NO DOUBLE DIPPING; THE DEAL SHEET
| If Cantor Commercial Real Estate CEO Anthony Orso—who's speaking at Wednesday's Bisnow NYC Summit—can sum up his outlook for the market, it would be one word: positive. |
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| Anthony, whom we snapped in his Park Avenue office, tells us his firm is building a national lending business, with offices already in NYC, the West Coast, Dallas, and Atlanta, with forthcoming in Chicago, DC, and Boston. And there are two important trends he's seeing in those markets: tremendous interest from bond buyers for CMBS and values stabilizing—even going up in some areas like NYC. This means the market believes we've hit bottom and we're in recovery mode, he says. As long as interest rates stay low, there's very little evidence that we'll go into a double-dip recession. Join Anthony and other real estate luminaries for can't-miss national and NYC outlooks. Plus great schmoozing with over 500 attendees!Register here. |
| Sales Transactions Norman 268 Realty purchased the 63k SF warehouse at 268 Norman Ave.in Brooklyn from 268 Norman LLC for $5M. Kalmon Dolgin Affiliates' broker, whose name is not Norman, but Jeffrey Unger, repped both the seller and buyer.*** |
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| Westy's Self Storage has something to bark about—it just purchased the 63k SF 179 Westmoreland Ave. in White Plains from Westmoreland LLC for $3M. NAI Friedland's Andy Grossman repped both the seller and purchaser. ***Lucky 13 purchased a retail condo on an appropriately numbered street, 56 E. 13th St., from Union Square Flats for $2M. Salmon & Marshall's Kevin Salmon and Matthew Marshall repped both parties in the transaction. *** An urban opportunity fund purchased the 14k SF 1760 Eastern Parkway in Brooklyn for $1.6M. CPEX and Kalmon Dolgin Affiliates were co-brokers in the transaction. Lease Transactions |
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| Lackawanna Center at 629 Grove St. in Jersey City saw 165k in leases and renewals, including new leases for Alpha Moving and Storage (27.4k SF); Western Waterproofing (17.5k SF); and Ward Textiles (20.4k SF). Baum Textiles, Rentquest, and Joseph C. Hansen renewed for 101k SF. CBRE's Bill Waxman and Carrie Brown repped owner Emmes Asset Management in all the new leases, and Dolan Realty's Skip Dolan repped Baum Textiles in its renewal. ***Escada signed a 10-year, 35k SF deal at 1412 Broadway. Murray Hill Properties' Jesse Rubens and Esther Zar brokered the deal. *** New owner, new deals. 400 Madison saw nine transactions totaling 22.7k SF, including: The Magazine Group's three-year, 3.4k SF lease; Berkshire Property Advisors' five-year, 3.2k SF lease;Banque de France's 10-year, 2.8k SF lease; LSV Advisors' two-year, 2.7k SF lease; Augeo Affinity Marketing's five-year, 2.6k SF lease; and Hawkshaw Capital Holdings' give-year, 2.6k lease extension. JLL's Cynthia Wasserberger, Randy Abend, and Amanda Salzman repped owner William Macklowe Co., which was also repped in-house by Billy Macklowe and Ken Dillon. *** Berkshire Hathaway's National Indemnity Co. renewed its 17k SF lease at First Stamford Place in Stamford, Conn. for another 10 years. JLL's Rob Martin and CBRE's Amanda Bokman and Steve Greenbush repped the tenant, while Jeffrey Newman repped owner Malkin Properties in-house. *** The Glenpointe mixed-use complex in Teaneck, NJ saw 17k SF of leasing activity, including: Paladyne Systems' 4.6k SF lease at The Atrium at Glenpoint (tenant rep: Newmark Knight Frank's Blake Goodman; owner rep: NKF's Timothy Greiner); The Russell Berrie Foundation's 4.2k SF renewal (tenant rep: JLL's Charles Klatskin); and Data Foundations' 3.8k SF lease at Glenpointe Center East (tenant rep: CBRE's Garrett Rioux). The owner is Alfred Sanzari Enterprises. *** 48 W. 37th St. saw two leases: E&B Giftware's six-year, 8.9k SF lease, and Sperber Denenberg & Kahan's 10-year, 5.6k SF lease. Adams & Co.'s David Levy and Joseph Friedman repped both tenants and the landlord in the deals. *** Court Plaza in Hackensack, NJ saw 6.7k SF in leases, including Springstead & Maurice's relocation to 3.1k SF; Pashman & Stein's 1.5k SF expansion; and Charles Abut Esq.'s 1.1k SF renewal.Alfred Sanzari Enterprises is the owner. *** UGL Equis is turning the tables, inking its very own expansion and taking an additional 6.2k SF at 1211 Avenue of the Americas. Since the firm signed its initial 6.7k SF lease in '04, it has added a cumulative 8.8k SF of additional space. *** It's playtime for The Harrison luxury residential condo, now home to Tugooh Toys, which took the remaining 3k SF retail space. Winick Realty's Hal Shapiro and Josh Singer repped the tenant, while Robert K. Futterman & Associates' Robert Futterman and Peter Whitenack repped owner Related Cos. *** Sierra Realty Corp.'s Jeffrey Anderson brokered two deals: AOM Business Consultants' 1.2k SF renewal at One Grand Central Place (landlord rep: Newmark Knight Frank's Allison Coffey on behalf of W&H Properties); and Mercury Business Services' 1.6k SF lease at 313 W. 37th St. (landlord reps: Tartar Stats O'Toole's Catherine O'Toole, Jonathan Mines, and Daniel Creighton.) *** Pixable, the first company to graduate from 160 Varick St.'s business incubator, inked a two-year, 2.7k SF lease at 137 Varick St. Landlord Trinity Real Estate, which owns both properties, has joined with the NYC Economic Development Corp. and the Polytechnic Institute of NYU to grow businesses at 160 Varick. *** Scientific, engineering, and technology firm SAIC signed a 2.7k SF lease at The Picatinny Applied Research Campus (The PARC), located at Picatinny Arsenal in Morris County, NJ. JLL's Steve Fleming repped the tenant, while Brian Banaszynski repped owner Advance Realty in-house. *** A picture-perfect lease for 106 E. 23rd St., where Lomography developed a 2.4k SF lease on the ground and lower level for its analog camera, accessory, and photo processing services. European American Properties' Albert Rashtian repped the tenant, while Winick Realty's Steven Baker and Michael Gleicher repped owner Abington Holding. Financing More multifamily and mixed-use leases from Meridian Capital Group, which arranged $33M worth of new mortgages, including:$21.7M for a portfolio of multifamily buildings containing 329 units in Manhattan, Bronx, and Brooklyn (arranged by Chaim Tessler);$3.8M on a 20-unit, six-story mixed-use building on Clinton St. (arranged by Cary Pollack and Nicoletta Pagnotta); $2.5M for two 20-unit, five-story multifamily buildings on E. 74th and E. 75th St.(arranged by Carol Shelby and Dani Sabesan); $2.4M for a 52-unit, six-story multifamily building on 45th St. in Long Island City(arranged by Shelby); and $2M for a multifamily building on W. 113th St. (arranged by Moshe Majeski and Rael Gervis). *** |
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| HFF's Boston office arranged $15M in financing for the 69.7k SF freestanding Stop & Shop at 1937 W. Main St. in Stamford, Conn. The firm's Dana Brome worked on behalf of the borrower, Cole Real Estate Investments, to secure the seven-year, fixed-rate loan through Farmington Bank. Construction & Development |
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| The adaptive reuse and restoration of 166 Montague St. in Brooklyn, originally built by Franklin Trust Bank, is finished after a complete gut renovation and conversion to 25 apartment units. The developer is United Management, the architect is RKT&B Architects, and the general contractor is NCC. Business Grubb & Ellis established a strategic alliance with Kettler to provide residential property management services nationwide and is playing a significant role in the company's growing financial services asset management practice. The alliance will operate as Grubb & Ellis|Kettler Residential Management. *** David Wine launched Oliver's Realty Group, a development, investment, and brokerage company HQ'd in the Meatpacking District. The company is a wholly owned subsidary of Oliver's Co., which was formed in '95. David was previously with Related Cos. *** Jonathan Miller, co-founder of Miller Samuel, launched MillerQA, a venture offering seminars on the NYC and national housing markets for professionals whose businesses are impacted by the real estate industry. His cofounders include chief administration officer Dina Miller, CFO Cheryl Miller, CIO John Cicero, and COO/CMO Karen van de Vrande. *** Alan Desino joined Colliers International as executive managing director in the NY office. He was previously with CBRE, Cushman & Wakfield, and Arthur Andersen & Co., and has closed transactions in excess of $1B through his 20-year career. He's a graduate of LeMoyne and Harvard. *** Jeffry Wengroff joined CNY Builders as director of operations of the firm's healthcare division. He was formerly principal of HE2 Project Development and has been involved in projects for New York Methodist Hospital and Maimonides Hospital, among others. He's a St. John's grad. |
