THE DEAL SHEET
| Starrett City may be off the sales block, but the there are still actual deals happening around the New York metro. Consider the Deal Sheet your weekly feel-good reading. |
| Sales Transactions Massey Knakal sold three buildings in Brooklyn: a six-family apartment building at 437 Jefferson Ave. in Bed-Stuy for $775k cash (broker: Michael Amirkhanian); an eight-family walk-up at 7 17 Carroll St. in Park Slope for $1.4M cash (broker: Ken Freeman); and a four-story mixed-use building at 7625 Fifth Ave. in Bay Ridge for $1.5M cash (brokers: Jeffrey Shalom and Stephen Palmese). It also sold a three-story walk-up at 2523 Paulding Ave. in the Northeast Bronx for $610k cash (broker: Karl Brumback). Massey Knakal was the sole broker in each transaction.Lease Transactions Forchelli Curto inked a 10-year, 35k-SF lease at The Omni at 333 Earle Ovington Blvd. in Uniondale, Long Island. It will relocate from its current Mineola office in late spring or early summer. Cushman & Wakefield's Ted Stratigos represented the tenant. RXR Realty is the landlord. The law firm's Brian Sahn oversaw the firm's selection process, and he and Barbara Alesi spearheaded the lease negotiations. *** OTA Management signed a five-year, 26k-SF lease renewal at 1 Manhattanville Road in The Centre in Purchase, NY. Newmark Knight Frank's Stephen Banker and Brian Carcaterra represented the tenant, while George Comfort & Sons' Peter Duncan represented owner OCC Purchase, a JV between George Comfort and O'Connor Capital Partners. *** Ventus Networks signed a 10-year, 17k-SF lease at Norden Park in Norwalk, Conn. It will move from its current Norwalk office in June. CB Richard Ellis represented the tenant, while Cushman & Wakefield's Trip Hoffman and Jodie Dostal represented owner Norden Center, a JV between the Fortis Group and the Leser Group. *** Duane Reade leased a 15.3k-SF, multi-level space at 1350 Broadway for a store that will showcase the chain's new prototype. Winick Realty's Jeffrey Winick represented the tenant, while W&H Properties' Fred Posniak and CB Richard Ellis' Andrew Goldberg,Eric Gelber, and Matthew Chmielecki represented owner W&H. *** Augentius Fund Administration inked a 5.6k-SF, seven-year lease on the 25th and 26th floors at 292 Madison Ave. Cushman & Wakefield's Lauren Smith and Robert Tanzmann represented the tenant, while CB Richard Ellis' Brian Gell and Laurence Briody represented owner Metropolitan Real Estate Investors. Metropolitan recently invested in a full-scale renovation of the two floors as part of a $3M renovation, which includes a new lobby, cooling tower, and system upgrades. *** Savitt Partners signed two leases at 530 Seventh Ave. Contemporary apparel company Creare committed to 1.7k-SF of space, while high-end sportswear company Six Degrees renewed 2.1k SF. Savitt's Marc Schoen and Michael Schoen represented both the tenant and owner in the Six Degrees lease. The team also represented Savitt on the Creare lease, while Adams & Co.'s Brett Marlin represented the tenant. *** Union Apparel Group renewed its 1.4k-SF showroom space and expanded by 1.1k SF at 231 W. 39th St. for five years. Adams & Co.'s James Buslik and Jeffrey Buslik represented both the tenant and landlord in the deal. Although lease details were not disclosed, the asking price was $40 PSF. *** Bosideng USA renewed its 1.3k-SF showroom/office space and expanded by 750 SF at 463 Seventh Ave. for three years. Adams & Co.'s David Levy represented both the tenant and landlord in the deal. Although lease details were not disclosed, the asking price was $45 PSF. Construction & Development Russo Development acquired a vacant 190k-SF warehouse in Kearny, NJ, which it plans to turn into a new mixed-use development. The facility was demolished to make way for Schuyler Crossing, a new 232-unit multi-family development with 20k SF of retail. Site improvements are underway and vertical construction will begin mid '09. *** ABS Partners announced a multi-million dollar capital improvement programat 4 01 Broadway that will include a renovated lobby, new HVAC systems, more energy-efficient features, new windows, pre-built space, and renovated corridors. The firm is aiming to return the building to its iconic design, but with innovative features to attract smaller, creative tenants into its spaces, which range from 400 to 12k SF. BR Design Associates is also part of the repositioning team, and the work should be completed in four to six months. ALSO AROUND NEW YORK.Business JEMB Realty launched Basis Investment Group to capitalize on opportunities in the debt market. Tammy Heyman, formerly of CWCapital, will serve as president of the new venture, a debt investment platform that acquires and originates high-yield performing and distressed whole loans, mezzanine loans, B notes, gap equity and select CMBS investments on behalf of clients. It will also provide origination, lending and underwriting support to third parties on a separate account basis. *** Trinity Real Estate donated 16k SF on the 12th Floor of 10 Hudson Square for start-up companies and new entrepreneurs. The incubator space will be operated by the Polytechnic Institute under a three-year master lease with Trinity. The initiative is part of a new Mayoral program designed to attract, retain, and grow business in New York. The $200 per person, per month rent will be used by NYU-Poly to cover expenses of running the incubator. Exec Moves Studley promoted four real estate advisors in its Midtown Manhattan offices. Jeffrey Peck and David Providenti, formerly corporate managing directors, are now s enior managing directors; while Allyson Bowen and Brad Wolk, formerly associate directors, were promoted to managing directors. Jeffrey focuses on luxury-brand tenants and graduated from Boston University; David focuses on national corporate clients and holds degrees from Hofstra and Lehigh; Allyson focuses on occupancy issues and graduated from Yale; and Brad is a part of NY's consulting group and holds degrees from Tufts and Brooklyn Law School *** Mark Gjonbalaj joined Eastern Consolidated as a director, acting on behalf of sellers and buyers in the sale of all property types. Previously, he held positions at Marcus & Millichap, Massey Knakal, and GVA Williams. He holds both a BA in economics and an MBA in international finance from Binghamton University. *** Jessica Zanca was named AICP technical director at environmental, planning & engineering firm AKRF's Long Island office. Previously, she worked for Tyree and Environmental Resources Management. She holds a BS in environmental science from the University of New Hampshire and an MPS in environmental engineer from SUNY's College of Environmental Science and Forestry. |
