THE DEAL SHEET
Sales Transactions
The Korean government acquired a 43k-SF development parcel at 122 E. 32nd St. for $15.8M. It plans to build a 12-story Korean cultural center on the site, which includes 4.5k SF of air rights. Eastern Consolidated’s Ronald Solarz, Eric Anton, David Kalish,Daniel Glaser, Samuel Schneider, and Jared Toothman represented the seller, 122 East 32nd Street, while Collier ABR’s Craig Evans and Newstar Realty’s Young Park procured the buyer.
Lease Transactions
Law firm Saiber inked a long-term, 57k-SF lease at 18 Columbia Tpke. in Florham Park, NJ. Cushman & Wakefield’s Richard Baumstein and Edward Duenas represented the tenant, while Cushman & Wakefield’s Marc Rosenberg, Jon Williams, Bill Brown, and Kushner Co.’s Ira Bloom represented owner Kushner.
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Ironshore Holdings inked two long-term subleases for an aggregate 54k SF at One State Street Plaza, increasing its former space five-fold. Studley’s David Dusek and Marc Shapses represented the tenant, who took spaces from Integro Insurance Brokers and Mizuho. CB Richard Ellis represented both sub-landlords. Attorneys in the transaction included James DoCampo for Ironshore; Day Pitney’s Frank Cerza for Integro; and Herrick Feinstein’s Richard Brown for Mizuho.
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Acorda Therapeutics signed a three-year renewal for 46.1k SF at 15 Skyline Dr. in Hawthorne, NY. NAI Friedland Realty’s Ellen Benedek and Carl Silbergleit represented the tenant, while Jeffrey Warner and Ivan Abry represented owner Mack-Cali in-house.
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Heritage Realty Services inked three long-term lease renewals for an aggregate 46k SF at Gannett Office Park in White Plains, NY, owned by affiliate Dryland Gannett. Homesite Insurance renewed its 8k-SF lease and expanded by 4.5k SF at 4 Gannett Drive; Dorian Drake International expanded its office space to 12.5k SF at 2 Gannett (broker: Cushman & Wakefield’s Christopher O’Gallagher); and Arthur J. Gallagher & Co. renewed its 23k-SF lease at 2 Gannett for six years (broker: Grubb & Ellis’ Kim Mowers).
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Diebold Enterprise Security signed a seven-year, six-month lease for 32.3k SF at 3 Westchester Plaza in Elmsford, NY. CB Richard Ellis’ William Cuddy, Jr. and Timothy Donohue represented the tenant, while Jeffrey Warner and Carol McGuire represented owner Mack-Cali in-house.
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Geneva Watch Group signed a 10-year, 32k-SF lease at 1407 Broadway for its company’s corporate HQ. The Lansco Corp.’s Steve n Kaplan and Jack Wallis represented the tenant, while The Kaufman Org.’s Grant Greenspan and Michael Heaner represented the landlord. Although the lease terms were not disclosed, the asking price was $52 PSF.
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Two Trees Management Co. announced four new leases as 20 Jay Street in DUMBO, Brooklyn. New York Foundation for the Arts inked a 10-year lease for 11.8k-SF (broker: George Comfort & Sons); Oasis Children’s Services signed a five-year, 6.5k-SF lease;The Jewish Funds for Justice inked a five-year, 2k-SF lease (brokers: Cast Iron Real Estate and Pardo); and Equal Justice USA signed a three-year, 1.1k-SF lease (broker: Pardo).
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The New York Open Center leased 15.2k-SF at 22 E. 30th St. The tenant is expected to move in late spring. Colliers ABR’s Brian Weld represented the tenant, while Cushman & Wakefield’s Robert Tanzmann represented the landlord, The Church of the Transfiguration. Attorneys Neal Weinstein and Nathan Nudelman of Goldfarb & Fleece acted on behalf of the tenant, while Dewey & LeBouef’s Peter Britell and Patrice Stavile acted on behalf of the landlord.
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The Census Bureau’s commerce department inked two 18-month leases: 6.5k SF at 933 Flatbush Ave. in Flatbush, Brooklyn; and 7.3k SF at 92-11 165th St. in Jamaica, Queens. CPEX Real Estate’s Eric Altschul and Ryan Condren represented landlord Aftor T Realty, while the General Services Administration represented the Census Bureau.
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World Paper Trading Co. inked a 12k-SF industrial lease at 120 Kero Rd. in Carlstadt, NJ. NAI James E. Hanson’s Jeffrey DeMagistris and Thomas Vetter represented the tenant.
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Stora Enso North American Sales inked a lease for 6.8k-SF at One Canterbury Green in Stamford, Conn. D.H. White Commercial Real Estate Services represented the tenant, while Cushman & Wakefield’s Paul Kauffman, Gregory Frisoli, and Brian Scruton and RFR Realty’s Margaret Carlson and Joseph Artusa represented owner RFR.
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Bankruptcy law firm Allan Schiller & Associates signed a five-year,4.5k-SF lease at 130 W. 42nd St. The Kaufman Org.’s Elliot Warren represented the tenant, while American Properties’ Nicholas Ghattas represented the landlord. Although the lease terms were not disclosed, the asking price was $55 PSF.
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Archway Technology Partners signed a five-year, 3.5k-SF lease at 1040 Avenue of the Americas. CresaPartners’ Bob Stella and Justin Halpern represented the tenant, while Newmark Knight Frank’s Matt Leon, Bill Cohen, and Ryan Kass represented the building’s owner.
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AIMCO inked 10-year leases for two of its properties on Columbus Ave. between W. 68th and W. 69th Sts. Grubb & Ellis’ Henry Goldfarb and Stanley Lindenfeld represented the landlord, as well as tenants Bombolini, which will move into the 187 Columbus space, and Gas Bijoux, which will move into the 189 Columbus space.
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Adams & Co.’s David Levy negotiated two leases at 10 W. 33rd St.: a three-year, 2.4k-SF lease for Midway Industries, which he broker for both the tenant and landlord; and a three-year, 557-SF lease for Parmani, who was represented by Okada & Co. Although the lease terms were not disclosed, the asking prices were respective $42 and $44 PSF.
Construction & Development
Tekton Development Corp. is converting the former Convent of St. Peter the Apostle at 94 Somerset St. in New Brunswick, NJ into the new Catholic Center at Rutgers University. The $3.8M project will include a total renovation of the 16k-SF building, which has parts that date back to the early 1800s. The renovation began in November, and the Catholic Center plans to move from its current home to the new facility in January ’10.
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Sweetwater Construction Corp. began work on the 12k-SF Morris County Surgical Center at 3695 Hill Rd. in Parsippany, NJ. It is being building in a former office building and undergoing a complete interior and exterior renovation, including recladding and a new roof.Robert Zaccone and Associates is the artchitect; Robert E. Zampolin and Associates designed the exterior; and Bertin Engineering is conducting site engineering.
ALSO AROUND NEW YORK...
Exec Moves
David Gutstadt joined Savills as SVP, where he will lead the firm’s new advisory unit to assist clients in value-added opportunities within the hospitality, leisure, gaming and timeshare property markets. He comes from more than a decade at Goldman Sachs, most recently in charge of acquiring hotel and gaming properties for the Whitehall Street Real Estate Fund. He is a graduate of Princeton University.
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Kenneth Spears also joined Savills as SVP. His core focus will be brokering debt, equity and note sales in addition to advising on restructurings and distressed situations. He was previously with Citi Markets & Banking, the successor company to Salomon Brothers.
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Josh Segal rejoined Sholom & Zuckerbrot Realty as managing director. He was previously with the firm for five years in the early ‘90s as associate broker. In addition to commercial sales and leasing assignments, Josh works within firm’s retail group seeking investment and acquisition opportunities. He comes from Segal Realty Group, where he specialized in the sale and leasing of industrial, retail and commercial properties. He holds degrees from NYU’s Stern School of Business and Schack Institute of Real Estate.
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Pat Galluzzo joined Grubb & Ellis’ Stamford, Conn. office as portfolio manager, a newly created position necessitated by the company’s growing management portfolio in the region. He will be responsible for 1.8M SF of property throughout Westchester and Fairfield counties. He was previously a property manager for Cushman & Wakefield, and spent 23 years managing the 800k-SF 2000 Westchester Ave. in Purchase, NY.
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Susan Trovati joined NAI James E. Hanson as sales associate in the firm’s Hackensack office. She will work with Peter Cohen to provide government entity clients with the real estate functions needed to operate government facilities, and also be involved in the sale and leasing of industrial, office and retail properties. Previously, she was president of Rojo Consulting. She holds degrees from NYU’s Graduate School of Business and Case Western Reserve University.
