Moinian, SL Green Shake Hands
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| The Moinian Group and SL Green have reached an agreement to recapitalize Three Columbus Circle, with a standby mortgage commitment and a potential future investment by SL Green that will make funds available for the completion of the $175M transformation and lease-up of the property. The 26-story, 768k SF property at 1775 Broadway is in the final stages of its major modernization and redevelopment to reposition the asset as a Class A office and retail destination. The Moinian Group continues to direct the completion, and FTI Schonbraun McCann Group acted as advisors in the transaction. |
| Sales Transactions United American Land purchased the 25k SF 449 Broadway from 449 Broadway Associates Co. for $15M. CBRE’s Daniel Kaplan,Ned Midgley, Tim Sheehan, and Sloane Rhulen repped the seller.***After only three minutes of heavy bidding, Paramount Realty USA sold the 8,300k SF townhouse at 3 E. 10th St. for $6.6M. The building is configured as eight private apartments and four doctors’ offices, and can be converted into a private mansion. The owners, two brothers, were dissolving their business partnership and wanted to sell the property, which had been in the family for over 40 years. *** A mid-sized software development company purchased a full-floor, 11,294 SF office condo at 70 W. 36th St. from Time Equities for $5M. Winoker Realty’s Jonata Dayan, Jonathan Ben-Dayan, and Adam Ben-Dayan repped the buyer, while Rudder Property Group’s Michael Rudder and Michael Heller repped the seller. *** Elof Hansson purchased a 6k SF office condo at 129 Main St. in Tarrytown from National Resources for $2.8M, where it will relocate from leased space at 565 Taxter Rd. in Elmsford. CBRE’s William Cuddy Jr. arranged the deal. *** Intercontinental Real Estate Corp. purchased the 125k SF 1300 Franklin Ave. in Garden City, Long Island for an undisclosed price. Holliday Fenoglio Fowler’s Jose Cruz, Andrew Scandalios, Kevin O’Hearn, and Jeff Julien repped the seller, Alfred Weissman Real Estate. *** NAI Friedland’s industrial division closed two sales: Everest Scaffolding’s purchase of a 12k SF building and 40k SF of land at 1150 Longwood Ave., Bronx, from Longwood Ave LLC (broker:Jeff Clinton); and Growth Products’ purchase of the 15,600 SF 80 Lafayette Ave. in North White Plains from Loyal Paper for $1.6M(buyer rep: Andy Grossman; seller rep: Goldstein & Associates). Lease Transactions Newegg.com signed a five-year, 374k SF renewal at 1 Gourmet Ln. in Edison, NJ. CBRE’s Scott Belfer and Lou Belfer repped the tennant, while Ron Schram repped owner Morris Cos. in-house. *** 220 E. 42nd St., also known as The News Building, saw three leases:WPIX’s 10-year, 101k SF renewal; The Tribune Co.’s six-year,24,639 SF renewal; and Hoffman Polland & Furman’s six-year,8,364 SF lease. Cushman & Wakefield’s Jeffrey Samaras, Louis D’Avanzo, and Robert Gastal repped the renewals, while Hunter Realty Group’s Joseph Ferrara repped Hoffman Polland. David Kaufman repped owner SL Green in-house. *** NBC Universal signed a three-year, 28,541 SF lease at 135 W. 50th St. Cushman & Wakefield’s David Rosenbloom repped the tenant (with some help from the peacock, we’ve heard), while Murray Hill Properties’ Eric Levy and Brad Siderow repped the owner. *** Trish McEvoy is beautifying 430 Commerce Blvd. in Carlstadt, NJ, signing a five-year, 28,148 SF sublease and relocating its operations from an existing site in Elmwood Park. Cassidy Turley’s Andrew Houston, Mark Siegler, and Marc Hirschinger repped the subtenant, while Cushman & Wakefield’s Curtis Foster and Jeff Prezant repped sublandlord The Paige Co. *** CUNY signed a new 26,696 SF lease at 16 Court St. in Brooklyn. CBRE’s Gary Kamenetsky and Creative Real Estate Group’s Christopher Haven repped owner SL Green alongside Christopher Gulden in-house. *** Planet Fitness is beefing up 490 Fulton St. in Brooklyn, where it leased 18k SF. Crown Retail Services repped both the tenant and the owners, Crown Acquisitions and funds within the Perella Weinberg Partners’ Asset Based Value Strategy. *** Forrest Solutions inked a 10-year, 17,684 SF lease at 19 W. 44th St. CBRE’s Paul Haskin repped the tenant, while David Kaufman repped owner SL Green in-house. *** Front Inc. signed a 10-year, 10k SF lease at 20 Jay St. in Brooklyn. City Connections Commercial’s Laki Latinka Igrutinovic repped both the tenant and owner, Two Trees Management Co. Up the street, Laki also repped tenant Fourth Two Solutions and landlord Jack Guttman in a five-year, 2,500 SF lease at 68 Jay St. *** Marshall’s Shoe Shop tied up a 12,100 SF lease at 740 Broadway. Ripco’s Andrew Mandell, Richard Skulnik, and Brad Cohen repped the tenant, while Newmark Knight Frank’s Paul Berkman and Davie Berke repped owner Lafayette-Astor Associates. *** NAI Friedland brokered six leases: ComJem Associates’ 3k SF lease at 2178 White Plains Rd., Bronx (broker: Kathy Zamechansky); Allison’s on Fifth’s 3k SF lease at 1405 Fifth Ave. (broker: Zamechansky); Susan Blum’s 2,807 SF lease at 34 Rye Ridge Rd., Rye Brook (broker: Joan Simon; landlord: Win Ridge Realty); Waller & Fiorenza’ s 1,570 SF lease at 1000 Clearbrook Rd., Elmsford (brokers: Ellen Benedek and Carl Silbergleit; landlord: Mack-Cali); Salsa Fresca’s 1,600 SF lease at 720 North Bedford Rd., Bedford Hills (broker: Simon; landlord: MRE Management); and Dunkin’ Donuts’ 1,500 SF lease at 681 Main St., Mount Kisco (broker: Simon). *** Opera Solutions signed a 11,161 SF lease at 180 Maiden Lane. Prime Manhattan Realty’s Amy Weins-Dallman repped the tenant, while CBRE’s Bruce Surry and Leonard Zimmerman represented owner The Moinian Group along with Kimia Shadrokh in-house. *** Thales Group inked a seven-year, 10k SF lease at 317 Madison Ave. to house its transport and security division. Cassidy Turley’s Stephen Bellwood and Peter Occhi repped the tenant, while Elaine Anazagasty and Larry Swiger repped owner SL Green in-house. *** BPCM signed a 10-year, 10k SF lease at 531 W. 25th St. Savitt Partners’ Michael Schoen repped the tenant, while The Manhattes Group’s Jamison Weiner repped the owner, 25th Street Art Partners. *** Robert B. Samuels signed a six-year, 9,600 SF lease at 253 W. 35th St. Adams & Co.’s Alan Bonett repped the tenant, while Shalsky Properties’ Marvin Shalsky repped the landlord. *** Times Square’s so bright that 1515 Broadway needs to wear shades.Oakley signed a new 1,815 SF lease to occupy the last remaining retail space in the building. Robert K. Futterman & Associates’ David Rosenberg and Beth Rosen repped the tenant, while Newmark Knight Frank’s retail Jeffrey Roseman, Kenneth Hochhauser, and Marc Leber repped owner SL Green. The building also saw Viacom International’s 7,619 SF renewal for broadcast studio space on a portion of the second floor. CBRE’s Michael Laginestra, Scott Gottlieb, and Andrew Sussman repped the tenant. *** A spooktacular lease for 201 Tarrytown Rd. in White Plains. Spirit Halloween opened a 6k SF store formerly occupied by Blockbuster Video, where it will remain until mid-November. It plans to open additional locations in the immediate area. RHYS Commercial’s Alexander Anderson was the sole (or should we say soul?) broker, and Marcel Tarrytown Realty is the owner. *** 499 Seventh Ave. saw two deals: Kiersted/System’s 4,550 SF lease for its NYC HQ, and JK Gifts’ 10-year, 1,400k SF retail lease. Savitt Partners’ Carol Sacks and Alicia Popper brokered the deals. *** 25 Park opened a 2,322 SF women’s boutique at 1296 Third Ave. JDF Realty’s Mark Turkewitz repped the tenant, while Ripco’s Brad Cohen and Richard Skulnik repped the landlord, Barnan Associates. Down the street, thank heaven that 7-Eleven took 2,900 SF at 395 Third. Robert K. Futterman & Associates’ Greg Covey repped the tenant, while Brad and colleague Patricia Garcia repped owner 560 Third Associates. *** Thoroughly modern women’s fashion designer Milly took 1,900 SF at 900 Madison Ave. for its first US store, which will open next year. Cushman & Wakefield’s Robert Gibson and Molly Beal repped the tenant, while Newmark Knight Frank Retail’s Jeffrey Roseman,Jonathan Krivine, and Trever Gallina repped the landlord, Stahl Properties. Up the street, JOIE took 1,346 SF at 1200 Madison Ave. for its first US store. Millennium Realty Group’s Michael Leifer repped the tenant, while Robert K. Futterman & Associates’ Beth Rosen and Brandon Singer repped owner 1200 Tenant Corp. *** Zadig et Voltaire signed a 1,550 SF lease at 409 Bleecker St., the retailer’s third Manhattan location. Robert K. Futterman & Associates’Joshua Strauss and Greg Covey repped the tenant, while RKF’s Marc Finkel repped owner Abigail Westlake. *** 501 Seventh Ave. was a shoe-in for DSW Designer Shoe Warehouse, which stepped into a lease to occupy a portion of the fifth floor. Cushman & Wakefield’s Jared Horowitz repped the tenant, while CBRE’s Jonathan Fales repped owner W&H properties. Financing GCP Capital’s Paul Greenbaum arranged over $76M in financing, including: $34.3M for a package of 24 multifamily properties containing 1,247 units and 15 stores throughout Brooklyn and Queens; $32M for a six-story elevator apartment building containing 32 units and three retail tenants on the Upper East Side; $5.7M for a seven-story apartment building on Fulton St., Brooklyn; and $5M for a five-story elevator apartment building on St. Marks Ave. in Brooklyn. *** Meridian Capital Group arranged $39M in financing, including:$15M for a 195-unit multifamily building on Henry Hudson Pkwy. in Riverdale, NY (arranged by Carol Shelby); $9.8M for a 149-unit multifamily building on Ocean Pkwy. in Brooklyn (arranged by Shelby); and $9.5M for a 76-unit multifamily building on Classon Ave. in Brooklyn (arranged by Jeffrey Weinberg and David Ostrov). *** The NY and Pittsburgh offices of Holliday Fenoglio Fowler arranged a $36.5M refinancing for four self-storage properties totaling nearly 5,000 units in Long Island City and Crotona Park East, Bronx. The firm’s Steven Klein, Claudia Steeb, and John Pelusi Jr. worked on behalf of Storage Deluxe to secure the 10-year, fixed-rate loan through a national bank. Construction & Development This is no garbage—the new $44M Sims Municipal Recycling Facility broke ground yesterday in Sunset Park, Brooklyn. The 100k SF property is designed by Selldorf Architects and will serve as the principal processing facility for all of the City’s metal, glass, and plastic recyclables. Skanska is the general contractor. It is scheduled to open in December ’11. *** A new jewel for Union Square. Gemini Real Estate Advisors broke ground on the new The GEM Hotel Union Square, a 113-key hotel located at 52 W. 13th St. The hotel, which is the brand’s flagship, is set to open in ’12. The team includes designer Andres Escobar, architect Gene Kaufman Architect, and general contractor KSK Construction Corp. *** The $23M, 55k SF Stop & Shop supermarket opened at the Arverne by the Sea development complex on Rockaway Beach Blvd., Queens. The project was made possible by $5.5M in tax-exempt bond financing through the American Recovery and Reinvestment Act as part of the $122M financing to jump-start stalled retail and commercial development projects. *** The City Council approved a rezoning and a disposition and acquisition of easements for a site located on W. 155th St. between St. Nicholas Ave. and St. Nicholas Pl. in West Harlem. Broadway Housing Communities plans to build a 13-story mixed-use building comprised of 124 units of affordable housing, an early childhood center, a non-profit program, and office space. The project is designed by David Adjaye and Saky Yakas. Kramer Levin’s V alerie Campbell, Adam Taubman, Elizabeth Larsen, Charles Warren, and Karen Mintzer provided assistance with counsel and environmental review. *** The City Council also approved the rezoning of one-and-a-half blocks in the Ravenswood section of Long Island City for Hour Children to build an 18-unit supportive living residence, designed by Edelman Sultan Knox Wood/Architects. Kramer Levin’s Paul Selver and Marcie Kesner repped the non-profit, while the firm’s Karen Mintzer provided assistance with the environmental review. Executive Moves Marcus & Millichap promoted John Horowitz to sales manager of the Brooklyn office, which he joined in ’06. Prior to that, he was a corporate lawyer and ran a non-profit that focused on criminal justice issues. He’s a Tufts and Fordham Law grad. *** Gardner Semet joined Amalgamated Bank to head its commercial real estate finance division as EVP, responsible for increasing the client base with a wider range of commercial real estate organizations in NY and other markets the bank serves. He was previously with M&T Bank. He’s a Columbia and NYU grad. *** Scott MacWhinnie joined Time Equities as director of office leasing and sales for the firm’s Manhattan office portfolio. He was previously with CBRE, and held positions at Investcap Advisors and CoStar. He’s a graduate of Pace University and NYU. *** Gary Steinberg joined Sierra Realty Corp. as managing director, focusing on fashion, cosmetics, home, and accessories clients. He was previously with Robert K. Futterman & Associates and Colliers International. *** Michael Nachamkin joined Holliday Fenoglio Fowler as managing director in the NY/NJ metro investment sales group, and will work out of the firm’s Florham Park office, focusing on industrial investment sales in the Northeast in addition to being a member of the national industrial investment sales team. He was previously with Oakmont Industrial Group, and held positions at Prologis, Whitehall Industrial Properties, and Cushman & Wakefield. He’s an Ohio University grad. *** Michael Basile and Ed Benjamin joined AKAM Associates as respective VP of management and assistant director of management. Michael returns 15 years after he started his career with the firm in ’92; he previously worked for Cooper Square Realty and another management firm. He’s a Notre Dame grad. Ed also comes from Cooper Square Realty, and worked for Cablevision News 12 and Time Warner Cable 6 News. He’s a Brandeis and NYU grad. *** Edward Wasilewski joined Platinum Maintenance Services Corp as VP and director of sales & marketing, responsible for expanding Platinum’s market share in the construction, institutional, commercial, and residential real estate markets. He was previously with Remco Maintenance and held positions at New Energy Ventures and ISS International Service System. |
