction and permanent loans for affordable housing preservation and development in the Bronx and Manhattan, among other duties. He was previously with Burlingham Capital Partners, ING Clarion Partners, and the NYC Economic Development Corp. |
