THE DEAL SHEET
Sales Transactions
Acadia Realty Trust purchased the 640k-SF Cortlandt Towne Center in Cortlandt, NY for $78M. It is anchored by Wal-Mart, A&P, Marshalls, Barnes & Noble, Regal Entertainment Group and Best Buy, with 100k SF of available space.
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A private investor purchased the 132k-SF Voice Road Plaza, a community shopping center located on Glen Cove Road in Carle Place, Long Island, for $36M. Sperry Van Ness’ Joseph French and Neil Golub represented the seller, a New York-based hedge fund. Florida-based Double-Click Realty referred the buyer, who purchased the property in a 1031 exchange.
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The Jonathan Rose Cos. acquired 198 affordable housing units and 4.5k SF of ground floor retail at 107-145 West 135th St. in Harlem for $26.5M through its Rose Smart Growth Investment Fund I, which focuses on the acquisition and greening of existing buildings. The Fund obtained an interim renewal for the project’s HUD Section 8 contract and laid the groundwork for a new 20-year contract; it also plans to rehabilitate the property for more energy efficiency.
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Westchester-based investor 634 Street purchased a two-building, 20-unit apartment and retail property at 634 Hudson St. in the West Village for $7.3M. Eastern Consolidated’s Sam Schneider and Daniel Glaser represented the local family seller. Attorneys Mark Caruso of Caruso & Branda represented the seller, while Richard Kaplowitz of Kaplowitz & Kaplowitz represented the buyer.
Lease Transactions
Skidmore, Owings & Merrill renewed its 65k-SF lease for 10 years at 14 Wall St. Studley’s Michael Colacino and David Goldstein represented the tenant, while CB Richard Ellis’ Howard Fiddle, Brad Gerla, Jonathan Cope, Evan Haskell, and Michael Higgins represented owners Capstone Equities and The Carlyle Group.
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Wells Fargo Trade Capital inked a 10-year, 44.7k-SF lease at 100 Park Ave. Travers Realty’s James Travers and James Fish, with CBRE’s Keith Caggiano, represented the tenant. Cushman & Wakefield’s Paul Glickman, Tara Stacom, Alex Chudoff, Mitti Liebersohn, Diana Biasotti, Jonathan Tootell and Andrew Ackerman represented owner SL Green.
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Law firm Berkman, Henoch, Peterson & Peddy renewed its 44k-SF lease at 100 Garden City Plaza in Garden City, Long Island for 10 years. CBRE’s Philip Heilpern, Richard Karson, and Martin Lomazow represented the tenant, while owner Treeline Cos. was represented in-house.
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Savitt Partners’ Bob Savitt renewed two leases in his firm-owned 530 Seventh Ave.: international clothing manufacturer Chaus’s 37k-SF lease for showrooms and offices; and Danskin’s 26k-SF lease, which included an expansion. Bob also represented the tenant in the first lease; Studley’s Howard Simpson and Jarod Stern represented Danskin.
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General Insulation Co. signed a 10-year, 40k-SF lease at 38-42 Review Ave. in Long Island City, Queens. It will occupy the space in the second quarter of ’09. Sholom & Zuckerbrot Realty’s Josh Kleinberg and Joseph Eliasoph represented both the tenant and landlord.
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Downtown Brooklyn’s 16 Court Street has two new leases: the Department of Citywide Administrative Services signed a lease for 23.2k SF, while architectural firm Michael Van Valkenburgh Associates signed a 15-year, 12k-SF lease. Jones Lang LaSalle’s Peter Hennessy represented DCAS, while FirstService Williams’ Ted Rotante represented Michael Van Valkenburgh. Landlord SL Green was represented in-house by Larry Swiger and Christopher Gulden, as well as Corporate Real Estate Services’ Chris Havens and CBRE’s Gary Kamenetsky and Stewart Tudor.
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CIT Group expanded its space at MerrittView in Norwalk, Conn. to 17k SF, which it will occupy until 2015. CBRE’s Tom Pajolek and Chris Mansfield represented the tenant, while Jeffrey Newman and Kathleen Caracappa represented owner W&M Properties in-house.W&M Construction Corp. will build out the space.
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Broadpoint Securities Group inked a 10-year, 16k-SF lease at 12 E. 49th St. C&W’s Matthew Astrachan, Mitti Libersohn and Steve n Bauer represented the tenant, while FirstService Williams’ Robert Bakst represented the landlord.
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EC English Language Schools signed a 14.2k-SF lease at 1450 Broadway. Jones Lang LaSalle’s John Ryan, Edward DiTolla, and Genevieve Francois represented the tenant, while The Moinian Group’s John Monaco represented the owner in-house.
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Sephora inked a 12k-SF lease at 5 Times Square for a multi-story flagship store, which will open this summer. Madison Retail Group’s Virginia Pittarelli and Chris DeCrosta represented the tenant, while AVR Realty’s Jeffrey Gansberg and Zelnik & Co.’s Cory Zelnik represented the tenant on behalf of owner AVR.
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Geiger International inked a five-year, 10k-SF lease at 152 W. 57th St. CBRE’s Justin Royce and Michael Laginestra represented the tenant, while Newmark Knight Frank represented landlord Rockrose Development.
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Ventura Insurance Brokerage signed a 10-year, 8.1k-SF lease at 475 Park Avenue South. Colliers ABR’s Howard Poretsky represented the tenant, while Cohen Brothers Realty Corp.’s Steve n Lambert represented the owner in-house.
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Volant Trading signed a seven-year, 7.8k-SF lease at 7 World Trade Center. CBRE’s Rob Wizenberg and George Chatzopoulos represented the tenant, while CBRE’s Brad Gerla and Adam Foster represented the landlord.
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Law firm Eric Green & Associates signed a 10-year, 6k-SF lease at 295 Madison Ave. CBRE’s Paul Haskin represented the tenant, while C&W represented landlord The Moinian Group.
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Modern art gallery Jane Kahan Gallery signed a 10-year, 4.9k-SF lease at 330 East 59th St. The tenant will occupy the new space by April 1, and asking rents were $35 PSF. Winoker Realty’s Corey Abdo represented both the tenant and landlord Brause Realty.
Fast-casual vegetarian restaurant chain Otarian signed a 15-year, 1.6k-SF lease in the high $130 PSF at 154 Bleecker St. (the retail portion of 184 Thompson condo conversion) for its first East Coast location. The Lansco Corp.’s Matt Cohen and Roger Eulau represented the tenant, while New Street Advisors’ Matthew Gorman and Josh Gettler represented condo sponsor Broad Street Development.
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Boutique retailer Smith + Butler opened a 1.6k-SF space at 225 Smith St. in Cobble Hill, Brooklyn. Zelnik & Co.’s Jason Turner negotiated the $85-PSF lease on behalf of both the tenant and landlord.
Sublease Transactions
Perry Ellis committed to 21k-SF at 530 Seventh Ave. Savitt Partners’ Bob Savitt represented the owner in-house; Adams & Co.’s David Lev y represented Perry Ellis; and Studley’s David Goldstein and John Mambrino represented sublessor Eileen Fisher.
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Hedge fund Renaissance Technologies Corp. signed a five-year, 6.7k-SF sublease at 800 Third Ave. to expand its total space in the building to 40k SF. CBRE’s Sinclair Li and Sam Seiler represent sublessor 3G Capital, while JLL represented Renaissance.
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New Providence Asset Management signed a three-year, 6k-SF sublease at 570 Lexington Ave. JLL represented sublessor Bank of New York Mellon, while CBRE’s Roger Griswold represented New Providence.
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Red Pine Advisors signed a four-year, 5.8k-SF sublease at 555 Madison Ave. FirstService Williams represented Red Pine, while CBRE’s Ramsey Feher represented sublessor CytRx.
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Also Around New York…
Business
Massey Knakal formed a New Jersey division, led by managing director Landon McGaw. The new office is located in Rutherford.
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NAI Global formed an alliance with CentiMark Corp. to assist property managers and brokers in due diligence, emergency service, maintenance and re-roofing of NAI’s roofing portfolio.
Exec Moves
Michael Stolper joined Atlantic Development Group as EVP and general counsel, handling all legal matters and overseeing special assignments. Previously, he was a partner in Orrick, Herrington & Sutcliffe’s New York office, as well as Donovan Leisure. He graduated from Princeton University and Columbia Law School .
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CBRE’s Roshan Shah was promoted to first VP. Most recently, he negotiated the Bank of Baroda’s 20-year, 11k-SF renewal at 1 Park Avenue and [212]MEDIA’s 16k-SF lease at 460 Park Ave. He is a graduate of the Boston University School of Management.
