New UES Health Haven; The Deal Sheet
| From garbage to growth: a site once slated for a new Department of Sanitation garage was swapped to make room for two state-of-the-art science and medical facilities on the Upper East Side, announced yesterday by Mayor Mike, Memorial Sloan-Kettering Cancer Center, NYC Economic Development Corp, and CUNY. | ||
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| The plan: sell the 66k SF City-owned site at 575 E 73rd St to MSKCC for $215M, where it will construct an up-to-750k SF cancer care facility that will allow for the development of outpatient treatment programs for people with lung, head, neck, and hematological cancers. Additionally, CUNY Hunter will build an up to 336k SF consolidated science and health professions building. (Hey, presidential candidates: It’s expected to create more than 3,200 construction jobs and nearly 830 permanent jobs.) Newmark Grubb Knight Frank’s Mark Weiss, Justin DiMare, and Howard Kesseler repped MSKCC and were able to identify a suitable replacement site for the garage. | ||
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| SALES Marcus & Millichap brokered the sale of four properties: the Art & Design Building (1059 Third Ave) for $31.5M (seller rep: Tanya Siegel and Kailin Zhu; buyer rep: Massey Knakal); Waterbridge Capital’s purchase of the seven-story, owner-occupied loft building with ground-floor retail at 37 W 19th St for $10.2M (seller rep: Brian Hosey); the 71-unit multifamily building at 440-450 Audubon Ave for $7.8M (brokers: Peter Von Der Ahe, Scott Edelstein, and Seth Glasser); and the 32-unit apartment building at 4220-4228 Broadway for $6M (seller rep: Marco Lala; buyer rep: Von Der Ahe, Edelstein, and Sean Lefkovits).*** Besen & Associates brokered four sales: three five-story walk-up apartment buildings with a retail and vacant lot at 2251, 2265, 2267-2269, and 2271-2273 Adam Clayton Powell Blvd for $6.6M (seller rep: Shoy McKen; buyer rep: Orly Hazan); a six-story, 61-unit elevator apartment building with four stores at 1 W 182nd St for $5.1M (broker: Amit Doshi); a 3,700 SF retail co-op in a converted eight-story loft building at 208 Fifth Ave for $3.9M (seller rep: Hilly Soleiman; buyer rep: Iris Rossano); and a six-story, 43-unit walkup apartment building at 592-600 Union Ave, the Bronx for $3.3M(seller reps: Doshi and Lynda Blumberg; buyer rep: Lev Mavashev). *** Massey Knakal brokered the sale of three properties: a 7,200 SF retail condo at the base of The Centria (16 W 48th St) for $5.5M(brokers: Bob Knakal and James Nelson); a 4,200 SF mixed-use building at 1007 Lexington Ave for $4.6M (brokers: Knakal and Guthrie Garvin); and a 4,600 SF mixed-use building at 9425 5th Ave, Bay Ridge for $1M (broker: Stephen Palmese). *** 1326 Riverside Drive LLC purchased a five-story, 63-unit apartment building at 1326 Riverside Dr from RW Riverside LLC for $8M. Rosewood Realty Group’s Aaron Jungreis brokered the deal. *** Friedman-Roth Realty Services brokered the sale of the six-story, 17k SF mixed-use building at 119 Hester St (aka 62-64 Forsyth St) for $7.4M. The building includes 25 residential units and five ground-floor retail units. The firm’s Eric Lupo repped the seller, while Paul Italia repped the buyer. *** The NYC School Construction Authority purchased an 52k SF institutional building at 199-12 112th Ave, St. Albans from the Police Athletic League for $6.8M. It plans to deliver the building back to school use. Massey Knakal’s Bob Knakal and Brian Sarath brokered the deal. *** Madison Realty Capital purchased six separate notes—three non-performing loan portfolios and three defaulted notes—with an aggregate principal balance of $26.7M. These include a JPMorgan Chase portfolio; a Capital One portfolio, a United International Bank first-mortgage note, and a community bank portfolio. | ||
| LEASING Metroview Corporate Center I (333 Thornall St) in Edison, NJ saw nearly 61k SF in deals, including: BT Americas’ 26k SF renewal; NY Shipping’s expansion to 17k SF; Right Answers’ new 9,000 SF lease; and Coatue Management’s 3,500 SF renewal. Cushman & Wakefield’s Paul Giannone and Kevin Carton repped building ownership in all transactions; Kwartler Associates manages the building. *** PGA Tour Superstore inked a 57k SF lease at the former Einstein Moomjy Furniture Store on Route 17, Paramus, NJ. NAI James E. Hanson’s Michael Walters, Ronald Fotiu, and Jill Gordon repped owner the Emil Buehler Trust Fund. *** Millward Brown and its specialist practice, Firefly, committed to a 51k SF lease at Merritt 7 Corporate Park, Norwalk, Conn. CBRE’s Sean Cahill and Susanne Dengenis repped the tenant, while CBRE’s Tom Pajolek, Robert Caruso, Steven Greenbush, and Ned Burns repped owners Clarion Partners and Marcus Partners. *** The Hetrick-Martin Institute signed a long-term, 32k SF renewal and expansion at 740 Broadway and 2-10 Astor Place. Cushman & Wakefield’s Carri Lyon, Tom Kaufman, and Rory Murphy repped the tenant, while Newmark Grubb Knight Frank’s Jeffrey Gural,Brian Steinwurtzel, and Donna Vogel repped the owner. *** Tweedy, Browne Co signed a 10-year, 24k SF lease at Metro Center, Stamford, Conn. Newmark Grubb Knight Frank’s Brian Goldman and Daniel Hassett repped the tenant, while Jeffrey Newman, Kim Zaccagnino, and Tara Long repped owner Malkin Properties in-house. *** Guy Fieri’s first NYC restaurant, Guy’s American Kitchen and Bar, opened yesterday in 16k SF at the Times Square Building. It will soon be joined by Ha! Comedy Club and Jekyll & Hyde Café, which will complete leasing on the West 44th Street side of the Africa-Israel USA and Five Mile Capital-owned building. RKF repped the tenant, while CBRE’s Gary Trock and Lon Rubackin handled leasing for the landlord. *** ICF International signed a 10-year, 14k SF lease at 630 Third Ave. JLL’s Ellen Herman repped the tenant, while Newmark Grubb Knight Frank’s Arthur Draznin repped owner ATCO Properties & Management. *** CVS expanded by 14k SF at Carleton Avenue and Montauk Highway in East Islip, Long Island, adding a drive-thru at the store. Island Associates’ Roger Delisle and Bordy Realty repped the landlord. *** The Guardian Life Insurance Co of America inked a 12-year, 13k SF lease at First Stamford Pl, Stamford, Conn. Newmark Grubb Knight Frank’s John Goodkind repped the tenant, while Jeffrey Newman, Kim Zaccagnino, and Tara Long repped owner Malkin Properties in-house. *** Connolly LLC signed a 11k SF lease at Norden Park (10 Norden Pl) in Norwalk, Conn. JLL’s George Walker and John Stoddard repped the tenant, while Cushman & Wakefield’s Jodie Dostal repped owner Norden Center. | ||
| FINANCING Meridian Capital Group arranged over $30M in financing, including:$13M for a 35k SF retail building on Nostrand Ave, Brooklyn(arranged by Avi Weinstock and Moshe Majeski); $7.4 for a 144-unit, six-story multifamily building on Linden Boulevard, Brooklyn(arranged by Morris Diamant); $3.8M for four multifamily buildings totaling 66 units on Eighth Avenue, West 20th Street, and West 85th Street (arranged by Carol Shelby and Dani Sabesan); and $3.5M for a 38k SF mixed-use building on West 22nd Street, Brooklyn (arranged by Scott Assouline).*** Investors Bank provided: a seven-year, $28.1M mortgage and $13.9M mortgage for the Kushner Cos’ respective purchases of a 214-unit and 124-unit multifamily properties in Hasbrouck Heights, NJ; a $10M acquisition loan to acquire a 39k SF, 32-unit multifamily building in Brooklyn; and a $11.1M construction loan for a 48k SF mixed-use property with 56 residential units and four commercial units in Brooklyn. *** GCP Capital Group arranged over $20M in financing, including:$9.8M for a package of nine multifamily properties totaling 241 units in the Bronx (arranged by Adam Brostovski); $5.3M for a six-story, 46-unit apartment building on 44th Street, Sunnyside (arranged by Stephen Katz); $2M for a five-story, 16-unit apartment building with one commercial unit on Second Avenue (arranged by Matthew Albano); and $1.4M for a five-story, 20-unit apartment building on West 144th Street (arranged by Michael Charnowitz). *** Hudson Realty Capital funded a $9.1M first-mortgage loan secured by a 90k SF, Class-B office building a block from Atlantic Terminal, Brooklyn. CONSTRUCTION & DEVELOPMENT The NYC Economic Development Corp announced that Krinos Food will develop a new 100k SF national HQ at the Bathgate Industrial Business Zone (1734 Bathgate Ave) in the Bronx. The food importer will purchase the site from the City for $3.5M, then invest $17.3M in building the HQ, which will open in early 2014. *** TF Cornerstone topped out on 4545 Center Blvd, Long Island City, the fifth and largest property in its 21-acre East Coast residential project. The 41-story, Arquitectonica-designed building will be open for leasing in April, with 820 apartments and 50k SF of amenities. *** Alfa Development started construction on the 14-story Chelsea Green multifamily development at 151 W 21st St. The 51-unit building, designed by Stephen B. Jacobs Group, is expected to be LEED Gold. |
