MORGAN STANLEY'S MEGA MILLION LEASE; THE DEAL SHEET
| Move over, Condé Nast—another tenant is taking over a million square feet in Lower Manhattan, and it's the largest single-asset office lease in NYC since 2008. Morgan Stanley has inked a 1.2M SF lease at One New York Plaza, announced today. | ||
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| Morgan Stanley already occupies 816k SF in the 2.6M SF building under an existing sublease with Wells Fargo (782k SF) and a direct lease with owner Brookfield Office Properties (34k SF). Now, the tenant is expanding its premises by another 337k SF in a direct lease with Brookfield until 2029 (more proof that Mayan calendar was wrong). Congrats to Newmark Knight Frank’s Barry Gosin, Brian Waterman, and Romel Canete, who repped the tenant, and Jerry Larkin and Duncan McCuaig, who repped Brookfield in-house. | ||
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| SALES Massey Knakal brokered the sale of three properties: a 3,800 SF development site at 301 E 61st St for $15.4M (seller reps: MK’s Bob Knakal and Clint Olsen; buyer rep: Sotheby’s International’s Louise Beit); a 4,100 SF mixed-use building at 22 E 13th St for $4.8M(brokers: James Nelson, Mitchell Levine, Caroline Hannigan, Matt Nickerson, and Matt Bowman); and a 6,900 SF mixed-use building at 1482 First Ave for $3M (brokers: Paul Massey and Thomas Gammino).*** | ||
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| Besen & Associates’ Amit Doshi, Lynda Blumberg, and Ronnie Shaban brokered the sale of two properties: a 71-unit, six-story elevator apartment building with five stores at 2150 Wallace Ave, the Bronx for $8.8M and a 49-unit, five-story walk-up apartment building at 675 E 233rd St, the Bronx for $3.9M.***A private investor purchased a 30-unit, six-story elevator apartment building at 205 W 10th St for $11.5M. Marcus & Millichap’s John Stewart repped both the seller, a local real estate family, and the buyer. Marcus & Millichap Capital Corp arranged the $5.5M acquisition loan. *** ClearRock Properties and Homewood Real Estate Partners purchased the 34k SF, fully occupied, three-story 55 Post Rd West, Westport, Conn. from Oak Tree Capital Management for $8.5M. Newmark Knight Frank’s John Goodkind, Stephen Banker, and Paul Gojkovich III repped the seller. | ||
| LEASES | ||
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| Omnicom signed a 39k SF lease at 195 Broadway, bringing its total footage in the building to over 260k SF. Feld Real Estate’s Lee Feld repped the tenant, while David Berkey repped owner L&L Holding Co in-house.***Pomerantz Haudek Grossman & Gross signed a 10-year, 14k SF lease at 600 Third Ave. Colliers International’s Ted Rotante and Bob Freedman repped the tenant, while L&L Holding Co’s Andrew Wiener repped the owner. *** Both Diptyque USA and TelNetworks USA signed seven-year,5,300 SF leases at 145 W 28th St. Isaacs & Co’s Nick Cowan repped Diptyque, while Winoker’s Elliot Klein and Jonathan Ben-Daya n repped TelNetworks and the landlord in both deals. *** CPEX Real Estate relocated its Brooklyn office to 8,000 SF at 81 Willoughby St. *** 100 Wall St saw two deals: Four Wood Capital Partners’ eight-year,4,300 SF lease (tenant rep: Winslow & Co’s Josh Winslow) and Hartford Steam Boiler Inspection & Insurance Co’s six-year, 2,400 SF lease (tenant rep: Cushman & Wakefield's David Malawer). JLL’s Mitch Konsker, Scott Cahaly, and Brian Reiver repped owner Savanna in both deals. *** Oxford Economics USA signed an 11-year, 5,000 SF lease at 5 Hanover Sq. Abraham + Martin’s Michael Duncan repped the tenant, while Cushman & Wakefield’s Frank Cento and Jonathan Fein repped owner Savanna. *** The Rubicon Project signed a five-year, 4,700 SF lease at 183 Madison Ave. Cresa’s Ed Wartels and Brian Davies repped the tenant, while Cushman & Wakefield’s Harry Blair and Sean Kearns repped owner Rigby 183 LLC. *** BuzzMedia signed a five-year, 4,200 SF expansion at 276 Fifth Ave. Winoker’s Elliot Klein brokered the deal. *** | ||
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| Nassau Educators Federal Credit Union signed a 4,000 SF lease for a branch at 1157 Wantagh Ave, Wantagh, Long Island. Sabre Real Estate Group’s Anthony Russo brokered the deal with owner Willow Wood Associates, an affiliate of Breslin Realty Development Corp.***Merrimac Corp renewed its 2,900 SF lease at 100 First Stamford Pl, Stamford, Conn. through 2016. The tenant repped itself, while Jeffrey Newman, Kimberly Zaccagnino, and Tara Long repped owner Malkin Properties in-house. *** The Fitness Cell took 2,900 SF at 328 E 61st St, completing the building’s transition to a 100% active lifestyle building. Fellow tenants include Honbu Dojo, Earth Yoga, The Ballet Club, Gotham Martial Arts, and Fred Astaire Dance Studio. Hirschfield Properties is the owner. *** The Penrose inked a 4,000 SF lease at 1590 Second Ave for a new gastropub. Boxers Realty’s Michael Hayes repped the tenant, while Newmark Knight Frank’s Jay Gilbert repped owner Eberhart Brothers. *** Euro Pacific Precious Metals signed a two-year, 1,800 SF lease at 152 Madison Ave. Winoker’s Howard Epstein and Barry Bernstein brokered the deal. *** Armani Junior inked its first standalone flagship at 1225 Madison Ave. Isaacs & Co repped the tenant, while Prudential Douglas Elliman’s Faith Hope Consolo and Joseph Aquino repped the landlord. FINANCING NCB FSB arranged nearly $72M in co-op financing in March, including: a $10M first mortgage and $500k line of credit for a 129-unit co-op at 2500 Johnson Ave, Riverdale (arranged by Edward Howe III); a $7.4M first mortgage for Hudson View Gardens, a 353-unit co-op at 116 Pinehurst Ave (arranged by Sheldon Gartenstein); and a $7M first mortgage and $500k line of credit for Fontaine Owners Corp, a 130-unit co-op at 353 E 72st St (arranged by Mindy Goldstein). *** GCP Capital Group arranged nearly $20M in mortgage financing, including: $6M for four retail properties totaling five tenants and 26k SF on Long Island (arranged by Matthew Classi); $4.9M for a 43-unit, six-story elevator apartment building on St. Nicholas Avenue(arranged by Paul Greenbaum); a $2M rate modification for a one-story retail strip center anchored by TD Bank in North Babylon, Long Island (arranged by David Sessa); and $1.1M for a 22-unit, five-story apartment building on Southern Boulevard, the Bronx (arranged by Stephen Katz). *** | ||
| Hudson Realty Capital funded a $5.4M bridge and construction loan for a 24-unit, five-story apartment building in Prospect Heights. The loan proceeds were used to purchase the property and fund completion of the partially constructed, for which the NYC Department of Buildings placed a work-stop order on the original developer in ’06.CONSTRUCTION & DEVELOPMENT Stalco Construction completed the new $1.8M, 8,200 SF Miller Places Administration Building for the Miller Place UFSD at 7 Memorial Dr, Miller Place, Long Island. The team also included architect Michael Guido Jr, Savin Engineers, and Capano and Parker Engineers. BUSINESS BGC Partners completed its acquisition of Grubb & Ellis and is integrating it with Newmark Knight Frank, which the firm acquired in October 2011. The new firm will be known as Newmark Grubb Knight Frank and has over 100 offices in North America, 250M SF of property and facilities management assignments, and an appraisal business. Barry Gosin is the CEO of the combined company, while Jimmy Kuhn is president. EXECUTIVE MOVES Michael Hart joined Cushman & Wakefield as New York regional leader for the firm’s corporate occupier and investor services group, responsible for managing all corporate account services and acting as leader relationship manager between C&W and NY-area clients. He joins from JLL and is a Virginia Tech and Duke University grad. *** The team of Paul Berkman, Craig Slosberg, Davie Berke, and Justin Haber joined JLL from Newmark Knight Frank Retail, heading the expansion of the firm’s retail tenant rep services in Manhattan. Paul is now EVP and prior to NKF owned and operated a 20-store clothing chain. Craig, also an EVP, also held a position at Grenadier Realty Crop and is a SUNY Oswego and NYU grad. Davie, a VP, is a Union College grad. And Justin, an associate, is a University of Arizona grad. *** Dennis Someck and Mitchell Kunikoff joined Lee & Associates NYC as executive managing directors and principals. Both come from George Comfort & Sons and also held positions at Collins Tuttle & Co. Dennis is a San Diego University and Cornell grad, while Mitchell is an NYU grad. *** Ari Schwartz joined Eastern Consolidated as associate director, the fifth attorney to join the firm. He was previously with Teitelbaum & Baskin and is an Emory, Brooklyn Law School, and St. John’s University School of Law grad. *** Dylan Murphy joined Massey Knakal Retail Leasing Services as director of retail leasing, specializing in Midtown West/Clinton. He was previously with Citi Habitats and is a SUNY Stony Brook and Occidental College grad. *** Ken Drake joined EYP Architecture & Engineering as senior project executive, supporting the firm’s government, corporate, and higher education sectors. He previously held positions at HDR and Paulus Sokolowski & Sartor. He’s a NJIT grad. *** NYU Schack Institute of Real Estate named Rosemary Scanlon as divisional dean. She’s been serving as an interim divisional dean since October and will also remain a clinical associate professor of economics. She joined NYU Schack in 2000 and has held positions as NYS Deputy Comptroller and within the Port Authority. She’s a St. Francis Xavier University, University of New Brunswick, and Harvard Business School grad. |
