RETAIL PLAYERS; THE DEAL SHEET
| Despite many one-off opportunistic retail deals in NYC over the past year or so, we're beginning to see some programmatic expansionsand openings, which are vital to the market moving forward, say Northwest Atlantic retail gurus David Firestein and Chase Welles. |
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| Certain retailers are beginning to strategically look at new locations.Starbucks, which the firm reps, has a handful of leases out and several close to execution—including a just-signed deal at Bank of America Tower with The Durst Organd One Jackson Square with Hines. (David is second from left, with NWA’s Steve Gillman, Costco chairman Jeff Brotman, and Chase.) Others expanding areWalgreens, CVS, Chipotle, and Potbelly Sandwich Works. Besides quick-serve food, keep your eyes on larger supermarkets in the outer boroughs, like Shop Rite and Stop and Shop. |
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| They tell us the most active of the multi-location tenants are national chains looking for opportunities in the down market, like Whole Foods, Staples, and Unleashed by PETCO. Another interesting expansion: movie theaters. AMC Cinemas and Regal Cinemas are rumored to be looking around, along with some smaller chains, but finding space is difficult since they need purpose-built boxes. But even if you’re a landlord with 3,500 SF of space—a perfect size for a bank branch, the pre-crash darlings—potential tenants are not fighting for it these days. |
| Sales Transactions |
| An undisclosed buyer purchased the 183-unit Claremont Gardens Apartments in Ossining, NY for $14M, Westchester County’s largest multifamily trade YTD. Cushman & Wakefield’s Brian Whitmer,Andrew Merin, David Bernhaut, and Gary Gabriel repped sellerClaremont Gardens Associates and the buyer.***Massey Knakal sold four properties: a 8,300 SF townhouse with six residential apartments at 107 E 37th St for $5.3M (brokers: John Ciraulo and Michael Azarian); a 5,600 SF townhouse with five residential apartments at 115 E 37th St for $3M (brokers: Ciraulo andThomas Gammino Jr); and two multifamily buildings at 1247 and 1249 Bradford Ave in the Bronx for $1.1M (broker: Nick Burns). *** ISTA WEST 34 STREET LLC purchased the leasehold interest in two five-story mixed-use buildings totaling 20k SF at 36 W 34th St and 41 W 33rd St for $7.4M. RKF Investment Sales & Advisory Services’Jeff Fishman and Brian Segall repped both the buyer and sellerALGM Leasehold II. Aerosoles currently occupies the 34th Street retail space. *** Sherwood Equities acquired 508 W 20th St, a stalled development site bordering the west side of the High Line, for $7.3M cash The four-story building on the site was stopped mid-construction in ‘08, and is directly across the street from the 100k SF full-block front development site that Sherwood acquired in ’10. The buyer was repped in-house, while seller Shalom Azani was repped by Zohar Properties’ Yaron Zohar and The Manhattes Group’s Alan Shmaruk *** Marcus & Millichap sold two properties: 233 and 302 E 89th St, which totals 39 units, for $6.7M (brokers: Peter Von Der Ahe, Joe Koicim, and David Lloyd); and a 2,800 SF mixed-use property at 45 Canal St for $2.4M (brokers: Von Der Ahe, Christopher Sjurset, andMatthew Fotis). *** A developer purchased a 5,100 SF vacant lot at 58 Bushwick Ave in Brooklyn for $1.2M, and it plans to build a 16-unit residential building with 19k SF of buildable FAR. CPEX Real Estate Service’sSean Kelly repped the seller. Lease Transactions Elementis Worldwide signed on to be the first tenant at East Windsor, NJ’s SciPark science and technology campus. The specialty chemicals company inked a long-term, 66k SF lease at Building 1 for its global HQ. Tactix Real Estate Advisors repped the tenant, while Newmark Knight Frank repped owners Woodmont Properties and Simon Developments. A $10M interior build-out will commence this month, and it will move in Q1 ’12. *** 1-800-PACK-RAT is packin’ it into 8 Nicholas Ct in Dayton, NJ, where it signed a 58k SF lease for its company’s local distribution center. Colliers International’s John Kainer and Joe Nitti repped the tenant, while Cushman & Wakefield’s Nathan Demetsky repped owner ING Clarion. *** Galloping Hill Center in Union, NJ saw two retail leases: Seabra Foods’ 31k SF lease, and Koki Japanese Buffet’s 5,500 SF lease. Levin Management Corp’s Ethan Goldsmith brokered both deals. *** Wilk Auslander inked a 10-year, 34k SF lease at 1515 Broadway. Cassidy Turley’s David Hoffman and Wendy Miller repped the tenant, while owner SL Green was repped in-house by David Kaufman and JLL’s Cynthia Wasserberger. *** |
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| Adventure Entertainment inked a 23k SF lease at the Times Square Building for a popular theme-based restaurant, which will open on 44th between 7th and 8th before Christmas. Newmark Knight Frank’s Jeffrey Roseman repped the tenant, while AFI-USA’sLaurie Golub and Robert K Futterman & Associates’ Joshua Strauss and Spencer Levy repped owner AFI-USA and Five Mile Capital Partners.***411 Fifth Ave saw two deals: Armitron’s six-year, 11k SF renewal, and Bollman Hat Co’s seven-year, 11k SF lease. Adams & Co’sDavid Levy repped both the landlord and tenants. *** Maggy London International renewed its existing 18k SF lease and expanded by another 3,500 SF at 530 Seventh Ave. Savitt Partners’Marc Schoen and Michael Schoen repped the tenant. *** Optimer Pharmaceuticals leased 14k SF of office space at 101 Hudson St in Jersey City. Cushman & Wakefield’s Harlan Hollander repped the tenant, while Thomas Savoca repped ownerMack-Cali in-house. *** The Collective School of Music signed a 13k SF lease at 123 W 18th St. The design and construction was planned by Bromley Caldari Architects’ Jerry Caldari and includes a new theater, recording facility, lounge space, and a multimedia library. *** An Sheng expanded by 12k SF at 74-16 Grand Ave in Elmhurst, Queens, adding to its current 18k SF. Kalmon Dolgin Affiliates’ Grant Dolgin brokered the deal. *** Affect Strategies is relocating into 5,300 SF at 989 Avenue of the Americas. UGL Services’ Hunter Duncan and Andrew Lindseyrepped the tenant, while CBRE’s Joe Mangiacotti and Ben Fastenberg repped owner 989 Sixth Avenue Realty. *** Robert W. Baird & Co expanded its footprint at First Stamford Place in Stamford, Conn. to 4,000 SF. Cushman & Wakefield’s Torey Walsh repped the tenant, while Jeffrey Newman and Kimberly Zaccagnino repped owner Malkin Properties in-house. Malkin Construction will build out the expansion space. *** Pipino inked a 3,600 SF lease at The Galleria at 115 E 57th St. Robert K Futterman & Associates’ Pamela Haber and Beth Rosenrepped the tenant, while The Moinian Group’s Kimia Shadrokhrepped the owner in-house. *** Child Care Workers Corp inked a 10-year, 3,300 SF lease at 41 Ave B. Manhattan Commercial Realty Corp’s Robert Bielsky repped the tenant, while Global Realty Opportunities’ Adrian Berger repped the owner. *** Dynasty Medical Care signed a 3,000 SF lease at 1714-1730 Lexington Ave. Prudential Douglas Elliman’s Faith Hope Consolo,Joseph Aquino, and Arthur Maglio repped the landlord. *** Physical Therapy Group of Harlem inked a 2,600 SF lease at 1400 Fifth Ave. Newmark Knight Frank’s Jonathan Krivine repped the tenant, while New Street Realty Advisors’ Matthew Gorman andJoshua Gettler repped owners 1400 Fifth Commercial. *** La Colombe Torrefaction inked a 1,500 SF lease at 400 Lafayette St for its third NYC coffeehouse location. Isaacs and Co’s David Baker repped the tenant, while Robert K Futterman & Associates’Ariel Schuster, Brian Segall, and Zachary Beloff repped ownerSand Associates. Financing Meridian Capital Group arranged new mortgage financing totaling $43M, including: $11.5M for a 16-unit multifamily building onAmsterdam Ave (arranged by Scott Assouline); $11.5M on a 20k SF retail condo on Broadway (arranged by Morris Diamant and Joe Klein); $8.5M for a 124-unit multifamily building on Parsippany Rd in Parsippany, NJ (arranged by Judah Hammer); and $4.5M for a 69-unit, 12-story multifamily building on W 79th St (arranged by Hammer). *** Quinlan Development Group and M&T Bank financed a $36M condo conversion loan to developer Flank. The collateral is a 47k SF former nursing home at the corner of W 12th St and Hudson St, which will be turned into large, luxury units. The loan was used to acquire the site and provide construction financing for the project. The terms were not disclosed, but is reportedly 60% LTV. *** GCP Capital Group arranged nearly $23M in mortgage financing, including: $10M for four contiguous six-story apartment buildings totaling 153 units on Seaman Ave (arranged by Paul Greenbaum);$10M for the development of a 12-story mixed-use building with retail, offices, and residential on Franklin Street in Brooklyn (arranged by Greenbaum); and $5.7M for a garden apartment complex totaling 69 units in Jersey City (arranged by Stephen Katz). *** UC Funding recently structured and funded a $13.6M mezz loan to complete the redevelopment of the 173-key TRYP by Wyndhamhotel at 345 W 35th St. The transaction was originated, underwritten, and closed at the firm’s Boston office. Construction & Development |
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| Hacienda International Realty and Metroloft Management formed a JV to convert the 35-story, 377k SF 116 John Street into a 400-unitresidential apartment building. The value of the transaction was not disclosed, but the building is believed to be worth over $50M. Eastern Consolidated’s Stuart Gross and Azita Aghravi worked with both parties to structure the deal. The new partnership vacated 280k SF in the building for the first phase of the conversion, and the whole building should be completed in late ’12. The developer is arranging debt and equity financing to refinance the original property plus the conversion cost, which should exceed $100M.Business Project management and consulting firm VVA formed a strategic alliance with construction and property consultancy Cyril Sweett, HQ’ed in the UK, in order to expand VVA’s presence to the West Coast, Europe, and Asia and give Cyril Sweett access to the North America construction market and US-based global clients. Executive Moves Joan Verplanck joined Cushman & Wakefield’s Morristown, NJ office as senior director to focus on client relationships and development and special projects. She was previously the New Jersey Chamber of Commerce president, and held positions at theMorris County Chamber of Commerce, the Morris Area Development Group, and two chambers of commerce in Rhode Island. *** Frank Lopriore joined Colliers International’s NJ office as executive managing director, focusing on both the industrial and office sectors in its brokerage division. He was previously with Grubb & Ellis, and held positions at Trammell Crow and Insignia/ESG. *** David Amsterdam joined SL Green as a VP in its leasing department, and will lead leasing efforts at The Graybar Building, 485 Lexington, 750 Third, 521 Fifth, and 333 W 34th St. He was previously with Cushman & Wakefield, and also held a position atUnited Talent Agency. He’s a Syracuse grad. *** Peter Newman joined Handler Real Estate Org as executive managing director, who will assist in growing the firm’s expanding brokerage team. He was previously with Newmark Knight Frank, and began his RE career at Edward S. Gordon Co. He’s a Syracusegrad. *** Paul Meyer joined WSP Flack+Kurtz as VP of commissioning of its NY office, overseeing and growing the firm’s commissioning practice in NYC and DC. He was previously with Horizon Engineering. *** Joseph Solloch joined Stalco Construction as project manager, where he will be responsible for management of all pre-construction and construction activities, including the $5.6M renovation of theSUNY Downstate Medical Center’s food service facilities in Brooklyn. He was previously with Baldassano Architecture, and held positions at William F. Collins, AIA Architects, and Theatrical Services & Supplies. He’s an NYIT grad. *** Yuri Kletsman joined Berkadia Commercial Mortgage as SVP. He was previously with Alliant Capital Group. *** UGL Services promoted Chris Helgesen and Dirk Hrobsky, the co-managing directors of the firm’s NY office, to EVPs. The team joined the firm in ’08 from CBRE and have since tripled the size of the NY office to 45 professionals. Additionally, the firm promoted the office’sPeter Trivelas to SVP, Gregg Espach to VP, and Gary Ceder andDoug Levine to AVPs. *** Robert K Futterman & Associates promoted three: Gary Altermanto EVP; Sal Ferrigno to VP; and Jackie Totolo to director. Gary joined RKF in ’07, and held positions at New Spectrum Realty andGarrick-Aug Associates. Sal has been in retail RE for over 20 years, and has repped names like Vornado, RFR, The LeFrak Org, and Extell Development. Jackie joined the firm in ’07, and focuses on landlord and tenant rep. *** Time Equities Brokerage promoted Javier Lattanzio to director of sales, responsible for growing the boutique brokerage, day-to-day management of the division, and repping Time Equities in the sale and marketing of the firm’s exclusive sponsor listings. He joined the firm in ’00. |
