SL GREEN & SUTTON'S B'WAY ENCORE
| Is this what you call a real estate kickline? Yesterday, a JV of SL Green and Jeff Sutton entered into a 70-year leasehold at 1560 Broadway just weeks after purchasing the fee interest in adjacent 1552 Broadway for $137M. |
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| CoStar |
| Both transactions enable the JV to assemble up to 49k SF of space with direct Times Square frontage; it plans to combine, upgrade, and reposition this space as prime retail. Result: the largest and most visible retail availability on the Great White Way with 190 linear feet of ground-level frontage on Broadway and 46th Street (and across the street from SL Green's 1515 Broadway). Want to learn more about SL Green? Co-CIO Isaac Zion will be speaking at Bisnow's third annual New York Real Estate Summit on Sept. 22, joining other market luminaries to discuss the New York and national CRE markets. Great schmoozing, too! Sign up here. |
| SALES An institutional buyer purchased the 264k SF 5000 Corporate Ct, Holtsville, Long Island from Piedmont Office Realty Trust for $39.3M. JLL's Joe Garibaldi IV, Ray Ruiz, Marianne Dugan, and Tom Walsh. Piedmont's Wil Stone repped the seller.*** |
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| A new venture purchased a three-building West Village portfolio—100-102 Christopher St (pictured), 7 Cornelia St, and 11 Cornelia St—for $32.6M. The portfolio totals 85 apartments and five stores. Highcap Group's Christen Portelli, Josh Goldflam, and Laurence Ross brokered the deal. ***A private investor purchased a seven-story, 28-unit elevator apartment building at 512 W 151st St from 512 Equities for $3.7M. Ariel Property Advisors' Victor Sozio brokered the deal. *** HSRE Fund 18 purchased a non-performing note secured by a 9,700 SF retail property at Wythe Place, Bronx for $1.5M. With a very low LTV, the note traded above par. Helios Capital Advisors advised the fund. *** A Chicago investment firm purchased the 352-unit 88 Leonard St in TriBeCa from Africa-Israel USA for an undisclosed price. Cushman & Wakefield's Helen Hwang, Nat Rockett, Karen Wiedenmann, and Steve Kohn repped the seller. *** Prudential Real Estate Investors acquired the commercial portion of mixed-use condo The Laurel on behalf of a fund for German clients. This is the fund's second acquisition this year, following the recent 28 W 44th St with APF Properties. The 59k SF of commercial space is leased to Cornell University, TD Bank, and Quik Park. LEASES Three industrial lease renewals totaling 171k SF were signed in Elmsford: Reliable Automaic Sprinkler Co's 65k SF renewal at 103 Fairview Park Dr (tenant reps: JLL's Brian Higgins and Torey Piccini); FedEx's 78k SF renewal at 404 Fieldcrest Dr (tenant reps: Cushman & Wakefield's Lee Miller and Marc Graham); and American Universal Supply's 28k SF renewal at 199 Ridgewood Dr. CBRE's Kevin Langtry and William Cuddy repped owner Lighthouse Real Estate in each deal. *** |
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| 3 Park Ave saw two deals: TransPerfect Translations International inked a seven-year, 75k SF renewal and expansion, bringing the property to 100% leased. Cushman & Wakefield's Michael Burlant repped the tenant, while David Nevins repped owner Cohen Brothers Realty Corp in-house. And Le Pain Quotidien is taking 6,000 SF for 15 years. Newmark Knight Frank's Amira Yunis and Jared Lack repped the tenant, while C&W's Brad Mendelson and Chris Schwart repped the owner. ***Two Sigma Investments signed a five-year, 76k SF expansion at 100 Avenue of the Americas, bringing its total occupancy to 115k SF and the building to 100% occupancy. Marc Packman and Peter Fontanetta repped owner Trinity Real Estate in-house. *** TJ Maxx signed a 32k SF lease on the two lower levels of 14 Wall St, the first national brand retailer to move into the heart of the Financial District. Ripco Real Estate's Scott Auster and Peter Ripco repped the tenant, while Winick Realty's Darrell Rubens repped owner Capstone Equities. *** QVC and Vogue inked a two-week, 24k SF lease at 428 Broadway for Fashion Week. Winick Realty's Lori Shabtai, Monica Kass, and Kelly Gedinsky brokered the deal. *** Keller Williams NYC signed a 22k SF lease for a new office at 555 Madison Ave. Its HQ and exec staff will remain at 725 Fifth Ave. *** 5 Hanover Square saw four deals: Rockwell Global Capital's seven-year, 6,300 SF lease (tenant rep: CresaPartners' Gerard Picco and Joseph Armano); Jones & Jones' 10-year, 5,000 SF lease (tenant rep: Winslow & Co's Brett Gartner); Capital Legal Solutions' seven-year, 2,500 SF lease (tenant rep: Prime Manhattan Realty's Omar Sozkesen); and Community Housing Improvement Program's seven-year, 1,700 SF lease (tenant rep: Sierra Realty's Gabe Isaacs). Cushman & Wakefield's Frank Cento and Jonathan Fein repped owner Savanna in each deal. *** TwoFour Holdings inked 12k SF at Ten Bank Street, White Plains. Goldstein & Associates' Richard Goldstein repped the tenant, while Jeffrey Newman and Kimberly Zaccagnino repped owner Malkin Properties in-house. Malkin Construction will build out the space. *** Spivak Lipton signed a 10-year 11k SF renewal at 1700 Broadway. Cassidy Turley's David Hoffman Jr. and Wendy Miller repped the tenant, while Newmark Knight Frank's Peter Shimkin repped the owner. *** Project: Worldwide signed a four-year, 5,000 SF lease at 11 E 26th St. CBRE repped the tenant, while Adams & Co's James Buslik repped landlord East Twenty Sixth Associates. *** Oakhurst Partners inked a seven-year, 5,000 SF lease at 148 Madison Ave. DAK Commercial Realty's David Kahane repped the tenant, while Winoker Realty's Barry Bernstein repped the owner. *** Absolute Savings signed a long-term, 4,000 SF lease at 541 Myrtle Ave, Brooklyn. Kalmon Dolgin Affiliates' Gary Mayzlin repped the tenant and owner 941 Washington Associates. *** Hyper Island inked a 3,100 SF lease at 250 Hudson St for its new Manhattan HQ. Sinvin Realty's Trisha Jerry and Randy Kornblatt repped the tenant, while Dennis Brady and Brett Greenberg repped owner Jack Resnick & Sons in-house. *** Nicholas Kirkwood inked a 1,600 SF lease at 807 Washington St for a new boutique. Robert K Futterman & Associates' Joshua Strauss and Zachary Beloff repped the tenant, while owner Romanoff Equities was repped in-house. *** The Coffee Bean & Tea Leaf (aka “The Beanâ€) inked a 1,500 SF lease at 1412 Broadway. The landlord is Harbor Group International. *** Game Stop inked a five-year, 1,500 SF lease at the Jackson Heights Shopping Center at 75th Street and 31st Avenue in Queens. In Line Realty's Michael Friedman repped the tenant, while Nicholas Forelli repped owner Muss Development in-house. FINANCING Meridian Capital Group arranged $37M in financing, including:$11.3M on a three-building multifamily portfolio totaling 191 units on Ocean Avenue and Beverly Road, Brooklyn and $6.8M for a 15-story, 110-unit mixed-use building on West 101 Street (both arranged by Avi Weinstock); $10M for a 11-story, 110-unit multifamily building on Ocean Avenue, Brooklyn (arranged by Isaac Filler); and $3.8M for a six-story, 101-unit multifamily on Empire Avenue, Brooklyn(arranged by Avi Weinstock and Josh Rhine). *** GCP Capital Group arranged over $30M in financing: $17.8M for six garden apartment properties totaling 199 units in Nassau County, Long Island (arranged by Matthew Albano); $5.7M for a three-story, 36k SF retail building on East 170th Street, Bronx and $3.5M for a two-story, 18k SF commercial building on 86th Street, Brooklyn(both arranged by Paul Greenbaum); $2.9M for four apartment buildings totaling 34 units in the Bronx (arranged by Adam Brostovski); and $1.1M for a four-story, 16-unit walk-up apartment building on 31st Road, Queens (arranged by George Spanos). *** |
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| Hudson Realty Capital provided a $11.6M construction loan for the condo conversion of a vacant commercial property in Park Slope. The three-story building will be renovated to include 21k SF of residential space and 6,200 SF of below-street medical office space. It also provided a $10.2M construction loan to a real estate fund manager to proceed with site demolition and construction of a 23k SF mixed-use building on Greenwich Street in SoHo. CONSTRUCTION & DEVELOPMENT |
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| An mmm, mmm good project: Campbell Soup Co and Pepperidge Farm are kicking off construction of a $30M, 34k SF innovation center today at the Pepperidge Farm HQ, 595 Westport Ave in Norwalk, Conn. The building's for the continued growth and innovation of its global baking and snacking portfolio, which includes Pepperidge Farm and Amott's Biscuits. ***DelShah Capital finished the rebranding and repositioning of the seven-story 902-908 Bedford Ave, Brooklyn into 44 units of student housing. Upgrades included a student lounge, rear deck, and 24/7 monitored security cameras. The building is now being sold by Massey Knakal for $17M. EXECUTIVE MOVES Joe Swingle joined Cassidy Turley as managing principal, working with the management committee to further grow and integrate all of the office's services lines for the NY metro area. He was previously Grubb & Ellis' NY market leader. *** Jonathan Geanakos joined Monday Properties as EVP on the exec management team where he will develop new investment properties and strategic relationships with capital partners. He was previously with Houlihan Lokey and held positions at Trammell Crow, Transwestern Commercial Services, and Secured Capital. He's a UMASS and Babson College grad. *** Fiona Kelly joined Fried Frank as corporate partner in the firm's real estate practice. She was previously with Clifford Chance, and held positions at Davies Ward Philips & Vineberg and TrizecHahn. She's a University of Toronto and University of British Columbia grad. *** JLL named Linda Aronson regional director of the firm's property management division, responsible for managing the division's biz in New Jersey, Long Island, Westchester, and Fairfield. She's spent the majority of her 30-year CRE career at JLL. She's a University of Cincinnati grad. *** Studley promoted Will Silverman to senior managing director of its capital transactions group. He's been with the firm since '03 and has closed nearly $4B in sales transactions. He was previously with Insignia/ESG and JPMorgan Securities. He's a Tufts grad. *** CBRE promoted Grayson Gill to COO of the asset services line. He was previously senior managing director, and will continue to serve as project manager for the firm's US affiliate office programs. He also held a previous position with Trammell Crow Co. *** L&L Holding Co promoted Yong Cho to senior managing director. He joined the firm in '04 and focuses on commercial acquisitions and recaps as well as equity JVs and debt financings. He previously held positions at Tishman Speyer and Arthur Anderson. He's a Queens College grad. |
