THE DEAL SHEET
Sales Transactions
Marcus & Millichap sold the 35-unit 1969 Amsterdam Ave. apartment building for $4.9M. The firm’s Peter Von Der Ahe and Scott Edelstein represented the seller, a private investor, and the buyer, an LLC.
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Massey Knakal sold two properties: a 41k-SF, six-story apartment building at 126 Franklin Ave. in New Rochelle for $4.7M (buyer:Echo Bay Properties; broker: John Barrett); and a 1.7k-SF mixed-use property at 145-04 97th Ave. in Jamaica, Queens, which has development potential, for $790k (broker: Brian Sarath).
Lease Transactions
Duval & Stachenfeld inked a four-year, 33k-SF sublease at 101 Park Ave., owned by Kalikow. Studley’s Paul Revson and Zev Holzman represented the tenant. The firm plans to move to the new HQ space this summer.
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Westinghouse Air Brake Technologies Corp. signed a five-year lease renewal for 28k-SF at 4 Warehouse Lane in Elmsford, NY.Ivan Abry represented owner Mack-Cali in-house.
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The Suffolk County Department of Social Services’ Medical Assistance Division signed a seven-year, 13.6k-SF lease at the Sunrise Business Center, 3500 Sunrise Highway in Great River, Long Island. Newmark Knight Frank’s Brian Lee and Dan Oliver represented Suffolk County, while CB Richard Ellis’ Raymond Ruiz,Marianne Dugan, Brian Cruz, and Ryan Blaney represented owner Metropolitan Realty Associates.
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Two law firms renewed leases at 425 Eagle Rock Ave. in Roseland, NJ. Post, Polak, Goodsell, MacNeill & Strauchler renewed and expanded its 13.2k-SF lease by 800 SF; while Zeller & Strulowitz renewed its 2.4k-SF space. Cushman & Wakefield’s Richard Baumstein, Christian Politan, and Matthew Seltzer represented the owner, while FirstService Williams’ Bryn Cinque and James Bailey represented Post Polak in its renewal.
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Adams & Co.’s David Levy and Michael Greenberg brokered five leases at 110 W. 40th for an aggregate 10.1k SF: a five-year, 3.4k-SF lease for Spire Creative Group (tenant broker: Adams’ Brett Maslin); an eight-year, 2k-SF renewal and 493-SF expansion for Crumbs 42nd St.; a 15-year, 2.1k-SF lease for CRISP (tenant broker: Trend Setter Realty’s Cheryl Cohen); a seven-year, 1.2k-SF lease for Marketing Thru Graphics; and a seven-year, 833-SF lease for ATNY Group.
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Adams & Co.’s Brett Maslin brokered two new leases at 1407 and 1384 Broadway: a three-year, 1.5k-SF lease for Mooriya Imports at 1407; and a five-year, 1.3k-SF lease for Lineapiu Group at 1384 (landlord broker: The Chetrit Group’s Manny Syskrot). The leases’ terms were not disclosed, but both were marketed for $50 PSF.
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Media Options extended its term of occupancy at Ten Bank Street in White Plains through ’13. The firm leases 1.7k-SF on the fifth floor. Jeffrey Newman and Kathleen Caracappa represented owner W&M Properties in-house, while the tenant represented itself.
Construction & Development
Lighthouse Development Group submitted a response to town comments on its draft generic environmental impact statement for the Lighthouse at Long Island, which will be reviewed by the Town of Hempstead. If all completeness and accuracy issues were addressed, a public hearing will be held late this month. The $3.7B project in Uniondale, Long Island, will include a multi-purpose athletic complex, conference and exhibition facilities, a minor-league ball park, and Long Island’s first five-star hotel.
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W&H Properties completed a $71M top-to-bottom upgrade program at 1333 Broadway. Renovations include a new lobby, modern restrooms, two new elevators and renovations of the existing ones, new energy-efficient windows, renovated public corridors, and upgrades to all building systems.
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SL Green completed $40M worth of improvements at its 711 Third Ave. and 810 Seventh Ave. buildings in Manhattan and its 16 Court Street building in Brooklyn. The 553k-SF 711 Third’s renovations included a lobby upgrade, new elevator cabs, and corridor upgrades. The 694k-SF 810 Seventh Ave. underwent a lobby redesign, new elevator cabs, and corridor and restroom upgrades. And the 284k-SF 16 Court Street saw a new lobby, new elevator cabs, new windows, and upgrades to the restrooms, corridors, and infrastructure.
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CPC Resources, East Brooklyn Congregations, the NYC Department of Housing Preservation and Development, and the NYC Housing Development Corp. broke ground on 103 units of affordable housing on Watkins Street in Brownsville, Brooklyn. The project is comprised of 13 four-story apartment buildings. The total development cost is projected to be $28.5M; HDC is financing the construction with $14.5M in tax-exempt bonds and $5.9M in low-interest subsidy, while HPD will provide $6.3M in city capital and other subsidy. $10M tax credit equity will be syndicated through the RBC Tax Credit Equity Group.
ALSO AROUND NEW YORK...
Business
Broad Street Development launched an asset management equity investment arm, which will partner with institutional owners and lenders who can tap into the firm’s asset management resources and $500M of new equity in order to strategically position themselves in the current market.
Exec Moves
Gramercy Capital Corp. appointed Jon Clark at CFO and treasurer. He succeeds John Roche, whose resigned effective April 24. Jon will remain as chief accounting officer, and formerly served as the firm’s VP and controller. Prior to joining Gramercy, he worked at BlackRock Financial Management, Anthracite Capital, and Cornerstone Properties. He is a graduate of Western Michigan University.
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Michael Rosenfeld joined The Rochlin Org. as vice president. He was previously at Sutton & Edwards and served as president of IFR/Acorn Group, which he sold in ’03. He is a graduate of Ithaca College.
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Vantage Properties tapped Devin Aronstam as director to oversee the New York-based company’s expansion into the Mid-Atlantic region. He joined from Philadelphia-based real estate private equity firm Lubert-Adler Partners, and had previous stints at ING Barings and Deloitte & Touche. He holds degrees from the University of Michigan and The Wharton School at the University of Pennsylvania.
