THE DEAL SHEET
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| Sales Transactions OSI Pharmaceuticals purchased a $27M 43-acre site in Ardsley, NY to consolidate its U.S. operations onto one campus. The site already has 400k SF of office and lab space, and consolidation of its Melville and Farmingdale, Long Island; Boulder, CO; and Cedar Knolls, NJ locations should be complete by 4Q10.*** Massey Knakal sold five properties: two Brooklyn development sites at 8420 18th Ave. in Bensonhurst for $217k cash (broker: Jeffrey Shalom) and an interior lot bound by Nostrand Ave., Fulton Str., Macon St.and Verona Pl. in Bed-Stuy for $330k cash (brokers:Michael Amirkhanian and James Nelson); a 2.4k-SF mixed-use building at 77-01 101st Ave. in Ozone Park, Queens for $470k cash (broker: Stephen Preuss); a 2.2k-SF mixed-use building at 41-03 31st Ave. in Astoria, Queens for $630k cash (broker: Swain Weiner); and an office building at 280 Plandome Rd. in Manhasset, Long Island, for $918k cash (broker: Nalini Chugh). Lease Transactions 110 William St. saw two lease extensions and renewals totaling 30k SF: Valiant Insurance Group’s four-year, 18.5k lease, an expansion of 8.5k SF; and Wilentz, Goldman & Spitzer’s three-year 11.5k-SF lease. Newmark Knight Frank’s Hal Stein represented Valiant, while Newmark’s Stephen Schofel and John Moran III represented Wilentz, Goldman. Todd Korren represented owner Swig Equities in-house. *** Levin Capital Strategies renewed and expanded its lease at 595 Madison Ave. for a total of 19k SF. Colliers ABR’s David Hoffman represented the tenant, while Glen Weiss and Ronald Lo Russo represented owner Vornado in-house. *** 90 Broad St. saw two renewals: Insurance Information Institute’s five-year, 16.5k-SF lease and Metropolitan Fiber Systems of New York’s five-year lease, SF undisclosed. Neither had an outside broker, but Todd Korren represented owner Swig Equities in-house. *** FJC Security Co. signed a five-year, 10k-SF sublease, currently leased by United Envelope, at 33-10 Queens Blvd. in Long Island City. Greiner Maltz’ Arie Zilka represented FJC, while the brokerage’s George Margaronis and Decio Baio represented the sublessor. *** Bangkok Bank Public Co. relocated within 29 Broadway and signed a 10-year, 9.3k-SF lease, equivalent to its former SF. Studley’s David Dusek and Robert Goodman represented the tenant, while Robert Konopka represented owner Jeffries Morris in-house. Attorneys were Jae-Ung Choe on behalf of the tenant and Cozen O’Connor’s Richard Berney on behalf of the landlord. *** Protravel International assumed, extended, and expanded Rich Worldwide Travel’s lease 19 months ahead of expiration at 500 Mamaroneck Ave. in Harrison, NY. The firm had recently purchased Rich Worldwide’s assets, extending the lease until ’16 and moving to a 7k-SF space within the building. Howard Properties’ Howard Greenberg represented the tenant, while Jeffrey Newman represented owner W&M Properties in-house. *** Eye 2 Eye Digital signed a four-year, 5.3k-SF lease at 48 W. 37th St. The tenant was represented by Winslow & Co., while Adams & Co.’s David Levy and Joseph Friedman represented the landlord. Although the deal’s terms weren’t disclosed, the asking price was $36 PSF. *** Tablet Hotels signed a three-year , 4.5k-SF lease for office space at 6 W. 18th St. The Kaufman Org.’s Elliot Warren represented the tenant, while Yitzhak Loria Management’s Yitzhak Loria represented the landlord. Although the deal’s terms weren’t disclosed, the asking price was $33 PSF. *** The Permanent Mission of the Republic of the Fiji Islands to the UN inked a 10-year, 4k-SF lease at 801 Second Ave. NAI Global New York City’s Gil Robinov and Jesse Teitel represented the tenant, while Tri-Realty Management’s Jack Forgash represented the owner. *** Media Shakers Corp. signed a five-year, 1.2k-SF lease at 232 Madison Ave. Adams & Co.’s Jeffrey Buslik represented the tenant, while Princeton International Properties’ Kathy Broadbent represented the landlord. Although the deal’s terms weren’t disclosed, the asking price was $47 PSF. Construction & Development The Brooklyn Navy Yard Development Corp. issued an RFP for the opportunity to develop a neighborhood retail center anchored by a large-format supermarket within the Navy Yard. The six-acre site, known as Admiral’s Row, sits on the western edge of the Yard. The supermarket will be no less than 40k SF, as well as an additional 20k SF of neighboring retail space. The site should also include a minimum of 40k SF on an upper floor for light industrial and additional commercial, and will require the renovation of two historic structures. *** Sweetwater Construction Corp. broke ground on the 105k-SF New Merwick Care and Rehabilitation Center in Plainsboro, NJ. The facility will be located on the 160-acre campus off of the new University Medical Center of Princeton, which is scheduled to open in ’11. The Windsor Health Care-developed and RMJM Architects-designed center will included 200 beds, and replace an existing 83-bed facility. Team members include GPI Greenman-Pedersen and French & Perrello Associates. *** Broadwall Management of Apthorp, an affiliate of the Feil Org., began a $30M capital improvement program at the landmarked Apthorp, which stretches from West End Ave. to Broadway and W. 78th and W. 79th streets. BP Architects will lead the restoration and preservation. Originally built by William Waldorf Astor and Clinton & Russell in 1908, homes now start at $1.5M. *** Tekton Development Corp. finished two projects for the Westfield , NJ Board of Education: a $2.5M renovation of the former Lincoln Elementary School at 728 Westfield Ave. into an early childhood learning center; and a 40k-SF dropped ceiling for the corridors of Westfield High School. Faridy Veisz Fraytak was the architect for both projects. ALSO AROUND NEW YORK... Business DCD America formed AION Partners, a real estate private equity company that partners with other sources of capital for development and financing opportunities nationally. Although just launched formally, it has already purchased eight non-performing first mortgage and mezzanine loans valued over $150M over the past six months; it plans to foreclose on all the loans, take over the assets, and turn them around. Executive Moves Eric Thomas joined Colliers ABR as director. A nine-year vet, he has been involved in $300M in leasing and structured finance transactions nationally. He is a graduate of Skidmore College. *** Massey Knakal promoted Christopher Phillips and Hall Oster to first VP of sales. Christopher specializes in commercial, retail, and office buildings in Bergen County, NJ. He joined Massey Knakal in ’07 and has closed over $87M in sales. He’d formerly worked at Blue Sky Corporate Ranch, and graduated from the University of Colorado. Hall is the territory expert for the Upper West Side between 80th and 110th St. He joined the firm in ’06 and has closed properties in excess of $525M. He’d formerly worked at Evergreen Investments and graduated from Boston University. *** Evan Schlecker and Travis Talmadg e joined Eastern Consolidated as associates, and will focus on the sale and acquisition of investment-grade properties throughout the metro area, working with directors Sam Schneider and Daniel Glaser. Evan was previously with the Susquehanna International Group and is a Wharton grad. Travis interned with the firm last year and worked at Nike Golf. He is a graduate of Hamilton College. *** Robert Stein joined Rechler Equity Partners as leasing associate, working closely with Harry Stavro. He recently graduated from Emory and previously interned with the firm. He is furthering his real estate development studies at NYU’s Schack Institute. |
