REDUCING RISK; THE DEAL SHEET
| It’s important for building owners to understand how their assets work—particularly that buildings function as unique interdependent systems and components don’t work in isolation, says Israel Berger & Associates VP of energy & building sciences John Hannum, who will be speaking at Bisnow’s NY Sustainability Summit this Friday. | ||
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| The Combined entity of IBA and Viridian, which specializes in building envelopes and mechanical systems, has been helping clients look holistically at their buildings, providing an energy model and predicting energy savings, John (speaking thirstily at last year’s Summit) says. When you can reliably predict such savings, it helps reduce perceived risk in investment. “Creating financial transparency in energy efficiency investment is a key to moving the market forward,” he says, but notes that you can’t apply a standardized approach to buildings, and must look at each one uniquely. One difficulty many building owners face is cash flow not aligned with energy efficiency improvements, causing a hurdle for implementation, he says. Want to learn more? Join John, CBRE’s Dave Pogue, SL Green’s Jay Black, Vornado’s Suki Paciorek, CodeGreen Solutions’ Christopher Cayten, Jonathan Rose Cos’Nathan Taft, Malkin Properties’ Tom Durels, Con Ed’s David Pospisil, TLR Energy’s Michael Thaler, RREEF’s Patty Connolly, and WSP Flack+Kurtz’s David Choy to hear more. Plenty of networking, too! Register here. | ||
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| Sale Transactions AF Supply purchased an 83k SF warehouse at 54-08 46th St in Maspeth from 44 Maspeth LLC for $7.5M. Kalmon Dolgin Affiliates’Neil Dolgin and Grant Dolgin repped the seller, while Pinnacle Realty repped the buyer. The new owner will take 50k SF, while a Korean import warehouse has a long-term lease on the rest of the space.*** Friedman-Roth Realty Services sold the six-unit, one-story 1660 First Ave for $3.2M. The firm’s Eric Lupo brokered the deal. *** Massey Knakal sold two adjacent properties at 405-407 Atlantic Ave in Brooklyn for $1.9M cash. Stephen Palmese and Winfield Clifford brokered the deal. Lease Transactions US Nonwovens Corp inked a long-term, 104k SF lease at 85 Nicon Ct in Hauppauge, Long Island. Ashlind Properties’ Richard Cohen and Ashley Cohen repped the tenant, while Harry Stavro and Ted Trias repped owner Rechler Equities in-house. *** A perfect fit—Maidenform extended its US HQ lease and expanded by 15k SF to a total of 81k SF at 485 Route 1 South, Building F within Woodbridge Corporate Plaza in Iselin, NJ. JLL’s Ray Sohmer repped the tenant, while Newmark Knight Frank’s David Simson,Jamie Drummond, Michael Staskiewicz, and Michael Marchese repped ownership KBS Realty Advisors. *** The NYS Department of Labor renewed its 42k SF lease at 120 Bloomingdale Rd in White Plains for another 10 years. Newmark Knight Frank’s Patricia Valenti and John Goodkind brokered the deal. *** EmblemHealth Co HIP Health Plan of New York inked a 20-year,34k SF lease at 215 W 125th St. Colliers International’s Brian Given,Steve Jaray, and Sheena Gohil repped the tenant, while Ross Jacobs, Eric Sarner, Anthony Stapleton, and Sheila Naysan repped owner Cogswell Realty. *** A deal for the big leagues: Yankee Entertainment and Sports (YES) Network inked a 10-year, 24k SF lease at 805 Third Ave. CBRE’s Glenn Isaacson and Ken Myerson repped the tenant, while a Cushman & Wakefield team lead by Bruce Mosler and Cohen Brothers Realty Corp’s David Nevins repped owner Cohen Brothers. *** Biotest Microbiology inked a 16k SF sublease at 400 Commons Way in Rockaway, NJ. Colliers International’s John Cunningham repped the sub-landlord and subtenant. The building owner is Baker Properties. *** The World Gold Council inked a 10-year , 12k SF lease at 510 Madison Ave, doubling the size of its NYC HQ. Studley’s Zev Holzman and Paul Revson repped the tenant, while CBRE’s Paul Amrich and Fernando Urrutia, along with Boston Properties’ Adam Frazier, repped owner Boston Properties. *** Dallas BBQ is coming to Rego Park, Queens, signing a 20-year, 11k SF lease at 61–35 Junction Blvd. Sholom & Zuckerbrot’s Marc Durst repped the tenant, while Ripco Real Estate repped owner Vornado. *** HELP/PSI signed a 8,800 SF lease at 373 Park Ave South for its first Manhattan outpost. AC Lawrence & Co’s Jean Bates repped the tenant, while John Cinosky repped ATCO Properties & Management in-house. *** Potbelly Sandwich Shop signed a 8,400 SF lease (hold the tomato) at 501 Seventh Ave for its flagship NYC location. Newmark Knight Frank’s Jeff Roseman, Marc Frankel, and Ben Birnbaum repped the tenant, while CBRE’s Andrew Goldberg, Eric Gelber, and Matthew Chmielecki repped owner W&H Properties. *** Halsey Corporate Center at 90 East Halsey Rd in Parsippany, NJ saw three deals: Stryker Corp’s 3,500 SF lease, MSR Investments’ 1,400 SF lease, and Blue Sky Data Corp’s 3,300 SF lease extension. JLL’s Dennis McConnell and Peter Politi repped the landlord in all three deals. *** Mayor Mike, Brooklyn Borough prez Marty Markowitz, the NYC Economic Development Corp, NYU-Poly, and Two Trees Management launched a new City-sponsored biz incubator at 20 Jay St in Brooklyn. NYCEDC provided a $250k grant to establish the incubator, the ninth sponsored by the city. The incubator, operated by NYU-Poly, took a three-year, 6,400 SF lease at the building, and Two Trees Management will offer six months’ rent-free to help with the launch. *** Daimner Corp signed a long-term, 6,000 SF lease at 684 133rd St in the Bronx. Kalmon Dolgin Affiliates’ Clark Goldberg brokered the deal. *** Knockout of a deal in Astoria: LA Boxing Gym inked a 4,500 SF lease at 34-05 Steinway St. Sholom & Zuckerbrot Realty’s Marc Geller and Doug Weinstein brokered the deal. *** Daversa Partners inked a 1,400 SF lease at 215 Park Ave South. Murray Hill Properties’ Randy Sherman repped the tenant, while SL Green’s Gary Rosen repped owner Dever Properties. *** Mitosa Group bagged a 12-year, 1,150 SF lease at 40 E 55th St. Winick Realty’s Young Byunn repped the tenant, while CBRE’s Preston Cannon and Eric Gelber repped the owner. *** Fieldpoint Private Bank & Trust inked a 10-year lease for the entire 18th floor of 400 Park Ave. Cushman & Wakefield’s Timothy Gibson and William Levitsky repped the tenant, while CBRE’s John Nugent, David Maurer-Hollaender, Zachary Freeman, David Kleinhandler, and Michael Movshovich, along with Waterman Interests’ Drew Isaacson, repped owner Waterman Interests. Financing NCB FSB arranged $50M in new loans, including: a $5M first mortgage for 320-57 Corp, a 92-unit co-op at 320 E 57th St(arranged by Sheldon Gartenstein); a $5.5M first mortgage and $500k line of credit for an 80-unit co-op at 9 Barrow St (arranged by Mindy Goldstein); and a $7.4M first mortgage and $500k line of credit for a 73-unit co-op at 425 Park Avenue South (arranged by Edward Howe III). *** GCP Capital Group arranged over $25M in deals, including: $12.5M for two five-story apartment buildings and one three-story apartment building totaling 19 units and eight stores on First Avenue (arranged by Matthew Classi); $4.5M for a five-story walk-up apartment building containing 20 units on W 10th St (arranged by Paul Greenbaum); $3.5M for a four-story, 40k SF elevator industrial building in Long Island City (arranged by Louis Perlmutter); and $1.9M for a four-story walk-up building containing 12 units and two stores on Third Avenue (arranged by Classi). *** HFF arranged a $21M refinancing for Florham Park Plaza, a 65k SF retail center in Florham Park, NJ. The firm’s Jon Mikula and Jim Cadranell worked on behalf of The Klein Group to secure the 10-year fixed-rate loan through Nationwide Life Insurance Co. The loan will be serviced by HFF and replacing an existing first mortgage loan on the property, also arranged by HFF. *** Meridian Capital Group arranged a $7.1M mortgage to refinance a mixed-use office and co-op property at 344-348 W 38th St. The firm’s Judah Hammer negotiated the five-year, fixed-rate, 4.2% loan through a local savings bank. Construction & Development Starwood Hotels & Resorts opened its second Aloft concept in NYC, the Aloft New York Brooklyn. The 176-room hotel is located at 216 Duffield St, adjacent to Starwood’s new Sheraton hotel. Business Grubb & Ellis entered into a definitive agreement for the sale of substantially all of the assets of its real estate investment fund business, Alesco Global Advisors, to Lazard Asset Management. Grubb & Ellis acquired a 51% interest in Alesco through its Daymark subsidiary in ’07. Terms of the transaction were not disclosed, but it is subject to approval and expected to close in Q3. *** Clarion Partners’ executive team, in partnership with Lightyear Capital, completed the acquisition of ING Group’s private market real estate investment management business in the Americas. The company will revert to its former name of Clarion Partners and will continued to be HQ’d in NYC, with operations in the US, Mexico, and Brazil. It has ownership in 1,200 properties and more than $22B in assets under management. *** Faris Lee launched Faris Lee Capital Markets Group, which will be lead by Faris Lee Investments principal Richard Berlinghof. It will provide services like investment sales, debt placement, structured finance, recapitalization, and equity, as well as advisory services. Richard joined Faris Lee Investments in ’09 and is a Yale and UCLA grad. Executive Moves CPEX Real Estate promoted Greg Roberts to COO. He has experience working in both finance and hospitality, and has opened the Ritz Carlton Battery Park Hotel, the St. Regis Los Angeles Hotel, Cipriani Toy Building, and the Rubin Museum of Art. He was also VP for Furnished Quarters. He’s a Johnson & Wales grad. *** Phillip Anderson joined Cushman & Wakefield Sonnenblick Goldman as senior managing director of its newly formed senior housing and healthcare practice, which he will co-head with Richard Swartz. He was previously with The Genova Co, which he founded in ’06, and held positions at CNL Retirement Properties, Hyatt Hotels, and the Pritzker family. He’s a Georgia Institute of Technology grad. *** Dawn Arrabito joined Cushman & Wakefield’s East Ruthorford, NJ office as director, where she will focus on landlord and tenant rep in Northern NJ’s office market. She was previously with Grubb & Ellis, and she was also president of DRA Incorporated Construction. She’s a Gemological Institute of America grad. *** Joseph McCluskey Jr joined Murray Hill Properties as senior managing director. He was previously with Hemsley-Spear for over two decades and is a Syracuse and Pace grad. *** Kevin Hoo joined Savanna as VP, managing assets in the firm’s portfolio, overseeing and coordinating development, and leasing and repositioning Savanna’s properties. He was previously with Tishman Speyer, and held a position with UBS. He’s a University of Queensland (Australia) and Northwestern grad. *** Jim Mahoney joined Essential New York Real Estate as a member of its sales and leasing team, carrying out the leasing efforts at 40 Central Park South and 41 W 58th St. He’s an Iona grad. *** Steven Parrinello joined Hudson Realty Capital as VP of originations, responsible for originating debt and equity real estate transactions nationally. He was previously with CapitalSource Finance, and held positions at UBS Investment Bank and KPMG. He’s an NYU and Pace grad. *** Nicholas Paliouras also joined Hudson Realty Capital as VP of asset management, responsible for a wide range of asset management functions to achieve investment goals. He was previously with Gramercy Capital Corp, and held positions at RBC Capital Advisors, Pacific Life, Centura Bank, and Wachovia. He’s a UNC grad. *** Jerry Collins joined CNY Builders as director of marketing and biz development. He was previously with URS Corp, and held positions at JA Jones Construction, York Hunter, and Lehrer McGovern Bovis. He’s a Manhattan College and NYU grad. *** Neil Underberg joined Rosenberg & Estis as partner, while John Hadlock joined as counsel. Neil will continue to rep major developers and educational and charitable institutions in the acquisition and assemblage of large tracts for development. John will rep clients involved in real estate, construction, and finance litigation. Both were previously with Winston & Strawn. Neil held positions at Whitman Breed Abbot & Morgan, and was founding partner of Finley, Kumble, Wagner, Heine, Underberg, Manley, Myerson & Casey. He’s a Syracuse, Cornell, and NYU grad. John is a Colgate, St. John’s, and NYU grad. |
