MACKLOWE'S BACK; THE DEAL SHEET
| Billy, that is. Yesterday, the younger Macklowe officially launched his new venture, William Macklowe Co. And he's starting with a bang, announcing nearly $100M in two financings. |
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| The new venture has already successfully refinanced two portfolio properties-the 22-story 400 Madison, with $65.5M in refinancing from MetLife and Malkin Strategic Capital, and 610 Broadway, with a $43M first mortgage from Eurohypo. The developer and investor, along with a team of a dozen former Macklowe Properties professionals, have established an office at 126 E. 56th St., where they will focus on acquisitions, strategic lending, real estate correlated investments, and portfolio acquisitions, both in and outside of NYC. The team includes COO Jason Grebin, managing director of finance and acquisitions Noah Leonard, EVP of management services Jim Migliore, and SVP of commercial leasing Ken Dillon. |
| Sale Transactions This past week kicked off with two development site sales.Kingsland 359 purchased a 114k SF development site at 365 Kingsland Ave. in Greenpoint, Brooklyn from Broadway Stages for $10M (brokers: Kalmon Dolgin Affiliates' Neil Dolgin, Joseph Nicholas, and Jean Cook), while 84-86 White Street LLC grabbed a 36.7k SF site at 84-86 White St. in TriBeCa for $8.3M (seller rep: Eastern Consolidated's Brian Ezratty; buyer rep: Sotheby's International Realty's Louise Beit).***Ford motored from a dealership at 2385 Richmond Ave. in Staten Island, selling the 3.6-acre site to Helm Equities, which plans a retail development there. CB Richard Ellis' Noel Caban and Niraj Sarda repped Ford Motor Co., while STL Realty's John Oliveri repped the buyer. No final purchase price was announced, but the property had an asking price of $15M. |
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| L N K International purchased a vacant 93k SF industrial building at 55 Arkay Dr. in Hauppauge, Long Island from Lori-Lynn Realty for $8M. The facility includes 40k SF of manufacturing space and 3k SF of office space. Ashlind Properties' Richard Cohen arranged the sale. ***Chew on this: Starr Snacks purchased a 45k SF distribution facility at 107 Industrial Dr. in Jersey City for $3.5M. The company also owns the adjacent property, which it uses as a manufacturing plant. Greiner-Maltz's Raymond Musalo represented the buyer, while CBRE's Bill Waxman and Nicholas Nitti repped the seller. Lease Transactions 622 Third Ave. was the recipient of two leases totaling nearly 80k SF.Third Avenue Holdings, which is currently a subtenant, inked a new 10-year direct lease for 52k SF (tenant rep: Centric Real Estate Advisors' Gregg Lorberbaum; landlord reps: David Nevins and Adam Karafiol in-house for Cohen Brothers Realty). And J . Frank Associates signed a 12-year, 26.5k SF lease (tenant rep: Cushman & Wakefield's Andrew Sachs; landlord reps: C&W's Bruce Mosler,Arthur Mirante, Joseph Cabrera, and David Glassman). *** It may only be July, but school's in for British Schools of Americas, whose parent company World Class Learning Group inked a long-term, 55k SF deal at LaSalle Academy's 44 E. 2nd St. facilities for its first NY location. Grubb & Ellis' Frank Mancini and Andrew Phillips repped the British School of America, while LaSalle Academy's Martin Cottingham served the Catholic high school as an advisor. *** Reich & Tang Asset Management inked a long-term, 35.2k SF lease at 1411 Broadway, relocating from four floors at 600 Fifth Avenue. Colliers International's Ted Rotante, James Dempsey, and Roger Wooster represented the tenant, while Cushman & Wakefield's Tara Stacom repped the landlord. *** 551 Madison Ave. will be wearing the alligator for a little longer-Lacoste decided to renew and expand its US HQ at the building with the completion of a 35k SF lease. Cushman & Wakefield's Frank Coco, Don Preate, and Jamie Katcher repped the tenant, while the firm's Owen Hane and John Fitzsimmons represented the owner,LaSalle Investment Management. *** We hope The Atlantic Philanthropies also received a sticker and pack of Lorna Doones in the deal-the non-profit subleased its former home at 125 Park to the New York Blood Center in a four-year, 26k SF deal. When it moved to 75 Varick St. last year, it wanted to sublet the space to another NPO, according to S. Sunshine & Associates'Suzanne Sunshine, who represented the sub-landlord. Cassidy Turley's David Lebenstein represented the sublessee. SL Green recently entered a deal to buy the building from Shorenstein Properties. *** Suite New York leased 7.7k SF at 419 Park Ave. South for its upscale office and residential furniture showroom. Rosen & Jacobs Realty's Tricia Rosen repped the tenant, while Walter & Samuels'James Gladstone repped the landlord in the long-term deal, which has an aggregate value of more than $3M. Down the street, Doral Bank is putting its money on 345 Park Ave. South, where it also inked a 7.7k SF lease. William Crisp Realty's William Crisp repped the tenant, while Robert K. Futterman & Associates' Robert Futterman, Joshua Strauss, and Michael Worthman repped owner RFR Realty. *** Vans Apparel signed a 15k SF lease at 25 Franklin St. in Greenpoint, Brooklyn for a promotional and marketing venue. The tenant also plans on erecting an indoor skate park for private functions. Kalmon Dolgin Affiliates repped the owner and tenant in the deal. *** Seventh Avenue saw two leases: Columbia Sportswear's 6.2k SF's lease at 525 Seventh Ave. (tenant rep: NAI Global New York City's Philip Silverstein; landlord reps: Savitt Partners' Brian Neugeboren and Bob Savitt, along with Olmstead Properties' Steven Martin),and R. G. Vanderweil Engineers' 4.6k SF lease at 499 Seventh Ave., where it plans to relocate its NYC offices (tenant reps: CBC Hunter Realty's Tom Sulivan and Bret Varricchio; landlord reps: Savitt Partners' Carol Sacks and Alicia Popper). *** Following a slew of creative tenants, Weiss Manfredi Architects signed a 10-year, 6.6k SF lease at the building, relocating from Chelsea. J. Liff Co.'s Janet Liff represented the tenant, while Tom Lynch represented owner Trinity Real Estate in-house. *** 648 Broadway saw four deals comprising nearly 5k SF: photographer Patricia McMachon's 1k SF penthouse lease; Q Studio's 1k SF lease, Aetheros' 2.3k SF lease, and Mary Murphy Gallery's 525 SF lease. In addition to the four office tenants, a yet-to-be-named restaurant inked a deal for the ground floor. Sierra Realty Corp.'s Gabe Isaacs repped the landlord and tenant in three of the deals, while Aetheros was repped by Easy Street Properties' Andy Epstein. *** The Permanent Mission of Paraguay is moving to a casa nueva at 801 Second Ave., relocating in a 10-year, 3.5k SF deal. NAI Global New York City's Gil Robinov and Jesse Teitel repped the tenant. |
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| We hope AT&T Wireless gets quite the reception-its new 3k lease at Somerville Circle Shopping Center in Raritan, NJ brings the recently renovated 157k SF property to 100% occupancy. CB Richard Ellis' Jason Pierson repped the tenant, while the property is leased and managed by Levin Management Corp. ***Eight Bit & Up scored a 1.6k SF retail lease at 35-37 St. Marks Place for a new video game store, the first in a plan of opening multiple locations in the metro area. Northwest Atlantic's Kyle Allen repped the tenant. *** B. Clark Designs committed to a 1.2k SF lease at 250 W. 39th St. Savitt Partners' Ed Eckstein represented the tenant, while Tarter Stats O'Toole's Jonathan Mines and Catherine O'Toole repped owner TR 39th Street Land Corp. *** Prudential Douglas Elliman's Faith Hope Consolo and Joseph Aquino wrapped up two sweet deals: Billy's Bakery, which will be leasing space at 268 Elizabeth St. (tenant rep: Buchbinder & Warren Realty Group's Gabe Whitman) and Financier Patisserie, which is taking space in the free-standing brand building at 989 Third Ave. Financing Meridian Capital announced $44M in multifamily financing, including a $16.3M new mortgage on a 99-unit, 15-story building on W. 76th St. and a $12.1M new mortgage on a 93-unit, 15-story building on West End Ave. (both arranged by Jeffrey Weinberg); a $6.5M new mortgage on a 22-unit, five-story building on Carmine St. (arranged by Carol Shelby); a $4M new mortgage for a 108-unit, six-story building on Brighton 1st Rd. in Brooklyn (arranged by Joseph Taub); and a $3.5M new mortgage on a 71-unit, six-story building on E. 17th St. in Brooklyn (arranged by Avi Weinstock and Josh Rhine); and a $1.4M new mortgage on 16-unit, four-story building on Crocheron Ave. in Queens (arranged by Taub and Jacob Schmuckler). *** GCP Capital also arranged $12.5M in mortgage financing for a package of three multifamily properties (two elevator and one walk-up) containing a total of 158 units and four stores on St. Nicholas Ave. The firm's Adam Brostovski negotiated the deal. |
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| Holliday Fenoglio Fowler's NY office arranged a $2.3M construction and permanent loan for the completion of the new 13.4k SF "The C. Anthony and Jean Whittingham Family Building" for the American Cancer Society's New England Division in Norwalk, Conn. The firm's Al Epstein worked on behalf of the borrower to secure the loan through The Bank of New Canaan, which is a wholly owned subsidiary of BNC Financial Group. Loan proceeds are being used to finance the new facility, which will cost $5M and be complete and operational in '11. Construction & Development After 21 months of construction, 360 State Street-Connecticut'sgreenest and largest residential development-is opening its doors. Located at the corner of Chapel and State Streets, the 32-story, 700k SF building is the first new major residential construction in New Haven in over 15 years, and will contain 500 rental units. Over 20% of the units have already been pre-leased, and developer/architect Becker+Becker expects the building to be 100% complete by December. |
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| The Dermot Co., The Lower Eastside Girls Club of New York, and Grosvenor Investment Management have partnered with the NYC Department of HPD, the NYC HDC, and private sector financial institutions to develop a new mixed-use property at 101 Avenue D. The site will include a 30k SF HQ for The Lower Eastside Girls Club and 78 mixed-income rental residences. The 12-story building is expected to be LEED certified and include 4.7k SF of retail upon completion in 2012. Executive Moves Craig Ramsey joined L&L Holding Co. as managing director of investor coverage. He was previously with Deutsche Bank, and held positions at the Praedium Group and Citigroup Global Markets. He's a graduate of Boston University and Columbia Business School. *** Arvind Bajaj joined The Lightstone Group as EVP of investments, overseeing and managing the firm's acquisition efforts, capital markets activities, and investment strategies. He was previously with Park Hill Real Estate, a subsidiary of the Blackstone Group, and held positions at Credit Suisse and Morgan Stanley. He's a graduate of Vanderbilt. *** Winick Realty Group promoted six: Steven Baker to president;Joseph Isa to senior managing director; and Cosmo Montemurro,Jamie Rogers, Richard Smith, and Monica Kass to director. *** Ray Walsh joined Donnelly Sustainable Energy Services as energy engineer, responsible for conducting energy audits, assessments and surveys; providing energy benchmarking studies; identifying federal and state tax incentives and rebates; and more. He was previously with Johnson Controls, and is a graduate of Drexel and the National University of Ireland. |
